Term Life Insurance vs No Exam Life Insurance
There is an intense debate between those that prefer term life insurance and those that support no exam life insurance. We will present you their main features and let you decide which one is more suitable for your needs.
Term life insurance is a form of temporary financial protection. If the policyholder lives beyond the prescribed period, he will gain little or no financial benefits. Premiums are cheap, but only in the first years. They rise accordingly with a chart and a premium schedule. Usually they are renewed annually.
But on short term it provides the most beneficial method of economic protection. Premiums can be paid monthly, annually, biannually or quarterly. It does not have a cash build component and the beneficiaries will receive only the stipulated death benefits. Although this policy is pretty advantageous, not everyone qualifies for it. Companies accept client that are healthy, earn a decent sum of money and are not seniors.
No exam life insurance is more complex than term life. It is less restrictive and can be acquired by those that were refused by those who tried to get term life insurance. Seniors and sick persons are welcomed to apply for no exam policies. They can get temporary or permanent protection.
The policy type they will get depends on their age and medical condition, but they will get coverage. No med exam insurance provides multiple coverage options which can be accessed by people with various medical conditions. If a person does not have a chronic disease, just some temporary diseases or minor blood pressure problems, they can get cheaper premiums by accessing simplified issue no exam life insurance.
For more serious medical problems, other no exam policies are recommended. No exam insurance is processed in the same day of the application. You can include multiple riders to your policy. Premiums are a bit expensive, because the client has a greater risk of dying.
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