Finding life insurance without a medical? – Check the possibilities
When you buy a life insurance cover, the provider would want you to go through certain medical tests. For some of us it can be an annoying process as we could be possibly young and have no medical issues as of now. However, from the business point of view, the insurance providers want you to do the medical and justify it as a process to find the exact cost of premiums. This is to ensure that you invest enough money for any kind of medical emergencies. Depending upon your current health, you can keep aside a specific amount of money for life insurance.
Medicals are for risk-benefit assessment!
For an insurance provider, a medical is helpful in assessing the risk-benefit analysis of their customers. By checking the current health condition, the companies can actually gauge whether offering you a cover is a worthwhile risk for them or not. If yes, then what is the extent of the risk and then cut out a minimum loss solution by deciding the premiums. If you already had a big medical history, then offering you cover is a bigger risk for them. So, they devise premiums that can cover a maximum of their expenditure.
Medicals are not always mandatory!
Yes! It is not a compulsory part of buying a life insurance cover. Insurance providers may expel you from medical if you are young and healthy and do not have any medical history. In addition, if you do not show any chances of acquiring illness in the future, then again there are more chances of getting a cover without a medical. This means if you are a non-smoker with no signs of obesity and have no traces of any hereditary diseases, then you will be given life cover without a medical assessment. To know more about Life Insurance without Medical Report, read our article here
Medicals requested as per occupation, hobbies and addiction status
If your hobby is skiing or bungee jumping then naturally insurers would check for any history of accidents or assess chances of accidents in the future. The next thing is your smoking and drinking status. Non-smokers and non-alcoholics are sometimes given exemption from medical as there are fewer chances of smoke related diseases.
All these factors are considered to calculate your premiums and to check the necessity of a medical test. However, the best way to buy a life insurance cover is to be honest with the insurance provider. This way, you can actually reduce your premiums and buy a cheap life insurance cover that is valid. How? Read below!
Ways to buy a cheap life insurance cover:
For comparing the life insurance providers in the UK, feel free to contact FreePriceCompare.com on 0808 168 2466.