The emerging fashion of buying everything online has entered the insurance industry in form of no medical exam life insurance. This is is no wonder seeing how the whole family can get protection within minutes from the comfort of their home. This new alternative is bringing an end to the time one needed to visit an agent and do a medical examination. A lot of people are opting for this option but is it the right policy for you?
What is it all about?
To be approved for most permanent and term policies, a medical exam is often required. The exam is an assessment of health with regard to life expectancy. By understanding the present and future projection of one’s health, the insurance company is able to determine that amount of premium to charge. Although the exams are free and non-intrusive, a lot of people are unwilling to participate because they think it will cost them. Another issue with conventional policies is the amount of time it takes before approval.
Insurers are now offering options without the mandatory medical exam as an alternative to the traditional life insurance policies. A short questionnaire can be answered online instead of the medical exam. The applicant is approved or rejected from the questionnaire results. What are the real advantages of taking this new option?
The speed of this process just cannot be emphasized enough. As compared to the weeks it could take to get a life insurance with a medical exam, this process can take anything from 10 minutes to 48 hours at the most. This is actually the foremost reason why people are choosing the no medical exam term life insurance option. People are busy and the reason might be different for everyone, but speed is a huge plus here.
- Vacations and business trips. A domestic trip has its dangers and those are somewhat more heightened when it comes to traveling overseas. There is more uncertainty and for those who just prefer to be extra careful, a life insurance is needed. If this is an impromptu business trip or a last minute holiday, the speed of a no medical exam term life insurance will work in your favor.
- Collateral for Loan. Issuers of loans including personal lenders, credit unions, and banks, often times require a life insurance policy as collateral. You will find that often times this is not requested for until the last stage o the underwriting process is completed leaving you little or no time to produce one if you don’t have it already. The speedy no medical exam term life insurance is the best solution in such a situation.
- Court order. In the case where a couple is going through divorce settlement where underage children or alimony is involved, the court usually requires life insurance for one or both of the parents with the other as a beneficiary. Like loans, this is not brought up until there is little or no time and no medical exam term insurance is the perfect solution.
Skipping the medical exam
Another big advantage of no medical exam term life insurance is that you get to avoid the needle part of a medical exam. Some people just don’t like needles or even have a phobia for them while others are too busy. Whatever the reason, having another option is great.
Presence of health issues
It is possible to develop a health issue since the time of your last medical exam. Medical issues mean rejected insurance or high premium rates, neither of which is ideal. The best option to get a life insurance will be through the no medical exam route.
Students and parents of students with student loans
Student loans are very high and in many cases, the parents of student’s cosign for these loans. In the tragic event that the student dies, the parent will be burdened with the responsibility of paying the loan. A no medical exam term life insurance can protect from such an event.