No matter who you are, like it or not, life insurance is always necessary as what will happen in the future is unforeseeable. Here are 4 reasons why you should get no medical life insurance.
No matter who you are, like it or not, life insurance is always necessary as what will happen in the future is unforeseeable. For many people, the medical exam that comes as a condition of life insurance is a major sticking point, but did you know that there is an insurance policy with no medical exams? There are many benefits to no medical life insurance that make it a great option for many people.
No medical life insurance is based on trust and so as long as you answer the application questions honestly, it can be a great insurance choice. The insurance company can contest your family’s claim within two years of you taking out the policy if you pass away due to something you initially omitted.
In this article, we will explain 4 reasons why you should get no medical life insurance.
1. Easy Application Process
The no medical life insurance application process is the simplest of all insurance applications. You can complete the application on a phone and after finalizing it, your agent will send it to you for review so you can confirm it with an electronic signature. Once that is done, you are finished with the application process. Sometimes, after an underwriter reviews your application, they may want your medical records, but they will usually just contact your doctor to get them.
Whilst you might think that no medical life insurance would be more expensive because it is a greater risk for the insurance company, this isn’t the case. The very fact that you apply for the insurance without having to pay for a medical examination saves you money straight away. Furthermore, there is no real difference in the price of no medical life insurance policies and policies which require a medical examination.
3. Same Terms as Traditional Insurance
Surprisingly, no medical exam life insurances have the same terms as the exam options. They may be level term policies, which means they will provide level coverage during the policy term. For example, $300,000 in a 25-year-term means the company has to offer a $300,000 death benefit where the price is locked for 25 years. The carriers cannot make changes and offer you the coverage for a fixed price.
4. Top-Rated Carriers
As this is a game of trust and you will invest a lot of money, the credit and stability of a carrier must be your number one concern because the partnership has to last for decades. The good news is that a lot of A-rated carriers are now offering a no exam policy. This proves that this type of insurance is becoming more and more desirable. It is very easy to check the financial stability of insurance providers through one of five assessment agencies. Make sure to confirm the insurance company is in good health before committing.
Life insurance policies without exams are easy to secure yet still provide fantastic benefits. This type of insurance is the most convenient choice without compromising quality. If you don’t have life insurance then look into it today as you don’t want to leave your family unprotected.