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By David J. Livingston
Getting your life insured may not cost much, especially if it is a term life. If you are young and healthy at the time of policy purchase, you will be able to buy a large death benefit at a nominal cost. What is irksome is the process of purchase. It is long and tiresome. It is slightly better if you try through online brokers, but overall the process is something as follows:
1. Decide on the coverage term, coverage amount and premium payment mode first. Also, find out your health class using online tool.
2. Go online to find some online brokers.
3. Fill up the quote form and hit the submit button.
4. The broker will supply relevant quotes instantly.
5. You choose and apply. You will have to fill up a lengthier form now.
6. Next is the turn to appear for medical test.
7. Once that is done, you just wait while the underwriters decide on your insurability.
The underwriting process is long drawn and it generally takes something between four and six weeks to complete. If you qualify, you will get the coverage at the end of that period. However, if you want instant term life insurance coverage, there is a way out too. You can always buy a life insurance no exam and receive adequate coverage without the usual harassments. However, for such hassle free coverage, you need to pay at a higher rate.
Every transaction under instant term life insurance can be completed online. You do not have to endure visits by the insurance executives or paramedics. You need not answer any prying question on your lifestyle and habits. There is no urine sample to keep or needle pricks to tolerate. You apply online and if you qualify, your family will start receiving the coverage from tomorrow and that too for the full amount and for death due to any cause.
Usually urine and blood samples are collected to check the level of glucose, cholesterol, urea, protein etc. in them. The samples are also checked for the presence of HIV, creatinine, cocaine etc. Apart from collecting blood and urine samples, the paramedics take the measurement of blood pressure and pulse rate, height and weight. These, along with your medical history, family medical history and information collected from other sources, help the underwriters to ascertain the risk of insuring you.
However, in case of instant term life insurance such data is mostly unavailable because neither any medical test nor any direct communication takes place between the insurer and the insured. That is why the instant term life insurance quotes are generally higher. However, that does not mean that anybody and everybody can qualify for such a coverage. You still have to qualify.
For example, the carriers have a long list of ailments such as coronary disease, peripheral vascular disease, cancer, diabetes, hepatitis B or C, mental depression etc. They will want to know if you have undergone treatment or have been advised treatment for any of them. They will also want to know if any of your parents or siblings have contracted or died from certain cardio vascular diseases before the age if sixty. They will then run you through Medical Information Bank to check your answers. You will get the coverage only if the answers are all favorable.
Not only that; the carriers will also want to know something about your lifestyle and occupation too. They use the Motor Vehicle Report and some other sources to check that. If your road behavior is not satisfactory or your job much too hazardous, you may be denied the coverage all together. At least the rates will be far too high.
However, the visit by the agents or paramedics, a needle prick here or there should not be that much a big concern. On the contrary, the only benefit such a policy provides is that the coverage is provided almost instantly, while under normal circumstances, the coverage is provided months after submitting the application. Therefore, if time is not really an urgent issue, it is far better to buy a fully underwritten traditional policy. After all, a life insurance no exam is almost three times more expensive and remember you will have to pay at such a high rate all through the tenure.
About the Author: Article by David Livingston of EQuote.com, a website with the best cheap term life insurance quotes and life insurance no exam information in the country.
Source: isnare.com
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