When a person enters the market to look for life insurance, he gets greeted with a whole set of new terms. Some of these terms are alien, and it is hard to comprehend what they stand for. One aspect of life insurance is the medical exam associated with it. Though it gives you better coverage, not everyone is open to the inconvenience it causes.
In circumstances like these, people opt for no exam life insurance. Many service providers use algorithms to figure out what coverage you ought to get. However, rushing into the purchase is not the best path to take. Eventually, you need the policy for the long term hence being sensible help.
Here we share with you all that you need to know about no exam life insurance policies.
The catch involved
The first thought that comes to anyone’s mind is what the catch behind a no exam life insurance is. Truth is that a life insurance policy bought after medical underwriting would come at a lower price. But then you have to sit for hours to get your medical test accomplished.
However, the catch is that since the test is happening in front of the company officials, the coverage becomes their jurisdiction. You have to take up whatever deal they are offering you in this case. For more information, go to https://www.simplyinsurance.com/no-exam-life-insurance-quotes/ and proceed further.
How much life insurance you may get?
Since there is no medical test happening, some of the hidden health conditions may not be declared. Companies may then decide to give the coverage basis the answers provided by you. This does not necessarily mean that you will get a worthless deal out of it.
If you know the art of comparing all policies, you may derive a coverage that no other company would ever give you. In case you are sure of your health beforehand, then a no exam life insurance is a better option for you. You do not have to undergo any medical tests and still manage to get similar coverage like others.
Which kind of policies fall under the no exam category?
Moving on, there are quite a few life insurance policies that do not require a medical examination. Read on to know which policies fall under this category.
Simplified issue life insurance
As the name suggests, the policy is relatively simple to acquire. You go to the policy provider and answer a few questions. Based on your responses, the company decides whether to give you the policy or not. If your answers appear truthful chances of your getting the policy are relatively high.
However, in this case, the company may charge you more than what others are taking. The less the insurance company knows about you, the more they would want to charge you for the service provided. Again there are chances you might not get the kind of coverage you are hoping for. However, that depends on how you tackle it.
Medically underwritten life insurance
Mostly this is the most affordable type of coverage that any person can hope to get. The companies go through your details like age, family details, and life choices and the basis that the decision is taken. In such cases, you may be excluded from giving the test altogether. However, it depends on the service provider you are talking to.
Some of them have a suitable underwriting process, which eliminates the need for a proper medical test. Here also it will be beneficial if you provide the quotes as per your best knowledge. If you furnish the wrong information, you may lose out on any other benefits and perks.
Guaranteed issue life insurance
The name gives away the benefits of this life insurance policy. Anyone who applies for a policy under this category is offered suitable coverage. No exam is required, and neither any decision is taken on your lifestyle choices.
However, there would be a limit on the coverage you are entitled to. Supposing you are young, then that particular coverage would not be sufficient to give your loved ones a self-sufficient life after your death. Another thing is that this policy only pays after a set period of policy beginning is lapsed. This is to avoid people from taking up the policy when they know they do not have much time. If you die within three years of the policy, start chances are your family would be helpless.
Accidental death insurance
You could also opt for the accidental death insurance if you do not want to go for a medical check-up. This policy pays the coverage if your death happens due to an accident, mishap, or homicide. Some of these policies also provide benefits if your body has suffered severe damage even though you may have survived.
However, in this category, you will not get the payment if your death occurs due to diseases like cancer, stroke, or heart disease. Again such policies may put a cap on the coverage that they offer. You should understand what the maximum limit is. In case previously, you were declined a life insurance policy for health reasons, you could try to apply for the accidental life insurance policy.
Conclusion
If you are in the market for life insurance and cannot get a check-up done, then a no exam policy is a great idea. But, you should make the purchase of insurance with loads of tact. You better analyze all the possible pros and cons of a certain insurance policy. And most importantly, understand the consequences of choosing the wrong insurance.
Many people opt for a no exam life insurance policy, but mostly you need to be sure of your health before you choose it. In no circumstances you ought to lie to the insurance company to evade the medical exam.
If later you are found having any terminal illness, chances are you may not get the coverage. As a result, your family would be left behind with nothing to fall back upon. Choose the no exam life insurance policy but with care so this situation does not arise.
