When Do You Need No Medical Exam Life Insurance?
An important component for every estate planning is life insurance. This type of contract bestows financial protection for the policyholder and its direct beneficiaries. After the death of the policyholder, these beneficiaries can file a claim and request the promised financial support.
The insurer is bound by laws to examine the claim and if all requirement are met, to deliver the adequate sum of money. Unfortunately, not all people understand the undeniable value of life insurance. They either refuse to buy it, or they think about purchasing it when they are old or sick. But when do you need no medical exam life insurance?
Let us understand the basics of no exam life insurance. This policy is extremely fast to process and it provides medium values for coverage. Usually the maximum value is around $300.000. That is more than enough to ensure that your family will live decently for a period of time after your death and they will be able to pay for your funeral and all other expenses.
No exam policies are processed in a couple of hours and are ideal for persons that are very busy and they cannot afford spending time in various medical clinics. Furthermore, this policy provides coverage for sick persons and seniors.
So, you need no exam life insurance if you are old and nobody else wants to ensure you. Being a person over 50 years old make it difficult to get insurance. This is not the case, but still, if you are around the age of 75 years old, even no exam life insurance companies will hesitate to provide insurance.
Secondly, you will need this insurance if you have recently diagnosed with a chronic disease and you will need treatments in the future. Also, you can get this insurance if your religion does not allow you to offer blood samples for medical tests.
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