No medical exam life-insurance policies are something that have only recently come to light in the media. As more companies are starting to offer it there has been an increase in the amount of policies being taken up. There are however a lot of people who have never even heard of this type of coverage or are unsure about what it does.
It is very important to understand what no medical exam insurance coverage really is so that an individual can make an educated and informed decision before taking a policy. Some healthy people may even find that these types of policies will suit them better as they are easier to get hold of and they do not require large lump sum pay outs for compensation when they die.
Life-insurance today has become a part of people’s lives, especially in Western countries. With the amount of personal debt raising for a lot of individuals, it is important for them to think about paying this off and not leaving it to their partners or family if they unexpectedly die.
Firstly no medical exam life-insurance it is a policy that enables applicants who have been refused insurance coverage in the past to get protection for death. What this means is that the medical examination that most conventional insurance companies will have as a mandatory process when applying. Instead it is replaced with a more robust application form and a quick medical background check is carried out.
On this a policy will be made up depending on the individuals own circumstances. This means that even if an applicant is suffering from a serious disease and may die within the near future they are able to get a level of coverage so that they can help pay for any medical or funeral costs when they die.
There are two important factors to consider about no medical exam life-insurance:
· The premiums are higher than conventional policies because most applicants are of a higher risk.
· The lump sum pay-out will be substantially less than a normal life-insurance policy.
With these two factors considered it is still something to be thought about for those who want to plan for the future. More information on what types of companies offer these types of premiums can be found on the internet and there are a few comparison sites that will be able to offer instant quotations.
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