No test life insurance cover is considerably better known as "no physical exam whole life." This means that the life insurance plans company is willing to sell you a "Whole Life" insurance cover policy without requiring you to get a physical assessment.
You may have seen certain of the tv ads on TV talking about how they pay for their life insurance coverage with their "spare change" saved in a jar every day?
You will find drawbacks to these types of policies that you, the consumer, should be aware of though before you buy one.
Many of these policies are revised in order to satisfy a particular set of requirements as well as are certainly not standard Whole Life Insurance cover policies. As a matter of fact, if you read the fine print, you may find that certain of these "Whole Life" policies actually start out as what's known as an "accidental death" policy. Accidental death policies pay just a death benefit when the insured person dies from an accidental cause, not really a natural cause.
This is certainly not for you to state that the policy owner is not necessarily covered at all if they pass away from natural causes including a heart attack, stroke, etc. It would mean that for limited period of time you won't obtain 100% benefit from the policy until a certain amount of time has passed. This is known as an "exclusion" period.
Exclusion periods normally last two years, after which usually, the policy will take effect in full and you'll be covered just as you would by a standard Whole Life policy.
A number of other stipulations that would possibly (likely) exclude you from insurance protection would be participating in dangerous activities just as sky diving, race car driving, bungee jumping, scuba diving, mountain climbing or anything else considered to be a dangerous activity.
Prices for a number of of these policies can be very overpriced and you should often get a second opinion before buying one. You normally have a thirty day review period in which in turn you may cancel the policy and get a refund.
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