Coverage Is Not Guaranteed Under Life Insurance No Exam
The policy that exempts you from appearing for the mandatory medical test is Life insurance no exams. People have wrong opinion and idea about this life insurance no exam policy. Before clearing that let us first discuss about term life insurance.
Term life is the original form of life insurance that started in Rome. It was later reinvented in London to be exported to the US in the eighteenth century. The salient features of a term life that set it apart from other kinds of more popular life insurance policies are as follows:
• The only benefit of term life insurance policy is a large death benefits from the premium that you pay. They do not provide you any form of cash benefits or any investment opportunity.
• The term life insurance policy will be active only for a fixed time frame. Usually these time period set by the insurance companies are 1/ 5/ 10/ 15/ 20/ 25/ 30 years. You can avail the benefits only if you die within this time frame. If you do not die within this time period then you will not be eligible for any benefits. All the money that you paid as premium has just gone to enrich the insurer’s coffer.
• You will get the coverage only if the carrier is sure of your insurability. If he believes that you will not outlive the term, he may refuse coverage or may charge at high rate.
The major advantage of term life insurance is that you get large death coverage at a very cheap rate if you are really young and have good medical condition. As discussed life insurance no exam is a term life insurance valid for a specific term only. In order to get this benefit of no exam the policy holder must pay three times more for the same amount of death coverage with the medical exams.
And what do we gain by paying three times more? Nothing except instant coverage! It is true that you are exempted from appearing for the mandatory medical test, but such tests are not much of a bother really. The tests are taken at your convenience at the cost of the carrier and if you have gone through some expert broker, his men will arrange for everything.
A paramedic will come to the place and time of your choice. The test will comprise of taking measurement of your height, weight, blood pressure and pulse rates. He will also collect your blood samples to check cholesterol, glucose, protein, HIV etc. and urine sample to check glucose, protein, creatinine, cocaine etc. He will then take down your own medical history and that of your siblings and parents. He will also try to judge your lifestyle and ask relevant questions about it. Not much of a test, you must agree.
People have the idea that since there is no medical test it is very easy to get a term life insurance policy even if they have some serious life threatening disease. But that is not correct, no insurance provide you a policy without checking your insurability even though you pay three times more than the normal charges. Even though there is no medical examination they will definitely run you through Medical Insurance Bank and Motor Vehicle Report to check your health and have some glimpse into your lifestyle. Also you need to fill up a detail health form on you condition after which the actuaries will review and confirm on your insurability.
The only advantage life insurance no exam is instant coverage. Under normal circumstances, the underwriters take weeks to judge your insurability and provide the coverage, but when it is life insurance no exam they do that immediately. Therefore, buy life insurance no exam only if you are in hurry, or else go for traditional term life insurance policies. It is not for those with medical conditions.
However, if you do have some medical condition such as cancer, do not lose hope. There are policies for you too unless of course the cancer cells have started metastasizing. Policies have been conceived with every ailment in mind. All you have to do is to look for them. However, it would be wise if you contact some experienced broker for that. They will be able to direct you to the right policy. It is after all their area of expertise. Nevertheless, you too can read over the internet to have some basic knowledge and see for yourself what chance you really have. Do not try to buy life insurance no exam by hoodwinking the insurer. You will not be able to do so.
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