Convenience. Simplified insurance is an option if you don't wish to have to go through a medical exam. A recent survey found that 47% Americans prefer life insurance with a simplified process.
These policies generally have higher premiums for the death benefit, usually capped at $25,000 or less. Many policies come with graded death benefits, meaning that if you die within the first two or three years after policy issuance, your beneficiaries may receive an amount equal to only premiums plus interest.
No medical exam is required to apply for guaranteed life insurance. Guaranteed-issue policies do not require you to answer any questions about your medical history.
A level term policy is the most commonly used type of death benefit. This policy means that the death benefit remains the same during the term of your policy. The benefit may also shrink over time. Usually, it is in 1-year increments.
Term life insurance makes it simple to compare life insurance quotes and to search for the right one. The premium covers you for the life of the policy, as long the premium is paid. Only three key decisions will be required: how much insurance coverage you need, for how long and with which company.
You do not need to take a medical exam in order to apply for guaranteed issue insurance. Guaranteed issue policies will only ask for a few details about your health history.
Sometimes, you can buy online life insurance without completing a medical exam. Term coverage doesn't build cash value. In general, term life is sufficient for most families.
There is no medical exam when you apply for guaranteed issue life insurance. Guaranteed issue policies require answers to only a few questions about your health information and medical history.
Most term life insurance policies have level premiums, meaning the payments remain the same throughout the policy term. However, some policies may have increasing premiums as you age.
How much term life insurance coverage do you need? It depends on your financial situation, income, debts, family needs, and future financial obligations. A good rule of thumb is to have coverage that's 5-10 times your annual income.
Many term life insurance policies offer a conversion option, putting you in control. This allows you to switch to a permanent life insurance policy before the term expires, usually without requiring a medical exam.