Your Essential Guide to No Medical Exam Life Insurance: What it is and How You can Avail of it
In the past, not many life insurance companies offered ‘no medical exam’ life insurance coverage. But today, things are changing, and more insurance firms are choosing to offer ‘no medical exam’ life insurance to applicants who are under 70 years old. Competition is fiercer now when it comes to insurance companies, and many people choose those who can offer ‘no medical exam’ life insurance over those who don’t. Also, because of the competition, ‘no medical exam’ life insurance policies are less expensive nowadays, and there are more options for coverage as well. But if you are thinking of acquiring ‘no medical exam’ life insurance, what do you need to know about it, and how can you avail of it? Here’s your essential guide to ‘no medical exam’ life insurance.
The basics of no medical exam life insurance
In prior years, most insurance firms required applicants to have a medical examination before approving an application for life insurance. The exam is free and often offered at the applicant’s home, but some applicants had trouble with the exam because they didn’t have the time to do it or they didn’t want to be poked or prodded with needles and provide blood.
But nowadays, there are more insurance companies which offer no medical exam life insurance. In many cases, the insurance rates for no exam life insurance are as competitive as other types of insurance policies. Insurance companies can offer no medical exam life insurance because rather than ask for an exam, the company can review an applicant’s medical records and their history of prescriptions. Instead of an exam, the company can evaluate the applicant’s state of health by looking at their medical history.
The benefits of no exam life insurance are quite obvious, especially for those who are always busy or who have to travel all the time for work. For some people, it’s hard to set aside time for an exam for life insurance. For others, the idea of having blood collected is too unpleasant. Whatever your reasons for wanting no medical exam life insurance, you can now take your pick among many insurance companies which offer it.
There are some other benefits brought by no medical exam life insurance, and one of these benefits is quick approval. Most no medical exam insurance policies can be approved in as little as a day to around two weeks. Another advantage of this kind of insurance is that you don’t have to deal with needles or doctors and nurses. If you have a needle phobia or a phobia of doctors and nurses, then the policy can be a good choice for you. Also, most no exam life insurance policies are easy to get – in many cases; you simply make a phone call.
But when choosing the best no exam life insurance, it’s always a good idea to compare as many companies as you can. You want to get the best deal on your no medical exam life insurance policy, and you can only get the best deal by knowing what some of the top insurance companies offer.
Image attributed to Pixabay.com