There are many insurance companies available in the market offering the no exam life insurance plan.
Furthermore, you have the opportunity of choosing between the term policy and whole life policy without a medical exam.
It is often assumed when insurance companies are not able to get results for a full medical examination they assume greater risks.
Therefore, the premiums payable are higher.
However, companies differ and therefore it is important to shop around to find the best plans, at competitive rates.
Some of the ways of reducing the cost of your premiums include: ·Determine your needs Consider your current financial position and determine how much insurance you need by considering the expenses your dependents, including your spouse, children and/or parents would have to cater for, in the event of your untimely death.
If you are seeking for ways to cut down on costs, you do not have to buy more cover than is necessary.
When you buy too much coverage this will increase your costs.
On the other hand, less coverage may not adequately cater for your needs.
The term of the policy should also come to play when determining your needs.
If your mortgage is to be paid off in 30 years, you can consider a 30-year no exam policy.
However, if the mortgage will be settled in 5 years time, you do not have to pay the larger payout required for a 10-year plan.
·Stop smoking & get in shape If you have lost weight and stopped smoking since you purchased your policy you can consider asking your service provider to review your premiums downwards.
To determine the risk status, insurance companies often seek to know the health condition and lifestyle of an applicant.
As many people in the developed countries become more obese, the condition has been linked to several diseases, including diabetes and heart conditions.
Furthermore, smoking is also related with many health conditions including lung cancer, bronchitis and heart disease.
As result, no exam life insurance carriers view obese people and smokers, regardless of their age, as a great risk.
Therefore, it is not uncommon to find an overweight person or smoker paying three times more than their counterparts.
·Check for any hidden fees As you shop for your policy, it is advisable to be on the lookout for any hidden costs.
Some of the insurance companies charge extra fees when policyholders pay their premiums on a monthly basis rather than quarterly or yearly.
Furthermore, many of the companies offer add-ons that offer an additional cover that many insurance buyers may need, such as accidental death benefits, term conversion rider, disability income rider and accelerated death benefit riders.
Furthermore, you have the opportunity of choosing between the term policy and whole life policy without a medical exam.
It is often assumed when insurance companies are not able to get results for a full medical examination they assume greater risks.
Therefore, the premiums payable are higher.
However, companies differ and therefore it is important to shop around to find the best plans, at competitive rates.
Some of the ways of reducing the cost of your premiums include: ·Determine your needs Consider your current financial position and determine how much insurance you need by considering the expenses your dependents, including your spouse, children and/or parents would have to cater for, in the event of your untimely death.
If you are seeking for ways to cut down on costs, you do not have to buy more cover than is necessary.
When you buy too much coverage this will increase your costs.
On the other hand, less coverage may not adequately cater for your needs.
The term of the policy should also come to play when determining your needs.
If your mortgage is to be paid off in 30 years, you can consider a 30-year no exam policy.
However, if the mortgage will be settled in 5 years time, you do not have to pay the larger payout required for a 10-year plan.
·Stop smoking & get in shape If you have lost weight and stopped smoking since you purchased your policy you can consider asking your service provider to review your premiums downwards.
To determine the risk status, insurance companies often seek to know the health condition and lifestyle of an applicant.
As many people in the developed countries become more obese, the condition has been linked to several diseases, including diabetes and heart conditions.
Furthermore, smoking is also related with many health conditions including lung cancer, bronchitis and heart disease.
As result, no exam life insurance carriers view obese people and smokers, regardless of their age, as a great risk.
Therefore, it is not uncommon to find an overweight person or smoker paying three times more than their counterparts.
·Check for any hidden fees As you shop for your policy, it is advisable to be on the lookout for any hidden costs.
Some of the insurance companies charge extra fees when policyholders pay their premiums on a monthly basis rather than quarterly or yearly.
Furthermore, many of the companies offer add-ons that offer an additional cover that many insurance buyers may need, such as accidental death benefits, term conversion rider, disability income rider and accelerated death benefit riders.
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