Having different types of life insurance polices available means that while the choice is wide, people can often get confused too. To avoid this, it is best to study about different life insurance and term life insurance schemes so that the confusion will be removed and you will be clear what you want. The best way to study the rates, cost and other terms and conditions of different insurance schemes are by requesting a free online life insurance quote that enables you to make a wise decision.

A popular life insurance scheme is term life insurance no medical exam that is an uncomplicated policy and is quick and easy to obtain. Get all the possible information you can about this policy to help you decide if it is the kind you want.

• Types

• Size

• Benefits

• Drawbacks

• Considerations

There are two types of no-medical schemes– one is the ‘guaranteed issue’ that is usually a whole life policy. It does not require detailed underwriting procedures and no medical exam to qualify for it.

However, no medical policies are available both under term life and under whole life schemes. Remember that, the no medical policies under the term life insurance scheme do not generally guarantee coverage. Although they do not take any medical test, they have their own way of checking your insurability. If you do not qualify, the coverage will be refused. The whole life no exam policies on the other hand generally offer small but guaranteed coverage. Whatever is your health condition, you can always have the coverage under them.

Now, because these no exam policies offer the coverage with partial or no underwriting, they generally turn out to be riskier for the insurers. To limit such risks, the insurers generally put a clamp on the upper limit of the coverage amount. For a term life insurance no medical exam policy, it is generally $250,000; but for the whole life no exam policies it is generally $25,000. If you want larger coverage, you must go for a fully underwritten policy, which though takes longer to finish the underwriting process, is priced more reasonably.

That was the disadvantages. Let us now discuss its pro side. The greatest benefit of a no-exam policy is its quick and easy purchase process. You receive the life insurance quote today and if you qualify, by tomorrow your family will be sitting snug under its cover. Indeed, the underwriting process is so short. Secondly, every transaction under the policy can be completed online. There is no paramedic or insurance agent to entertain. Moreover, the life insurance quote they offer are generally more accurate and so you can have an idea of their cost from the very beginning.

Now that you know about the advantages and disadvantages of a no medical exam polices, you must weigh them carefully. It is true that these policies are easy to buy; but are the rates really worth the return you will receive? Do you really need a no medical policy? Do not let laziness and fear of needle pricks get the better of you. Paying for years at a higher rate just to avoid them does not shows any prudence. Get the policy only if you need it; or else opt for fully underwritten traditional policy.

Do not allow plain laziness or fear of needle pricks keep you away from the medical tests. These paramedical tests are always held at your convenience. Therefore, it should not be any issue at all. Not keeping fit or having some minor ailments is neither a reason for opting for such policies. It is much better to eat and live healthy so that your ailments remain under control and you can get fully underwritten policy at more reasonable rate.

However, if you still insist on coverage without medical exam, you can try the employer sponsored group life insurance policies. These policies too are no medical policies, but in spite of that, they are much cheaper. That is mainly because of two reasons. Because these policies cover many people under one umbrella, the risk for the carrier is lower. Moreover, the employer pays a part of the premium and so it is cheaper for the employee. Do not worry, if you change job, the policy too can be transferred. The only disadvantage is that the face value of these policies is generally small and so you may need additional coverage. In short, think of all these aspect before you proceed.

Article by David Livingston of EQuote, who is a specialist in everything life insurance. For more information on whole life insurance and life insurance no medical, visit his site today.