What do I need to know in a no exam whole life insurance?

Anthony

Dallas Texas

There are quite a lot of insurance companies out there that will issue no exam whole life insurance policies. In fact, you’ve probably seen several television commercials that guarantee whole life insurance coverage to individuals ranging from fifty to eighty years old without requiring any medical exam. If you are looking for a no exam whole life insurance policy, or also known as no test life insurance policy, it is necessary for you to be aware of possible exclusions that might be written on your policy.

Here are some essential facts that you need to know before buying a no exam whole life insurance. Most of these policies have been modified such that the insured must meet a specific number of terms to qualify for a full payment of death benefit claim. This policy is generally known as modified whole life insurance.

The following are some examples of modifications that can be written on your policy. Your beneficiaries will be paid a reduced benefit or nothing at all in the event that you, as the insured, pass away within the first two years of coverage. This is the reason why physical exam is not obligatory in some modified whole life insurance policies because they either pay a lower amount of benefit or none at all if the insured die of natural causes within the specified time frame.

Another modification to these whole life insurance policies is that full coverage for accidental death is provided from the day that the policy is issued. This means that you are 100 percent covered if you die of an accident such as car mishap or fall but not due to natural death such as heart attach, stroke etc. Recreational or extreme activities such as sky diving or race car racing are excluded in some policies.