There has been a steady rise in the amount of people taking up no medical exam life insurance and also a rise in companies offering it. This type of policy is growing in popularity with both parties as there are clear benefits to both. The question that needs to be asked is that should all individuals be considering this type of coverage?
The facts about no medical exam life insurance
Firstly as described in the title of the policy it is a life insurance that accepts individuals on the basis of not going through the normal channels. Usually before a policy is issued there is a period where the insurer will conduct a background check on the applicant and they will also perform a full examination to determine the state of health they are in.
If they pass then they are offered coverage, if not then they are turned away. The whole process is long winded and can take quit a long period of time. Plus there are the costs that are involved to the insurer.
With a no medical exam life insurance this means the all of the relevant checks are completed but the medical exam is skipped. Also there are more leniencies towards those who have suffered from an illness in the past or those who are of an older age.
But what has really taken the companies by surprise is the amount of young healthy adults who are signing up to these policies. It is the time saving that is appealing to these people. They do not wish to spend long periods of their free time taking medicals. Plus the pay outs can still be substantial and enough to cover any financial liabilities.
Should everyone be considering this type of policy?
It is completely up to the individual and their circumstances. A no medical exam life insurance simply offers an option to the general public when considering this type of cover. There are many pros and cons for each type of policy so it depends on the person.
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Understanding No Medical Exam Insurance and what it Does
No medical exam life-insurance policies are something that have only recently come to light in the media. As more companies are starting to offer it there has been an increase in the amount of policies being taken up. There are however a lot of people who have never even heard of this type of coverage or are unsure about what it does.
