5 Misconceptions About No Medical Exam Life Insurance!

No exam life insurance is the subject of intense debates in the insurance industry. We hear many voices criticizing it and these are the most common 5 misconceptions about no medical exam life insurance:

life-insurance-policies1)     Assuming that is very expensive and almost unaffordable.  No exam life insurance is an expensive policy, since the risk factor present in any applicant is high. But do not be misled, that does not make the prices to boom to astronomical numbers, as many people suggest.  Sometimes you have to pay up to 20-30% more than for a regular policy and other times you will have to pay more.  It all comes down to the traits of each applicant.

2)     Assuming that you will be automatically accepted. No medical exam does not mean automatically acceptance. There are several limitations, most of them related to health condition.  Age is also a decisive factor. Although this policy is more flexible than any other, there are still some boundaries.

3)     Assuming that you do not have to worry about your health. People that are declared terminally ill do not qualify for no-exam life insurance. Furthermore, each company excludes people that have certain chronic diseases.  If you are sick, you should inform first if your problems makes you ineligible.

4)     Assuming that there are not so many options to choose from.  In fact you can choose from term life policies, permanent policies and even more, from final expense insurance.  However, you cannot choose too bigger amounts of coverage.

5)     Assuming that there are not so many companies that sell no exam life insurance. Many carriers realized that they were neglecting large segment of the population and by doing that, they were neglecting good business opportunities.  In recent years we have noticed that more and more companies have specialized in offering this type of insurance. Just check online and you will find numerous insurance agencies.

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