Tips On Buying A Life Insurance No Medical Exam Policy
The following are seven important tips on buying a life insurance no medical exam policy. Review each one carefully in order to make a well informed decision about the life insurance policy you choose.
- Don't wait until you really need the coverage. By that time you'll be that much older, you may be sick or you will have encountered a health issue that will cause your premiums to be much higher than you expected. That is of course if you can even qualify for the life insurance coverage. The point being, if you know you need life insurance coverage – DON’T DELAY!
- The highest financial rating doesn't necessarily mean better coverage. The important thing is to at least be looking at an "A" rated company. There is little, if any difference between one company's term policy and another, so basing a decision only on financial ratings won't always get you best rates on your life insurance policy. The highest rated insurers tend to be more conservative in their underwriting, so you may not be able to get their best rates.
- Buy a guaranteed term policy. Level Term life insurance offers you guaranteed rates for 10, 15, 20 or 30 years. Benefits will never go down and rates will never increase during the policy term.
- Choose the annual premium payment option, if you can afford it. Paying annually can save you up to 15%-20% with some life insurance companies versus monthly, quarterly or semi-annually premium payments.
- Don't smoke. Smokers are charged up to 2-3 times more for their life insurance coverage. If you want to save money on your policy, quit smoking. If you do smoke, most companies will let you re-apply for nonsmoker rates if it has been at least 1 full year from the last time you had any tobacco products in your system.
- If you're 35 years old, you're as old as 36 in the eyes of the insurance company. Most insurance companies round up to the next highest year when determining your age and because premiums increase with age that can make a big difference in your annual premium. So, if you're approaching 30 or 35 and you have thoughts of applying for a life insurance policy, don't wait!
- Choose the coverage amount that fits your needs and your budget. Since you can buy up to $1,000,000 of coverage without an exam, you may want to apply for that coverage now, if you qualify and can afford the premiums.
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Life Insurance No Exam Tips
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