A no medical life insurance is not a new concept entirely. It is being popularly promoted by insurance companies as a quicker and simpler way to get the insurance application process completed.  When you request a life insurance quote either online or from an insurance broker, you will find out various types like:
    Term life
    Whole life
    Universal life
    Variable life

The first one is a simple protection policy and is taken for specific periods of time.  The other three are investment policies where part of the premium amount goes into a fixed pool that provides death benefits and the other part into an investment pool.  Here the money will be invested in different types of investment portfolios like stocks, shares or bonds and will earn interest for the policyholder.

If you are looking for cheap life insurance, go for term life insurance. It provides a simple death benefit and no cash value. The terms are easy to understand and you can opt for a time period depending on your future financial requirements. For example, if you have a home mortgage that needs to be repaid in 20 years, you can opt for a 20-year term insurance. This is popular policy and most people who look for good insurance schemes invariably choose a term insurance.

While it is a fact that a term insurance is the most affordable scheme, comparing rates from various insurance providers can help you get even better rates. For this, ask for online term life insurance quotes. Dont rely on brokers. They may push you to buy a policy that will give them the maximum commission rather than offer you one that will suit your needs the most. If you request online quotes, you can compare rates from different companies on comparison websites and this will help you acquire cheap insurance.

When you request a life insurance quote for any of the above broad category of policies, you will soon come across the no medical exam option. Many people opt for this. Initially, when life insurance policies were issued, young people were often given a no medical exam insurance as they were usually believed to be in good health.  After answering a few yes / no questions, they were issued a policy whose rates depended on the answers for the questions.

 The insurance company ensured that they verified the questions using an inspection report. Older people were required to complete a thorough medical exam that included blood tests, mouth swabs, urine analysis and X-rays.  This is because older people are more likely to have developed some medical condition.  After assessing the medical report, a policy would be issued.   

With advancement in medical science, people are expected to live longer and underwriting life insurance policies has also become less stringent.  People of all ages can now get decent insurance coverage without having to undergo a full medical exam and these no exam policies are selling like hot cakes.  However, people who apply for this policy must remember that they have to be completely honest when answering the health questions.

The insurance companies will check medical history and prepare an inspection report. If both do not match up to the questionnaire that you have submitted, your application can be rejected. With more and more insurance providers offering a no exam option with all their insurance policies, busy people or those afraid of undergoing tests have no excuse to avoid getting coverage. However, most companies will limit the amount of coverage that a person can get without undergoing a medical examination.

Most people opt for a 10-15 year no medical exam policy. This type of policy will provide enough coverage to take care of college education for your kids, provide income to your spouse, pay off outstanding debts like medical bills, legal fees etc. It is easy to get coverage with the many options open these days so that dependents are not left in the lurch if the breadwinner dies in the prime of life.  

Article by David Livingston of EQuote, who is a specialist in everything life insurance. For more information on term life insurance for seniors and cheap life insurance, visit his site today.