No Health Exam Life Insurance
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It's true: you can get fast and easy term life insurance coverage without a physical exam. Many reputable insurance companies in the American market offer at least one high quality life insurance product that requires no doctor or paramedical visit, and no pushy salesman. For these products, all you have to do is answer a few simple health questions and, as long as you qualify, you can get high quality life insurance coverage in a matter of minutes. No insurance agent or salesperson will visit you at your home. No drawing of blood. It's life insurance the way it's supposed to be.
Why Choose Term Life Insurance?
Isn't A Whole or Universal Life Insurance Policy Better?
There's a reason why many insurance agents try to push potential customers into getting a whole or universal life insurance policy: because the agent will earn the biggest commissions with them! That's the simple truth. An agent may try to convince you that using a life insurance policy as a long term investment is a great idea, but, in the vast majority of cases, it's not. In fact, any agent in the United States who tries to sell a universal life insurance policy as an investment is breaking the law.
For most people, money invested in a whole or universal policy would perform better over time if it was invested in e.g. a Roth IRA.
Life Insurance: A Real World Story
The following story was donated to us by a regular visitor to the FedPrimeRate.com website:
Back in June of 2003, Lauren, my baby girl, had just celebrated her first birthday. It was a wonderful and happy time for me, but the milestone also prompted me to think about Lauren's future. If anything happened to me, I realized that my daughter was not protected. I did not have a crazy lifestyle marked by dangerous behaviors and/or reckless risk taking. But, one can never know how one will meet one's end. I was cycling a lot back then, and there would be times when a car would zoom by me on the road, moving way too fast and passing way too close to me. I was very much aware that one unlucky encounter with a careless or drunk driver could send me to my maker, in the blink of an eye.
Lauren's mother worked a full-time job, and made a decent living, but she was not smart with her money: she had no retirement savings and no idea how she and my daughter would survive if I suddenly died.
I started to do a good deal of research into life insurance. I had always heard that for a typical, middle-class family, a term life insurance policy was the way to go, but I had my doubts. Bottom line: paying premiums for years was something I would have to do no matter what type of policy I chose, but with a term life insurance policy, coverage would end when I reached a certain age. To me, term life didn't seem like a wise choice. I imagined myself paying a premium for 30 years, then dropping dead from a heart attack the day after the policy expired.
I spoke to Rick, a sales rep' at a large, financially sound and well known insurance company. I explained to him that I was new to life insurance and needed some guidance. Rick was very knowledgeable and friendly, and even offered to drive out to my townhouse so that he could sit down with me and explain my options. I took him up on his offer.
Rick stopped by the next day with a portfolio full of documents. I had lots of questions, and he answered all of them. He then presented me with a few options:
- A permanent or whole life insurance policy. This type of life insurance would cover me during my entire life, even if I lived to be 150 years old. I would pay a premium until I reached either 65 or 90, depending on the specific policy I chose. The policy would build a cash value over time, which means I could have access to cash in the future if I needed it for an emergency or a business opportunity. This type of policy sounded great to me, but it had one major catch: permanent policies are very expensive. I could not afford the premiums, so this option was out.
- Rick then explained that he could sell me a term life insurance policy, which would be the most affordable option, but he said I wouldn't be happy with it, since he knew from our previous conversation that I wanted a policy that wouldn't expire.
- Rick then explained that he could put together a custom policy for me, a hybrid policy that would offer the affordability of a term policy with the lifelong coverage of a permanent policy. He called this a compLife policy. He said that this type of policy would be a perfect for my situation. The death benefit would never go away, the policy would build a cash value over time and the premiums were reasonable.
I told Rick how much death benefit I wanted the hybrid policy to payout when I died, and he said he would have a proposal ready for me the next day.
Rick returned to my home the next day with a proposal and we went over the details. The premium of the hybrid policy he presented me was so reasonable that I decided to purchase a policy for my daughter as well. Rick explained that buying a policy for my daughter while she was a toddler would make it much easier and much more affordable for her to have a high quality life insurance policy when she became an adult.
I tried to convince the mother of my child to get a similar policy, but she refused. She said it would be pointless since she already had a policy through her employer. I looked over the details of her policy and found that her death benefit was a mere $40,000. I tried to make her understand that the benefit was way too small, but she wouldn't listen.
So I ended up with a hybrid policy for myself and a policy for my daughter. A few days after I signed on the dotted line, a lady, who I assumed was an independent paramedical hired by the insurance company, visited my home to take a blood sample (thankfully, she was good with needles!) and perform a few other tests (blood pressure, pulse, etc.) She also asked a number of health-related questions like do you now, or have you ever in the past, smoked cigarettes? and do you take any medications on a regular basis? and how often do you exercise each week? I didn't mind the exam, since it was essentially a medical checkup in the comfort and privacy of my own home. The health screening included an HIV test, which is something I like to do as often as possible anyway.
Fast forward to 2008. Having learned a great deal about insurance since 2003, and having performed my own crunching of the numbers, factoring in things like inflation and conservative estimates of my projected earnings, I realized that I should have just bought a term life insurance policy with a generous death benefit, and put the cash I would have saved into my business and my Roth IRA.
Since 2004, I had been making most of my money from banks, and the credit crisis which peaked during the fall of 2008 left me financially vulnerable. I cashed out of my hybrid policy in December 2008 (insurance folks call this surrendering a policy), and used the money as a buffer or cushion while I retooled and reorganized my business. It was the right move. I'll be purchasing a term policy just as soon as my income is back to 2006-2007 levels.
The mother of my child did not care that I had terminated my life insurance coverage. I don't mean to be negative, but here's what she actually said to me: I don't care about your life insurance, because the beneficiary isn't me. My sister was the beneficiary of the policy, because I knew that if something happened to me, the hundreds of thousands of tax-free dollars the policy would payout would be much better managed by my sister. I was 100% confident that my sister would take care of my daughter if anything happened to me. The mother of my child, on the other hand, would have spent it on cars, clothes and lavish vacations. Again, I am not trying to be negative, just honest.
I think -- and I'm basing this on my years of research -- a permanent or whole life policy is a good fit for wealthy, tax-savvy individuals who want to pass a certain amount of wealth onto their kids (life insurance proceeds are not subject to any federal taxes, and are also free from taxation in most U.S. states. However, if a death benefit earns any interest, then that interest -- and only the interest -- is taxable) But for everyone else, I think a term life policy is invariably the correct choice. I now believe that it's not wise to assume that your children are going to have a need to inherit a half a million dollars or more when they are grown up and working. My daughter will inherit some money and perhaps a business or two when I am gone, and, in my opinion, that's enough. The way I see it, if you want your kids to grow up with an air of undeserved arrogance, with no understanding of hard work and the satisfaction of achieving great things on your own, then yes: give your kids lots of money when you pass on to the next.
For me, the bottom line is quite simple: life insurance is an excellent way to ensure that your kids will be OK if something happens to you before they reach an age where they can take care of themselves.
Thanks for reading my life insurance tale, and thanks for the great website.
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Article Source: http://www.fedprimerate.com/life-insurance-no-medical-exam.htm