Life-insurance policies vary greatly on price and the price is usually dictated by the type of existence-cover policy you get. One type of policies is the term life insurance. This insurance has a set time period, which is beneficial for individuals who only need insurance for a short period of time. Today, anyone can now have period-existence insurance without undertaking medical exam.
Benefits of Term-existence Insurance
No medical exam period-existence cover has many benefits. You can save time and energy from going to the doctor’s office. This is advantageous to family who wants to insure their loved ones but do not have the time to visit a doctor for medical examination. In addition, this type of period-existence cover offers convenience and it also compensates future burial expenses. However, before taking a period-existence indemnity with no health exam, make sure first that you are suitable for it. You can do this by reading existence-cover quotes online.
Term-existence Insurance Rate
In recent years, the rates for existence-assurance policies had dropped. The rate for no medical examination life-insurance policies is normally higher than those that require medical exam results. However, the rate is very dynamic and it changes due to competitive market. Some of the states however, have laws on buying existence-assurance policies without medical exam. There are certain types of health conditions that can only be allowed to purchase this type of insurance. In addition to this, the indemnity companies also have regulations concerning this type of policies.
Term-Life Insurance Coverage
Again, term life insurance coverage without medical exam is more expensive than other policies. Most of these policies offer only limited coverage during the first years, typically between 2 to 3 years after the purchase. In some cases, there would be zero coverage if the insured died due to natural death within to first 2 to 3 years. And for accidental death, the company will only cover 50% of the payment on these first few years.