No Medical Term Life Insurance
What are the Positives and Negatives of No Medical Term Life Insurance? And what are the reasons that you may or may not want this type of coverage?
Here are a few key points to consider. Remember, we do not sell policies on this site so the information here can be trusted as completely unbiased help. The only thing that we are biased about is- we believe that most people need some type of life insurance. And sadly, most of us do not have enough coverage nor understand the coverage that we currently have. This site is to help the online community with this informational discrepancy.
1. No physical required.
2. It’s quick and easy
3. Applications can be performed online and approved in minutes allowing you to print off your policy immediately.
4. Do not need to schedule an appointment with an agent. (But still may if you wish.)
5. You may be too busy to fuss with the medical exam and full underwriting process.
1. Prices are higher than fully underwritten policies.
2. Having a medical exam really is not that inconvenient. They usually just come to your house or office. Generally, it is worth the savings to do full underwriting.
3. Some health conditions are still not accepted meaning not all applicants can get coverage.
I believe that for most people- full underwriting life insurance is the best way to go. The prices on no medical term life insurance are substantially higher than fully underwritten policies.
Please note: When I say substantially more expensive I mean 2x, 3x, even up to 8x more expensive than fully underwritten life insurance policies. I have seen some premium amounts paid by customers that I almost choked over. Do your due diligence when shopping if you decide to get a no medical policy.
In our experience- these no medical life policies can be useful if you happen to have a specific health condition that excludes you from coverage through conventional means.
Or, you need a temporary policy in a hurry and plan to switch to fully underwritten to save money at a later time.
Right now you may be wondering if this type of coverage is the best insurance policy for you?
If you want to know more
about us – online life insurance quotes
or the other policy types available in addition to
no medical term life insurance click here.
Here is a related article about other life
life insurance policy types
that may help you come to a final decision.