If you would like to take care of loved ones, it is important to plan for the future. No one wants to think about death but it is inevitable. Many people are choosing no medical exam life insurance policies and there are some pros and cons to consider. Here is a closer look at your options to help you decide.
These policies are easy to obtain. Seeing a doctor or going through a detailed physical examination can be very time consuming. In fact, you might be in a doctor office for hours. In addition, they may send you to a lab for blood work and urine analysis, and you might require a series of x-rays. These things can take up an entire day and you simply may not have time in your schedule.
Perhaps you need a policy in a hurry. You could be planning to travel abroad or perhaps you want coverage to cover a loan. To take out a normal policy you may have to go through a physical examination. Also, your application may go through several people and it could take weeks or longer for you to be approved and receive the coverage you desire.
A life insurance policy that does not require a physical exam is very quick and convenient. You only need to fill out an application and you could be covered in just a few days. This is a smart option for the person with little time or does not want to wait for coverage.
Maybe you have a heart condition or a history of cancer. If you were to take an examination chances are you would not pass. Many insurers want their policy holders to be in good health. This way, they assume less risk and make more money.
If you have health issues you may not be able to find a standard policy. In this case, it makes a great deal of sense to find an insurer that is willing to issue you a policy without any examination. Many companies guarantee that they will approve you for coverage.
Not everything is perfect and your no exam policy may have limits on coverage. This will depend on certain risk factors like age and general health. For example, you may be able to receive $100,000 worth of coverage, whereas $300,000 coverage may be possible with standard policies. However, everyone’s situation is different and the numbers can vary a great deal.
You may find that rates are somewhat higher with guaranteed coverage policies. However, if you need coverage and you do not want to take an examination, it could be well worth the additional cost of the policy. Plus, when you add in the convenience factor, it can be a good deal.
If you are interested in life insurance that has guaranteed acceptance, you can check out insurers on the World Wide Web. It is very easy to shop this way and many companies offer free quotes online. Also, you can always contact insurers for more information and they will provide answers to your questions.