How Does No Medical Life Insurance Work?
When you apply for life insurance, it is very likely that the insurance provider will require you to take a medical exam to ensure that you do not have any pre-existing medical conditions that could cause your death within a short period of time after you purchase the policy.
If you do have such a condition that will disqualify you from regular term life, whole life or universal life insurance, then you can look to insurance providers that have policies for no medical life insurance. What this means is that in order to purchase a policy you will not need to have a medical exam, provide any information about your medical history or answer any medically-related questions on the application form.
No medical life insurance policies are much easier to obtain and you will have the policy in your hands a lot faster. The normal types of life insurance policies (http://www.equote.com/li/life-insurance.html) often take weeks to process because of the amount of paper work involved. With the many insurance providers that do have policies that don’t have a medical requirement having an online presence, you can search for and compare the rates to find one that best meets your needs and financial situation.
You can apply directly online without having to speak to an agent. Within minutes you could receive approval through an email message and once you make the purchase using your credit card, you can download the policy and print it off for your records.
You can benefit greatly from no medical life insurance when you have a medical condition that would be excluded from a regular policy. In most cases, you can have the same amount of coverage as you would with a regular policy. The value of the policy is usually sold in denomination blocks, such as $3000 or $5000.
You can compare the rates charged for each block and then purchase the number of blocks of this denomination that you need. You do need to do a little Math on your own to determine which would be more beneficial for you according to the rates. For example, if you are looking for $20,000 in coverage, you may save money by buying four $5000 blocks rather than seven blocks of $3000.
One of the disadvantages of purchasing no medical life insurance (http://www.equote.com/li/nomedicallifeinsurance.html) is that it is more expensive than regular life insurance. This is because the insurance provider will automatically assume that you do have medical condition that would disqualify you from regular insurance and so charge you a higher rate because of the higher risk involved. You would benefit more from taking out a regular life insurance policy if you are young and healthy.
Older people who would pay a higher price with regular life insurance policies are often attracted to no medical life insurance because as you age the cost of the insurance rises. This is a great way to add to your existing insurance to make sure you do have enough coverage to give your family an inheritance that will enable them to pay off a mortgage or pay for college.
The more information you can provide to an insurance provider when purchasing a policy, the cheaper it will be for you in terms of the premium rates. However, this is not always possible, which is why there are no medical life insurance policies and terms available.
"How Does No Medical Life Insurance Work?", was submitted 12/12/2008 under category Medical Business.
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