Term Life Insurance Articles
Advantages And Disadvantages Of No Exam Term Life Insurance
2010-10-03
Term life insurance can be an excellent way to provide an individual of any age with a reliable source money for their family should he or she pass away suddenly. Though commonly associated with the elderly, term life plans can be purchased for any individual at any time, and in fact parents are now choosing to purchase term life insurance for their children as well as themselves. In order to obtain term life insurance, there are a number of steps that an applicant will have to complete. The first will be an application form which will include things such as questions about name, date of birth, and medical history. In addition, some companies will require that a potential insured be subject to a medical exam in order to verify their health status. Some plans will offer no exam coverage, but this can come with a number of advantages and disadvantages.
The first advantage of a no exam term life insurance policy is that a client does not have to take the time out of their day to have an exam done by a professional of the company's choosing. This can make the entire application process much quicker and more efficient, and spare an insured what many consider to be the indignity of requiring a medical exam in order to approve coverage. No exam coverage can also be of benefit to those of a young age, as they will often be judged to be healthy based solely on their age, and the premium price of term life insurance will be virtually identical whether a medical exam is conducted or not.
The disadvantages of no exam insurance for term life insurance lie mostly in the area of price. The older the individual applying for term life insurance, and the greater risk their medical history and current health indicates for the insurer, the higher the premium will be without a medical exam. While in some states, no exam coverage can be demanded by customers as insurance companies are not permitted to force exams on clients, the companies are not prohibited from raising rates as they choose. Although no exam life insurance may prove to be a quicker way to obtain term life insurance, it can also be more costly, especially for someone of advanced age or with a pre-existing condition.
No exam term life insurance is a viable option for those that are young or who have a clean bill of health, but can be less advantageous for those that have a substantive medical history. Insurance premiums can fluctuate a great deal based on just what a medical exam, or the lack of one, returns as a result.
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Term life insurance can be an excellent way to provide an individual of any age with a reliable source money for their family should he or she pass away suddenly. Though commonly associated with the elderly, term life plans can be purchased for any individual at any time, and in fact parents are now choosing to purchase term life insurance for their children as well as themselves. In order to obtain term life insurance, there are a number of steps that an applicant will have to complete. The first will be an application form which will include things such as questions about name, date of birth, and medical history. In addition, some companies will require that a potential insured be subject to a medical exam in order to verify their health status. Some plans will offer no exam coverage, but this can come with a number of advantages and disadvantages.
The first advantage of a no exam term life insurance policy is that a client does not have to take the time out of their day to have an exam done by a professional of the company's choosing. This can make the entire application process much quicker and more efficient, and spare an insured what many consider to be the indignity of requiring a medical exam in order to approve coverage. No exam coverage can also be of benefit to those of a young age, as they will often be judged to be healthy based solely on their age, and the premium price of term life insurance will be virtually identical whether a medical exam is conducted or not.
The disadvantages of no exam insurance for term life insurance lie mostly in the area of price. The older the individual applying for term life insurance, and the greater risk their medical history and current health indicates for the insurer, the higher the premium will be without a medical exam. While in some states, no exam coverage can be demanded by customers as insurance companies are not permitted to force exams on clients, the companies are not prohibited from raising rates as they choose. Although no exam life insurance may prove to be a quicker way to obtain term life insurance, it can also be more costly, especially for someone of advanced age or with a pre-existing condition.
No exam term life insurance is a viable option for those that are young or who have a clean bill of health, but can be less advantageous for those that have a substantive medical history. Insurance premiums can fluctuate a great deal based on just what a medical exam, or the lack of one, returns as a result.
