Non-Medical Term Life Insurance
Non-Medical term life insurance has become a popular option for many life insurance consumers. While the product has been available for a few years, only recently has demand for it started to grow. The following are several reasons for its newfound popularity.
The Pros
No Medical Exam Required
This is by far the biggest attraction of Non-Medical term life insurance. Applicants do not need to meet with a paramed examiner, provide blood and urine samples, give blood pressure readings, etc.
Simple Online Application
There is no paper application to complete. The application is typically completed online or by telephone with a licensed representative. It consists of as few as seven Yes/No questions, depending on the company.
Instant Decision
Regular term life insurance takes 4-6 weeks for an underwriting decision. Non-medical term life literally takes less than two minutes. No waiting, no wondering. You either qualify or you don't and you know which one immediately.
Pay Online
Upon approval, you can pay by credit card or monthly bank draft.
Immediate Coverage
Print your policy from home and your coverage begins right away. How's that for instant gratification?!
The Cons
The Cost
Although not always the case, the cost is generally higher than regular term life insurance. It makes sense, right? There's no medical exam, therefore more risk is assumed by the life insurance company. However, if you qualify for Standard rates on regular term life insurance, you may find that non-medical term life is less expensive.
Limited Coverage Amounts
The most coverage currently available with one company is $500,000. While that is more than enough for many people, others may need more. However, coverage can often be 'stacked' between two or three companies for a total of $1 million.
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