When you're shopping for life insurance, there are dozens of different factors that you'll need to consider to ensure that you're getting the best plan possible. Life insurance is the most important safety net that you can ever buy for your loved ones. It's one of the few ways that you can ensure that your family has the money that they need, regardless of what happens to you.
One of the biggest parts of a life insurance policy is the medical exam. It plays a major role in how the insurance company views you and how much they are going to charge you for protection. There are a lot of people that want to skip the medical exam. For whatever reason, these people don't want to go through the hassle of taking the exam, luckily, there are several options for life insurance without the exam.
Buying Life Insurance Online
One popular way of getting life insurance is to purchase a plan online. Several insurance companies have started operated entirely online. Instead of having to talk to an agent on the phone and take the medical exam, you can purchase life insurance online. All that you have to do is answer some health questions, fill out the forms, the then it will all be sent through their medical underwriting.
Companies like Haven Life have specialized this type of coverage, are able to offer life insurance policies up to $1 million, and are dedicated to giving their clients quality life insurance at an affordable rate, without having to take the medical exam.
As you can probably guess from the name guaranteed issue plans are guaranteed acceptance, which means that regardless of your health or any complications, you can get approved for insurance. With these plans, all that you will have to do is give them your age, gender, zip code, and a payment. After that, you'll have life insurance coverage.
The two main problems with these plans are that they are expensive and you probably can't get enough life insurance. You're going to pay more for your insurance coverage because the insurance company doesn't get any information about your health. Additionally, you can only get around $25,000 worth of insurance. For most families, that isn't going to be enough insurance protection.
Also, most guaranteed life insurance plans are going to be graded death benefit. That means for the first two years of the plan, if something were to happen to you, your family wouldn't get the full payout of the plan. Instead, they would only get a portion of them. With most guaranteed issue plans, for the first year your family would only get 50% of the face value of the plan, and for the second year, you'll get around 80%.
Simplified issue life insurance is a great way to get life insurance without having to take the medical exam. You don't have to take the exam, but you are going to have to answer a lot of health questions. They are going to ask you dozens and dozens of questions about your health. Additionally, they are going to look at your prescription drug history, MIB records, and your DMV records. Unlike some other type of no exam plans, with a simplified issue plan, you'll be able to get more coverage. Most companies will give you around $500,000 worth of protection.
Employer-Sponsored Life Insurance
There are a lot of employers that offer life insurance as an incentive. With these plans, the employer pays the premiums for the insurance policy. Free life insurance? Sounds great, right? There are a couple of problems with employer-sponsored life insurance policies that you should be aware of. The main problem with these plans is that they are often minimal. The majority of companies offer plans that are the size of your annual income. These insurance plans are a nice way to get additional coverage, but they shouldn't be your main source of life insurance.
You don't have to take a medical exam, and you don't have to pay the premiums. It's a great incentive, but it could leave your family with additional bills and expenses.
Life Insurance with No Exam
Life insurance is one of the best purchases that you'll ever make for your loved ones, but a lot of people want to avoid taking the medical exam. There are several options for getting life insurance without the exam, and it's important that you find the one that's best for you and your loved ones.