Term Life Insurance With No Exam Necessary
This sort of life insurance is helpful to those who would not otherwise qualify for life insurance. You can apply for this insurance without taking a health examination, and your application will be processed much more quickly than if you were to apply for another type of life insurance policy that requires a health exam. A policy requiring a health exam may take up to 6 weeks to process, whereas an application without a health exam can take as little as a few days. It’s possible to apply by mail or even online nowadays.
Who Can Get It?
It is great for the elderly who may be denied other types of life insurance due to their age. People who take advantage of this sort of policy typically do so to support upcoming funeral expenses once they pass away.
It is also wise for people with medical issues who face the same issue as the elderly–lack of coverage by any other insurance policy. If you’ve had traumatizing experiences with doctors in the past, life insurance that requires no exam allows you to avoid experiencing that once again. It’s great if you’re terrified of needles, as well.
Face Value Payout
A term life insurance policy that requires no exam still requires the applicant to answer some medical questions. It should be used strictly for insurance purposes. It would not be a wise idea to use this sort of policy as a retirement plan or an investment. A positive aspect of this type of policy is that the term can last between one and 30 years–it’s your choice! If you, as the policyholder, pass away within your chosen time period of the policy, your beneficiary will receive the face value of your specified policy. The face value of a policy is approximately multiplied 20 times the average price the recipient typically needs. In other words, if your beneficiary makes around $32,000 annually, the policy suggested would be a payout of about $640,000.
The recipient of your policy’s payout will be able to invest the money left after funeral expenses and other bills in order to build interest and continue to live comfortably without having to remove anything from the principle amount. The term life insurance policy is most often inexpensive because the policyholder usually passes away within the chosen term length, which is why the policyholder chooses the term he or she selects.
As always, be sure to consult your financial adviser or at least do your homework by researching the different policies available that best suit your situation before purchasing the first insurance policy you come across.
