Term Life Insurance No Medical Exam

Term life insurance with no medical exam is a deal and one that many younger people take advantage of due to its low cost compared to whole life insurance. Younger people in general are less of a risk to insurance companies because of their good health. The major attraction about term life insurance is the low cost and stable premium levels it contains. No matter what your age is during the term of the policy, the monthly premium cost remains the same as day one.

Getting term life insurance without the hassles and delays in getting a medical exam is another attractive feature of some term life policies. Later on, if you wish to convert the term life insurance policy to a whole life policy, that is possible. At first, however, term life is preferred because it is much less expensive than whole life insurance that carries high premiums variable by age and may have a cash value or dividends added to it.

Insurance companies like to know medical backgrounds of people they insure in order to assess risk factors and possible cost to their company. When there is a medical examination performed, the insurance company can view results and customize insurance policy benefits according to those medical needs.

For most people, obtaining term life insurance with no medical exam is a deal they enjoy and it can be in effect quickly. With more competition among insurance companies, many policies are now available online, with no medical exam required. People are more apt to purchase term life insurance because of its low premium cost and that financial experts recommend the benefits of term life insurance over whole life insurance.

Medical examinations are required to protect the insurance company against early and excessive risk. Even if they advertise term life insurance with no exam, they are able to access your medical records from the Medical Information Bureau, pharmacy records and motor vehicle records. You provide this permission when you apply for the insurance. They will investigate each applicant for available information. They will take a family health history. Be sure to tell the truth on your application; hidden facts may be disclosed that will cause denial if you have not been truthful.

Compare no exam term life insurance with policies that do require an exam to see the differences in benefits allowed. Premium rates may also be higher for term life insurance with no medical exam required. Most of these no exam term life insurance policies are available to persons aged 18 to 65. Term periods vary, with most being 10, 15, 20 or 30 year terms that can be renewed or converted to whole life insurance. There is a contestable time period of 2 years following the beginning of a policy. If something is discovered by the insurance company that would have initially caused them to deny your policy, they are able to withdraw your coverage. Benefits after death can be as high as $500,000 or more for younger insured persons.