Top 5 Factors that Influence The Costs of No Medical Exam Life Insurance
No medical exam life insurance is a controversial product, mostly because the premiums are higher than those of any other policy. Still, this policy provides coverage with multiple benefits for those that otherwise will remain uninsured. We present you the top 5 factors that influence the costs of no medical exam life insurance:
1) Age. Although no exam life insurance allows seniors to qualify for coverage, the premiums are differentiated by age. Each individual receives a rating that is also influenced by the age of the applicant.
The older you are the higher will be the costs. The difference between 10 or 15 years will be felt, by paying several tens of dollars more each month. Also, if a person is too old, it can be refused even by those who sell no exam life insurance.
2) Health. If you are just old and not sick, you will get cheap premiums. Your health status is also an influential factor and determines your rating. People with minor health problems will not be denied and even a series of chronic diseases do not disqualify you. Some companies require medical documents in order to determine precisely a fair price for you.
3) Drinking, smoking and drug usage. This habits are influencing both your health and premium cost. Amongst the questions asked by no medical insurers, some of them are related to these habits. If the answers are “yes”, the premiums will be modified.
4) Dangerous hobbies. A series of activities that can be dangerous will increase the cost of life insurance. Car racing, scuba-diving, sky-diving and even mountain climbing are considered life-threatening activities.
5) Credit history. The company will also want to know if you are a trustable client or not. If you contracted various loans and services and managed to pay all the required money in time, the insurer will be less skeptical in providing coverage.
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