A Guide to No Exam Life Insurance
What Kind of Coverage Does no Physical & Guaranteed Insurance Give?
Generally, individuals applying for life insurance policies will have to go through a medical exam or physical before their application can be approved. This may not suit everybody. Some may want a quicker solution and some may worry that they'll get turned down for coverage based on their medical records. So, some consumers simply turn to no exam life insurance or a guaranteed life policy. Are these feasible solutions?
What Are the Benefits of Looking at No Exam Life Insurance?
The primary benefit of this kind of policy is that the individual won't have to have a medical exam to get approval for coverage. Standard policies will insist on a physical of some sort as this helps insurers assess risk. They will get a lower risk by giving out policies to people with no medical problems so they need to check this out before they approve an application.
No exam life insurance or guaranteed policies won't, as their name suggests, need to do this. These products are designed to give life insurance coverage to individuals who don't want to go through a physical. This could help people arrange cover more quickly and get protection even if they have a record of medical problems in the past.
What are the Differences Between No Exam Life Insurance and Guaranteed Insurance?
In both cases applicants won't be asked to have a standard physical examination. Both of these options are not the same, however. Applicants for no exam life insurance may have to answer some questions about their medical background before they are accepted. Applicants for guaranteed insurance generally won't be asked any questions at all.
Are There any Disadvantages to No Exam and Guaranteed Insurance?
Insurance companies that offer these policies do so in the knowledge that their risk is higher. They don't get the kind of detailed risk assessment that standard policies give. Although these policies can be useful to some individuals, this will mean that they may have to:
- Pay higher premiums than they would for a standard policy.
- Agree to less favourable terms than many exam based policies.
- Accept lower insured sums than they may be able to get with regular coverage.
In some cases the advantages of no exam/guaranteed insurance options outweigh these disadvantages. So, for many they may prove to be a viable option. Consumers may be wise to spend some time thinking about regular insurance options or even to look at policies that deal with pre-existing medical conditions to cover all angles before coming to a final decision.
What Is No Exam Life Insurance?
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Find A No Exam Life Insurance Quote
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