No-questions-asked coverage. Guaranteed issue lives up to its name, helping to make sure that you're covered regardless of your health or age. A type of permanent insurance, it will last as long as your premiums are paid. If you're facing a serious condition, like cancer or heart disease, guaranteed issue can help provide for your family after you're gone.
A simplified issue policy requires that you complete a detailed questionnaire about yourself and your medical history. You will need to give access to all of your previous medical records. You do not need to take a medical examination. Only the answers to your questions and records from previous medical visits are required.
The death benefit can replace financial support for decades. It will also ensure that your family does not have to worry about paying for college, funeral costs, care for your kids, and college tuition. This allows your spouse to continue saving for retirement or help an older parent.
Term life insurance covers you for a specific time period, such as 10 to 20 years. You can select a term that suits your needs and your beneficiaries will receive the payout if you are unable to live. You can buy a new policy after your term ends or review your options. You should be able to cancel your term life insurance by the end of the term. Your house and children will have grown up, and you will have money in the bank. Term life policies are the most affordable type of coverage.
The death benefit will replace decades of financial support and help ensure that your family is able to pay the mortgage, funeral, care and college costs for your children. Your spouse will be able to continue saving for retirement, or provide financial support for an ageing parent.
If you aren't eligible for fully insured life insurance but need more coverage than $50,000, a no-medical exam term life policy might be the best option. Term policies are among the least expensive forms of no-medical examination insurance. No medical exam policy policies offer term lengths that exceed 30 years. These policies can generally be purchased until 75. However, some insurance companies restrict term lengths on the basis of age.
Health issues coverage: Are you concerned about your health? Life insurance approval can be complicated by health issues such as diabetes management or GI conditions. This simplified issue was created to assist people who might not be eligible for traditional policies in getting the coverage they need and protecting their families.
Regardless of what questions you're asked, honesty is essential. Insurers can cancel your policy during the first two years of coverage without a refund if they find that you lied or misrepresented anything. Keep in mind that even without a health exam, insurers still have a variety of ways to confirm the information you provide. Insurance companies regularly check your responses against Prescription databases, The Department of Motor Vehicles, The Medical Information Bureau, Physician statements.
If you don't plan to have children yet, you can lock yourself in a lower monthly premium while you are still young and healthy. You can also lock in a lower rate so your policy doesn't mature before you have children.
Many term life insurance policies offer a conversion option, putting you in control. This allows you to switch to a permanent life insurance policy before the term expires, usually without requiring a medical exam.