If you are interested in providing your loved ones with financial protection, it is advisable to invest in a good life insurance plan. A good plan will go a long way in safeguarding the lifestyle of dependent children, spouse, parents or grandparents. Furthermore, you may choose to buy insurance to secure the financial interest of your business partner(s) or creditor(s). A good plan can also help by funding employee benefit plans, provide business continuation or protect against the untimely death of a key person in business. A non-medical plan comes handy if you are unwilling to undergo a medical exam or when you have been denied the traditional insurance plan. The questions you need to ask when buying life insurance no exam policies include:
· How much cover do I need?
The amount of coverage a person needs depend on their circumstances and reasons for buying insurance. One of the most effective ways of determining how much insurance you require is to assess the different needs of your loved ones in the event of your untimely death. A good plan can provide funds to settle last debts (i.e. medical bills and burial/funeral expenses), pay off mortgage, provide monthly income for dependents, pay children/grandchildren education, meet estate taxes, provide for retirement funds and/or get interest to finance some special purpose. Therefore, your family’s current and future needs are an important consideration when it comes to determining the amount of insurance. However, the amount of premiums you can afford, perhaps every monthly or annually, defines how much cover you can buy.
· Which type of insurance plan is best for me?
There are many variations of insurance plans available in the marketplace. However, there are two basic types of insurance: term life policy and permanent insurance. The term policy provides cover for a period ranging from 1 to 40 years. Generally, the term life polices do not build cash values. Permanent insurance, on the other hand, provide coverage over the lifetime of the policyholder. Furthermore, the permanent policy builds up a cash value, which can be used in different ways. For example, the policyholder can take a loan against their cash value.
· How and where do I find the best plan?
Life insurance no exam plans can be purchased through insurance agents or brokers, directly from an insurance provider, over the telephone, over the internet, through the mail and from bank & other financial institutions. Employers, associations and other organizations often facilitate group insurance plans.