Life Insurance Without Medical Exam

Life Insurance Without Medical Exam

Having a life insurance is probably the best thing you can do if you are a head of a household and have dependents. Taking out an insurance is a means of cutting losses from your death for those left behind like a spouse or children. At the very least, it can help pay for burial costs, put food on the table and maybe, defray some mortgage or educational costs.

However, a lot of people do not bother to take a life insurance because of a number of factors. People find that applying for a life insurance requires a lot of paperwork. Cost is another hinding factor. Life insurance is simply expensive. In addition, insurance companies require potential insurers to undergo rigorous medical or physical examinations. People who are older and who are considered high risks for diseases or delibitating illnesses are likely to pay huge insurance premiums.

The good news is, there are different types of insurances which are available out there to suit every budget and perhaps, every need. Life insurance need not be tied as well with passing a medical exam. It may just be a few health questions, nothing else. And, the coverage is instant. One need not wait for a long period before the policy is approved and takes effect.

Ever thought of how you can have life insurance without going through a medical exam? The answer is simple - take out a term life insurance. It means exactly what it says - a short term insurance which you can buy and which is valid for a limited period of time, for as long as you need it, anywhere from 0 to a maximum perhaps of 10 years. As opposed to whole life insurance plans, a term life insurance signifies that a benefit is due upon a policyholder's death or within the time frame for which the insurance was bought.

How does this type of insurance compare with the whole life insurance plans? Whole life insurance plans are typically expensive since they cover your whole life span. Insurance companies are supposed to pay you whether you outlive the policy or not. Term life insurance does not. You are only covered for that time frame you paid.

The bottom line is, term life insurance without medical exam is quick, convenient and affordable. However, it may not provide you with all your protection/loss needs. The best thing to do is to get yourself educated on the benefits of getting a term life insurance against purchasing a whole life insurance policy. It may also be useful to determine first what your needs are and then, decide which type of insurance policy meets these needs the best.