Why Insurers Are Recommending No Medical Exam Life Insurance Plans for the Masses

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The right policy can provide financial protection for your loved ones. Shopping for life insurance can be very challenging because there are many insurance options available in the market. Nevertheless, different types of policies fall into two main categories: Term life policy and Whole life policy. Furthermore, insurance buyers have the option of choosing between no medical and medically underwritten plans. The former ones are increasingly becoming a popular option for most people because of the convenience they offer. There are many reasons why no medical exam life insurance plans make a practical option:

Preexisting medical conditions

If you have been denied traditional insurance because of a health history and/or preexisting medical condition you do not have to remain uninsured. Such a plan offers a great alternative because the insurance carrier does not require a medical exam to base his decision. However, some of the carriers may require applicants to respond to several basic health questions. Fortunately, the answers you give will not be used against you. If you were to give the same answers in a traditional application, they would be used to decide your rate or deny you insurance.

Immediate coverage

Situations do arise when an insurance buyer needs insurance urgently. For example, if you are planning to leave the country or need to report to your new job in a couple of days or need to get a loan as soon as possible, such a plan makes a perfect option. It eliminates the numerous hours you would otherwise have to spend driving to the doctor's office, waiting at the doctor's office and taking a medical exam. In addition, the time spend to get medical exam results, to deliver results to the insurance carrier and for the carrier to evaluate the results are totally eliminated.

Easy approval process

The plans offer a fast and simple process of application. Moreover, it offers a quick turnaround time, meaning you can expect to receive approval anytime between 10 minutes and 24 hours. The quick approval process has been made possible by the fact that a medical exam is not required nor does the insurance provider have to spend many hours analyzing the medical results to determine whether you qualify for insurance. As a result, the plans offer a guaranteed acceptance. However, you must be honest with the answers you give on your application form. If the insurance provider discovers you did not give accurate answers they can cancel the contract. Furthermore, they may fail to honor your claims.

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