There is a lot of hype surrounding no medical exam life insurance policies as the next big thing. With websites claiming huge pay outs no matter what your current medical condition is it is time to look a little closer at these polices to uncover what they really are about.
A no medical exam policy is exactly what it tells you in its description. It is a life insurance policy that is offered without the back-up of a full medical examination. This means an applicant will not have to go through the lengthy process of filling out medical forms and waiting for test results to get cover.
What it also offers is a policy from a large company for individuals who have been refused in the past. What this means is that the criteria is relaxed and more people qualify for cover.
Where is the catch no medical exam life insurance?
Just because it means that an individual can now get coverage doesn’t mean that they have struck it lucky. The whole point of life insurance is to cover one’s self financially in the event of death. Million dollar pay outs are definitely not going to happen.
Although there is no medical exam there is still a comprehensive questionnaire to fill out and a background check carried out. Depending on your honest answers the insurer will issue a relevant policy.
The premiums are higher than normal coverage and the pay-outs are a lot less depending on an individual’s circumstances. Some companies will stipulate that the policy will have to be paid into for a certain amount of time before any money can be claimed and this can be up to two years depending on the company.
A no medical exam insurance policy should be looked upon as something that is necessary to have especially if there are loved ones and dependants that may have to burden any debt. If you have been declined by a number of traditional insurance policies, no medical exam insurance is definitely a great option. But great care should be taken before jumping on board and accepting the terms and conditions; they should be fully understood before any money is handed over.
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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.
