No Exam Term Life Insurance

It is a common fact that in order to be qualified for a conventional life insurance policy, the applicant must undergo a physical examination or certain medical tests. This makes the process lengthier, as well as cumbersome. While, some people simply detest such exams, others may refrain from them, due to some health conditions that can get them disqualified. No exam term life insurance is a way out for such people.

Term Life Insurance

Term life insurance is life insurance policy that provides coverage for a certain period only. The beneficiary will be entitled to get the death benefits, only if the policy holder expires within that stipulated term. In other words, if the death of the policy holder occurs after the expiry of the policy term, the beneficiary will get no benefit. The policy holder will not get any benefit, if he lives past that specific term. However, if the policy holder dies during that period, the beneficiary will get the full policy amount and this amount is not taxable. As compared to whole life insurance, term life insurance lack that savings element, because, there is no benefit, if the policy holder dies after the expiry of the specific term or if he lives past that term.

However, term life insurance is beneficial for those with limited income, but have a large family to look after. They may not be able to pay the huge premiums for whole life insurance, but, can pay less premiums for term life insurance and ensure that their family will get the death benefit, in case of their death, within the specific term. So, the advantages of term life insurance is less premium that do not change throughout the policy term. So, a young individual can qualify for term insurance for a very less premium.

You can choose the term of insurance. The popular ones are 10-year term, 15-year term and 30-year term. You have the option of renewal, but, it may come with an increased premium, as per your age and health condition. So, a term life insurance with no medical exam, is always preferred by people.

No Exam Term Life Insurance Policies

Earlier, medical examinations were an important factor that decided the eligibility of an individual in getting qualified for life insurances. Nowadays, most of us don't have the time or patience to go through such procedures. People with some health problems too refrain from applying for these policies, as they know that their application will get rejected after medical examination. No exam life insurance policies are ideal for such people, as these schemes do not require the applicant to undergo physical examination. All they have to do is to answer a few health questions while filing the application.

In most cases, the application will not be rejected on the basis of health problems or age. But the fact is that insurance companies can always refer to databases that can provide them with information about you. So, it is always better to provide correct information. It has to be noted that these no medical exam life insurance schemes come with 'incontestability' clause, that gives the company the power to cancel or withdraw the policy before the full term, if it is proved that the applicant has given wrong information or has failed to give some information, that would have prevented the company from issuing that policy. You may either file the application for no exam term insurance through any agent or online. The company will review the application and send you a life insurance quote, that you may accept or reject.

In short, no exam term life insurance is beneficial as it is one of the easiest ways to get a life insurance policy. You can do away with the medical exam that can be a hindrance, in case of a conventional policy. However, you must understand the various terms and conditions of such policies, as some of them may offer graded benefits only. The premiums for these types of insurance policies can be higher than the regular ones. Some of the companies may require the policy holder to undergo a medical examination after a particular period. So, conduct a research and compare the terms of such life insurance policies offered by different insurance companies and choose the right one for you.