No Exam Term Life Insurance -
A Guide To Getting It
Sometimes you need to get term life insurance, but aren't able
to have the required medical exam. Fortunately, many companies
are now beginning to offer guaranteed issue life insurance. Also
called simplified issue or quick issue policies, these insurance
plans allow you to begin coverage as soon as you sign the paperwork,
without having to pass a medical examination. Some of them will
require you to see a doctor for a urine or blood sample, but beyond
this simple procedure, you will not have spend time in the physician's
office. This means that you can get your insurance quickly, and
without the hassle of a traditional plan.
For people in poor health who could not otherwise get life insurance,
guaranteed issue plans may be the way to go. Be warned, however,
that rates are generally higher for this type of plan. This is
because the insurance company considers guaranteed issue policies
to be a higher risk, and charges accordingly. If you're trying
to get the best rate and think you can pass an exam, a more traditional
plan might be a better choice. If, on the other hand, you have
a little more leeway in what you can pay, you might want the convenience
of a guaranteed issue life insurance policy. Remember that you
should be careful in planning how you want to use these policies.
If you choose a bad one, you might find yourself paying more over
the term of the policy than your family will receive in death benefits.
Examine your guaranteed issue life insurance plan carefully to
ascertain what benefits you'll get out of it for the price. The
return from a no exam life insurance policy is often lower than
a conventional policy. You should be sure to keep this in mind
when you choose a plan.
For certain people, who have trouble
getting a life insurance plan with a medical exam, guaranteed
issue life insurance can be a great benefit. The key is to make
sure that you're getting a plan from a good company that's not
out to take advantage of you with high rates and a low death
benefit. These plans can offer coverage even to people on dialysis,
who have AIDS or HIV, or other detrimental medical conditions.
They can help you protect your loved ones should you be unable
to take care of them any more. People with hazardous jobs may
also find that they have trouble getting life insurance and get
some advantage from guaranteed issue life insurance. The maximum
death benefit will probably be low – some
where between $10,000 and $50,000, and there may be some restrictions
on how much of the death benefit can be paid at any particular
time. If you need life insurance, but don't believe you can pass
a medical exam, or have some other reason that you are having trouble
getting a conventional plan, you may wish to research guaranteed
issue life insurance.
