No Medical Exam Life Insurance. What is going on here?
Is this new? The way people act one would think that this is an entirely new idea.
The fact is that the "no medical exam" idea is not new at all.
It has been around for years.
In recent years, however, some life insurance companies seem to have rediscovered the idea of providing an easier path for life insurance applicants.
Thus the excitement about "no exam life insurance".
No Need For A Medical Exam - Just A Few Health Questions - See If You Qualify
It used to be that only the younger people could get life insurance without going through the entire medical examination process.
They were by and large healthier so life insurance companies figured that it was cost efficient to run through some medical questions with them and issue a policy based on their answers.
They verified whatever was on the application the best they could through an inspection report.
Older people had to do at least one complete medical by a
nurse, a paramedic or a physician. Even though most were found to be
healthy enough to qualify for life insurance
this was required by life insurance companies.
The older people get the more likely they are to develop some ailment that may prevent a policy from being issued.
Because of medical science advancements and because people tend
in recent years to take better care of their health the underwriting of
these policies has become less stringent.
Usually people can get a decent amount of life insurance without having to do a medical. No medical life insurance has become quite popular. It is selling like hot bread.
Don't think for a second that one can get over on the life insurance companies. Not a chance. They still do an inspection report. They still check medical history.
The important thing to keep in mind though is that busy people today really have no excuse. It is quite easy to buy some life insurance
to protect a family that will need the proceeds upon death.
It is quite easy to provide an income or lump sum for the ones you love. It is quite easy to guarantee a college education for your children or grandchildren if you should die while they are dependent.
It is a simple matter to buy some life insurance to take care of your final expenses. I refer here to paying off outstanding bills, attorneys fees and court costs and of course funeral expenses.
It is a simple matter to guarantee money to fund a buy sell agreement
if you are one of the principals in a corporation or a partnership.
Regardless of the type of business you own it is easy to take out key employee life insurance on an invaluable employee.
No medical exam life insurance certainly has it's place. For larger life insurance needs you will have to get a thorough examination.
The most popular no medical exam life insurance policies are the 10 year term, the 15 year term and the 20 year term life insurance policies.
Most companies offering the policies online limit the amount they will issue to $1,000,000.
Qualify For Up To $1,000,000 No Medical Life Insurance -
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Death proceeds from 10 year life insurance can be in lump sum form or incomr form
The 5 year term life insurance policy has been around in insurance circles for a very long time. It can be sold as a policy or as a rider to a permanent life insurance policy.
The 20 year term insurance policy is one of the most sought after life insurance policies.
Take a look at 20 pay life insurance. Most people know that you buy whole life insurance if you want to be covered for the rest of your life even if you live to age 100.