| No test life insurance is better known as "no | | | | causes such as a heart attack, stroke, etc. It |
| physical exam whole life." This means that the life | | | | means that for limited period of time you won't |
| insurance company is willing to sell you a "Whole | | | | receive 100% benefit from the policy until a |
| Life" insurance policy without requiring you to get | | | | certain amount of time has passed. This is known |
| a physical exam. | | | | as an "exclusion" period. |
| You may have seen some of the commercials on | | | | Exclusion periods normally last two years, after |
| TV talking about how they pay for their life | | | | which, the policy will take effect in full and you'll be |
| insurance coverage with their "spare change" | | | | covered just as you would by a standard Whole |
| saved in a jar every day? | | | | Life policy. |
| There are drawbacks to these types of policies | | | | Some other stipulations that would possibly (likely) |
| that you, the consumer, should be aware of | | | | exclude you from insurance coverage would be |
| though before you buy one. | | | | participating in dangerous activities such as sky |
| Most of these policies are modified to meet a | | | | diving, race car driving, bungee jumping, scuba |
| certain set of criteria and are not standard Whole | | | | diving, mountain climbing or anything else |
| Life Insurance policies. As a matter of fact, if you | | | | considered to be a dangerous activity. |
| read the fine print, you may find that some of | | | | Prices for some of these policies can be very |
| these "Whole Life" policies actually start out as | | | | expensive and you should always get a second |
| what's known as an "accidental death" policy. | | | | opinion before buying one. You normally have a |
| Accidental death policies only pay a death benefit | | | | thirty day review period in which you may cancel |
| when the insured person dies from an accidental | | | | the policy and get a refund. |
| cause, not a natural cause. | | | | The bottom line here is that no test life insurance |
| This is not to state that the policy owner is not | | | | may not be all that it's built up to be. |
| covered at all if they pass away from natural | | | | |