No Exam Term Life Insurance
No exam term life insurance offers many short and long term options. Plans can be available for as long as 40 years in rate guarantee. Nevertheless, the ten year no exam term life insurance plan seems to be the most popular. And the state of the economy does not seem to make that much of a difference either. When it comes to life insurance, it seems that people tend to want to pay s little as they can in premiums.
When selecting the no exam term life insurance plan, of course, the monthly premium is important but what will happen in ten years (if you select the most popular 10 year plan) when the policy guarantee period expires and your rates are much higher than you originally paid. I am certain that you will feel that your rates are important then too. Now, if you really are on a very tight budget and all you can only afford a 10 or 15 year term, then, by all means, do that. But if your budget can handle the higher premiums, I strongly recommend that you lock in your rates for as long as is available (which with term life, usually is 30 years). We have seen situations were a 30 year old had the option to pay either /month for a ten year guarantee, no exam term life insurance plan or /month for a 30 year plan, and he/she selected the 10 year plan to save money. That is simply irresponsible and crazy. When that same young fellow is further advised that the 30 year plan would be a much wiser choice, he/she often replies that he/she will probably make the switch to a longer plan in a year or two. Problem is, he/she never does and at age forty, he/she still has that 10 year plan and is now facing much higher premium payments!
Which no exam term life insurance plans are best?
Here is what you should simply consider when trying to decide which plan to select:
How many years of coverage do you need? Whatever you come up with, always add another 40% to the number you come up with as you will probably be way off. Please don’t decide how many years of life insurance you need by the length of the mortgage you just took out? Your need should be based on year of income replacement needs. After all, your income is the one paying the mortgage.
How much coverage do you need? That is a very important part of your decision. That is one part of the decision where, if you need 0,000 in no exam term life insurance and all you can afford is a 30 year, 0,000 plan, then forgo the 30 year plan and even select the 10 year plan to make sure you can afford the face amount you need. By the way, a basic face amount is your net income times 18 if you are under 55 or your income times 10 if you are over 55. More on that in another article. Don’t worry you are really not likely to be over insured. And if you are applying for too much, unlike what many may think, the insurance company will let you know by denying the full amount you are requesting.
What happens if you are not in good health. Then which plan is best?
Again, for the most part, the advise above applies. One thing you should consider though. If you do get approved for no exam germ life insurance and you got a good deal, more than any other person (in good health), you should select the longest no exam term life insurance plan available. In this case, even if it give your budget an extra stretch. Why do I say that? Simply because, if you are not in good health today, you are not likely to be in any better health tomorrow. Which means that your rates are really going to go high when it is time to renew that term policy beyond the guarantee period. As a matter of fact, you may even want to consider a no exam universal life insurance instead of no exam term life insurance.
So, please, when it comes to no exam term life insurance, just because it can be placed in force fast and, in many cases, easily, does not mean that, your decision to select the right plan, should be rushed.
And as we say in all of our articles, ask, ask ans ask more questions. Be well and live a long life.
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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