Research that was conducted by the U.S. Life Insurance Ownership Study found that out of all the individuals who say they might buy life insurance 60% never get round to it. If you find that you fall into this percentage then no medical term life insurance could be just the answer you are looking for.
Term life insurance with no medical exam represents the easiest and most popular way to get the cover that you need. By simply filling in an online application form you could get the cover that you need. All you need to do is provide a few personal details, i.e. age, sex and weight as well as details of your medical history. This application is something that you could do in your lunch break at work or in a spare five minutes that you manage to grab in between doing housework. You must however be as honest as you possibly can when you fill in this application form. You need to include all aspects of your medical history, which includes any pre-existing conditions; yes this may be the make or break of you gaining this policy but if you don’t provide this information and you are granted the policy it will simply be voided when it comes to paying out.
So why should you opt for no medical life insurance? There are many answers to this question but it is not up to me to make the decide for you, which is why below I have included some of the main pros and cons of opting to use no medical as your choice of life insurance:
The pros associated with this policy are:
* It will provide you with your insurance cover faster than many other types. This is due to the fact that companies are able to process your application faster than insurance policies that require a physical examination
* The application process is a lot simpler as you just need to fill out a basic health questionnaire and you don’t need to have an examination
* This form of life insurance is a lot less invasive
The cons that are associated with this policy are:
* You are usually given less coverage as most people apply for smaller amounts of insurance
* Most questionnaires are thorough and if you withhold health information, the company can cancel your policy
* It is more restrictive towards who can take the policy out. For example if you are over 50 or you work in a certain occupation you won’t be granted no medical life insurance
It is completely your decision as to whether you decide to opt for this policy. The most important thing that you can do when it comes to applying for life insurance is to look at which form of insurance would cover your needs the most and which would be of most benefit to you. I do however highly recommend that you look into life insurance without a medical exam required when you are making your decision as it could benefit you more than you think.