Besponsive Free

If you are a hardworking citizen, you certainly know that life insurance is part of a safe and secure financial planning to safeguard your family incase something should happen to you. In the past, it was extremely difficult for people leading certain lifestyles to obtain a cover policy.

However, insurance companies today have taken different lifestyles into account,

What are your options when it comes to life policy with no medical exam?

Certainly, like most people you are thrilled to learn that you can get a good cover policy without subjecting to many unpleasant medical tests. Unlike tradition life policies, which can take several weeks to be approved, life insurance with no medical exam can take only 24 hours. When it comes to this cover whwre you have policies without a medical exam, you have several options:

Simplified issue life insurance: This is among the most basic types, where by you fill in a simple medical questionnaire with simple health questions, and you are good to go. Absolutely no medical tests are done in this process.

Guaranteed issue life insurance: This kind of policy is also referred to as guaranteed acceptance. The insurance does not subject you to any kind of medical test or ask you any medical questions. Life coverage is available for any person that applies.

Graded benefit life insurance: In this type, you may or may not be asked to answer a few medical questions. However, no physical medical examination is done. The process is simple and quick, and virtually everyone qualify for life coverage.

What are some of the benefits of life policy no medical exam?

There are three main benefits of obtaining this cover.

First, you enjoy a less-involved and faster process, which allows you to use it as temporary life coverage while waiting on a traditional life policy to be approved. Secondly, you are guaranteed life coverage.

You can obtain a life insurance cover even when you are in a high risk category because you do not have to subject to any physical medical texts, or even answer any medical questions if you do not want to. Lastly, you avoid visits to doctors you do not know, especially if you do not want to share your medical history.

Certainly, everyone is conscious that one day he or she will move from this world and go to whatever lies beyond this life. However, most people do not put much thought into how and when that will happen. The truth is that no one knows exactly when he or she is going to die. If you have people depending on you, then your passing away will certainly leave them suffering emotionally and physically.

Only time can heal them emotionally. However, you can take care of the physical part by obtain

Obtain the policy when you are still young

Sure, when you are young all you think about is enjoying yourself and living life to the fullest. Life insurance is usually the last thing on your mind. Nevertheless, term life insurance rates are very cheap when you are young because you have fewer risks than when you are older. In addition, obtaining the policy earlier ensures that you are loved ones will receive substantial benefits after you are gone.

Buy only what you need

When purchasing insurance, you certainly want to get the best coverage that will be sufficient to protect your loved ones once you are gone. However, if you want to pay lower premiums, only purchase what you really need. Many financial planners recommend that family heads purchase an insurance cover that is 6 to 10 times their annual income. Anything more than that, will hurt an individual's finances and his or her family.

Choose the length of coverage wisely

Term life insurance means it covers you up to a certain length of time. You should pick the length of your term life policy wisely if you want to keep paying low rates especially if you purchase it while you are young. For instance, if you have a 25-year home mortgage, it would be wise to protect your home throughout the life of the home loan by taking a 25-year term life insurance policy.

Take advantage of the various price brakes

Most insurance companies that offer this type of insurance, offer price breaks at a certain coverage amount. For instance, if your coverage amount is $75,000 or $100,000 you can be able to pay lower premium rates. Just make sure the company you choose offers such breaks.

Everyone needs life insurance, especially an individual who has people depending on him or her. However, it is troubling that so many families with young children are yet to obtain any kind of life insurance cover. On the other hand, senior citizens are rushing to obtain term life insurance no-medical exam mainly to cover funeral expenses. Perhaps the problem is that the kind of life policy suitable for individuals with dependents is not being advertised by the insurance industry as it ought to be advertised.

Even stay at home mums need life insurance

Most of the time when people are talking about term life insurance the focus is on the individuals who are bringing in income for the family, who are mainly the fathers. However, financial experts are now realizing that even stay-at-home mums certainly need life insurance. According to an interesting research, if these mums were paid for their services, which include cooking, laundry, cleaning and childcare, they would earn an average of $120,000 annually.

If you put it this way, it certainly gets your attention as a family head. Should this stay-at-home mum pass away, the remaining spouse would have to pay for such services as childcare and whatever else the stay-at-home mum use to do. That is why it is essential for stay-at-home spouses should obtain a life policy.

Your best option is level term life policy

Too often, people are sold insurance products that have huge commissions and high costs. That is certainly a formula for failure when you have to pay the premium. Additionally, it sets you up for a lapse in coverage. According to research, 25% of individuals who purchase life insurance cease paying on the policy by the first 3 years, and that figure rises to 50% by the time it is the 10-year mark. Hence, you need a policy that is simple to purchase, easy to own, and definitely cheaper.

Purchasing level term policy is the most practical way to go. With such kind of a policy, a 45-year old male can obtain a $500,000 level term life cover, with a coverage length of 20 years while paying only $50 per month. This coverage is generally even cheaper for females because they visit the doctor more often than men and take care of themselves. Before purchasing level term policy for a stay-at-home spouse, consider the age of your children to determine a suitable coverage period.