Pros and Cons of Life Insurance without Medical Test

Life insurance is seen as a safe way of making arrangements for the loved ones when the bread earner is gone. There are situations where the insurers do not grant the insurance; for example, medical conditions like sleep apnea, diabetes etc. For such instances, life insurance no medical exam is seen as a workable alternative. Insurers are taking high risk while granting life insurance to people without putting them through medical screening and hence they charge higher premiums.

The situations compelling the people to avoid medical screening arise mostly because of the time constraints. Consider a situation where a person has made up the mind for buying insurance and he wants to get it done before the thought takes the back seat. People suffering from medical conditions want to get things done without much hassles and since they have all medical records in place due to regular visits, going through medical screening again is nothing but time wasting for them. So, they go for life insurance where policy is given only on the basis of the review of the medical history and interview regarding the health condition.

Pros of the Life insurance minus Medical Test

There are various advantages attached to such speedy arrangement of getting the life insurance:

• They need not go through the medical tests that sometimes prove quite time-consuming as well as pain in the neck. The schedule of the buyer may not allow him spare time for medical tests and hence this speedy life insurance proves to be very fruitful to him.
• They get the policy within few days. The process is made simpler as the insurance companies need not wait for the medical reports, etc.
• The approval rate is very high. Since the insurance companies earn a lot by giving away such policies, they encourage more and more people to go for life insurance without medical screening. It is due to the fact that this type of insurance makes the insurer liable to pay only in the case of the buyer dying within the policy term.

Some Cons of this Type of Speedy Insurance

• It may cost you a bomb. The premium is kept very high because of the risk factor involved.
• It simply takes away the chance of getting free medical checkup done. The buyer otherwise is usually not keen on medical tests done and simply ignores the problems that remain undetected.

So, weigh your concerns properly and wisely and buy the insurance today even without going through medical exam.