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How Have No Exam Term Life Insurance Companies Improved Their Policies Over The Years?

By Edited Dec 11, 2015 0 0

First of all from the name itself you should have a pretty good idea of what they are about. They do not require a medical examination.

All insurance coverage in this sector requires the applicant to undergo a thorough physical examination on top of countless questions of their medical history. With this type of policy the information you give is enough. They are also convenient and have fast approval rates. What these companies discovered and utilised before coming up with this policy is that there are a high number of people who require and actually want a life insurance policy but due to the long procedure of obtaining one and the medical exam, they do not take any steps towards getting one; no medical exam coverage overcomes this hurdle.

That is what led to these companies offering no exam term life insurance policies to be established. They have been gaining popularity ever since and this is precisely why they have improved their policies and made them more attractive to the people interested in them. This is what they have done:

1. The amount of information required has been reduced. The companies do not require a lot from the applicant. They have ready-made questionnaires that you are required to complete. All your information goes on here, your history with diseases, and your past and present lifestyle.  

2. The level of premiums has been reduced. Since the policy was a risky venture before, the premiums of the policy were high. With improved health and landmark breakthroughs in the medicine field, diseases that were feared are no longer a threat. This has led to the dramatic decrease of the level of premiums paid.

3. Guaranteeing of payments. The companies offering these policies are reinsuring with large companies to ensure the customers money is in safe hands. So when you insure with them you are guaranteed of payment once the contract matures.

4. Maintaining a personal relationship with their customers. Helping customers make informed financial decisions. They advise the customers on the best plan for them and how best to utilize it.

Now you understand the increased popularity and the reason why more people are opting for no exam term life insurance coverage. The convenience it offers and the flexibility are the main reasons here.



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