As no medical exam life insurance offers such provisions, they are preferred by one and all purchasing insurance. Often the type of insurance seekers who find it hard to get insurance are those with a health condition or they are aged 50 or above. This article is mainly on those who are 50 and above. This will explain the frequently asked questions towards buying this insurance type and those in dilemma of whether to get this kind of insurance policy. In order to take an informed decision about getting an insurance plan, you must go thru these questions first.
- Is this plan for me? –originally, this plan is designed for people who have been rejected by numerous insurers because they lack the insurability. It may be because of old age and pre-existing health problems. Due to the shifting of way of life, the insurance companies have found a new market for individuals belonging in such group. However, more and more persons have preferred no medical exam life particularly those who don’t wish to sail away from the unhealthy lifestyle that they have gotten used to even if that would mean lower premiums. If you are among such persons, this plan can be for you.
- Can my kids get it for me? Of course they can. Your son or daughter can purchase this type of insurance plan for you especially when you cannot get it all alone. You should just be aware of the fact that they are getting it for you. You can get life insurance quote online and discuss the plan chosen with your child and help them get you the plan that will suit your needs and also something that you will like to get. In fact, you son or daughter can even represent your side to the insurance company and volunteer for payment, however you need to sign on the forms. You should know what you are signing. Especially for people who are 70 years and over, you may not have the ability to do it all by your own and your son or daughter can certainly come to your aid at this crucial juncture.
- What’s the major benefit in this type? – There are benefits that can be derived from this type of plan. First, the process of providing insurance is guaranteed. Your request will be accepted for sure. You don’t have to dread about the fact of getting your nth insurance request being rejected. You have a chance of getting insurance even if you have serious illness such as HIV, your insurance request will not be rejected. You can certainly remove your fear of insurance not given to by an insurance carrier. The waiting time for your insurance period have been reduced from 6 weeks to 3 days. There are chances that your insurance can be processed within a day as well. The process of underwriting is simple and hence you are able to get your policy quicker.
- What are the pitfalls – No medical life plan has one major disadvantage. Life ins quote will give you a hint about it as well. The premiums charged are comparatively higher than the other plans that are offered. The price that is charged by this kind of plan is certainly higher. Certainly this type is for those who have the power to pay for it as well. The reason for charging so heavily is due to the fact that the carriers completely take the risk in giving you the coverage without verifying your medical condition or anything.
- Is the coverage the same as other plans? –truthfully, the coverage that it offers is practically the same with other types of policy. However, if you will look at it in win-loss point of view, you would surely lose some as you have paid too much for the coverage that you could have bought for much lower price. But given the unique and unavoidable situation that you may be in, it would be better to purchase such plan than to have no coverage at all. Besides, senior citizens usually would not be concerned with accumulation of cash but for funding for their final expenses.
- What are your choices? – There is low cost life insurance policy that is available for people over 50 years of age. The main drawback with this kind is that it has limited coverage. You should check out all the available options before you go with no medical life plan. This can be considered as a last measure specifically if your choice to get a plan is restricted. You may have varied options as you may have to discuss with your advisor and take an informed decision which is advisable to you and to your family.
The points discussed above and the answers provided above will certainly help you choose the right decision for your no medical life plan or otherwise.
Article by David Livingston of EQuote. For more information on life term insurance and low cost life insurance, visit his site today.