Equote - David Livingston

Because of the no medical exam life insurance provisions, it has been becoming the easiest, quick-fix solutions of prospective policyholders who have been facing difficulties in purchasing plans. More often than not, these people include those who experience health problems or those who are over 50. This article will focus more on the latter. It will enumerate the frequently asked questions and will provide the answers pertaining to such queries in effort to enlighten the senior citizens who are currently into the predicament of buying the mentioned plan. This way, you would know what your options are and from there, youll be able to make a sound decision.

Is this ideal for me?  Typically this was primarily introduced to suit the needs of those whose insurance request were dishonored by the carriers due to lack of insurability due to various factors such as their health style or medical status. This could be old age or pre-existing health reasons. By making small adjustments to their rules of providing insurance and introducing such a plan, the carriers have started covering people who are aged above 50 also in their list. Many have preferred this insurance plan as they do not want to move far away from their life style even if it is unhealthy to some. Even they do not want to consider the possibility of paying lesser premiums if they are willing to alter their lifestyle. However, they do not want to. You can also get this policy if you are like them.

Can my children get it for me?  Your children can get it for you if you cannot get it for yourself. You should be aware of it. You can login to the internet and get life insurance quote online and compare the quotes offered and subsequently discuss with your child so that he/she can take a fair decision in your interest. He/she can represent your side, however the form signing have to be done by you. Also, you should be aware of what you are signing. Hence, it is important that they represent you and you let them pay your premium by them, especially if the parents are over 70 years.

Whats the major benefit in this type?  There are benefits that can be derived from this type of plan. First, the process of providing insurance is guaranteed. Your request will be accepted for sure. You dont have to dread about the fact of getting your nth insurance request being rejected. You have a chance of getting insurance even if you have serious illness such as HIV, your insurance request will not be rejected. You can certainly remove your fear of insurance not given to by an insurance carrier. The waiting time for your insurance period have been reduced from 6 weeks to 3 days. There are chances that your insurance can be processed within a day as well. The process of underwriting is simple and hence you are able to get your policy quicker. 

What are the drawbacks? no medical life plan has only one disadvantage. Its life ins quote will give you a clue about it. This policy will require you to pay premiums that are expensive compared with the other plans. The price that you have to pay is quite literal. Obviously, it is primarily for those who can pay or the ones who have purchasing power. The reason behind the sky-rocketing premiums is the compensation of the insurers. Upon their approval of your application, they will be susceptible to the great risk that you have inflicted upon them. 

The coverage is same as others?  Honestly, the coverage offered is same as other plans. However, if you carefully analyze it, you will understand that you have got some benefit by getting this type of plan and surely you could have got this kind by paying fewer premiums. Given the limited choices you have to be choosing between, it would be advisable to get such a plan that has no coverage at all. Moreover, senior citizens do not mind getting maximum coverage as this could be their last expense before their funeral expenses.

What are your choices?  There is low cost life insurance policy that is available for people over 50 years of age. The main drawback with this kind is that it has limited coverage. You should check out all the available options before you go with no medical life plan. This can be considered as a last measure specifically if your choice to get a plan is restricted. You may have varied options as you may have to discuss with your advisor and take an informed decision which is advisable to you and to your family.

The questions and answers discussed above can be a guiding point for you to choose either no medical life plan or other plans that are suggested that could give you what you need as insurance.