We’ve all heard about how life insurance companies take several factors into scrutiny before offering a plan. Health, being a primary inclusion in the list of scrutiny, can have a significant effect on the availability of a plan, and likewise on the premium to be paid.
Nonetheless, today there are easy options available in the market that require no such prerequisite fulfillment and can also be easily bought: A No-Medical Life Insurance policy.
Keep reading to know more.
- There’s No Need For Medical Checkup
As is evident from the name, a No-Medical Life Insurance policy does not require the buyer or the insured to undergo any medical checkup. This is typical of the ordinary life insurance policy that requires the buyer to undergo a complete medical checkup prior to buying any insurance policy. And it needs no saying that certain diseases or a history of drug abuse can have serious repercussions, leading to a denial of the policy, in some cases.
- People With Terminal Diseases Can Also Be Insured
It is noteworthy that people who had terminal diseases such as cancer or tuberculosis were earlier denied any insurance coverage. But thanks to the no-medical insurance policies, even people who are suffering from life-threatening diseases can now get an insurance cover and secure their family’s financial future.
- Old Age Is Not A Limiting Bar, Anymore
A typical life insurance policy is only valid for a certain term. Even, the permanent life insurance policies do not cover beyond a certain age, usually 65 years. The reason is simple- old age means more health problems and higher chances of the early demise of the insured. On the contrary, a No Medical Life Insurance policy has no such limitation. In other words, people beyond the age of 65, 70, or even in their 80s can now buy a no-medical insurance cover.
- Group Policies & Permanent Life Insurance
Some of the most common examples of a no-medical life cover are the group policies that employers usually buy for their employees. Since these insurance covers are meant to cover a large number of people, the employers buy these policies cheaply and also escape the need to have every employee undergo a medical checkup.
- Even High-Risk Jobs Are Now Insured
Most difficult of all is getting an insurance cover for someone who’s working a high-risk profession. For example, a mine worker or an oil rig worker are at constant risk of fatalities either from the toxic exudes in the workplace, or the potential threat of fire accidents. In some cases, an insurer might offer a life cover to these professionals but that too demands a very high premium. On the contrary, a No-Medical Insurance cover can offer these professionals the much-needed relief.
It needs no saying that undergoing a health check-up to get a life insurance cover is a common norm. But at the same time, this can inhibit the financial stability and growth for some. For this reason, a No-Medical Life Insurance Policy makes for the best bet that people with all sorts of lifestyle habits can enjoy.