Tuesday 17 June 2014

Merits of No-Medical Life Insurance

Merits Of No-Medical Life Insurance

With uncertainty being a part of our daily life, having a life insurance policy is almost like a compulsion these days. It provides an assurance that even when you will be no more in this world, your near and dear ones will be looked after. This is because you have been pragmatic in your life. However, choosing insurance coverage often requires applicants to go through a medical exam. The results help the insurers effectively assess the amount of risk involved in providing insurance to the person in question and whether it will be right to accept or deny the application. 

Most of the prospective life insurers would rather go for insurance coverage that does not require them to undergo medical examination. They fear their application might be rejected and they may have to spend a fortune to buy an insurance policy due to their existing medical condition or pre-medical report. Fortunately, there is no medical insurance for these people who cannot qualify for usual policies owing to their unfavorable health conditions. Some strong reasons in favor of going for the no-medical exam are listed and explained as follows:

Least Time for Approval

This is an era where many people live a fast-paced life. So squeezing time to undergo a medical exam for a life insurance policy purchase is simply difficult to manage and least wanted. Moreover, some intending buyers have an urgency to buy a new insurance policy. This could be due to different reasons – to apply for a loan, to go for a trip, or something else. In such cases, insurance policy processing must be done first; otherwise, the applicant may miss the bus. Whatever the reason is for not wanting to undergo a medical exam, nothing can be a better solution than no-medical insurance.

Mental Peace

Medical tests to qualify for an insurance buy often prove a stumbling block for people who are either unwilling or unable to undergo such a process. However, a thorough medical check-up is not always mandatory to buy an insurance policy. Knowing that you will be able to buy an insurance plan without being required to undergo medical exams will give you enough peace of mind. What is more, such unconventional policies will not provide you with less amount of coverage. In reality, these will reduce your hazards to a minimum level. 

Guaranteed Approval

A healthy young person experiences no hazards while purchasing a life insurance policy involving medical tests. This is because they are sure of passing the exams. But that is never the case with people not having an impressive medical standard or report. No-medical insurance is highly recommended for this group who cannot avail of insurance coverage owing to several risk factors involved in medical tests, including old age, health hazards, unhealthy lifestyle, a record of some serious disease, existing ailments, etc. Therefore, if a person, who is suffering from a terminal illness, wants to buy an insurance policy that will cover his medical expenses as well as funeral cost, a non-medical plan is worth an investment.

Do you have any questions or suggestions? Write in the comment section.
  1. I am sure people should care about their beloved ones and this should be the main driving force in their decision to purchase the life insurance. In case of the worst, the relatives have too many difficulties to handle at a time, they often turn to online loans till payday, having to pay sky-high interest rates later on, but if you have life insurance, you will at least release your immediate ones from the financial troubles to solve at the moment of grieve.

  2. Medical Life insurance can help create financial security for you and your family. If you do not have it you can rely on 24-hour-payday-loan to cover your unexpected expenses.

  3. Great information, you described it well. It's nice that you describe such things.
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