Benefits of Life Insurance with No Exam
In our world today, more and more people want to get a life insurance. This insurance can simply be defined as paying a monthly rate of money so that in the event something happens to you, your family will get paid. It may seem very wrong when you consider that people get paid when others die, but the money is meant to help its family. For example if the person who brought the main income in a household dies from an accident with no insurance, his family will have a very hard time. Being insured, at least his family will manage.
What is a Life Insurance with no exam?
Generally very few institutions will offer life insurance without a medical exam. This is common sense since insurance companies do not want to insure an individual who has a very high chance of dying soon (like a having a heart problem). Depending on the results of this exam, the company can either deny the insurance or make you an offer. This offer will directly depend with your exam. If for example you are very healthy, do plenty of sports and present no major risks, you will get insured for a larger sum. If you have serious medical problems don’t expect to get a high insurance.
There are some companies that will also insure you without requiring you to take this medical exam. However since they cannot asses the risk you pose, they need to take precautions and will likely offer you a poorer offer. They still ask you some question to try to categorize you. Common questions are related mostly to smoking, drinking, genetics and activities.
What are the benefits of having one?
• Very simple to get. Usually you are only required to answer a couple of questions. The whole process is very fast and from start to finish, it should never exceed 2-3 day at most. The most common questions are:
- Smoking (yes/no and frequency)
- Drinking (frequency)
- Height and Weight
- Genetics (any relatives with diabetes, heart problems …)
• High Competition – High Quality. Because it is easier to get, the demand is greater and as a result the competition is becoming fiercer. As with any other economic activity, when the competition is fierce, the product or service quality increases. This means you will likely get a very good deal.
• Look after your family. This is the primary benefit of a no exam life insurance. You cannot control what happens to you, but you can help your family if something happens.