Normally when people search for life insurance policies like life insurance no exam, they think of hiding something related to their health from the life insurance company they deal with. Finally, what is there for people to go through some easy medical examinations which include urine and blood test? Besides this, there are few other life insurance policies which can be obtained without medical exam. These days, you can come around lots of advertisements on your television which guarantees to provide life insurance coverage for people over 80 years of age. Well, this is one of the best alternatives for people you be serious and have a medical check-up immediately.
However, there are some aspects which you must be aware of when it comes to these polices, this includes:
- Always try to read the terms and conditions of the insurance policy before signing it. Do not think that different types of life insurance policies are similar which is not true. Some of the life insurance policies have very strict prohibitions on how an insured person can die and yet be covered within a year. For instance, in the case of excluded natural death the insurance company pays on the progressive scale which includes 25 percent in the first year, 50 percent in the second year and 75 percent in the third year.
- You must always purchase life insurance policy in a lot which maybe in 3000 dollars to 5000 dollars increments in spite of being expensive. All the insurance plans are particularly designed for burial insurance policies. However, the reality is that people must not be afraid to undergo any medical examination unless they are terminally ill. There are cases when life insurance no exam to be beneficial for you however for senior citizens it is very risky.
Different Types of Life Insurance No Exam
If your decision of purchasing whole or term life insurance appears to be complicated, you will surely dislike whet comes next. Actually, there is a new kind of life insurance policy available in the market which is known as life insurance no exam which is at present introduced for serving all the consumers requirements. This type of life insurance coverage provides whatever a regular life insurance policy provides and without medical examination. Some of the different types of life insurance polices without any medical examination include:
- Deposit Term Life Insurance– This kind of insurance policy is a standard no exam life insurance policy which has higher premiums for the initial year compared to the remaining years. The first premium is considerably higher compared to the average premium required to cover the entire cost of death during the duration of the insurance period. The overload front-end insurance premium along with the deposit is being set aside in order to gain interest and this interest is applied to eliminate premium payments for the subsequent years. The level of the premium is set with an intention that the total amount deposited will exhaust after the ultimate premium is being paid. In this effect, arrangements are provided as a method to pay in advance the part of the premium.
- Industrial Life Insurance Policy– This type of policy is yet another type of life insurance no exam which has low premiums that are payable within a week. If a person purchases a industrial life insurance policy he or she has to decide on how much he or she can pay every week because this decides the overall face value of the insurance coverage. Usually, company representatives call the policy holder every week in order to collect the insurance premiums. This kind of insurance policy usually benefits for paying burial and final illness expenditures.
- Credit Life Insurance Policy– If you have credit card arrears to contend or a loan to pay-off then your sudden death will create several serious monetary issues for our family. In this case, credit life insurance coverage with no medical examination provides option of full payments to clear all your outstanding balances in the event of sudden death. This kind of insurance policy is normally inscribed as a declining term of life insurance, so the insurance amount shrinks as the debt amount shrinks. Level term life insurance may even be inscribed through which a level of term from the policy remains. With this kind of insurance policy you can easily pay-off your premium. However, in case of death, the benefits are usually paid to the beneficiary reducing and extinguishing all your debts. This kind of insurance policy is normally not cost-effective kind of polices. These insurance policies are frequently added to the monetary deal for making a most important purchase so that the premiums are being easily financed along with all the items being purchased as well.