The main worry of many people who apply for an insurance is that of being unable to get an approval of their life insurance application. The main reason for this is the medical examination. If they happen to fail the requirements then they will not be able to get the life insurance policy they need or the one which they can afford. So this makes them get worried that they will not be able to get a life insurance policy for their family. But, then there is a solution for this problem and that is the life insurance no exam.

This life insurance no exam is basically a higher paying type. It has higher premium rates compared to a term life insurance. This is because of the reason that those insurers who did not qualify for the medical examinations fall for the life insurance no exam. The company is at higher risk in accepting these people. They do not exactly know the present conditions of these insurers.

After the medical examination has been passed, the insurers ability to pay for the whole term will be verified and a check will be done considering his salary to know if the insurer is capable in paying on monthly basis.

The amount fined when payment made in delay, is a small percentage depending on the premium of the policy however, is still looked as an unnecessary expenditure. As you know every rupee counts for the future where everybody would like to save and make the best use of their saving. Hence it would help you a lot to note the date of payments and avoid penalties.

The life insurance no exam is only meant for certain people, however anyone can avail that. Here are the people who can avail the life insurance no exam policy.

1. People who do not pass the medical test for the term life insurance.
2. People who suffer from any kind if illness and who do not want to reveal this.
3. Anyone who wants to take the life insurance no exam.
4. Older insurers can get this type of insurance easily.

In a life insurance policy the insurer will be assured, that his nominated beneficiary will be given the cash, which was decided while taking the policy, if the death of the insurer occurred. Before handing over the amount to the beneficiary, the beneficiary will be asked to submit certain proof which states that the insurer does not exist, so that the beneficiary may claim the amount committed by the company. Although it is a very sad situation where in the family looses their loved one, it is also to be looked upon that the insurers love and concern for his family, was always carried in his mind by securing their future even in his absence.

The renewed policy will have a high premium as the new offers and benefits are greater. The insurer is also offered his cash build up which may be claimed by the insurer for his own personal purposes.

Author Bio: Article by David Livingston of EQuote.com, a website with the best affordable life insurance and instant term life insurance information in the country.

Category: Finances
Keywords: term life insurance, life insurance no exam