The best way to get a term life insurance policy with no medical exam is to search for, get a quote for, and virtually purchase the policy online. While the process seems simple thanks to the Internet, getting a “no exam” term life insurance policy isn’t always what it’s cracked up to be. Taking care of your loved ones with a life insurance policy is a wise decision. Once you have made the decision to purchase a life insurance policy there are other important decisions which must be made as well. Life insurance is not money to be dispensed at the time of your death only. It is also protection for your assets and for the future of your loved ones.
What purpose does life insurance serve?
Obviously life insurance should bridge the gap between the time of grief immediately following your passing and the return to normalcy. Life insurance planning should provide for this short term need. Life insurance must all safeguard the assets you have acquired during your life and pass on as many of those assets as possible to your estate. Make a list of the assets you have and the needs your family will have after your death.
How to accomplish your objectives
Once you have ascertained what it is you want your life insurance to do you must consider how these targets will be achieved. Most of the time making sure that the needs of your loved ones will be met requires more than just a large infusion of cash. A plan should be in place for the proper allocation of the cash received from life insurance policies. There are also tax ramifications which should be analyzed.
Consult a professional
First and foremost the best advice is to get as many quotes as possible and compare. It is free and you will learn more about life insurance faster. There are many laws, particularly laws concerning taxation, which may eat away at the value of your life insurance. Ways to protect your life insurance are available. Using a trust instrument to receive insurance proceeds is just one valuable tool available for protecting your life insurance from taxes. An insurance professional or an attorney can help you with planning your estate to avoid most if not all taxes on your life insurance policies.
Life insurance companies require medical exams because they want to know what they’re up against. They want to know exactly who and what they’re insuring, and how risky it’s going to be for them to insure you. Sure, a life insurance company can deny you a term life insurance policy, and a poor medical exam may give them reason to do so. However, having a blemish or two on your medical exam (having smoked within the last few years, having high blood pressure, having high cholesterol, being overweight) doesn’t necessarily mean you’re going to be denied. It may just mean your premiums will be a bit higher than if you didn’t smoke and had no current health conditions.
At the same time, life insurance companies that offer term life insurance policies without requiring a medical exam might not provide optimal coverage. For example, a life insurance company may refuse to provide your beneficiary with his or her cash death benefits if you passed away due to a particular health-related problem. This could creep up on you if you don’t read the fine print, and it’s also another reason why it’s so important to speak with a live life insurance agent rather than conducting the entire transaction online.
If you’re interested in purchasing term life insurance but are afraid of having a medical exam, wait a while first. Stop smoking, lower your blood pressure and cholesterol, and lose some weight. Not only will it help you pass a medical exam and get lower term life insurance premiums, but it will also help you stay health and alive longer!