Life insurance is the only protective measure that you can take for you loved ones in case of, God Forbid, your untimely death. But the issue is that every life insurance company will have its own rules and regulations. Most of the people are of the opinion that getting a life insurance plan in todays age has become an easy task due to the fact that a new life insurance company has opened in the corner of every second street. But if in reality you possess any kind of serious medical condition or you are aged then you wont be able to get a decent life insurance plan. Recently many new policies have also been introduced by the life insurance companies according to which you can also apply for the no physical term life insurance plan.
No physical term life insurance is the term life insurance plan in which you wont be required to pass through the physical examination that is pre-required in almost every term life insurance plan.
Why no physical term life insurance is good for you?
No physical term life insurance plan is good for you if you fall into any of the three situations.
- If you have a great fear of the physical examination, of being the needles pricked into your arm for blood test and other related procedures then with this insurance plan you wont have to face these fears.
- If you are too busy and dont have the time to pass through the physical examination in order to get the insurance plan.
- Or if you possess any serious medical condition due to which you have remained unsuccessful in acquiring a life insurance plan.
No physical term life insurance-important points:
The most important that you need to keep in mind before going for no physical term life insurance plan is that these plans are comparatively expensive than routine term life insurance plans.
You must bear it in mind that by offering the no physical term life insurance, an insurance company is putting itself at higher risk. The company is not showing any sort of concern in your medical history or current medical condition and could face a sudden financial jerk due to your sudden demise. Thats why the premium rates are going to be higher. But if you have remained unsuccessful in gaining life insurance in any other form due to your medical condition any are very much desperate to get a life insurance plan then this might be good chance for you.
Most of the people worry about the waiting period before the full coverage is granted. However in the no physical term life insurance there is no such thing as waiting period in most of the insurance companies. You will be granted full coverage after you have made the payment for the first premium. Most of the people would also doubt that whether medical conditions like cancer, hepatitis, diabetes or any other serious illness are covered in this insurance plan or not? Well yes these medical conditions are definitely granted coverage in the no physical term life insurance. You must accept it that this new development in the insurance industry is going to benefit many desperate people.