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In this type of policy, there is no need for any medical exam for getting approval. This type of life insurance policy is meant for those who are looking for instant approval, without having the need to wait for the time required for the medical exam.
There are many insurance companies that provide” No medical exam life insurance”. In normal circumstances, this kind of policy is meant for people who are below a certain age. The person going for this kind of policy has to answer certain questions about their lifestyle and medical history. In accordance with the guidelines of the company in regards to “No Medical Exam Life Insurance”, the eligibility of the applicant in meeting the requirements for general health is determined.
Benefits of No Medical Exam Insurance
Obtaining this type of insurance is easier and quick as there is no requirement of any medical exam. The processing of application is quick, with the applicant requiring to answer some basic questions. The insurance company evaluates your answer and determines your level of risk. Information is found on your habits as well as whether you are a smoker or not, which are enough to find about your “risk classification”. And, this classification determines your premium level. Better is the health, lower is the premium.
One can go online to obtain no medical exam life insurance easily and benefit from the online customer service as well as online account management - that is check the account information and claims made on the website of the company or broker.
Drawbacks of No Medical Exam Life Insurance
Even though the application process is straightforward for No Medical Exam Life Insurance, the insurance company makes a thorough review of the application to determine your risk category.
It may be that your application is rejected after determining your risk classification, in which case, you will have to look for another insurance company to submit your insurance application.
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