Life Insurance without Medical Exam
If you are in search of life insurance without medical exam, then you should know by now that through online search you can find many of these options available with life insurance providers. Not to mention that in this way you can find as well various costs displayed with every insurer who offers their profile and plans online with the quotes attached to their services. You will see that there are as well two main types of life insurance policies: the term life insurance and the permanent life insurance, the first one being the most affordable.
The online term life insurance comes as well without any medical exam taken as long as qualify according to their requirements. Some of these insurers will even approve your online application in a matter of minutes as soon as you are found eligible for the plan they offer. This fast approval will eliminate the ordeal of too much paperwork, the delays in receiving the policy, not to mention the persistent agents.
Nowadays it has become very easy to get approved online with the policy that you can print on an instant after you have paid online for your premium. But in order to qualify for this policy you should be in a good state of health, although with some life insurance agencies you can qualify without needing to take a medical exam.
In this case, the policy might be more costly, but those who do not want to take a medical exam, this can be the least of their concern as long as they can benefit from: an instant approval, no booking for medical consultations and still wait in line for their turn, no medical tests, no needles to have these tests run, and so on.
But with all these benefits, as mentioned above, there are some higher costs that you can expect paying for. Another drawback is that not everyone can qualify for this policy. When you do some inquiries about the online quotes, you will be asked about your general health and in accordance to your answers you will receive the quotes. If you are OK with the set rates, then you can fill in your application online and within 10minutes you will get an answer whether or not you are approved. In the positive case, you will have to start paying online the first premium rate and then you will be able to print the policy immediately.
Before you proceed any further into applying, make sure to look for the financial rating of that particular insurer. This one is displayed on their website. Another thing that might interest you is the possibility of paying the premium upfront, as in this way you will benefit from a lower annual premium than you will have if deciding to pay it in installments.
Term Life Insurance, things you need to Know
If you didn’t know that by now, life insurance policy comes in two main forms: term life insurance and permanent or whole life insurance. You must have figured by now what every one of them means, since the names are self explanatory. But to be more specific we can add that a term life insurance is set for a limited period of time, say 15 years and in case you happen to pass away during this time, then the policy will pay, otherwise, it won’t and that’s it!
As opposed to term insurance, the whole or permanent life insurance is the one that will last for the rest of your life. In case you live to be 100, the majority of the insurers will pay the benefit while you are still alive.
You will very often meet with the word ‘term’ used in temporary services that you can benefit from, such as business obligations, mortgage, or any financial need for your young children. As to the whole products are the ones to make use of for the permanent needs, such as covering the funeral costs, make charity actions, pay taxes for capital gains, etc. This is the less expensive form of life insurance and many would resort to it especially because it offers high levels of coverage at ages when one needs the most to be protected.
Term life insurance comes in three forms: level term, decreasing term and increasing term. The first one will offer a considerable amount of insurance throughout the duration of the policy. The second one can be used when needing to cover a debt obligation that pays off in time, such as a mortgage. The third one will offer a growing amount of insurance but there is rarely the need for this type of protection.
Another thing that you should know about term life insurance is that this one can be renewed. But you must be aware that with every time you reach for renewing the policy (although there is no more need to show that you qualify for the insurance), the premiums will be set higher. This happens due to the fact that you have grown older and in this way you are closer to death than you was before when you have purchased the term life insurance for the first time or second time.
Another feature included in term life insurance is that this one is convertible, meaning that you can exchange this one for another type of insurance, if you consider convenient to you or more adjustable to your new needs. In this way you can make sure of being able to obtain, one time in the future, permanent coverage without proving that you are eligible for insurance.
Before you consider sticking to term life insurance for the rest of your life, consider also the other option which is more beneficial for you in the long run.
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