There have been a growing number of insurance companies offering no medical exam life insurance coverage to applicants who have either been refused in the past or do not want to go through the medical examination process.
In today’s society people work harder and have busier lifestyles. Also the financial burden and the amount of debt that the average person carries is a lot higher than in past years. With this being said it is important to ask the question is another life-insurance policy what the general public really wants.
No medical exam life-insurance coverage is a policy that enables anyone to get insured without having to go through lengthy medical examinations. A lot of insurance companies will have to refer an applicant to an endorsed medical centre who would then carry out a full medical and background check. This can take quite a while to do before a policy is offered.
There are a growing number of people who are actually failing these medical exams because of the fact that they have been in hospital recently with a serious disease or they have an underlying condition. Also if there is a family history of disease and bad health then this could furthermore disqualifying applicant from getting life-insurance.
No medical exam life insurance works by cutting out the lengthy examination and also widening the scope of applicants that are accepted onto the policy.
This makes ensuring these people riskier to the company so this is then passed on with higher premiums. No medical exam life insurance policies are a lot more expensive than a traditionally underwritten. Also the amount that is paid out in a lump sum is considerably less.
What an applicant needs to do is they will have to assess whether it is going to be worth paying the premiums. It is important is to calculate the amounts of the pay-out will give and also if it will cover your financial liabilities.
No medical exam life insurance does have a place in our modern society today but it is important that anyone who is considering taking up this kind of policy does their research first before they go ahead and purchase it.
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