Before a person can obtain a life insurance policy, they are usually subjected to taking a health exam. This process is costly, and it is also inconvenient. It can make getting covered by a policy take a longer time, too. There is a solution to this problem. That solution comes in the form of the no medical exam life insurance policy.
Life insurance policies that do not require health exams typically cost more than other types of life insurance plans. In fact, no exam life insurance policies often cost about three times more than traditional policies. The more that an insurance company knows about a potential insured, however, the more they are able to provide that person with a fair life insurance policy rate no matter if it requires a health exam or not.
No health exam life insurance policies offer a chance to get covered much more quickly than other types of plans. Those individuals who purchase life insurance regularly need to schedule a medical exam with their doctor and supply the results of the exam to their insurance company. The insurance company bases the premium that they charge the customer on the level of risk that they pose.
An individual who has a chronic health condition like diabetes or who has had cancer poses a greater risk for the insurance company than someone in perfect health. This risk causes the insurance company to charge a higher rate for the life insurance policy.
No exam life insurance is a good product for older people and those with compromised health conditions. Talk to an insurance agent or broker to find out which type of policy is best. There are benefits and disadvantages to every type of policy. Every individual wants to find the type that works best for him or her.