Choosing a life insurance provider comes along at a very important time in life. Many people with young families and new mortgages need protection in case the unthinkable happens. So families need to find life insurance coverage that is affordable, covers all potential experiences in the event of a death event and is relatively simple and easy to set up.
The first question that you need to ask about a life insurance purchase is whether it is term or whole. Which means term life or permanent (cash value) policies. Term policies provide coverage for a certain period of time. If you pass away within that time period, the insurance policy pays out. If you survive to the end of the term, the policy expires.
Permanent policies provide protection for the entirety of your life, as long as the premium continues to be paid. The premiums tend to be higher in the beginning of the policy, so that a cash reserve is established, that will cover the policy’s commitments later on, when the premiums tend to go down. If a policyholder cancels a permanent life insurance policy, that reserve will be returned to the holder. They are closer to investment vehicles, rather than just straight insurance coverage.
One minor snag when you go shopping for life insurance is that certain policies require you to go through a medical exam in order to qualify for coverage. This can be an intrusive process and can possibly result in being denied coverage. There are plenty of sites out there that cover the comparison between all the different companies that offer no exam life insurance. Comparing and contrasting no-exam life insurance policies is the best way of making sure you end up with the most amount of coverage for the least amount of premium.
Many people attempt to bypass the need for a medical exam by seeking out no exam policies. Policy seekers are likely to need to answer lots of questions about their medical history, but the poking and prodding from a doctor is avoided. There is no need to draw blood. Lab results can potentially bring about complications that will raise potential premiums or even lead to denied coverage.
Years ago, it was very hard to find a decent policy from a reputable company without subjecting yourself to an intrusive medical exam. Nowadays, due to advances in underwriting and actuarial sciences, there are companies out there that can offer hundreds of thousands of dollars in coverage for people that choose the no-exam route.
Time is saved on no-exam life insurance policies because the underwriting process can take minutes in this electronic age, instead of weeks. No more waiting for lab results to come back or waiting for a doctor to see you in the first place. Because more and more companies are opening up and offering no-exam life insurance policies, competition is driving the price down.
No-exam life insurance policies are part of a growing market, which expands the possibility of more and more people getting the coverage that they need.