Life insurance is recommended for all, including primary breadwinners, secondary breadwinners, the young, seniors, the married and singles. It is important to choose between a no exam life insurance and the medically underwritten insurance. Insurance providers who offer the no exam life insurance policy find information about your health from other sources, such as the Medical Information Bureau (MIB), where medical records are stored. Some insurance shoppers favor the medically underwritten products prices because they priced lower. Service providers offer lower rates because the risk to the provider is often lower. The following are some of the factors to consider when choosing a no exam life insurance policy, including:
· Cost of the policy
It is important to find the right policy for your needs, while keeping to your budget. It is advisable to work out items like the minimum amount of insurance coverage you need and the maximum amount you are able to pay on premiums, before shopping for insurance. You need to understand that the cost of the insurance coverage varies based on specific plans and providers who determine the premiums based on the age, lifestyle, occupation and health of the applicant. Therefore, it is advisable to compare the cost of insurance provided by different providers. Comparing quotes can help you get good deals on your cover.
· Coverage levels
The no exam insurance coverage varies based on the provider and the plan you choose. Make sure to choose enough coverage because some service provider offer less coverage with the no medical exam policy compared with the medically underwritten policies. Therefore, find out how much coverage comes with your policy. Make sure to get at least the minimum coverage, for purposes of ensuring an appropriate security for your loved ones. The no exam life insurance policy gets you insurance when you have a pre-existing medical condition and when your condition changes, you can ask your provider to review your terms and to increase your coverage levels.
· Type of insurance
Some insurance carriers offer more restrictions in terms of the type of insurance, particularly if you are interested in buying the no medical exam policy. Therefore, it is advisable to find out from a provider what restrictions are in place. However, for the most part, many of the leading insurance companies offer two types of insurance covers to choose from: the term policy and whole life policy. The no exam term policy is simple and affordable and is thus recommended for anyone who has a limited budget. However, if you are looking for a plan that will cover you all your life while providing for cash savings, you can opt for the whole life no medical exam policy.