Non medical term life insurance is the latest craze.
There have always been no exam life insurance but there have been a few recent changes.
This type of policy used to be for younger people, usually people in their twenties or maybe early thirties.
Now non medical term insurance is available up until age 65 for many more people.
The applicants need to be in fairly good health to qualify though. Life insurance companies check through the Medical Information Bureau, they also get a Pharmacy report.
Busy people find this type of application
They just complete the form and the policy is issued as long as they are in fairly good health.
They do not need to go through the usual medical examination.
No medical life insurance is issued between ages 18 and 65. The policy is renewable up until age 95 without any evidence of insure-ability.
To get this policy you just need to answer a few health questions. You can get up to $1,000,000 coverage up until age 60, up to $500,000 coverage up to age 65.
You may wonder why a life insurance company
would do this. The answer is because it is very profitable for them.
It is profitable simply because much of the cost to issue a policy is eliminated when they issue a policy in this way.
They don't need to pay a medical professional to do an examination for example.
Is this not risky for the company? Yes it is more risky than
conventional applications for life insurance but consider what is
Technology has got to a level where they can get the information they need in just a few minutes. The medical information Bureau supplies most of the information. They also get a pharmacy report which tells them what medication you take or have taken in the recent past.
The life insurance companies are also covered by the incontestability clause.
If the applicant is dishonest and they find out within a given period of time, usually one or two years, they will withdraw the policy and refund the premium. If they discover any inconsistency after this period though they cannot withdraw the policy.
If you are therefore quite busy, in fairly good health, and want to buy your policy online you can. Just go get your quotes and proceed to buy your policy when you are ready. In some cases your policy will be issued in less than 48 hours.
The idea of no exam life insurance is by no means new. It is a little more liberal than it used to be and we have a new generation embracing the idea. There are many variations to this policy.
The 20 year term life insurance policy can be effectively used in oh so many situations. We will look at some of them but first let us define what this policy is all about.
The 10 year term life insurance is one of the simplest and most easily explained types of life insurance.
Let us take a look at the 10 year 20 year and 30 year term life insurance policies.
There are many pages on this website on term insurance details and how it works. What I want to do on this page is give you a basic and general outline of this policy.