Life Insurance No Exam-Its Truth
No one can reduce the importance of life insurance into one’s financial stability. Not everyone is qualified to be insured no matter how much wealth he would be willing to pay the insurance firms however. The insurability of the possible policyholder would be assessed this is because prior to the sale of insurance.
Take into account in the evaluation as there are many factors that insurers. Some of the things that are looked into are explained below.
They will be able to determine what tiers of classification they will offer you as prospective policy holders will be required by the insurance firms. Once they decide to grant your application they need to know the extent of the risk that they will put on themselves. On the losing end of the bargain of course they would not allow that they will be. Whether they will put you on the preferred or the standard classification your medical examination results will give the insurers some clues.
In assessing your insurability your occupation will also be looked into. Your work entails the higher the risks the higher the premiums will be. To provide them a copy of your job description so that they will know how hazardous your job is the insurance companies might ask you. You will not be left in the dark you will be advised of their assessment results so that if ever your application will be declined.
Lifestyle –your lifestyle is one thing that can also influence how much they will ask of you for your monthly payment. Most of the time, they would ask you some questions that concerns your way of life. Their knowledge of your bad habits such as smoking and alcohol drinking will not be favorable to you. In addition, your ability to cope up with life’s problems will be delved into. This is because chronic depression can lead to resorting to addictive drugs that may cause deterioration to your health. Also, it can result to suicide which will put them in a sticky situation.
No medical exam or whatsoever test it is a kind of life insurance that requires. Through insurability assessment either you would not have to go. To pay for your premiums so long as you have the money application will be approved with no questions asked.
This has some benefits as well as disadvantages. For one, the process is very easy. Also, it accommodates people who have been previously rejected by other insurance companies. However, this is not deemed as a good investment as the premium is too high.
Even if the deal seems not that good if you will take it on the perspective of the financial planners there are still people who opt for this kind of life insurance however. Listed below are the reasons for this.
Bad driving record –too many offenses enlisted in a driver’s driving record is one of the reasons why an application for life insurance is declined by insurance firms. On the part of such individuals, they need insurance all the more. However, if you will look at their situation from the viewpoint of the insurer, the risks are just too high.
To apply for a life insurance not everyone wants to change and you cannot force them to do so even if that means declining their petition. Insurance firms should find more ways to cater to such people if they want to capitalize on the latter as long as the desire to change from the lifestyle they are currently into does not come from themselves.
Why individuals opt for life insurance no exam is the convenience that it brings them is another reason. Insurability assessment and interviews just do not have the time for medical check ups mostly. Insurers know that there is market in them as often, they are willing to pay much if only the firms would bring the product to them yet.. Through the hassle of long processing such people do not want to go. After the payment is done with life insurance no exam, the application is approved right.