Most of the time, while looking for a life insurance policy to fulfill your needs, you would have come across many advertisements propagating insurance with no medical exam. And often you feel that, these advertisements are trying to rip you off. However, there are a few options provided by various companies in this regard, which are only a click away on your computer. The only thing you have to do is check whether the terms, conditions, and eligibility criteria suit you or not.
How to get it?
To obtain such life insurance, you have to answer a set of questionnaire regarding your age, gender along with the online application for proposed insurance plan. You are also required to submit the facts regarding your health status and information about your medical history if any. After submission of this information, the online agent will assess the answers and information, and decide whether or not you are eligible.
Although, it is not certain and no one can assure you about your eligibility regarding this policy, you do need to be young and in perfect health to avail the same. Normally, people who are young and healthy can easily qualify for such cover with no medical exam. It should be noted that, the information which you fill in questionnaire, etc., should be true. If you give false or wrong information and thus, mislead the company; it can deny you the coverage.
Once you have submitted the answers, and if you comply with their conditions and so become the eligible applicant, then the further procedure is quite simple. You can pay for your insurance premium from your credit card online, and get the printed copy of your cover for your records.
Policies to Consider
When you surf the net to purchase a cover, and if you are eligible for it, then prior to choosing the appropriate plan, you should know exactly what they are. Generally all policies are classified into two main categories as described below.
Standard Life Insurance
Also known as permanent insurance plans, these packages offer the coverage for the whole life of the insured person. Usually the premiums of such policies can be high, as they may continue till the death of insured person.
Term Life Insurance
This is also known as temporary insurance plan. As the name implies, these policies are meant for short-term coverage. They normally offer a coverage, which expires after a set term of 5, 10, or 20 years. The premiums you are required to pay can be low, as death is not certain during the policy term. Hence, purchasing a term life insurance can be less expensive as compared to the standard one.
Most of the time, these plans are less expensive with a premium of around $300 per month for a cover of $1,50,000 for a term of 15 years. The rates offered by such policies remain constant throughout the plan. This gives you a tremendous benefit, as while the policy is in effect, and in case your health starts deteriorating or you fall sick, there is no way the insurance company can increase the premium, or alter the amount of coverage offered.
Apart from the two main types mentioned above, another type of insurance policy you can obtain is guaranteed issue individual policy. Often marketed to the elderly or overage persons, anyone can get it without even answering the questionnaire and without giving any medical exam. These are short form policies, that are designed to arrange the funeral expenses. The premiums of such policies are usually high. As these policies don’t consider medical information to set the premiums, the plans are more expensive to purchase. Because the rates are rather high, the coverage offered is low; these policies are often used to supplement the existing plan, rather than to serve as the basic insurance option.