Life Insurance No Exam

Life insurance should primarily be seen as protection of your loved ones for their future needs rather than investment opportunity that will gain profitable value. You’ll never know until when you can be with them in this world. By getting a policy now, you can be assured that they are protected no matter what. Choosing the best coverage that’s right for your family’s needs and a reputable provider is vital in purchasing a life insurance. Some of these policies do not require medical examination.

Importance of Getting a Life Insurance

As mentioned, life insurance would protect the future of your family from financial loss if you are no longer around to provide for them. Here are the specific benefits that they can get from the policy.

  1. It helps the mourning family. The family who has been left behind will have the time to mourn and grieve instead of finding ways on how to make ends meet. Through insurance claims, they will have funds that they can use while adjusting to the situation and reality that the person who provides everything for them is now gone. To compute for insurance coverage, a financial adviser or insurance agents have tools that can help in computing future financial needs.
  2. It can be used for hospital bills and funeral service. A one-week stay at the hospital prior to death spells unexpected expenses, the proceeds of life insurance can be used to cover the hospitalization expense and funeral service, both are unexpected events that needs to be funded.
  3. It can be used for investment. Proceeds of life insurance policy can be used to as capital to start a business, it can even be used for purchasing a house or a car or the proceeds can also be used for a child’s continuing education. Whichever the case may be, the beneficiary will have a lump sum of money they can use on whatever they deem necessary.
  4. It can be used as payment for taxes and unpaid debts. Unpaid debts of the insured can be a real burden to the family that can be solved by using insurance proceeds. Likewise, taxes for inherited property shall also be paid for completion of transfer of title.

Life Insurance No Exam

There are two main types of life insurance. They are whole life and term life insurance. Whole life insurance has fix premium rate that will cover you for your entire life. You do not have to worry about premiums inflating as yours is locked for a lifetime. The whole death benefits will be given to the family regardless of the time of demise, as long as premiums are being paid. However, this type of insurance is generally more expensive. Term life insurance on the other hand is a cheaper option. Coverage starts from 1 year to 30 years depending on your choice. In this policy, you will only be covered until the time it reaches the expiration. If you lived and the policy expired, you will not get anything from the insurance. You can apply or renew but the rate would usually be higher than the previous rate.

While most term policies require medical examination to determine the overall health of an individual, there are also those that do not require medical exam. The reason why applicants are being asked for medical exam is to determine their risk factors. Those that have existing medical conditions and complications would have higher premiums than those that are healthier. If the condition is severe, the rate may even go higher. Here are some of the benefits of no exam policies.

  • If you have various health problems, they will be included on the result of your medical exam. This can increase the rate of your premiums because your life is more at risk. Some providers may even deny your application because of this. With no exam insurance, you do not have to worry about your application being denied because of your health problems.
  • If you have a busy schedule, this will save you time and effort as you do not have to go to the doctor or a medical facility to be examined.
  • Policies that require medical examination will wait for the result before the coverage is started. By getting a policy with no exam, you’ll get instant coverage.

However, there is also a disadvantage in getting a no exam policy. The rate for this type of policy is higher than term life insurance with exam. This may not be much of a concern if you have a severe medical condition since your rates may be higher anyway with or without the exam. But if you are in perfect health and shape, you may be paying more than what you should be if you resort to this type of insurance. Furthermore, rates often increase once the term expires and you apply for another one. So make sure to weigh your options before making your decision.

Letting your loved ones mourn, having all the hospital bills, funeral service, taxes and unpaid debts taken care of and some more for a little or big investment will definitely help your loved ones mourn and accept your loss and move on with their lives. Allow them to grieve until they have adjusted to their new life situation. Surely, your family will be emotionally drained but they should not be financially drained, thanks to life insurance proceeds from a life insurance no exam policy that you have religiously paid for years.

If you wish to know more about life insurance and how it can work for you best, sign up for a free quote today.

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