Why Do I need Life Insurance?
Life insurance is a necessity to everyone; it does not matter whether you’re rich or poor. Some people keep on asking themselves why they even need to subscribe for this type of insurance package when death is inevitable; actually the majority of people associate it with death. However, once you talk with an experienced insurance agent, they will clearly explain to you why it’s important to own a life insurance policy.
On the other hand, if you’re searching for a life insurance which requires no medical / physical exam, it means you know the benefits of this package but you can’t wait for those medical examinations or you already know the status of your health. No matter what the reason is, I have got the solution for you. In this post, I have compiled a list of different health Insurance companies which will give you a life insurance policy without any medical exam.
Is There A Problem With No Medical Exam Life Insurance?
Much as it seems simple and easy to purchase a life insurance without medical / physical examination, this belief might come at a high cost, WHY?… because the Insurance company is using statistical estimates in their databases because they do not have proven facts about your health status. Therefore, this puts the insurer in the shadow and for them to take on more risks to accommodate you, they end up passing all costs to the end consumer and that consumer is you.
I have made some research and I found out that a no medical exam life insurance policy will cost you a lot more than what you would have paid if you undergo a medical exam.
How To Get A Life Insurance Without A Medical Exam?
As of now, we have only two ways of getting a life insurance without medical / physical exam and these include; (1) Simplified Issue Policy & (2) Guranteed Issue Policy.
Q. What is “simplified issue” Policy?
A. Rather than going through a physical medical exam, the insurer will ask you a few questions about your health and medical history.
Q. What is “Guaranteed issue” Policy?
A. Rather than answering questions about your health and medical history, the Insurer will automatically grant you immediate coverage without digging deep into your health records or status.
How Much Will I Be Charged To Get A No Medical Exam Life Insurance?
It is obvious that that if you were interested to get either of the above two insurance policies, the process is very simple, however, this comes at a cost. For example, for those of you in good health, you might only be charged $1,000 – $10,000 if you accept to take a medical exam, of course, this varies amongst companies. No medical exam life insurance rates are considerably higher and can range from $25,000 – $399,000 coverage, once again, this depends on the company. This is quite expensive because the insurer will be taking a huge bet to insure the life of a person that they have no information about.
List Of No Medical Exam Required Companies
You don’t need a medical exam to get a life insurance with Sagicor, however, their price goes up to $399,999.
This is a private holding company; they offer different types of insurance policies. On the other hand, if you’re in a hurry of getting a life insurance without completing any medical exams, this is an ideal company for you. For them to review your policy application might take 2- 4 weeks, and their price range is between $25,000 – $249,999, but you might be required to submit doctor records.
Their main goal is to protect your family with an affordable life insurance package. You can easily use their website to compare rates and features for each policy. You don’t need medical / physical exam, but their price goes up to $300,000.
In this company, your policy application will be reviewed by underwriters within 1-3 weeks. This is a reasonable period of time compared to most insurance companies. However, their underwriter might ask you to submit health records from your personal doctor. When it comes to cost, you will spend between $50,000 – $350,000.
Tips On How To Get Cheap Life Insurance Without Medical Exam
In general, life insurance rates are always high, but with a good bargain, you can get an affordable price. Let’s go through some tips which can help you get the cheapest life insurance policy for yourself or your family.
- Opt For A Term Life Insurance Package: This is affordable package compared to whole life insurance package, although you will still have to pay for all premiums and these payments will be done over a specific period of time. However, it is not a life time insurance package, which means if you don’t like the coverage anymore, you can stop it after completing the agreed period. However, rich individuals with a lot of money look at Whole Life Insurance as an investment because its cash value increases and accumulates over time.
- Don’t Listen to Over Hyped Promotions: All insurance companies will want to sell you their policies. They run a business not a charity, however, much as its a business, some Insures might not deliver on what they promise, so you have to be very careful when choosing an Insurance Company to cover your life. You can use the Internet to dig deep into each and every company you’re interested in. The other good news is that, in all 50 states of America, they have a law which protects consumers and makes sure that any given life insurance company meets the needs of its clients.
- Inquire From An Insurance Company You Already Deal With: By the time you think of getting a life insurance coverage, chances are that you already have a car / home insurance package. If this is correct, ask that same insurance company and give them the opportunity to give you a quote on how much it will cost you if you sign-up for life insurance package. In most cases, you will end up getting a good deal since you already have an account with them.
- Improve On Your Health Habits: You main goal is to reduce the costs of your insurance premium, and the best way to do this is to be insurable in the eyes of the life insurance company. You can do this by quitting smoking, losing weight, exercising to cut down on your cholesterol levels and so much more. With all this in mind, your health will improve and the insurer will find it easy to accommodate you.
Canceling A Life Insurance
For one reason or another, you might want to cancel your life insurance. In most cases, you might be out of funds to finance the policy, or you might want to cash out the money and do other things. So, this is what you can do to cancel a life insurance policy.
- Don’t Pay: If you want to cancel that life insurance policy, the first thing you have to do is to cancel all payments. However, before doing this, make sure you consult your agent. When you approach your agent, they might not like the idea that you want to end your relationship with them, however, it is in your best interest to cash out or stop paying if you don’t need the policy anymore. Ask everything you need to know, ask the agent if it’s possible to cash out, if your goal is to invest in a bigger rewarding policy, ask them for their advice and rates.
- Get Ready To Pay Required Fees: Much as you want to cancel and save money, all insurance companies are aware of this, so they set a termination fee on each policy they give you; that is why you always have to read through all the fine-prints / documents before signing them. Upon cancellation, you may be charged a certain amount, so better be ready to pay.
- Hire An Insurance Broker To End The Policy: Since the whole process is tricky, it is better to hire an experienced broker. For example, you might want your broker to help you sell the policy to a third party who will pay you cash.
Now you should have a good understanding on how to and where to get Life Insurance without Medical Exam.