Life insurance is divided into two main categories - term insurance and whole life insurance. Term insurance is a simple death benefit with no savings component and can be taken for a fixed period starting from 1 year and going up to even 30 years. The insurance rates are quite affordable and each individual can choose a coverage amount after calculating all future expenses. If a policyholder does not die within the period of the policy, then instead of allowing it to lapse, he can opt for a renewal or convert it into a whole life insurance.
Under whole life insurance, you have universal life insurance, endowment policies and such. That last the whole duration of a persons life are long term policies. The rates are much more than those of a term insurance policy hence. For this policy a person who wishes to let the insurance company do part of the investments can opt. They must realize that they do not have control over where the insurance provider invests his money and this can result in a loss in case of a stock market crash and the money has been invested in stocks and shares however.
On their own most people prefer to opt for a renewable term insurance and invest any extra savings. They have control over their own savings and can opt for safer investment options with lower interest rates or go in for high risk investments that offer more interest in this way. At least they have control over their portfolio instead of leaving it to a third party whatever they choose. Make sure you ask for both types of insurance policies, for only then can you make an informed choice hence, when getting a life insurance quote on line.
To get the right policy or complete medical exams many people remain uninsured because they do not have time. They can now sit at home and find the right policy for their needs and if they do not want a medical exam, they can opt for term life insurance no medical exam with the advent of the life insurance quote on line. Some of the salient features of this type of policy are listed below:
No tests and processing delays
Competitive rates for certain age groups
Those with minimal medical issues can get coverage
Death benefits available up to $350,000
Policy is instantly approved often within 24 hours
Simple online application process.
Two reasons why term life insurance no medical exam is popular is that it is practical and convenient. Not much paperwork is required and the entire process can be completed electronically. Many people who will normally not get coverage like nicotine users, obese people, those with high cholesterol or high blood pressure will be eligible for term life insurance no medical exam. Just waiting at a doctors clinic for a paramedic to take blood and urine sample is enough to upset many people and put them off taking an insurance policy.
One type of term life insurance no medical exam is the guaranteed level term insurance that can be taken for fixed periods like 5- 40 years. The holder can covert the policy within the first 10 years, or when he is 65 years whichever is earlier. There are many valuable riders that come with this type of policy like accelerated death benefit, waiver of premium, return of premium, accidental death and dependent child. These riders and coverage terms will vary with different insurance companies and studying different online quotes will reveal these differences.
Term life insurance no medical exam can be processed quickly with the minimum of hassle is that the combination of the Internet and new underwriting methods means. Budget and coverage period are provided, the company agent can help give a really affordable insurance policy to the applicant once the medical history. It is better for a person to get this policy rather than remain uninsured while it is true that term life insurance no medical exam is more expensive than a policy that requires a medical exam.
However, don't opt for this just because you are lazy to undergo a medical exam. A young person in reasonably good health can get affordable term insurance after undergoing a medical exam. Those who can change their lifestyle stop smoking, drinking or taking drugs must opt to do so and then attend a physical. This will get them cheaper life insurance and improve their overall health too.
Article by David Livingston of EQuote, who is a specialist in everything life insurance. For more information on insurance life and term life insurance, visit his site today.
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