Why Take A No Exam Life Insurance Policy

Ever considered taking up a life term insurance cover and had to evaluate the merits of taking a no exam life insurance policy over taking one with a medical exam? As much as there are some few disadvantages of picking up this option, the package offers numerous benefits to its consumer. Some of these advantages are as listed below.

Less time is required to get coverage

Since there are no physical examinations and regular visits by the doctors, time is a key advantage as compared to life term insurance covers that require exams. Some terms that incorporate exams may take ages for approval since regular health check-ups are necessary to evaluate your health status. The results of the physical examinations determine the rate to charge.

Simpler process

For covers that include exams, the process is at times tedious and complex since many reports submissions are necessary for analysis. However, where examination is not involved, the process is less since the paperwork is minimal. Although some companies may need a medical history, it might only take one to three days to get the cover approved. You will not sweat a bit.

Convenient

Those who may not get a life term cover due to health factors can easily obtain the policy since no physical examination is required. If you cannot stand those strange paramedic's visits (most of life term insurance policy providers reject medical reports from your home physicians) and physical examination, this is a reason to make you smile.

Reduction of expenses

Although it is generally expensive as a whole, some expenses are scrapped off; for instance those involved in regular visits to the hospital to follow up on that bothersome lengthy paperwork, long traffics and who knows, you might need a snack on your to the hospital.

Although appealing, some downfalls are present in this choice of cover,

Costly

Since the insurance company has no more information about your health, they tend to take a higher risk. Hence, charge higher premiums to cover those risks. You may also end up paying up to three times more than you would have if you chose a cover with medical examination; let us say you were a healthy adult.

Generally, though more expensive taking up life term insurance with an option of no medical exam is very attractive for those who have no time for that torturing hassle of getting cover that may take up to eternity and at times end up to never getting an approval.