Non-Medical Vs Guaranteed Issue Life Insurance

By | August 19, 2018

Traditional life insurance policies give families financial support in the event of a loved one’s death. The benefits paid out by the policy help families cover the cost of funerals, real estate, financial loans, debts from medical bills and any other unexpected costs. The trouble is finding good life insurance quotes quickly for some families. Most people are reminded of a long drawn out process when considering buying life insurance. When planning for the future, most people would like to avoid the time consuming medical exams, specialized testing and numerous forms asking for details of current and family history. Guaranteed Issued Life insurance and Non-Medical Exam policies are being turned to as the alternative way to gain coverage without taking a long time or needing a complete medial history.

Non-Medical life insurance is one of the fastest ways to gain coverage without going through a traditional underwriting process. Traditional paramedical examinations will require multiple visits to a doctors office. Some people find it hard to keep the exam schedule. Others simply do not enjoy the examination process and are unwilling to go through the exam procedures. With some Non-Medical policies, only a few questions are necessary and applications that ask for a medical history only require basic information.

Guaranteed Issued Life policy benefits include acceptance and coverage without any health or medical issues being disclosed. This plan works well for those with pre-existing conditions that are excluded from traditional policies. People that have fears of doctors and medical procedures

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often choose this type of coverage. This policy also builds a cash value faster than traditional term life options. Policy holders who need emergency funds for unexpected life events can use this type of policy to borrow against. This plan gives the borrower options that can adjust the amount of payout or close out the policy at any time.

One of the downsides to both policies are the additional premiums that are paid to the insurance company. The premium cost goes up to compensate for the additional risk the insurance company takes by not having the complete medical histories for those insured. The premium costs are higher no matter if an individual’s health is considered in good status. The amounts paid out for these types of policies will not be as high as traditional term policies and the rates may swing during the life of a policy, making the rates fluctuate.

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