No Medical Exam Life Insurance vs Term Life Insurance

Choosing a life insurance plan is very important. Life insurance provides financial security for you loved ones. One day, your family may even depend on insurance proceedings. This means that choose the right policy is very important.

managing problems in lifeTwo popular policies are no medical exam life insurance and term life insurance. Both provide financial relief, but which is the best one?

Term life insurance

Term life insurance is the cheapest policy available. It is a flexible plan that provides temporary coverage. You can choose the insurance period, which can be from one to 30 years. Since it’s a temporary policy, you will only be covered for the duration of your plan.

Term life insurance can guarantee a high value death benefits sometimes exceeding one million dollar. The riders that you can purchase with a term policy can make a plan very profitable. Purchasing temporary life insurance is one of the best ways to financially secure your loved ones.

The biggest downside this plan has is the complicated application process which makes it difficult for seniors and people who have health problems to qualify for a plan. In order to purchase a plan, you have to go through various medical examinations which can take a lot of time.

 No medical exam life insurance

If you want life insurance fast without having to visit doctors, you can apply for a life insurance policy that doesn’t require medical examinations. It is possible to get life coverage this way, but with certain limitations.

These plans have a big advantage over term life insurance: they are easy to get.  The whole application process can be completed online as all you have to do is answer some simple questions. This is a convenient way to get insured.

The downside is that these plans are more expensive and they offer limited coverage. Simplified issue plans, for example, guarantee a maximum death benefit of $300,000 for an insurance period of up to 30 years. Permanent plans like final expense insurance offer even a smaller coverage amount: maximum of $50,000.

In order to find the best life insurance plans, you have to compare quotes and read as much as you can about different types of life insurance. Visit our website for free quotes and tips!