The Factors to Consider When Choosing the No-Medical Exam Life Insurance

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Life insurance is an important financial decision. When purchasing insurance, you need to consider the medical expenses, estate taxes and burial costs. You need to make sure you are choosing a cover that will be in a position to support the family financially as they look for opportunities to secure employment. The benefits derived from the policy should be in a position to cater for monthly bills & expenses, college tuition, day care costs and retirement. When shopping for insurance, you will soon discover that policies are different. Some policies offer benefits when the policyholder dies while others offer benefits while the policyholder is still living. The factors you need to consider when choosing a policy include:

  • Your needs

When choosing a policy, you need to assess your needs. This also takes into consideration the needs of you dependents. To help you make an informed decision, determine how your survivors will get by. You need to make sure the lifestyle of the family is maintained as much as possible. You may not want to have your loved ones struggling to make ends meet when you are not around. To help you make the right assessment, you need to determine the needs of all your dependents, including your spouse, parents, children, grandchildren, brothers and/or sisters. If you have any children, you may need to purchase insurance that gives you the opportunity to set aside some money to fund their education. This will ensure your children continue to receive a high quality of education even when you are no longer around.

  • Your health status

Some companies take into consideration the health of the applicant to determine their risk status. People who have been diagnosed with one or several health problems pay higher premiums. Therefore, insurance shoppers who have recently been diagnosed with a major health problem will often avoid purchasing insurance. Furthermore, people who lack the time or those who choose not to undertake medical exams for social and religious reasons avoid purchasing insurance. If you fall in any one of these categories, you can consider the life insurance without medical exam. This will give you the opportunity to obtain coverage without a medical exam.

  • Final expenses

Find out the ability of your loved ones to repay debts and final expenses after you death. You need to purchase an insurance cover that will be sufficient to repay debts (such as mortgage and business loans) and your final expenses. This will offer relief to your loved ones who will not have to bear the burden of settling expensive bills.

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