No Medical Exam Term Life Insurance

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Many different people from all walks of life will be looking for life insurance cover of one sort or another. And life cover will be sorted for various reasons.

The idea behind life assurance and term life cover is to provide the policy holder's chosen beneficiary's (normally loved ones, family or close friends) with financial cover in the unfortunate event of their death meaning if you lose you win so to speak in that your loved ones will be covered financially in the event of your death.

Life insurance cover comes in many different forms some policies will payout a cash component when the policyholder reaches a certain age. Usually retirement and so can be viewed as both life insurance and a long-term savings policy for retirement or pension.

The original form of life cover is known as term assurance and has no cash payout component as with other more expensive forms of life assurance such as universal life cover policies and whole life cover. Term life cover or term assurance is by far the cheapest form of life assurance available and offers the policyholders chosen beneficiaries a substantial cash payout on the death of the policyholder. After all you can still save your money in a high interest account and pay much lower premiums for life cover, this is of course dependent on a number of factors such as the policy premiums having been kept up to date by the policy holder and in many cases the holder will have to have a mandatory medical before expiry of term to ensure they are healthy enough to renew their policy. This is for obvious reasons are to satisfy the term life insurer's risk assessment.

It is however still possible to find no medical exam term life insurance offered by a number of the leading life insurers although in many cases premiums may be a little higher as the insurer will be perceived to be taking on more risk. But as with anything it is well worth the customer's time to shop around. Insurance companies compete heavily for new customers and a term life insurance customer is as the name infers for life, therefore margins will be kept low to entice new custom and this can only benefit you the customer with lower premiums and term insurance deals without a medical exam as mandatory being offered in an effort to gain your custom.

If you are looking to insure for life and would like to keep premiums to minimum then it is well considering a no medical exam term life insurance policy.

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