Affordable Life Insurance Protection for Your Family
Are you in need of life insurance and wondering if you’ll be required to take a physical exam in order to purchase your life insurance policy?
If so, we can help. When it comes to buying term life insurance there are two types of plans available: Fully Underwritten and Non-Medical policies.
We will review both types of term insurance to help you better understand your options, and to help you choose the coverage that is right for your personal life insurance needs.
Yes, there are term life policies with no health exam needed, but many plans may require a physical or paramedical exam, depending on your age and health.
Types of Term Life Insurance Policies
Fully Underwritten Life Insurance
Usually, a fully underwritten life insurance policy will require your medical records, and that you take a paramed exam.
If you have serious health issues, or you are over 60, you may be required to have a full physical from your doctor.
Make sure you have a list of all your doctors and contact information; as well as, a list of all prescription medication you take.
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Non-Medical Life Insurance
A no medical life insurance plan means you won’t have to take a physical examination to get approved for your policy.
Basically, you apply online by answering some health questions and the insurer bases your approval on your answers to the health questions; as well as, some information they may access about your driving history and medical records, to assist them in verifying your health and your lifestyle.
Top Pick – Haven Life Insurance Agency
Haven Life uses the information provided in your application to make an instant decision on your application. Healthy, qualified applicants (based on the information provided in your life insurance application) can be insured immediately with no medical exam while other applicants can receive immediate coverage pending a medical exam.
Applicants age 60-64 are eligible to apply for up to $1 million in coverage; subject to underwriting approval.
Some qualified applicants (U.S. citizens up to the age of 59) will be able to finalize coverage without the need for a medical exam. The majority of applicants are still required to take a medical exam.
Keep in mind: Issuance of the policy or payment of benefits may depend upon the answers given in the application and the truthfulness thereof.
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Term Life Insurance Explained
Term life is temporary protection lasting for a specified period of time, usually up to thirty years.
When selecting your term insurance policy, you may choose a period of coverage that meets your specific needs, from 10, 15, 20, 25 or 30 years.
The longer your term of coverage, the higher your rate per $1,000 of life insurance protection, because your chances of passing away are greater the older you get, and the longer you have your life insurance coverage "In Force".
If you (the insured person) pass away during the term of your coverage, the insurance carrier pays out the death benefit to the person or persons you choose as beneficiary of your life insurance policy.
The death benefits are usually paid out free from any federal income tax. The beneficiary may use the money from your life insurance as they see fit, for any purpose they wish.
If you are alive when your term life insurance policy expires, the coverage stops, and there is no payout of the death benefit from your life insurance.
If you still need life insurance when your policy will expire, you may have the option to renew your coverage for another term, usually up to 10 years.
The new premium charged for the renewal policy will be based on your age at the time you renew your coverage.