The importance of life insurance coverage for the whole family can’t be denied. You never really know what is going to happen in life and when things may take a turn for the worse. LIMRA’s Life Insurance Barometer Study 2013 reveals that 85% of the respondents agree about the need for life insurance. However, only 62% of them actually have it.
Perhaps the low outcome is because of the inconveniences involved in the whole process, with a physical exam being one of the deal breakers for both families and individuals.
If you and your family members consider a medical exam, which usually involves urine testing, drawing of blood and lengthy underwriting, as a state of anxiety, then you would be glad to know that it’s possible to get life insurance coverage without having to undergo any physical tests.
And according to SILI, the only thing you and your family members are required to do in order to to apply for no medical exam insurance is to fill out some health related questions, which determines the eligibility for immediate coverage. These questions also determine who is going to be the policy’s beneficiary, or in other words, who is going to be paid the lump sum if one of the family members passes away due to an unfortunate incident or circumstance.
Not everyone is eligible
Despite the charm of not going through a medical test, you should note that not everyone is eligible for this type of immediate coverage. However, individuals are usually deemed as ineligible when undergoing severe conditions like AIDS, cancer, HIV and other disorders in which the chances of survival are less.
Family members who are currently employed may get life insurance as a part of their packages from employers. The employer may also agree to pay the premium, but the problem that often arises in this case is that the coverage may not be for the whole lifespan, or the death benefits would be only receivable if the insured individual dies within a couple of years after the starting coverage date.
There are educational tools available in this useful guide on life insurance, providing informative insight on the whole process. These tools also help to make sure that you get answers to all the policy related questions, and make the best possible decision in favor of the whole family.
Online life insurance is the best resort
Online life insurance resources present you the advantage of simplified underwriting that gets you coverage in the fastest manner possible, without requiring the visit to a physician or an exam. Only a few basic questions are asked and the coverage can begin immediately after the approval process.
Also, you may be surprised to learn that no medical life insurance can be as frugal as normal life insurance, and the policy can be acquired in a fraction of the time it takes to buy a policy with a will statement medical underwriting.
Opting for a policy online also gives you the convenience of easy access to different records like the date of registration, the date of payment and all the related documents involved before and after approval.
Moreover, the platform can be used to find out the status of the proposal, and pending steps can be completed without the hassle of being present physically.
Is your family covered? Share your feedback in the comments section below.
Feel free to visit my disclosure page if you have questions about this post or any other posts on NOH.
