Most people want to give the best for their family. This means that they will do anything and everything in their power to provide for their family. One of the best investments that a head of the family can get is to give his/her family financial assurance in the future in the event of his/her death. One can do it by purchasing a life insurance policy. There are two main types of life insurance policies to choose from.
The permanent life insurance will offer insurance coverage to a policy holder from the instance that the policy was purchased until the policy holder dies. One advantage of this type of insurance is that there is no expiry date on the coverage and the family or designated beneficiaries will be assured that the cash amount will be given to them.
On the other hand, the life insurance term life insurance policy offers policy holders insurance for a specific period of time. The term period will range from 5 years to 10 years. The policy holder’s beneficiaries will receive the death benefits just as long as the policy holder’s death will fall within the term of the policy.
Most insurance companies that offer the two policies mentioned above will require a potential policy holder to pass a pre-screening medical exam before the insurance company will offer them a policy. The medical exam that they will undergo will be comprehensive and will be administered by a company appointed physician. Most people will feel that a pre-screening medical exam is bothersome however a medical exam may prove to be more advantageous to most people.
When a policy holder undergoes a medical exam, the health of this person will be fully scrutinized and the results of their medical exam will accurately depict their health status and prognosis of their life expectancy. When a person’s medical exam results are superb, he or she may be given a low cost life insurance rates.
However, if a person is reluctant to undergo medical exam, he or she may avail of the life insurance no exam policies. These policies are considered as better alternative plans offered by insurance companies. This type of policy is also known as the instant life insurance policy. It is because it will give instant coverage to a policy holder without having him/her pass a medical exam. However, this type of policy has its advantages and disadvantages.
One advantage of this type of policy is that a policy holder will not have to set aside time to have a medical check up annually. This makes the application process simpler and more efficient. Another advantage is that the person applying will not have to suffer the indignity of being denied of an insurance policy just because of a medical condition. The third advantage is that persons even with underlying medical conditions will have the opportunity to be insured as well.
The instant term life insurance quote online will be based solely on the belief that young age is synonymous with good health. This means that the premium rates that you have to pay with this type of policy will be virtually identical with a plan that would have required you to undergo a medical exam. Therefore you will have a great advantage if you are young.
The no exam life insurance policy will base the risk profile of an individual solely on the information given and the age of the individual. This can become a disadvantage especially in terms of cost. This type of policy will assume that the older the individual who is applying for a policy is, the greater is their risk profile. This will cause the term life insurance quotes of older policy buyers to become significantly higher regardless of whether that individual is still healthy or has pre-existing medical conditions.
Article by David Livingston of EQuote, who is a specialist in everything life insurance. For more information on term insurance and instant term life insurance, visit his site today.