If you hate needles or don’t want the hassle of taking a medical exam, then a life insurance policy without the medical exam is a great option for you. There’s a slight difference in rates compared with other types of life insurance — because you aren’t required to have an exam — but everything else is essentially the same.
Therefore, this option is ideal for those who want coverage without the bother of scheduling a medical exam.
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 whole life policy may be the solution you need to ensure that your loved ones aren’t burdened with end-of-life costs.
Furthermore, this type of insurance policy is great for seniors and people who are unable to qualify for more traditional forms of life insurance. Because these policies are guaranteed acceptance, they’re a great choice for those who want to protect their loved ones from financial burdens such as burial expenses or debts that might be left behind.
In light of the increasing cost of funeral and burial expenses, we generally recommend a $25,000 guaranteed issue policy to ensure there’s enough coverage.
Accidents are the number one cause of death for people younger than 55, and they’re the fourth-largest cause of death for those older than 55. The good news is that accidental life insurance is super inexpensive. For these reasons, accidental life insurance is an essential policy to have.
AD&D coverage gives your family members the protection they need if you should die in an accident. Plus, there are no health questions, and same-day issue is available for most policies.
We recommend using a company that offers a return of premium and disability rider in order to provide additional benefits.
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. Additionally, wage earners buy life insurance to make up for lost income in the event of their early death, so their family members are protected.
Due to the high cost of whole life insurance, we believe that term life insurance is the best option for most people. But, whole/permanent life insurance does provide tax benefits, such as tax deferment of the cash value and the ability to avoid estate taxes. Consequently, permanent life insurance policies are attractive for estate-planning purposes and to those looking for a tax-favorable investment vehicle.