Why You Must Be Truthful In Your No Medical Life Insurance Application Form
If you do not wish to go through the difficulty of medical tests or you want to get life insurance quick, you may opt for a no medical life insurance. When making an application for life insurance, usually you are required to have a health check. For comprehensive life insurance cover, most companies do not offer life insurance without having a medical exam. The reason being a medical test validates an individual’s health condition and guards the interests of the insurance provider. A standard medical examination will involve blood test, urine test, blood pressure reading, weight and height measurement and series of queries linked to your medical history. These kinds of medical tests are made to determine certain medical conditions, such as high cholesterol, diabetes, hepatitis, kidney disorders, immune disorders and HIV, which can impact the mortality of the individual buying the policy.
Because of today’s hectic lifestyle, some individuals find such medical exams bothersome. Moreover, a lot of people are just afraid and uncomfortable when going to the hospital. These folks have the choice of buying a no medical life insurance instead. Having a no medical life insurance, there is no paper application to complete. The application is usually completed on the internet or by phone with a licensed representative. It may include as few as seven questions. A no medical life insurance is ideal for those who want quick coverage.
Regular term life insurance takes 4-6 weeks for an underwriting decision. With a no medical life insurance, you get decisions fast. You will be aware instantly if you be eligible or not. Upon approval, you may pay by credit card or monthly bank draft. An insurance company faces greater risks with a no medical life insurance that’s the reason the premiums are greater than the regular form of insurance. Because there is no medical exam, therefore more risk is deemed by the life insurance company. Most insurance companies offer you minimal coverage for no medical life insurance.
Due to medical science developments and since people tend recently to take better care of their own health,the underwriting of insurance policies has become less strict. It is very important be truthful when completing the application form for a no medical life insurance. The contestability period in a life insurance policy is usually two years. When they learn that information was falsified or else misrepresented, they’re free to possibly reduce the death payment to your own beneficiaries or, in some instances, not pay at all.
Before getting a no medical life insurance, you need to determine how much coverage you need. You have to consider the number of debt you owe. As much as possible, your own life insurance must pay off consumer debt and mortgage debt. In case your kids are extremely young, you have to consider how long will they be counted as dependents. If your spouse is unemployed, this can be a huge factor in your insurance coverage. The primary advantage of instant life insurance is that the financial interests of your respective family remains protected from circumstances like loss of income because of critical illness or loss of life of the policyholder.