Generally, a medical examination is required when buying life insurance. Insurance companies use the health profile to gauge an applicant’s risk and their chances of living healthy, for longer.
However, changes in the insurance industry are witnessing more insurance providers offering no medical exam life insurance plans. To make sure you are getting a good deal it is advisable to shop around.
Having a good plan can go a long way in granting you a peace of mind and helping to make sure your loved ones are safe and well provided for, when you are no more. The issues with a non-medical plan include:
· No medical exam
Non-medical insurance plans do not require applicants to take a medical examination for purposes of getting approval. However, the applicant may be called upon to respond to a few simple questions about their health.
A non-medical plan is often available to term life policies that offer coverage for a period ranging from 1 year and 30 years, with some carriers offering a term of 40 years. Buyers stand to benefit from coverage of up to $500,000.
Because these limitations vary significantly between different companies, some carriers offer a policy amount of more than $500,000.
There are many reasons why a non-medical plan may be right for an applicant. If you need insurance right away, without further delay or if you want to avoid the hassles associated with undergoing a physical exam, a non-medical plan is a good idea.
Furthermore, if you have a pre-existing medical condition and have been denied insurance in the past, a non-medical plan is a good idea. This will make sure your loved ones receive the financial support they need, in the event of your untimely death.
When completing your questionnaire make sure to give honest answers, even to those pertaining to your health. This will help you get coverage and make sure your beneficiaries receive the benefits.
· Waiting period
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