This article covers Affordable Life Insurance No Medical Exam No Waiting Period.
Whole-life insurance is a form of permanent life (cash-value) insurance.
Compared to term insurance that has a contractual expiration date and only handles death benefits, whole-life insurance covers you for your entire life and contains an investment component as well as a death benefit.
A whole life policy calculates your premiums based on your actuarial risk at the time you purchase the policy, with an overage to be invested to build cash-value (and of course to compensate the insurance salesman). These premiums stay the same throughout the life of the policy.
Premiums for whole life policies in the early years are considerably higher than for term policies providing the same death benefit. However, premiums for term policies and their renewals will increase substantially in later years as your actuarial risk rises, creating a crossover point of affordability.
Many experts do not recommend buying a whole-life policy, arguing that you would be better off buying term insurance and investing the difference. In that case, your expected greater return on investment can blunt your higher insurance premium costs in later life.
However, there are cases where whole life insurance makes sense.
Long-Term Policy Preference – If you just want to provide coverage for your entire life and never have to worry about renewals, whole-life may be for you. Once you reach a certain point of cash-value, you can apply it against the premium payments and have fewer regular payments to worry about.
The payoff point for whole-life policies can vary, but 15-20 years is a reasonable estimate. The worst thing you can do is to cancel your policy within the first ten years – unfortunately, around 40% of whole-life consumers do just that.
Because of the lower cost of term insurance when we are younger, and the long return time of whole-life insurance, there is a sweet spot between early adulthood and into middle age where either purchasing a whole-life policy or converting a term policy to whole-life makes sense. If you wait too long to convert to whole-life, you are unlikely to live long enough to reach the payoff point.
Saving/Investment Concerns – If you lack the discipline to save money on your own, lack investing acumen, don't like managing your own investments, or have been burned by past investment cycles, you may prefer the security of a guaranteed return from a whole-life policy.
The return will be considerably lower than stocks – usual guarantees are 2-4% with typical returns of 3-6% – but it is better than following poor investing principles like chasing hot stocks.
Portfolio Fit – If you have other investments that meet your growth components and you have maxed out your 401(k) and other tax-advantaged contributions, a whole-life policy could fit well into your portfolio.
You could easily fill this need with other conservative investments such as savings bonds, but if you need life insurance as well, whole-life is a reasonable choice.
Children – Buying a whole-life policy for your child early in life can provide coverage and significant cash value. They may be able to pay premiums completely from the cash value component in adulthood. This is not the highest return you can get for your children, but it is secure.
Your main decision point on whether to go term-life or whole-life will be in the early adulthood years, just when your cash is pulled in many different directions: mortgage, car loans, investments, retirement planning, not to mention starting a family. If you prefer the security of whole life compared to the control and responsibility of managing your own investments, then consider a whole-life policy, but do it early enough in life to receive the benefits and stick with it.
Car Insurance Online vs. Agent One thing you should know about car insurance is that it’s regulated at the state level. Each state has its own car insurance expectations, but it’s now mandatory on some level in every state. Massachusetts was the first state to make car insurance mandatory way back in 1927.
These days, all states require motorists to carry at least liability insurance. We’ll go into more detail later. But for now, know that this is the type of insurance that generally protects other people’s property and physical damage should you cause an accident.
All states require basic liability coverage. But their requirements can vary dramatically. Arizona’s requirement, for instance, is 15/30/10. But Idaho’s is 25/50/15. What do these numbers actually mean? Let’s start there, and then we’ll move into other options you can pay for when it comes to car insurance.
Liability insurance is the type of insurance states require drivers or vehicle owners to carry. This type of insurance covers someone else’s expenses if you cause an accident. We’ll talk later about the type of insurance that covers your own expenses. For now, know that this basic insurance basically acts as financial protection for other drivers. If you cause an accident, your liability insurance will cover two things: bodily injury and property damage.
So if you get into a minor fender bender that causes the other driver to get whiplash, your liability insurance will cover repairs to the other driver’s vehicle and their doctor’s visits to have their neck looked after.
Life insurance is something that almost all people know they really should have—but don’t. Simply stated—people never like thinking about the possibility of their own death. However, many people can get past this uncomfortable thought because of their love for their family and the desire to make sure they are financially secure in the event of some tragic event. What most cannot get past, however, is the medical exam that is typically required prior to a policy being issued by the insurance company. Well, for those people who want to take care of their loved ones but don’t want the hassle of a doctor’s visit—there is “No Exam Life Insurance”.
Get Affordable Life Insurance from Top Companies
Our service gets you connected to the top life insurance companies in the country and lets you choose the one that best fits your needs and budget. We have over 100 companies with agents represented in our network.
Choose from Many Types of Affordable Life Insurance - Because we work with so many carriers and brokers in all 50 states, we can provide quotes for policies that can fit any special need or budget. Whether you're looking for term life coverage, whole life coverage, variable life insurance, or any other type of plan, we can help. We also can provide quotes for no exam policies, high-risk life insurance, life insurance for seniors, child policies, and more.
Get Up To $1 Million in Coverage with No Exam Required
One of the easiest understood forms of life insurance out there is guaranteed whole life. While cheap term insurance remains a popular choice for many younger families, once people reach their 40s and 50s they often begin thinking about insurance that won’t expire or increase in price, and so they think about whole life insurance.
Even though it’s popular, many people still need a whole life insurance explanation. If you are considering buying life insurance, the following whole life insurance tips given in question and answer form will help you determine whether or not whole life is right for you.
Q. Should I buy life insurance as part of my funeral preparations or should I just pre-pay for a funeral?
A. For uninsurable individuals with pre-existing conditions, prepaying for a funeral or purchasing pre-needs insurance from your undertaker is a good solution to an uncomfortable dilemma. If you are insurable then whole life insurance will provide you with more flexibility in both cash values (which give you borrowing power) and in naming heirs. Prepaid funerals are not always a good investment, especially when you consider the fact that you can surrender whole life insurance policies and take your cash values but you can’t with a prepaid funeral.
Q. Why should I get insurance when I have enough assets to fund my final expenses?
A. If your assets are ample enough that your heirs won’t have to struggle to pay for final expenses, don’t rule our life insurance entirely because a death benefit can enable your heirs to pay other expenses such as estate taxes. Life insurance is paid out tax free and does not go through probate so it offers a direct cash infusion to your heirs while the rest of your estate goes through the courts.
Q. Term insurance is guaranteed renewable so what is the benefit of more expensive whole life policies?
A. It’s true that term is renewable but it does not renew at the premium you originally were offered. Instead, you are given a premium that is relative to your attained age. Furthermore, after you reach age 75, your premium will most likely increase every year. When you get whole life insurance premium rate comparisons from several companies, you can make sure that you are getting an affordable premium that stays for the life of the policy.
Q. How fast does the cash value in a whole life policy to accumulate?
A. Traditional whole life cash values equal the face value of the policy when the insured reaches age 100.
Q. How stringent is the medical underwriting for a whole life policy?
A. The rules vary between companies but if you choose a modest face value—less than 50,000, for instance—and don’t have any chronic health problems, you may qualify for an "easy issue" policy. These policies ask for your health conditions over the past three to five years only and might not require medical records. The advice of your broker can be very valuable when choosing a company with easy underwriting standards.
Q. What if I die unexpectedly right after taking out the policy? Will it still pay out?
A. Yes, as long as you did not purposely or accidentally leave information out on the application. Insurance companies have a two year "contestability" period during which they can explore your medical records after death and determine whether or not you left any information out that would have caused them to decline you. If there is no reason found that would have resulted in a decline, they will pay the face value to your beneficiary.
Q. What if I can't pay my premium?
A. If you cancel the policy you'll receive the cash value it has accumulated minus any surrender charges. You may also have the option of taking "reduced paid up" insurance which means you'll receive a paid-up policy of whatever face value your premium has purchased at that time. You will not have these options with a term policy.
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