Many people have become interested in non-medical term life insurance policies. These policies have a number of benefits, and while they may not pay out as much as other life insurance policies do, there are many reasons to get one.
What is a Non-Medical Policy?
A non-medical term life insurance policy is a type of life insurance that does not require a medical exam. Medical exams and the underwriting process that goes into evaluating them and each insurance candidate can take several weeks, sometimes longer.
Because of this, it can take a month or more before the policy goes into effect. For some people, that’s too long, especially for those who are in need of coverage because they’re going overseas or are looking for an inexpensive policy.
Who is Eligible for One?
To find good term life insurance, Naperville, Illinois residents don’t have to look very far. A non-medical policy may require a little more research since extending this coverage is more of a risk for insurance companies.
Anyone can apply for a non-medical insurance policy and an application generally doesn’t take very long. Those with risk factors or who do have health issues may still qualify for one of these policies, but they may have higher premiums. Applicants without risk factors will find that their premium is comparable to or is cheaper than a regular term life insurance policy.
Why Get a Non-Med Policy?
Since they don’t pay out nearly as much as a regular term life insurance policy, why do people get non-medical policies? There are a few different reasons:
- There’s no medical exam required. People who dislike exams, giving blood, or simply don’t want to go through the hassle are very relieved by this. Those with medical conditions may also want to avoid the exam.
- They can be approved or declined within 48 to 72 hours. Other policies can take up to six weeks for a decision.
- They provide almost instant coverage, which can be a necessity for those who suddenly learn they have to go overseas or come down with an unexpected chronic or terminal illness.
- They can be a good option for those who are in good health, but can’t afford other term life insurance policies because the rates are often lower.
While these policies are great for those who need to have a term life insurance policy in place within a week or so. But, they’re also great for people who don’t want to give a blood or urine sample and have an exam.
These policies tend to have lower payouts, simply because without a medical exam, they don’t necessarily know if an applicant is going to live for years or not. Because most who look at non-medical policies do have health problems to some degree, the policies do pay out more often, so there has to be a cap.
Simply put, non-med policies provide convenience and speed, which is a big deal to the majority of the people interested in them to begin with. There’s no need to fear an exam, and it’s a quick and easy process.
So, if you want to learn more about non-medical policies, contact us today to see how you can take advantage of one of these policies.