Life insurance can be a safety net that provides peace of mind and financial assistance to families. Insurance policies are designed to offer financial protection to the policyholder in case of an unexpected event. Auto insurance and homeowners coverage ensure financial protection against various types of property damage. Health insurance offers coverage for medical problems and illnesses. Life insurance, however, is unique in that it offers financial assistance to the policyholder’s family. Life insurance premiums provide a death benefit that can be used to cover final expenses, debts, or other financial obligations should something happen to the policyholder.
About 54 percent of Americans have life insurance policies that vary by type, requirements, and coverages. Many people decide that they need coverage based on their family situation, debts, and financial obligations. Choosing a life insurance policy, however, can be a process that involves multiple steps. Factors such as age, health history, medical condition, and lifestyle choices will impact your quote and the process for receiving life insurance.
When a life insurance company offers coverage, they consider all of the risks associated with potential policyholders based on their specific situations. A person who is considered higher risk will usually pay higher premiums. Usually, if an applicant is a smoker, has serious medical conditions, or is advanced in age, they are considered higher risk for the insurance company. To mitigate risks, insurance companies often use a medical exam to verify the health condition of policyholders. For many people, medical exams are a normal part of the process of acquiring life insurance coverage.
Typically, the healthier and younger a person is, they are more likely to receive lower life insurance premiums. If you are seeking life insurance without a medical exam, however, there are options available. Depending on the insurance company and coverage options, there may not be any medical questions at all. Getting a life insurance quote can depend on several factors, however, with some research, you can find options for any situation.
Medical Exams
Insurance products and rates are considered based on the insurance company’s likelihood of paying out a policy. As discussed, medical exams and medical history are a way for insurance companies to determine the risks associated with policyholders. Typically the insurer will cover the cost of an exam where your weight, height, health condition, and blood pressure will be recorded. Usually, the insurer also requires bloodwork to check for cholesterol, blood sugar levels, nicotine, and drug use.
If you don’t want to submit to a medical exam, insurance products may be available to you. Insurance plans that do not require health information could come with higher premiums, however. Additionally, you may need to select a specific type of insurance to qualify for a no-medical exam policy. However, no matter your age or health condition, there are all types of policies and rates for people in various situations. Securing one of these policies might require some research to find the best rates and coverage options.
Comparison Shopping
If you decide that you need life insurance, the best solution for finding a good policy fr your situation is comparison shopping. Many websites offer online comparison tools that allow searching for policies, rates, and companies. An online tool requires some personal information and then will shop you around to multiple insurers. Once you receive a list of policy options, you will be able to compare plans and insurance companies to find a product that fits your needs. You might also be able to search for specific policies that don’t require a medical exam.
Life insurance provides security and protection for your family and loved ones should something happen to you. For many families, a life insurance policy is a key part of their family financial plan. No matter your condition or desire for a medical exam, you can find the right policy and coverage for your needs with a little research.