Have you seen those too good to be true television commercials reporting that you can easily obtain term life insurance coverage for $10 a month without requiring a medical exam? These television offers traditionally claim that you can obtain a relatively large no medical term life insurance policy, for an amount of $50,000 or more. You need to beware of these no medical term life insurance promises though, because many are not quite as straightforward as they appear to be.
First of all, you will never be able to secure the maximum amount of term life insurance coverage by paying such a nominal premium. The insurance company providing the term life insurance would go bankrupt if they offered these extremely low rates for so much insurance coverage, especially when it comes to providing term life insurance without requiring a medical examination of any kind.
The low premium amounts that are offered are only going to offer low benefit amounts. While no medical term life insurance is affordable by nature, nothing is that affordable. People who tend to buy no medical term life insurance are generally the more risky people to insure because they have pre existing conditions or have aged considerably and are still seeking insurance coverage. When it comes to larger insurance policies, the term life insurance rates for no medical term life insurance have to be equally as high.
People who are already in good health are usually willing to go through the time associated with going through a medical examination, since they know that their good health will play a part in determining the low rates for their term life insurance. People, who are in relatively poor health on the other hand, are generally aware that their term life insurance rates will be higher, requiring them to seek no medical term life insurance as their primary alternative.
No medical term life insurance is therefore much more popular for people who are older, or who have poor health and whose term life insurance rates will suffer as a result. For many consumers however, "no medical term life insurance" still may not be the ideal alternative. This is because it may be just as easy to work to improve your health, to get a real term life insurance policy with low rates. Many people who seek no medical term life insurance rates are actually in such poor health that if they were honest on their applications, they would not qualify.
Even if you think no medical term life insurance may be your only option, you should still go out and get a medical exam. This is good not only for your insurance, but also for your life as well. Once you know exactly where you stand in terms of your health, you can begin to take the steps and actions necessary to improve it. It is never too late to work to improve your health, no matter how old you are, or how far gone you believe your health to be.
No medical term life insurance may be an option, but it is not necessarily your best option, and if the policy seems too good to be true, it probably is. No term life insurance policy is one size fits all, and it is important to explore all of your options before you select the insurance policy that you will use to protect your family.
Sharon Taylor writes informative articles for eQUOTE Life Insurance, a premier Internet resource for term life insurance, no-obligation quotes, and other helpful insurance resource information.