If you are interested in non-med term life insurance without the hassle of medical underwriting, a physical, blood-work and/or delays – there are policies available for you. Many companies now offer non-med term policies; also known as simplified issue term life insurance.
These policies are appropriate for those who might be in less than perfect health and for those who would rather avoid the time and frustration of medical underwriting. Applying for coverage is simple and policy turnaround is very quick with most applications.
There are a handful of companies that offer such policies and there are limits on the face amount of insurance that can be purchased from each one. The maximum amount that can be purchased from most providers is $350,000 in death benefit per insured.
More invasive underwriting would be necessary if you wanted a larger face amount. You can, of course, purchase multiple polices from separate carriers in order to increase your overall insurance coverage.
Policies can be purchased for terms of 10, 15, 20 and 30 years respectively. Of course, you are always free to cancel your policy at anytime if you so choose. There are several benefit riders that can be attached to your policy including; critical illness, disability waiver of premium, disability income, and/or additional persons coverage for a spouse or children.
To be clear; your best insurance rates will almost always be obtained when you are medically underwritten. However you may not wish to subject yourself to the process for any number of reasons. Non-medical term life insurance will be more expensive, but it is certainly not cost prohibitive.
Term policies can be used as a stop gap measure if you find yourself in a transitional period of time. Perhaps you are working toward better health and want to purchase a life policy that will buy you additional time. In the future, you can always purchase more term insurance through traditional underwriting methods and cancel the old policy.
In summary, simplified term life insurance is a quick and painless way to purchase a life policy that will protect your loved ones in their time of need. It will also give you peace of mind knowing that you have financially provided for those closest to you. In any form, term insurance is the most cost effective way to insure a stable future for those who depend on you.
If you would like to view simplified issue or traditional term life insurance quotes, please contact us today and we can discuss all of your options. At Hyers and Associates, Inc we work with several life insurance providers and can recommend the most suitable plan for you or your family.
Category: Life Insurance