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Reasons For Non Medical Life Insurance
Surprising as it may sound, there are reasons for non medical insurance...
There are tests to see if there are any medical issues but if none are found, the policy is usually issued. These policies are used pretty much for the same reasons as others but are cheap ways to cover something of importance. Even older aged people are getting lots of coverage for not much expense. You will have to sign an 'incontestability clause' which says that if you falsified any information the policy would not be honored. This way the insurance company is protected against fraud.
One of the reasons that non medical life insurance premiums are lower is due to the fact that people are staying much healthier much longer these days. We've learned to take care of ourselves and medical technology has made great strides. Whenever you are discussing this type of insurance you may hear it referred to as 'no exam life insurance'.
Whenever young people seek out life insurance, they get it on a non medical basis. Insurance companies love it because it saves them the expense of investigating a life insurance policy and the risks involved. If you're under the age of 35 there's a good chance that you have absolutely no medical history. And the chances are good that you won't die from some unforeseen illness so young people do not have much hassle for taking out non medical life insurance policies.
When applying for non medical life insurance, the older you are, the less the amount of coverage you'll be able to get without having a medical examination. You can actually still get non medical coverage up to the age of 60, but the amount will not be the same as for a 35 year old. All that's needed to apply for this insurance is to fill out a questionnaire that lets the insurance company know all about your medical history.
There may be things on the non medical life insurance questionnaire concerning other family members as well. They want to know that you are not the exception in your family. Many types of diseases and disorders are hereditary, and they want to be warned up-front about them. They want to know about your habits, whether they're good or not good. Things like smoking and drinking may push your cost up, while exercising and eating right can bring them down.
There may be an area of concern for some applicants for non medical life insurance and in these cases the life insurance company may ask for permission to examine your records and speak with your family physician. Many people have taken blood tests when trying to get insurance, only to find out that they have an illness that has until now been undetected. But for the most part, if you're healthy and your lifestyle is normal, then getting a non medical life insurance policy is not very hard to do. You just answer the questions, sign the incontestability clause and you are on your way to getting the coverage you desire.
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