If you’re someone who can’t pass a medical exam, you’ve probably given up on the idea of obtaining life insurance. The truth is that there are a lot of policies out there for people who are in great health, but it can be difficult to find life insurance if you have a condition such as diabetes, cancer, or even if you’re a smoker.
Fortunately, there are a lot of options out there for people who cannot pass a medical exam. There are several companies that specialize in no exam life insurance. These policies tend to have smaller amounts of coverage than other life insurance policies, but the amounts offered can usually cover a lot of the expenses associated with a funeral, as well as leave some money for survivors.
Life insurance policies that do not require health exams also tend to have higher premiums than life insurance policies that do require exams. For this reason, many people who purchase these policies want to be careful to only buy the insurance that they or their family will need.
Of course, a common problem that many people when shopping for life insurance is figuring out how much coverage they actually need. While a common rule is to buy twenty times the amount of the insured person’s income, a lot of people discover that they can save money on their premiums by developing a good plan and buying less coverage. For example, an older couple who do not have children rarely needs to entirely replace the insured person’s income for twenty years. In fact, buying just enough coverage to cover the funeral and some unexpected expenses, combined with a plan to extend pension benefits and/or downsize some living arrangements is usually enough to make sure that everyone’s needs are covered.
These policies are usually advertised as costing pennies per day, but most people choose to pay for their coverage yearly or monthly. While there is no health exam required, some of the policies have age requirements. As with any type of insurance, make sure that you read the terms of the policy carefully before deciding to make a purchase.