Non medical term life insurance is the latest craze.
There have always been no exam life insurance but there have been a few recent changes.
This type of policy used to be for younger people, usually people in their twenties or maybe early thirties.
Now non medical term insurance is available up until age 65 for many more people.
The applicants need to be in fairly good health to qualify though. Life insurance companies check through the Medical Information Bureau, they also get a Pharmacy report.
Non Medical Term Life Insurance
Busy people find this type of application very enticing.
They just complete the form and the policy is issued as long as they are in fairly good health.
They do not need to go through the usual medical examination.
No medical life insurance is issued between ages 18 and 65. The policy is renewable up until age 95 without any evidence of insure-ability.
To get this policy you just need to answer a few health questions. You can get up to $1,000,000 coverage up until age 60, up to $500,000 coverage up to age 65.
You may wonder why a life insurance company would do this. The answer is because it is very profitable for them.
It is profitable simply because much of the cost to issue a policy is eliminated when they issue a policy in this way.
They don’t need to pay a medical professional to do an examination for example.
Is this not risky for the company? Yes it is more risky than conventional applications for life insurance but consider what is happening here.
Technology has got to a level where they can get the information they need in just a few minutes. The medical information Bureau supplies most of the information. They also get a pharmacy report which tells them what medication you take or have taken in the recent past.
The life insurance companies are also covered by the incontestability clause.
If the applicant is dishonest and they find out within a given period of time, usually one or two years, they will withdraw the policy and refund the premium. If they discover any inconsistency after this period though they cannot withdraw the policy.
If you are therefore quite busy, in fairly good health, and want to buy your policy online you can. Just go get your quotes and proceed to buy your policy when you are ready. In some cases your policy will be issued in less than 48 hours.
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