Is There Such Thing As A No Medical Exam Life Insurance?

When a person has decided that he should buy whole life insurance, he must expect that his life insurance application will be processed and approved in around four to six weeks.  That is because life insurance companies are requiring anyone who wants to buy life insurance to undergo physical and/or medical examinations.  These examinations will ensure the life insurance company that it is not dealing with someone who is considered as a high-risk individual because of his pre-existing medical condition.  Undergoing medical examinations is a common part of buying life insurance policy. But, what if a person feels he needs to have his own whole life insurance now? Is there some kind of no exam life insurance or no medical exam life insurance being offered by some life insurance companies?

The simple answer is "yes". There really are some different life insurance companies that offer life insurance that don't have any physical and/or medical examinations at all.  But, this is not the whole life insurance as what some people know about. Instead of thinking about whole life insurance if they don't want to be subjected to a lot of physical and/or mental examinations, then, they should go for term life insurance.

Term life insurance is a kind of life insurance that can be of great benefit to people from all walks of life regardless of age, marital and even medical status.  In whole life insurance, a person is subjected to a lot of physical and/or medical examinations so that life insurance companies can be sure that the person that it is dealing with is not a high-risk individual.  If a person has cancer and the life insurance company offered him a whole life insurance and he was not subjected to examinations and he died the following month, will the life insurance company lose a lot of money especially if the person insured himself for a million dollars? Of course, they will lose a lot of money. That's why, instead of whole life insurance, they will tend to offer him term life insurance which is also known as the no medical exam life insurance.

In spite the fact that term life insurance doesn't involve any medical examinations in any form, term life insurance is still the most affordable type of life insurance compared to the traditional whole life insurance.  A person who gets term life insurance can choose the term he wants from a five-year term life insurance and even as longer as a forty-year term life insurance. With this no medical exam life insurance, for sure, he can get insured as soon as possible and have peace of mind knowing that his family's future is richer and brighter even though he is not around anymore to do that.

Senior Life Insurance? Yes And It's Term Life Insurance

If somebody would think about life insurance and he is already considered as a senior citizen of the society, what would be the first thing that will come to his mind?  Everyone knows that when talking about whole life insurance and a person is already way past his prime of his life or he is already in his over-the-hill age means that whole life insurance is very expensive, right? That is absolutely and precisely correct. But, what is being talked around here is not the traditional or whole life insurance but term life insurance which can really be considered as senior life insurance.

Yes, that is right. Today, even those who are a little bit older than the rest can have assurance and peace of mind that if something happens to them, they can still provide a better and brighter future for their families, either their children, their grandchildren or anyone whom they wanted to be their beneficiaries. Unlike whole life insurance, senior life insurance is very friendly to the pocket simply because the policy holder can have control over his or her term life insurance policy.  That elderly can choose a 5-year term life insurance and all he needs to pay is the premium for that 5-year insurance policy.  If that person thinks that he needs a 10-year term life insurance, he can do so and nobody can stop that person.

There are other people who decide that they would like to buy life insurance for their elderly like their parents.  That is another option. But, if the elderly would like to be the one to have his own life insurance, then, term life insurance for seniors like that person is highly recommended.  

He can choose 5 years or 40 years term for his or her term life insurance policy basing on his present situation, his health, his preferences or his budget.  If he thinks he can outlive anyone, then, maybe, he might want to go for a 30 or forty-year term life insurance. If it expires, he stopped paying for that and his coverage will also end there. However, since he has control over his term life insurance, he can opt to renew his term life insurance and continue to provide himself with insurance so that he can provide a better and brighter future for his family.

A senior life insurance like the term life insurance is what they need instead of going for the whole life insurance. However, after all, they have a choice. As what have been mentioned, he can choose this or if any of his children decides to buy whole life insurance for them, well and good.