Why a No Medical Life Insurance Plan Will Put Your Worries to Rest

no medical life insuranceDo you want to know how you can buy life insurance without trying to find time to search for a policy, talk to an agent, take a medical exam, wait for the results and find out if you’ve been approved? You’re in luck! A no medical life insurance plan is your time-saving solution.

You are a busy person. You are embracing life to its fullest and you simply don’t have time to jump through the hoops life insurance companies put in front of you before you can maybe get approval for a traditional life insurance policy. At the same time, though, you know you have to take care of your family. What would happen to them if you suddenly weren’t around?

 

Procrastinate No More With No Medical Life Insurance:

Many people put off buying life insurance because they know what a challenge it is to eventually get a policy. They simply do not have time to research plans and go back and forth with an insurance agent for days on end only to learn they have to take a medical exam before they can be considered for coverage. A no exam life insurance plan takes away your excuses to procrastinate.

You can apply for a term life insurance plan without a medical exam in mere minutes through a the company’s website or affiliate. You still have to answer a few general medical questions, such as whether or not you smoke or have been diagnosed with a terminal illness, but overall, those questions are nowhere near what you have to go through to get a traditional life insurance plan. There are no doctors, waiting rooms or needles to fear in order to apply for a no medical policy.

In addition, you will know if you are approved within a week at the most. Many insurance companies can give you an answer within 24 to 48 hours. So, if you are in a hurry to get an insurance policy because you’re going on vacation or a business trip, you can get coverage very quickly. In fact, the only other kind of policy with the turnaround time of a no medical plan is a guaranteed issue policy, which is typically only issued to people between the ages of 50 and 85.

 

Higher Premiums Might be Worth the Convenience:

If you’re looking for a life insurance plan with a low premium, a no-medical life insurance policy probably isn’t right for you. No medical policies are usually more expensive than traditional life insurance plans. You basically are paying for the convenience of not undergoing a medical exam. Insurance companies are accepting more risk by not requiring an exam, so part of the way they combat that risk is by charging more for the policies.

This doesn’t mean that only rich people can afford no medical life policies, though. Premiums vary according to a number of factors, including how much insurance you want. If you simply want a small amount of insurance to pay for your final expenses, a no medical life policy will probably be fairly reasonable in terms of price. However, if you are looking to provide an on-going income for your family after you die, you will be looking at premiums that are double and maybe even triple those for traditional policies.

If you are young and healthy and finances are a concern for you, it might be a better idea to simply bite the bullet and apply for a plan that requires a medical exam. You are going to get a much better rate and, if you choose a whole life plan, you will have many years for the plan to accumulate value that you can use for a residual income when you are older. This is merely a suggestion, though, since your rates for a no medical insurance plan will still be better than someone who is older or who is in poor health.

 

How to Apply for Coverage:

Once you decide that insurance without a medical exam is the right way to go, the steps for applying for a policy are fairly simple. Most insurance companies that operate strictly online offer no medical life insurance policies. You don’t even have to meet with an agent if you prefer not to. This also cuts down on the time you need to spend on getting a policy. However, because they only issue policies over the Internet, you will need to do some basic research to make sure the company is for real. The last thing you want to happen is to purchase a policy that your survivors can’t claim after you’re gone.

The online insurer will need to be licensed to sell life insurance in your state. You should be able to obtain their license information directly on the website. If they are hiding it, there’s a reason. In addition, you might check out the Better Business Bureau and other online resources to find out how many complaints have been made against the company. If there are some complaints, it doesn’t mean you shouldn’t buy a policy from them, but you will want to make sure those complaints were handled satisfactorily.

All online insurance companies will provide you with a digital form that you will fill out and submit directly through the site. You won’t have to email it to them or print it out and mail it unless that’s what you choose to do. Simply give them your personal information, answer the basic questions and click “submit”. That’s it. That’s all there is to it. It will take you no more than 10 minutes to apply for a no medical life insurance policy.

Keep in mind that no medical life insurance policies are not the same as guaranteed issue policies. You can be turned down. If you are a smoker, morbidly obese or have been diagnosed with a life-threatening illness, you could be denied coverage. At that point, your only option might be to apply for a guaranteed acceptance plan. However, if you are relatively healthy and you are willing to pay higher premiums for the convenience of not undergoing a medical exam, you should definitely consider a no medical life insurance plan to protect your family.

Image courtesy of FreeDigitalPhotos.net

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