by Dr. M

Created on: November 25, 2007   Last Updated: December 19, 2007

No-medical-exam life insurance is a convenient method for rapidly receiving coverage. Commonly known as guaranteed issue or simplified life insurance, no-exam life insurance is a means of providing for final expenses or burial insurance.

Basics you should know:

~The amount of coverage may be limited.

Insurance coverage can range in price. Each company has their standard and will offer different policies varying in amounts of coverage. The amount of coverage you're able to get decreases as you get older.

~Rates are usually high and coverage is usually low.

Most life insurance companies require a medical exam before offering a policy. The more coverage you want, the more extensive the medical exam becomes because insurance companies want to find out your health status - any means affecting your mortality is a risk for the insurance company.

No-exam term life insurance is an alternative for individuals with some to minimal health problems who may be older and/or wouldn't qualify for regular term life insurance. So rates are higher and coverage amounts are lower, and premiums may increase at each renewal.

~Not everyone qualifies for no-exam life insurance.

Those suffering from HIV, AIDS, cancer, heart disease, have had a stroke, or suffer from other disorders or diseases may not qualify. If you're not sure if you'll be eligible to obtain coverage, ask a trusted insurance company.

~Most life insurance policies not requiring medical exams are usually used to provide a basic coverage or are used to supplement existing life insurance coverage.

If you're seeking term life insurance - for a certain period of time such as, 5, 10, 20, 30 years - no-exam life insurance offers a convenient means of additional basic coverage.

For more information, seek advice from a trusted insurance company.

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