Life insurance is something that we all need in order to protect our families in the event of our death. It is as necessary for future planning as a 401-k or retirement fund. The thing about life insurance is that most people will procrastinate. They will put off its purchase until they get to be in an older age group or have health problems.
Many people will turn to no-medical life insurance for the answer to their problem. This is not a bad thing if it is what you need. Getting life insurance can be a very time consuming act even for the best in health. No-medical can change that.
If you have a very busy life or simply just do not want to involve yourself in the hunt for life insurance try no-medical. There are pro’s and con’s to this type of insurance and we will take a look at a few.
PROS:
1. Faster- Most insurance companies can normally process your application in just a few short weeks.
2. Less Invasive- What this means is that since there is no medical exam if you have an illness that is not asked about in the health questionnaire, you will have a better chance of getting the coverage.
3. Simpler- It is simpler to get a no medical policy because you do not have to go to the doctor and submit to testing. All you will have to do is fill out a health questionnaire where you are asked about medical conditions and history of yourself and sometimes your paternal and maternal families.
Cons:
1. Less Coverage- Most people who purchase this type of life insurance usually purchase $100,000 or less of coverage. This is considered a small amount of coverage by most insurance companies.
2. Contestable Period- Most of the health questionnaires are very thorough and the company will review these answers supplied by you. If you have not told the truth your policy may be canceled.
3. Restrictive- There is groups of individuals that are considered high risk for these types of polices and are unable to get them. Usually, people over 50, some professions deemed to dangerous, and some people who have high risk hobbies such as skydiving are not eligible for these types of policies.
That said one should weigh the pros and cons and seek professional advice before choosing any insurance policy or company. Remember, life insurance is a partial guarantee of your family’s livelihood. If you have not purchased any then please do not be a procrastinator and get insured today for your family.