How do you Shop for No Medical Life Insurance?
It doesn’t matter how many dependents you have or how much money you make, in this day and age, you need life insurance. One of the easiest policies to get is a no medical life insurance policy, but just because it’s relatively simple to get doesn’t mean you need to do any less work when it comes to finding the right policy. You still want to find the right coverage at the right price from a company you can actually trust. Here’s a checklist to help you get started.
Why do you need this policy?
If you have a medical history, a pre-existing medical condition, a dangerous occupation (logging, sea fishing, roofing, etc.), a past driving conviction, or any anxiety about medical exams that prevents you from getting a traditional life insurance policy, then it’s important for you to know that you aren’t out of luck. With a no medical life insurance policy, you can still qualify for insurance—even if you have a medical history that includes heart failure, stroke, insulin treated diabetes, obesity, alcohol or drug abuse, bipolar depression, and cancer.
What you would like your policy to achieve?
Before you choose your policy, it’s important for you to give a bit of consideration to what you want your insurance to do for you. This may seem like an odd question—you want your no medical life insurance to provide your family with coverage in the event that you die unexpectedly—but there are a lot of different ways a life insurance policy can cover you. You can get no medical life insurance that covers your funeral arrangement costs and any outstanding mortgage/debts so you don’t have to leave your family with bills and expenses. You can also get a policy that will offset your loss of income for a selected period, as well as one that could contribute to the future education of your kids. There are also some policies and riders that can help you get coverage early in the event that you are diagnosed with a terminal or critical illness.
Do any of these options sound good to you? What about all of them? You can use online life insurance calculators to help you price out the different coverage options, so you can see how elaborate a policy you can incorporate into your budget.
Who would you like to insure under the life insurance policy?
The next thing you need to consider is who all your policy should cover. As you may have gleaned above, most insurance companies have a variety of insurance products and quite a bit of flexibility. This will allow you to sculpt the no medical life insurance policy that will best suit both your lifestyle and your family’s needs. That could mean a life insurance policy for yourself, or a joint life insurance policy for you and your spouse that directs the life insurance benefit to the surviving spouse when one of you dies.
Now that you’ve got all that, you’re ready to shop
But don’t rush off just yet! There are a few simple steps that will help you get even more out of your no medical life insurance plan. For instance:
Comparing life insurance quotesfrom multiple companies may allow you to find the product you want at a better rate based on how the company looks at your age, the product, and the coverage amount. Sites like https://nomedicallifeinsurance.ca/ provide this service for a minimal price or even free of charge.
Reviewing the life insurance broker’s availability (how easily you can get a hold of them and what their hours of operation are, as well as whether you can contact them via phone or email) can help you determine if their type of accessibility is going to work for you.
Reviewing the medical information required to obtain the policy can help you get a better premium for your coverage. The more medical information you are able to provide, the better your rates could be.
Choosing a life insurer with a high rating for stability and strength can help you ensure you are making a comparatively stable and strong decision.
Looking into limitations, such as those on age at the time of conversion, can help you ensure that you are choosing the best policy, both now and in the future.
Finally, choosing a life insurance broker you trust makes all the difference. You are relying on them quite heavily to find the right plan for you and to clarify any terms and details you don’t understand. Feeling comfortable with your broker is going to make you feel a lot more secure in your decision.
Alex Saltykov has a broad experience in advising insurance clients both in North America and Europe while he was working for one of the leading management consulting companies. His areas of expertise are insurance, innovation, IT, and operations.