No Exam Term Life Insurance Vs No Exam Whole Life Insurance
Article by Philippe Deray
So you entered keyword no exam life insurance and now you are being offered a large number of choices. 10 year term life, 15, 20 30 or even 40 years. Convertible term, not convertible term… We have found that, the most popular, no exam term life plan, is the 10 year term plan (most likely because it quotes the lowest). Be careful with the no exam term life insurance plans as they may not be convertible and once the term is over…well..it is over!
With no exam term life insurance, the most popular, the number one reason it is selected is rate. It is by far the cheapest type of no exam plan. It allows you to secure more coverage for less and thus, for at least a term period, may allow you to get the face amount that you need at an affordable rate. It is also perfect if all you need is coverage for a set period of time. Thus not wasting money on higher premiums with other plan types.
If no exam term life insurance is so popular then who goes for no exam whole life? Three basic groups. People who decide that they do not want to face very high premiums at the the end of a term plan (10, 15, 20 or 30 years or 40) and older people (seniors an the elderly) who just cannot get term life insurance unless they do an exam. The last group of people who select no exam whole life insurance are individuals who have or have had more serious health issues. Believe it or not, it is easier to get medically qualified for no exam whole life insurance than term life insurance. Reasons are pretty involved and beyond the goal of this article.
To recap, who should select what? Well, if all you need is short term coverage the term is the best. Or if you need a lot of coverage and cannot afford a whole life plan. If you need long term coverage or you cannot qualify for term because of age or medical history then whole life is the best choice. Please keep in mind that the amount of no exam whole life, as of this article writing, is much more limited than term. If you combine companies, you can probably secure up to ,600,000 in term as opposed to maybe 0,000 in whole life.
As always, please ask a lot of questions and carefully review your approved policy. Be well.
About the Author
Philippe Deray – About the Author:
Philippe Deray is President and CEO of MCD Financial Services and MCD Life. Our web site address is http://www.mcdlife.com
MCD Life is a successful, dynamic company built on the principal of serving our customers FIRST! Our primary mission is to bring peace of mind to our clients by offering innovative, value-added products and information that place emphasis on short and long term benefits, benefits backed by selected companies with high quality assets and written guarantees.
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We offer a variety of exam term life insurance and no exam no exam whole life insurance plans from top rated insurance companies. We are able to offer large amounts of coverage by carefully combining insurance company products.
Life Insurance for People with Bad Health Issues
With many years of experience in the insurance business, we have developed proprietary methods to help individuals with not so perfect health history, get affordable insurance. We offer term life insurance, whole life and universal life insurance. We will make this process as simple as possible and get you an answer as fast as possible.