What does no medical exam life insurance mean?
No medical exam life insurance means insurance coverage without the need to undergo a medical exam to apply. Traditional life insurance typically requires medical exams to apply for coverage; with no medical plans, this is no longer a requirement. This feature makes no medical plans ideal for people with current or past health issues or a family history of health problems.
When you make a premium payment, a portion of your premium is set aside for you. These funds become your plan’s cash value and the longer you have your plan, the more your cash value grows. You can borrow against the cash value of your policy to use for financial emergencies or even if you need some extra cash quickly. Think of this as taking out a loan, but instead of borrowing a bank or other institution, you are borrowing from yourself.
Is there a cash value for no medical exam term life insurance plans?
No. The cash value feature is typically only available with permanent whole life insurance plans.
Why would I want to renew my no medical exam term life insurance?
Term plans offer renewals in the event your term ends, and you still need some temporary coverage. Maybe your needs have shifted, and you still have people and assets you would like to protect for a set period.
A death benefit is the amount of coverage the plan pays to your beneficiary should you pass away. These are paid in a lump sum benefit and are tax-free directly to the person you select as your beneficiary.
Who should I choose for my beneficiary?
Choosing a beneficiary is a decision that only you and your family can make. You should carefully consider all your options when picking a beneficiary and make sure you have some idea about who it will be before you apply. You can select multiple beneficiaries and change them regularly if situations change in your life.
