Tips For Purchasing Cheap Life Insurance

By Author: annyang
Total Articles: 56
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Some companies will issue insurance coverage without requiring that you submit to a medical examination. You are basically asked to answer questions about your past and present health status, and to sign the statement.
Many individuals consider, under these circumstances, that they are obtaining a bargain in the purchase of such a policy.
However, because no medical examination is applied, most of the people with health problems will be in the same class with those who enjoy normal health. Since members of greater risk are included in the group, the premium rate for such a mixed group is greater than that of a group which has only normal persons as members.
Thus, insurance plans requiring no medical examination, are attractive only to those who have some health problem which would ordinarily classify them in a group of greater risk. The premium rates for policies of a mixed group are less than those of policies which apply to a group that has only members with similar medical problems and greater-than- average risk. The individuals with the normal expected life span cause the average life span of the entire ...
... group to be increased, and then the "normal" members partly pay for those who are greater risks.
You may reason that since the insurance company requires the person seeking insurance to sign a document containing statements about his health, that person will disclose any medical problems which will enable the company to classify him in a group of special risk. In this way all those who are greater risks will be in a class by they, and you will not be forced to pay higher premiums because of them. This, nonetheless, is not entirely accurate. Under the law, the insurance company is normally unable to do anything whatsoever about an incorrect statement of the policyholder, if the company does not discover the false statement before the end of two years after the insurance was issued. Some individuals aware about this fact may withhold pertinent information, and insert inaccurate statements in their signed application.
Consequently, if you have a physical problem which may ordinarily classify you among those of greater risk, you will find it advantageous to get the type of policy which does not require you to submit to a medical examination. If, alternatively, you enjoy normal health, it is in your favor to insist upon the plan which needs a medical examination, and which has thereby inherently lower premium rates.
When searching for to buy only a small amount of insurance, the company may waive the requirement for a medical examination. If you are in good health, this waiver benefits you only if you do not pay any penalty for not having taken the examination. It is, therefore, essential to compare premium costs of the insurance offered under this condition, with a policy requiring a medical examination.
If, on the other hand, you seek to buy a large amount of insurance, the company will insist, under all conditions, that you take a medical examination. If you seek a very large amount of insurance, the company may require that you have two examinations by two independent doctors, to assure itself of your insurability.
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