Many people choose to go without insurance for various reasons. However, buying life insurance is a wise investment. It grants you the ideal opportunity to safeguard the lifestyle of your loved ones by providing financial support to them in the event of your untimely death.
For some, purchasing insurance can be a challenge because of pre-existing medical conditions. Any insurance shopper who is unable to get coverage as a result of their poor health, they can consider the no medical exam policy.
This kind of policy allows you to buy insurance coverage without requiring a medical exam. The common ways of getting a no medical exam life insurance include:
· Group cover
If your insurability is compromised by pre-existing medical conditions or hereditary factors, you can consider group coverage. Most of the insurance carriers are willing to provide coverage for high-risk individuals who are part of a large group.
This is because the group will be able to average out the risk to a reasonable level, making you insurable. As a result, employer group plans are recommended because they provide a guaranteed cover to anyone, without requiring answers to health questions.
Nevertheless, the plans facilitated through the employer vary considerably, while the death benefits are often limited. However, the coverage is readily available and inexpensive.
· Guaranteed plans
Guaranteed life insurance plans assume a different approach when dealing with insurability. However, such plans offer individual policies with no medical questions. In order to safeguard its interest, the insurance carriers protect themselves from excess claims by putting in place restriction on the plan and limiting the amount of insurance to be purchased.
As a result, most providers specify the minimum number of years the policyholder should hold the plan in order to qualify for death benefits. Otherwise, the premiums are often returned to the beneficiaries in the event of death. Other service providers increase the death benefits depending how long the plan has remained in force.
· Shop for plans
The limited death benefits often paid out by most guaranteed plans are only enough to cover the funeral costs. Furthermore, the premiums are usually much higher when compared with other types of insurance. As a matter of fact, the premiums can add up quickly to more than death benefit.
Therefore, it is advisable to shop around from various leading insurance providers. This will provide you with an ideal opportunity to find the right coverage at competitive rates. The process of getting a plan has been made simple by most service providers- you can submit your application online and receive an approval the same day.