Hate needles or don’t want to be bothered with medical exams? Then a life insurance policy without the medical exam is a great option for you. There’s a slight difference in rates, but you aren’t required to have an exam. Everything else stays the same.
This option is ideal for those who want the coverage of a term insurance policy, but not the hassle of scheduled medical exams.
Just like with a traditional term life insurance policy, we recommend a 20- to 30-year term to provide the best coverage value. These rates will be locked in over the life of the policy.
A low-benefit whole life policy may be the solution you need to ensure that your loved ones aren’t burdened with end-of-life costs.
This type of insurance policy is great for seniors and people who are unable to qualify for more traditional forms of life insurance, who want to protect their loved ones from the financial burdens that might be left behind.
Given the increasing cost of funeral and burial expenses, we recommend a $25,000 guaranteed issue policy to ensure there’s enough coverage.
Understanding the Different Types of Life Insurance Policies
While there are different types of life insurance policies, they all accomplish the same goal: pay the death benefit to the policy holder’s beneficiaries. Wage earners buy life insurance to make up for lost income in the event of their early death, so their family members are protected.
We believe the majority of people are best served by purchasing term life insurance. However, life insurance also provides tax benefits such as tax deferment of the cash value and tax-free payment of the death benefit. This makes permanent policies attractive to those doing estate planning or looking for a tax-favorable investment vehicle.