Filed under :Term Insurance
Filed under :Term Insurance
We get a lot of questions about life insurance and medical exams. People seem to be confused by the purpose of a medical exam or just don’t want to go get one. Its usually inexpensive to get a medical exam and in many cases can be covered by medical insurance with certain carriers. You’ll quickly notice when you start getting life insurance quotes that exams are usually required. So lets get into just what is the purpose of these medical exams.
What is life insurance no medical exam?
Life Insurance No Medical Exam coverage is a type of life insurance policy that does not require you to take a physical exam in order to qualify for coverage, just answer a few health questions. Many life insurers require you to take an exam to qualify, depending on your age and the amount of coverage you are requesting.
One type offers coverage up to $30,000 with instant approval. However, the full coverage may or may not become effective until you have owned the policy for 1-2 years, depending on the insurer and terms of the policy. These types of policies are usually considered final expense or burial insurance policies.
Why do I need a life insurance medical exam?
A. There are many benefits of a life insurance medical exam The life insurance exam helps to pinpoint certain aspects of your health situation to determine your exact rate class. A simple blood test and urine sample measure cholesterol levels or screen for problems such as diabetes, liver or kidney disorders. By getting a clear picture of your health from your life insurance medical exam, the insurance company can place you in the most accurate rate class, which determines what you pay. This can mean a lower cost for your policy.
Insurance policies that require a medical exam are called medically underwritten policies. The policies that are not medically underwritten often cost more, because the medical risks are averaged across the board. If you are healthy, you essentially pick up the tab for someone who is not as healthy.
Do I need a medical exam to get life insurance?
With most life insurance companies, if you apply for life insurance you have to take an exam. The exam is not a major physical exam, it’s generally a very mini exam. A person comes to your home or your office, does blood and urine tests and sends them to an insurance company. They ask you several medical questions about your health: what kind of doctors you go to, if you’re taking any type of medications, and that physical exam is then sent to the insurance company underwriters. They look at your health history, they look at the results of your blood and urine chemistry, and then they decide if you’re a good risk or not a good risk.
To make an insurance claim for life insurance, assuming you’re the beneficiary, you would contact the insurance agent. The insurance agent would give you some suggestions. Number one, you need to get several copies of a death certificate, you might have insurance with two or three or four companies. Each company will want an original purple-inked death certificate, they don’t accept copies, they have to be an original. The second thing is they’ll want a claim form filled out, you’ll say who you are as the beneficiary, the cause of death, and you’ll submit that to the insurance company. If everything is legitimate and especially if the policy is over two years old, the insurance company could issue a check in two or three days. Sometimes they hold off paying the claim for a week or two or three weeks until the doctor gives an official cause of death because ultimately the insurance company has to make sure that they’re paying a claim to the proper person. For example, some beneficiaries have killed the insured to collect the money.
With most life insurance companies, if you apply for life insurance you have to take an exam. The exam is not a major physical exam, it’s generally a very mini exam. A person comes to your home or your office, does blood and urine tests and sends them to an insurance company. They ask you several medical questions about your health: what kind of doctors you go to, if you’re taking any type of medications, and that physical exam is then sent to the insurance company underwriters.
Filed under :Term Insurance
Life insurance has long been a part of estate planning in the United States. Although life insurance does not need to be a part of every person’s estate plan, it can be useful, especially for parents of young children and those who support a spouse or a disabled adult or child.
In addition to helping to support dependents, life insurance can help provide immediate cash at death. Insurance proceeds are a handy source of cash to pay the deceased’s debts, funeral expenses, and income or estate taxes.
Although you may not think about it, your ability to earn income is a significant asset. Life Insurance can help replace lost income in the event of your death. Here are some reasons people buy life insurance.
Contrary to what all too many insurance agents will tell you, you almost certainly don’t need to have life insurance for your entire life. You need it most when you’re a young adult with young kids, when you have yet to build up assets that your family can fall back on if something happens to you. If you die while your children are still in diapers, where’s the money going to come from to raise and educate them? Right: life insurance. Once they’re grown up, you no longer need it.
Life insurance has several purposes. Its most important function is to replace the earnings that would cease at the death of the insured. For businesses, life insurance is a way to protect key employees and the business itself. A third purpose is to use life insurance to pay potential estate taxes.
If you die during your earning years, your family could suffer a severe economic loss as a result of losing your current and future income. Unfortunately, your family would still have to pay its regular bills, the mortgage, and outstanding debts, and perhaps even continue saving for college and retirement. Unless you’re independently wealthy, achieving these goals may be virtually impossible for your family with the loss of your steady income. Life insurance offers a way for your family to continue living comfortably and without worry.
Life insurance has been a key component of estate planning. It can be very useful for financial planning, especially for parents of young children and those who support a spouse or a disabled adult or child. Alternatively, life insurance does not need to be a part of every person’s estate plan. For example, people who do not have minor children or financially strapped dependents may not need life insurance.
In addition to helping to supporting dependents, a life insurance policy can provide immediate cash at death to pay the deceased’s debts, funeral expenses, and income or estate taxes. Below are some key considerations to help evaluate your life insurance needs.
You need life insurance if people depend on you. If, for example, your death would cause an economic loss for the family or for somebody else, you could conceivably need life insurance, even if you weren’t married. As an example, you might have parents that you’re supporting; you might have a brother who’s ill and it’s your sole income that’s helping them with their life. So, people need life insurance if they can find that there’s a debt of some sort between themselves and someone else. Even people that don’t have that situation might consider purchasing term insurance, just because one day they might want life insurance and they may not be insurable.
Life Insurance is insurance for you and your family’s peace of mind. Life insurance is a policy that people buy from a life insurance company, which can be the basis of protection and financial stability after one’s death. Its function is to help beneficiaries financially after the owner of the policy dies.
It can also be a form of savings in the long run if you purchase a plan, which offers the option of contributing regularly. Additionally, a little known function of life insurance is that it can be tied in with a person’s pension plan. A person can make contributions to a pension that is funded by a life insurance company. These are considered private pension arrangements.
Life insurance can be categorized into two basic classes: temporary or term life insurance and permanent, which includes whole life, universal life, and endowment insurance. You can find out more about these different types of life insurance on our site. Also, make sure you have cheap life insurance; do an online life insurance quote through kanetix.com.
Life insurance is a contract, often called a �policy�, between you and an insurance company to provide money to a person you designate, in the event that you die during the time the contract is in force. In essence, during your lifetime you pay money, known as the insurance �premium�, to the insurance company. It promises to pay money to the persons you name, the �beneficiaries�, at your death. Some types of life insurance also give the policy owner the right to �borrow� a portion of the �cash value� within a policy, or to receive an �accelerated death benefit� if you become terminally ill or require confinement in a long term care facility.
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Life insurance can be a financial resource for your loved ones in the event of your death. You enter into a contract with an insurance company, which promises to provide your beneficiary(ies) a certain amount of money (commonly called a “Death Benefit”) upon your death. In return, you make periodic payments, known as premiums. The amount of the premiums generally depends on factors such as age, gender, occupation, medical history and whether you intend to build up cash value in your policy. Some life insurance policies require a medical exam.
Term Life Insurance (or “Term Insurance”) is the simplest form of life insurance, and is typically the least expensive. The premium is usually lower than other forms of insurance because no cash value is accrued.
There are two basic types of Term Life Insurance policies: Level Term and Decreasing Term. With Level Term Insurance, the death benefit stays the same throughout the duration of the policy, while the death benefit for a Decreasing Term policy drops over the course of the policy’s term.