Nowadays, the possibility of obtaining life insurance (either term insurance or permanent insurance) seems readily available and affordable to everyone. In fact, even though life policies should be guaranteed to everyone, many companies still refuse to take into consideration people with serious health conditions (cancer, diabetes, heart diseases) or those involved in high risk professions. This is because these categories represent a financial risk to the company and thus they are usually rejected after the thorough medical examination required in the application process. Fortunately, there are other ways in which those listed above can qualify for insurance. They too can insure the financial security of their dependents without the strain of medical examinations.
As the name suggests, no exam life policies require no medical inquiry whatsoever, sometimes not even questions about health during the application process. Unlike the types of insurances that require medical underwriting, these are also faster to obtain. It can be a matter of a few weeks between the application process and the time the insurance is issued. The three basic types of no exam life policies are the simplified issue life insurance, the guaranteed issue life insurance and the graded benefit life insurance. While simplified issue insurances still require some health questions, the good news is that guaranteed issue insurances do not, this meaning that no client can be turned down. In some cases, guaranteed issue policies can even build cash value in time. Graded benefit policies are usually taken by those who are beyond middle age. These flexible conditions are especially suitable for those with life-threatening health conditions who want to insure the coverage of burial expenses or unpaid debts in due time.
Naturally though, for every advantage no exam insurances have to offer, there has to be a counterbalance, more specifically the higher price. Since a company embarks on a potentially risky affair, the cost of the insurance compensates the financially challenging undertaking. Because normally the price of a life insurance depends on the policyholder's life expectancy, in this case the lack of medical examination does not allow assumptions and thus the need for security imposes more expensive premiums. However, some specialists say that no exam life insurances might be a trap for those with really serious health conditions, as they could resort to private medical insurances, which might me more appropriate to their needs. If you want to be spared the hassle of medical examination, this may be the right choice for you. Even though no exam insurances entail an effortless process, you should first analyze the advantages offered by each type of insurance before deciding on this one.
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