Life insurance is something most of us will consider purchasing at some point in our lives. Taking out life insurance ensures that your family and loved ones will be cared for financially in the event of your death, and is a good option for members of families with only one income earner.
However, the process of getting approved for a life insurance policy can be very difficult, especially for older applicants. Many insurers request that applicants undertake a medical examination before issuing a policy, and the older you are, the less likely you are to be approved for insurance without an exam.
Aside from the obvious costs of attending a doctor’s appointment, having blood drawn, etc., many applicants for life insurance become concerned at the prospect of a medical exam for fear of failure.
The best means of getting life insurance without a medical examination is by applying for minimal cover at a young age. Although it depends on the insurer, some companies will allow those under the age of 40 to take out up to $100,000 worth of cover before requiring a medical.
Those over 40 are still able to escape an exam by applying for a lower level of cover – some insurance companies will still allow 50-year-olds to take out up to $10,000 worth of cover without sending in the paramedical.
Another way of getting life insurance without an exam is by applying for cover with an insurer that does not require medical examinations. While these insurers still often request medical histories from applicants before issuing policies, no-exam life insurance companies will not request medical examinations from applicants under most circumstances.
However, the terms and conditions attached to insurance policies issued by no-exam insurance companies often differ greatly to the terms of policies issued by traditional insurers. For example, most no-exam insurers will not pay a benefit should the cause of death be determined to be as a result of a pre-existing medical condition.
However, many traditional insurers will often pay benefits to deaths caused by pre-existing medical conditions, especially if they were identified in a medical examination requested by the insurer before issuing the policy. In this way, those cautious of medical exams should be careful before jumping at policies issued by no-exam insurers.
Ultimately, while it is often desired to take out life insurance without a medical examination, doing so can be difficult and has risks attached. Before taking out a life insurance policy with any insurer, it is important to read the insurer’s policy terms and conditions or ‘product disclosure statement’ very carefully and query any terms that may seem unclear directly with the insurance company.
Doing this can save a lot of hassle, later on, should your family need to claim your policy. Life insurance is a serious investment and, while most policyholders would hope that a benefit would not need to be paid for a long time to come, it is important to be prepared for the unexpected.
Finding Best Life Insurance Deals For A Smoker
If you smoke, and you are trying to get life insurance, you may have to pay a pretty penny. Finding the best life insurance deals may seem really hard. But it is not impossible. Here are some tips on finding the best life insurance deals if you are a smoker:
This may not be what you want to hear, but the facts are that smoking cigarettes will vastly decrease your lifespan. And if you quit smoking, and stay off cigarettes for good, you could see a decrease in your life insurance rates starting when you are smoke-free for a year or two.
By the time you are tobacco-free for five years, your life insurance rates could potentially be close to what somebody who never smoked is paying, depending upon your individual situation.
Tell the truth
Let’s suppose you would like to quit smoking, but have been unable to so far. So you think it will be okay to put non-smoker on your life insurance application because you should eventually quit, right? Not a good idea. The reality is that you may have to take a blood test as part of the medical exam for getting life insurance and that this generally will include a test to see if you have tobacco in your system.
So if you pretend to quit smoking, and you don’t actually quit, chances are that the life insurance company could find out the truth and cancel your application and/or your policy.
Besides, keep in mind what could happen if you don’t tell the truth. If you don’t tell the truth about your smoking, and you die within the first two years of the policy of a tobacco-related illness, such as emphysema, lung cancer, or another related illness, the life insurance company has the right to cancel the policy.
That means that your beneficiaries may not potentially see any proceeds from your policy. That is not what you want to have happened. So tell the truth.
Look around for the best life insurance deals
You are generally going to have to pay more for life insurance if you are a smoker. But that does not mean you have to take the first life insurance policy quote you receive. Instead, shop around, and make sure you are getting the best prices. These days, you can get a variety of life insurance quotes online, at the click of a mouse. So go here for more information about life insurance.