In recent years the amount of people who strive to purchase term life insurance has grown significantly. This is because taking advantage of this policy without a medical exam will be easy for an individual to pursue as there is no need to make time for a doctor’s appointment and best of all most people can benefit from this form of life insurance.
There are only less than a handful of exceptions when it comes to who can benefit from term life insurance with no medical exam. These exceptions are people who are suffering from serious illness such as HIV and people who are over the age of 50. Pretty much anyone else is entitled to submit an application for term life insurance with no medical and generally if you are in reasonable health you will be accepted. There are factors however that will affect how much your monthly payments will be as well as your overall premium.
Even though a term life insurance policy that requires no medical is said to be the most affordable life insurance policy, not everyone will benefit from it. The reason that I say this is there are certain aspects that could push the price of your premium up. These factors include the following:
* Your age – basically the younger you are the cheaper your insurance premium will be
* What gender you are – yes sadly this affects your policy. If you are female you will more than likely receive a cheaper policy with no physical exam as females are considered to have a higher life expectancy
* The state of your health – there are certain medical conditions that may affect your ability to obtain this policy
* Your occupation – if you work in what is considered to be a dangerous career then you will have to pay higher premiums
* Your lifestyle – if you are a smoker, inactive or if you take illegal drugs then you will also incur higher premiums for your life insurance
So how does a term life insurance policy with no medical work? Well if you ask any insurance company to define term life insurance they will describe it as life insurance that is taken out for a certain amount of time. Also you would be informed that this policy only covers you for a certain amount of time and will only pay out if you die during the term that the insurance covers you for. If you die during the insurance term then a death benefit is paid to your beneficiary. So if you outlive the amount of years that the policy covers you for then you will need to look for a new policy or you will have to renew your previous one.
Term life insurance with no medical means that you can apply and receive your insurance cover in the same day. It is a hassle free solution to life insurance that many people have been waiting for.
So if you want more information regarding this form of life insurance then get in touch with an insurance company today.