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[N305]No Exam Life Insurance

by Donald Lusan, Don

Is no exam life insurance a new thing? If you read some of the writings on the subject you would think it is. The fact is that the idea is not new at all. Life insurance companies have been issuing policies on a non medical basis for a very long time. The reason is that they can hold down costs by doing so. You may ask how can a life insurance achieve lower expenditure by issuing a no exam life insurance policy. Let us try to get the thinking of the decision makers in these companies.

What Does It Normally Cost To Issue A Policy?

The first thing we have to consider is the life insurance agents commission. In many companies that can be more than the first years premium. The life insurance company has to pay administrative staff and clerical staff. The efficient companies break down the cost and determine what minuscule percentage is applied to each actual policy. They must do an inspection report. In other words they have to check out the applicant. If they need to have a medical done they have to pay a nurse, a para-medic or a doctor to do this examination. They may need an xray and blood work in addition to the actual medical depending on what the examiner uncovers. In some cases a second or third medical examination may be needed.

People Are Living Longer Today

The life insurance companies, after much research and after watching trends over a long period of time, have come to the conclusion that people are living longer today than ever before. The no exam life insurance policy has become common practice under certain conditions.

It used to be that young people would get most or all their insurance without needing a medical. The obvious reason is that they would more than likely have a long life ahead of them. People up to age 50 or 55 would qualify for some no medical exam life insurance but usually a smaller amount than the 20 year old. The reason is the shorter life expectancy.

Today people are living longer thus the life insurance companies can extend the availability of no exam life insurance to age 60. People take better care of their health and as a result more life insurance is approved at older ages.

The life insurance companies have eliminated much of the cost for issuing a policy. Clerical and administrative cost still exist but the cost of doing an examination is eliminated. An inspection report is still required. For some of those companies issuing no exam life insurance policies based on an online application the agents commission is eliminated. We can only conclude that this new way of doing business is a good deal for all concerned, the life insurance company and you the buyer.

Let us be absolutely clear on one thing these policies cost the consumer no more online than had you bought them from an agent.

For additional information on no medical exam life insurance go to: http://www.lifeinsurancehub.net/no-exam-life-insurance.html

Rates for life insurance policies have decreased in recent years, even the no exam life insurance rates, which do cost more than policies for which you must have a medical examination. This is largely due to the increased competition in this market with many companies offering different types of policies.

Those with a medical condition that would exclude them from gaining approval for life insurance through regular channels can still have a small amount of life insurance to leave to a beneficiary with no exam life insurance (http://www.equote.com/li/termlifeinsurance-quote.html).

One of the benefits of checking out the no exam life insurance rates from different insurance providers is that you can shop around to find the cheapest policy that meets your needs. The cost of the premium will depend on the amount of coverage you choose, but you also need to be knowledgeable about the details of the policy.

Most of these policies are for a specific age group – from age 40 to 75. This means that after age 75 you will no longer have any coverage. You do have the benefit of knowing, though, that the annual or monthly premiums are guaranteed for the term of the policy.

The websites of insurance providers offering life insurance without medical (http://www.equote.com/info/life-insurance-info.html) will have a chart listing the no exam life insurance rates. These rates are different for men and women, being cheaper for women because they have a longer life expectancy than men.

The younger you are, the cheaper the rates will be because you pose less of a risk to the insurance provider. The amount of coverage will also affect the premiums. Once you choose a policy at a particular age and for a specific coverage amount, this is the monthly premium you pay for the term no matter how long it may be.

It costs nothing to request a quote for your life insurance needs. Once you check out the no exam life insurance rates of the various providers you will have a good idea of whether or not you can afford to pay the premiums required.

You should check out the rates of four or five providers just to make sure you are getting the best life insurance rate before you commit to purchasing any policy. If, when you do receive a copy of the policy, you are not satisfied with the terms, you have 30 days to cancel and receive a full refund.

You don't necessarily need to have a medical condition to check out the no exam life insurance rates and purchase a policy. For many this process is very convenient because it takes time to make a doctor's appointment for the examination and it is also costly.

When you apply for such a policy online you can have everything you need in place within a very short time. Pay for the policy with your credit card and receive the policy by email. You can print it off and keep it on file with your important papers. As long as you make your premium payments, the insurance will remain in force for the duration of the term you choose.

The reasonable prices of no exam life insurance rates and the fact that you will find all the information you need online has made it possible for most people to now have peace of mind knowing that their families are protected.

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About Author

Both Donald Lusan & Sarah Martin are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.

Donald Lusan has sinced written about articles on various topics from Finances, insurance agents and Finances. About the Author: For more than 40 years Donald has been known for his extensive knowledge of the life insurance business. He has carefully studied the work of all of the greats from Ben Feldman and Frank Bettger to Joe Gandolfo. He has represented some o. Donald Lusan's top article generates over 40500 views. to your Favourites.

Sarah Martin has sinced written about articles on various topics from Wine and Spirits, Acne Treatment and Finances. Sarah Martin is a freelance marketing writer based out of San Diego, CA. She specializes in business, finance, and the policies. For. Sarah Martin's top article generates over 301000 views. to your Favourites.