No Medical Life Insurance Explained
Posted on May 15, 2008 | Filed Under
Best Medical Insurance
No Physical Life Insurance policies are available online from several highly rated life insurance companies.
The technology of the internet has made it possible for insurers to quickly and easily decide if you qualify for a policy. You answer some health questions and within minutes the carrier lets you know of you qualify for the coverage.
Secure payment processing is offered online, so once you qualify, you can pay your premium either by credit card or electronic funds transfer from your checking account.
No medical life insurance offers consumers up to $250,000 of term life insurance without the hassles of taking a physical exam. Theres no visit from an agent, no doctors, no blood tests, and no mailing delays.
In the past, it would take up to 2 months for you to go through the life insurance application process, the underwriting of your policy, taking a medical exam, and then receive your policy through the mail.
Today, you can apply for term life insurance online and qualify for coverage and pay through secure payment processing online. If you pay your first months premium online, your life insurance policy begins the same day.
Imagine, protecting your familys financial security with a no physical life insurance policy in the time it takes to have your breakfast.
There are a few drawbacks to no medical life insurance policies. First, the amount of coverage available is usually limited to $25,000-$250,000. However, you can apply for coverage from two or more of the insurance companies offering no physical life insurance protection, that way you may be able to buy up to $400,000 of term life insurance without taking any physical exams.
Next, life insurance with no exam required may cost more than a fully underwritten life insurance policy. Thats because the insurance company uses a shorter application process, limiting the number of questions they ask you. They may accept some people who may not qualify for coverage elsewhere. Also, most people accepted for a policy are placed into fewer rating groups, so rates may be higher than charged by other insurance companies for someone in the same category of risk as you.
If you want a no medical life insurance policy thats quick, affordable and hassle-free this may be the type of policy youre looking for. Its still a good idea to consider all of your options before you buy.
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