If you tried to apply for life insurance a few years ago you would have faced a two month wait for your application to get through the submission process but that’s not all! You would also have to wait for the underwriting of your policy and then you would need to take a medical exam before you even receive your policy through the mail.
Thankfully times have changed and with these changes come instant life insurance that you can get same day coverage with. No longer will you be waiting months for your coverage to begin and if that isfn’t good enough, you can now apply and pay for your policy online. If you pay your first month’s premium online, your life insurance policy begins the same day. This fast and easy method of purchasing insurance can be applied to all types of policies that are available, which includes term life insurance.
Another change that is a welcoming one to the world of life insurance is the fact that with some policies you no longer need to undergo a medical exam. For example you can now take out term life insurance with no medical. The reason that these policies are cropping up quite frequently is in order for insurance companies to entice a wider market.
One of the reasons that many people delay getting the coverage that they need is down to the fact they put off getting a medical exam this may be because they don’t want the exam done or it could be through no fault of their own due to the fact they can’t get time off work. Now you can purchase cover that protects you for however long you need it such as 10, 20 or 30 years in a matter of minutes. There are however a few aspects that you should be aware of.
To many gaining term life insurance coverage without the need of a medical exam may seem too good to be true. Well you do still need to answer a few questions based around your own personal health as well as your family’s medical history. You will need to supply your date of birth, weight and height and the answers to the health related questions in order to be considered for term life insurance with no physical.
Anyone, with a few exceptions, can apply for this type of coverage but whether you will be accepted or not comes down to the answers on your application. Individuals with AIDS, HIV, cancer, ARC, heart disease, history of stroke, lung disorders, liver disease, diabetes, nervous disorders, and psychological disorders are not eligible for this type of coverage. With these exceptions anyone else can see if they can get this type of policy but the answers that you supply to the questions are highly important.
When submitting your personal information and the answers to the health questionnaire you need to ensure that you remain completely honest. Giving false information will be a way of misleading the insurance company, which gives them reason enough to deny your coverage if you need to make a claim. So if you are a smoker declare that you are, if there is a history of cancer in your family make sure the insurance company knows about it.
With a term life insurance policy that requires no physical exam you get instant approval, meaning instant coverage. It does however mean that your premiums will be slightly higher and not everyone qualifies for this type of coverage. My advice however is anyone who is looking for a life insurance policy should give this one a go as each insurance company has its own requirements of who qualifies for this coverage; some may be more lenient than others so your chances of qualifying may be higher than you think.