People with this thought tend to shy away from a life insurance policy, especially those with chronic medical conditions.You will not be obligated to go through medical examinations by any life insurance provider before you are able to purchase life insurance policies. The only situation your life insurance provider will need to know about your health condition will be via face-to-face discussion with your provider and the filling of your data on the policy form or template they will provide the policyholder. You will have to be honest about your health condition to them; however, they may terminate the policy you are about to purchase if you refuse to provide information about your health condition.
The coverage from life insurance policies primarily results from a contract or an agreement between two parties; the insurance provider and the insured, also known as the policyholder. The insurance provider will promise the financial protection of a specific beneficiary chosen by the policyholder after they pass away; this benefit Is called death benefits.
The only way this coverage can be effective is dependent on the policy holder’s premium. A premium is the amount of money the policyholder will be required to pay monthly and yearly on a regular basis. Hence, if the policyholder refuses to pay their premium, the beneficiaries of their choosing will not be qualified to receive the death benefit after the policyholder passes. Furthermore, the beneficiary is not necessarily an individual but may include more than one person. The policyholder may choose an organization to be their beneficiary.
The most common types of life insurance policies you can get without a medical examination are term life insurance and whole life insurance.
Term life insurance
Term life insurance is an affordable type of life insurance policy that may only be active for a specific period known as the “term” of the policy. The specific period a term insurance policy may last before its expiration usually ranges from ten years to thirty years; the coverage length, which is the particular term of your policy, will be determined by the insured and not the life insurance providers.
In this type of life insurance policy, the insured will have to pass before the end of the coverage length they purchased. However, if the insured doe not pass before the coverage length of their term life insurance policy ends or expires, they will be required to find ways to continue the coverage. Because the policyholder refuses to continue the coverage, the beneficiaries of their life insurance policies will be denied death benefits.
There are specifically two different options the policyholder will be provided if they decide to continue their coverage after their term life insurance policy ends when they are alive. The most common of them involve the purchase of a new term life insurance policy. The second method involves the conversion of an expired term life insurance policy to whole life insurance. It is, however, not a universal method because all life insurance providers do not offer it; hence, you will need to speak to your insurance provider to inform you about any possible option.
Whole life insurance
If you prefer the benefits that come from a policy that lasts forever than a specific period seen in term life insurance policy, a whole life insurance policy will be best for you. At the same time, a life insurance policy stays active throughout the policyholder’s life, as long as they pay their premiums charges on a regular basis.
The premium a policyholder pays is usually split in two to provide them with death benefits and life benefits (when the policyholder is alive). The first part of the premium is directed to the specific beneficiary—which is usually the family or loved ones of the insured—to provide financial assistance to their family, unpaid medical bills & mortgages, and funeral expenses, in the form of a death benefit.
The second part of the premium will be directed to savings or investments in the form of cash value. The policyholder can access whenever they have financial issues that demand immediate attention, such as paying for your life insurance policy.
The competitive market provides several life insurance companies that primarily differ in their monthly and yearly premiums, coverage cost, and age requirements. Among the plethora of life insurance companies or providers, the best options include:
Sproutt: Sproutt is known for the provision of connection between the soon-to-be policyholder and insurance provider that will suit your requirements and budget. This primary function of Sproutt makes them one of the prominent independent insurance brokers. The age requirements, coverage amount, and starting rate a Sproutt involves are twenty-five to fifty-five years of age, $50,000 to $4,000,000, and $9 per month.
Bestow: Bestow is one of the best life insurance providers or agency that offers coverage without a medical examination. The age requirement for Bestow range from twenty-one to fifty-five years of age, a monthly starting rate of $8. The coverage amount they offer ranges from $50,000 to $1,000,000.
Furthermore, the coverage Bestow life insurance provider offers specifically a term life insurance policy, which may be a short term or long-term policy depending on your need.
Quotacy: Quotacy is one of the best options of life insurance companies that offer coverage for only one type of life insurance policy—that is, term life insurance policy. However, the age requirement for their policy ranges from eighteen to eighty years of age, with a coverage amount that ranges from $50,000 to $25,000,000.
Ladder: This is one of the best life insurance providers prominent for their flexibility. Deteriorating health conditions and age can not influence the premium charge they offer. The age requirements for this insurance company ranges from twenty to sixty years of age, with a coverage amount that ranges from $100,000 to $8,000,000. Furthermore, if you feel this type of insurance provider does not suit your requirement, you can cancel your policy and receive a refund within your first thirty days.
Fabric: Fabric is also another option of life insurance providers that specifically offers term life insurance policy with a coverage amount that ranges from $100,000 to $5,000,000 to several individuals that are twenty-one to sixty years of age.
These are among the best of all other life insurance providers or companies you will be able to purchase their policy without requiring medical examinations. You can, however, apply and check the quotes of their policy online.