Understanding No Medical Exam Life Insurance Coverage

Life insurance is one of the only investments that you can make that you can be positive that you’ll get a return on your investment. There is no way that you can avoid death. Because you can’t escape it, you might as well plan for it. A life insurance policy is the best way to ensure that your loved ones will have all of the resources that they need, regardless of what happens to you.
Buying a life insurance policy can be a confusing process. There are several different types that you can choice from when you are looking to find the perfect policy for you. If you have poor health, preexisting conditions, or you’ve been declined for coverage, you might assume that you can get a quality or affordable life insurance, but that couldn’t be further from the truth. In fact, you can still get a life insurance policy that fits your needs and your budget.
At Longevity Brokers, we are pleased to offer a variety of quality insurance products to meet the needs of you and your family. We have everything from auto insurance to homeowner’s insurance. Aside from helping you get the insurance protection you need, our agents are here to assist you in making educated choices about your insurance purchases.

No Medical Exam Life Insurance

Regardless of your health or any severe health complications that you have, one option for life insurance is a no medical exam life insurance policy. These policies operate just like a traditional insurance plan, but without being required to take the medical exam before being approved for coverage. Just like with a policy that requires a medical exam, you’ll be able to pick between a term policy or a whole life policy.
With these types of insurance plans, you’ll apply for coverage and only be required to answer a few simple health questions instead of taking a full blown physical exam or medical questionnaire. Just about any applicant can be approved for one of these policies, and they are a great option for anyone that has been declined for coverage.
There are a few different advantages and disadvantages to these types of plans that you should be aware of when you’re looking to get life insurance protection. One of the benefits of these plans is that they are quick and easy to apply for, and you can get coverage much quicker than with a traditional life insurance policy. Because there is no medical exam required, you won’t have to wait to schedule an exam or wait for the results to go through the medical underwriting, which means that you can get insurance in a matter of days versus the weeks that it takes with a normal insurance plan.
There are also several major disadvantages to these kinds of policies that can keep you from getting the best coverage available to you. The biggest one is that no medical exams are more expensive than their traditional counterparts. If you choose to skip the medical exam, you’re going to be paying more for your life insurance than if you would have taken the exam. That’s because after you apply for insurance coverage, the company is going to want to know how your health is to see how much of a risk you are to insure. If they don’t know how your health is, they are taking a much higher risk, and they are going to offset that risk by charging you much more every month for your policy.
Another pitfall of the plan is that there is a low ceiling on how much insurance coverage that you can buy. Unlike a policy that requires a medical exam, you’ll be restricted on the size of policy that you can get. Most insurance companies will only allow you to get around $250,000 worth of coverage. For most applicants, this isn’t nearly enough life insurance, and that could leave some families with massive debts. It’s vital that you calculate your life insurance needs before you buy a no medical exam plan.

How much Life Insurance do you need?

There are several different factors that you’ll need to look at when you are calculating what your life insurance needs are. The first thing that you need to account for is your debts. After you pass away, your loved ones will be stuck with all of your bills and unpaid expenses. The primary goal of your life insurance is to give your family members the money that they need to pay off your debts and final expenses like funeral and burial costs. Without a life insurance policy, your family will be left with a mountain of debts, which makes an already difficult situation a thousand times more stressful.
The next aspect that you need to look at is your salary and how many people rely on it. The secondary goal of your life insurance is to replace your income if you were to pass away. If you’re one of the main income earners in your household, your family would struggle financially if you passed away, but that’s where life insurance comes in. Your policy will give your loved ones the money that they need to replace your paycheck to pay for any essential costs.

Life Insurance Summary

Because life insurance is one of the most important purchases that you’ll ever make for your family, it’s vital that you make the best decision to give them the protection that they need. If you have any questions about life insurance or no medical exam options, please contact one of our agents today. Life insurance is just one of the many products that we offer to the Denver, CO. community. Don’t wait any longer to give your family the insurance protection that they deserve. You can call us at (720)209-4598 or use our contact page.

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