No Medical Examination $100,000 Life Insurance Policy

Contrary to what many people believe, having life insurance in place is not all about ensuring that when you pass, your family is super rich. It is more about that they are financially sound and in a place where they can afford to at least maintain their current lifestyle, however lavish or poor it may be. And with life insurance that does not require you to complete a medical exam, it is so easy to quickly get it up in place and protect your family. You can check out the cost of doing so right here.

Who Needs a Life Insurance Cover?

There are a number of different people that would benefit by getting this level of coverage in place, no more so than those single parents with young children out there. This is because they have the sole responsibility for these dependents and should anything happen to them it is important that their children are not left in financial hardship. After all, looking after kids can be expensive and that is even before they decide that they want to go to college later in life.

However, it is not just those adults with young dependents that need life insurance. Those without them also need something in place should they unexpectedly pass away, as someone will have to pay for the cost of their funeral service and all of the associated costs, such as a headstone. This is why you see many GoFundMe accounts setup for individuals like this who never thought they need to insure themselves just because they do not have any dependents.

Those individuals who work as freelancers and bring in either all of the main part of their income through this method of working also need to ensure that they rightly protect their family. This is because if they pass away then the income coming in goes to nothing and no family is able to survive on that. Also, anyone who owns a recreational vehicle (RV) should also think about getting $100,000 of life insurance. This is because the average RV costs in the region of $100,000 and so your family needs to be able to make the payments should you pass away unexpectedly.

What Can Life Insurance Be Used To Pay For?

In addition to the things already mentioned them money received on payout for a life insurance policy can also be used to pay for your kids to go to college, for grief counseling for your family, for funeral expenses, for daycare, for living expenses, for insurance policies, for credit card bills, for vehicle payments, for mortgage payments, for final expenses, and to pay off any other type of debt that you may have. However, this is not an exhaustive list and should anything else arise as a result of your death, then the money can be used by your family to pay for it. This is why you need to make sure that you leave enough money to cover all of your costs. For most people $100,000 is enough.

By getting your life insurance through a company that does not need to perform a physical medical exam on you, you are removing the need to wait weeks or even months to get it. In fact with most insurance providers, you are able to get your application approved very quickly. With some you can go from quote, to application, to approval, and pay for the policy within the space of just 5 minutes.

How to Apply For Life Insurance?

In addition to there being no physical exam, the whole process is also speeded up due to the fact that there are only three reports required to be pulled on you. These include an MIB report which looks into your history of applying for and having similar life insurance in the past. This means that if you have very recently applied for cover with another provider and not been successful, this will be shown up in the report and may go against your favour.

The next report pulled on you is a prescription drug report. This checks what prescription medications you have had in the past seven years and cross references them against the ones that you specified in your application for the life insurance. If there are any discrepancies here, such as you stating that you do not take any medication when in fact you do, this will raise a red flag against your name to the insurance company. Finally, a motor vehicle report is run to see if you have ever had your driver’s license revoked and if you have any DWI’s or DUI’s against your name. If you have ever had your license taken off of you, then none of the big insurance providers will insure you.

As these reports are being run and you are completing the application form with your personal details, in the background a real time underwriting process is taking place. This means that a decision for approval or denial is able to be instantly made. Once approved you are then able to go ahead and choose what you want your final coverage amount to be and then pay for it.

How Much Can You Get?

The amount that you pay for a $100,000 life insurance policy varies from person to person and is massively dependent on your sex and your age, with women paying less than men because they live longer and younger people paying less than older people as they too are more likely to live for longer. An example of this, a 20 year old female who pays $8 a month for her insurance compared to a 44 year old male who pays $17 a month for the same level of coverage.

If you are interested in getting life insurance for $100,000 that does not require the need for a medical examination, there are a number of providers out there who can help you with that. One of the best is Bestow. Bestow will not insure you if you currently have a suspended license.

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