No Medical Exam Life Insurance – Pros and Cons

No medical exam life insurance is a controversial policy and we are here to show you what are the pros and cons of this policy.

imagesPros:

1)      Provides coverage to senior citizens.  Senior citizens can finally get a contract that will protect their financial status and will help their families in case of ill-fated events.  Issuing a policy for people over the age of 50 is not that common amongst standard life insurers.

2)     Provides coverage to person with a pre-existing medical condition. Again, companies have strict health standards and if you do not meet all requirements, your application will be declined.  No medical exam life insurance is more flexible and it can be obtained by people that have some medical problems.

3)     It is very fast to process. Since you will not have to wait several weeks for medical exams and results, your application will be processed much faster and you will get an answer in a couple of hours.

4)     Multiple types of no exam life insurance. There are several types of no exam policies. Some of them provide term life protection while others provide permanent protection.

Cons:

1)      There are several limitations regarding age.  Although seniors can qualify easier for no exam policies, you must understand that not all seniors are accepted. Some people are simply too old to be given coverage, even by companies that sell no exam policies.  Most no exam carriers refuse persons over the age of 80 years, but there are some companies that sell policies even for people over 80 years old.  Depending on the company, the age limit is 80 or 90 years.

2)      There are several medical conditions that will not be tolerated.  Cancer patients are regularly rejected even by no exam policies. Cancer is a very dangerous disease and it can be quite unpredictable. Cancer can enter metastasis and spread to other parts of the body, making it lethal.

3)      Limited amounts of coverage.  Carriers do not provide huge amounts of coverage, the maximum value is around $300.000-$500.000

4)      It is not that cheap. Although it is not extremely expensive, as thought, no medical exam life insurance has premiums above the average.

Check our website for more info and free quotes. http://50LIFEINSURANCE.NET


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