No Medical Exam Life insurance Coverage – Advantages and Disadvantages

No medical exam life insurance coverage is a controversial policy and we are here to show you what are the Advantages and Disadvantages of this policy.

Advantages:

1) Provides coverage to older people. Senior citizens can finally get a contract that will protect their financial status and will help their loved ones in case of ill-fated events. Issuing a policy for people over the age of 50 is not that common amongst standard life insurers.

2) Offers coverage to person with a pre-existing medical condition. Again, companies have strict health standards and if you don’t meet all requirements, your application will be declined. Thus, no medical exam life insurance policy is more flexible and it can be obtained by people that have some medical problems.

3) It is very fast to process. Since you will not have to wait a couple of weeks for medical exams and results, your application will be processed much faster and you will get an answer in a couple of hours.

4) Numerous types of no exam life insurance. There are various types of no exam policies. A lot of them provide term life protection while others provide permanent protection.

Disadvantages:

1) There are several limitations regarding age. Although older people can qualify easier for no exam policies, you must understand that not all seniors are accepted. Some people are really too old to be given coverage, even by companies that sell no exam policies. Most no exam carriers refuse persons over the age of 80 years, but there are a few companies that sell policies even for people over 80 years old. Depending on the company, the age limit is 80 or 90 years.

2) There are numerous health problems that will not be tolerated. Cancer patients are regularly rejected even by no exam policies. Cancer is a very dangerous illness and it can be quite unpredictable. Cancer can enter metastasis and spread to other parts of the body, making it lethal.

3) Limited amounts of coverage. Carriers do not provide huge amounts of coverage, the maximum value is around $300.000-$500.000

4) It is not that cheap. Although it is not extremely quite expensive, as thought, no medical exam life insurance policy has premiums above the average.

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