Low Premium No Exam Coverage
No medical life insurance rates.
It would be fair for the consumer to conclude that the rates for no medical life insurance would be significantly higher than those for a regular term life insurance policy.
Nothing is further from the truth.
In some cases the premiums are a little higher than you would expect them to be but not so high that you would be turn your back after examining no medical life insurance rates.
If you think about it there really is no significant difference in premiums rates.
No Medical Life Insurance Rates
In other cases the life insurance company keeps the rates the same as they would charge had the applicant done a medical examination or a para-medical examination for the policy.
May I be presumptuous and assume certain things? Because no medical is done the life insurance company can issue a policy at a lower cost to them than had a medical examination been done.
The life insurance company has to pay the doctor to check out the applicant. This is not cheap.
It is therefore feasible to issue a policy on a non medical basis as long as the life insurance company has reason to believe that the applicant is in good health.
I also assume that they do the “inspection report” thereby opening to them the opportunity to uncover any information that would void the policy.
Non medical life insurance rates should be therefore, more often than not, the same as they would be if a medical examination was done and the applicant was found in excellent health.
Some rates are the same but some are slightly higher but not sufficient to cause alarm in a healthy buyer.
These policies are usually issued between age 25 and age 60 or 65. People are taking better care of themselves today. The actuaries are very aware of the mortality rate at any given age and the premiums are calculated taking this into consideration.
These assumptions are very similar to those in their thoughts as are there when calculating premiums for a policy issued on a regular basis.
To conclude, I would recommend that you compare no medical life insurance rates but rest assured that more often than not you will get a fair deal from the life insurance company.