If you are looking for no exam life coverage, you may be surprised at all the information you need to know before buying. There is something for everyone, no matter if you want to buy term life or whole life insurance.
Term insurance provides the benefits of life insurance with the benefit of not having to pay out for your death benefits until you have paid a certain amount. For instance, if you are 62 years old and unmarried, then you have one year from today as your term life protection period. During this time, the insurance company has the right to begin paying your benefits. The reason that they give you a year is because it is important to give yourself time to prepare financially for your death. You should also consider how much money you have saved and the amount of money you have left over.
Whole life insurance offers both an immediate benefit and a benefit to your family. The benefit you receive is determined by your age when you die, the amount of money left in your life insurance policy and the number of years the policy is in effect. This type of insurance is often purchased by people who have no medical history or other health problems and have not smoked in many years.
As you can see, there are advantages and disadvantages to both whole and term life. Whole life is a good choice if you have nothing to hide but term policies are great for those who do. However, you need to know the differences between whole and term life policies before you buy. No exam life coverage will allow you to compare the various plans and purchase one that will best meet your needs.
If you are a smoker, you may want to consider purchasing no exam life coverage. This does not take a medical exam and your insurance company does not conduct a health history check on you. In most cases you will only be asked to answer four simple questions: Are you in a hospital or nursing care facility?
Do you currently smoke cigarettes? What type of tobacco products do you use? Do you drink alcohol?
Are there any family members you trust who smoke cigarettes?
Do you want a no medical exam when you die? The answers to these questions are all important. A medical examination is only required if you have a pre-existing medical condition or are diabetic.
For some people, the decision regarding the type of insurance may be based upon their financial situation. If they have a large amount of money and do not want to pay the expense for a medical exam or the premium, whole life is often the best option.
There are two main types of no exam life insurance policies: Term and Whole. Both policies provide a guaranteed income until the policy holder’s death. If you purchase a term policy, you will receive a premium for the entire life of the policy and you have to pay a premium each month until you are gone.
Whole Life is usually purchased for the same reasons as term life insurance. Your insurance company gives you the cash benefit for your entire life and you must pay the premium each month until you die.
It is important to know whether or not you want to make your beneficiaries covered by a Whole Life or Term insurance plan. You need to know how much you can afford to pay out each month so that your family has enough money each month.
No exam life insurance coverage provides you with financial security and peace of mind knowing that your family will have the funds necessary to pay off any mortgage, car loan, student loans and other outstanding debts you may have. You may choose to have a higher or lower amount of coverage depending on your personal circumstances. No exam life insurance coverage is also a good choice if you wish to invest in something, such as an investment portfolio or mutual fund. Although you have a fixed benefit, you may not enjoy the tax advantages of investing if you pass away and your beneficiaries will receive the value of your investment.