Finding low cost and affordable term life insurance that doesn’t require a medical isn’t something that has to be difficult. There are now countless insurance companies that offer you this type of coverage, giving you a vast amount of choice when it comes to the policy you take out. If however you don’t have time to shift through insurance companies separately over the Internet then why don’t you make use of a website that allows you to enter all of your details once and then generate a number of quotes instantly.
However you go about gaining quotes is up to you. What is important is that you compare the rates and quotes from a number of insurance companies to get the best deal possible. The best starting point for this is the fact you already have the advantage of cheaper premiums with term life insurance with no medical exam. You are only paying for the length of time you take the policy out for, meaning the insurance company may never have to make a payout to you, and thus meaning your premiums would be a lot lower.
There are a lot of factors that affect the amount you will be paying premium wise. For example if you smoke or you are overweight you will be considered for term insurance that doesn’t require a physical exam but you will be paying more than people who don’t smoke and have a healthy weight. Also life insurance premiums for women tend to be a lot lower than they are for men; this comes down to research that concluded women live longer than men. With these points in mind let’s take a look at some examples of rates and quotes.
If you are a 25 year old male who is in excellent health and has a budget of $25 a month then the amount of coverage you would receive equals out to about $550,000. If however you are a 40 year old woman with, again, a budget of $25 a month then your coverage would be about $450,000. If however you have a budget of $50 a month and you are a 25 year old female your coverage would equal out to about $1,650,000. If you are a 30 year old male with a budget of $50 a month then your coverage would amount to about $1,250,000. These estimates are based on people in excellent health who do not smoke. Obviously your individual circumstances will affect the rate of your term life insurance with no medical. Your premiums could end up being higher due to your family medical history or your lifestyle, which means the amount of life insurance for a specific budget would be lower.
The worst decision that you can make is to simply rush out to get one or more term life insurance quotes and simply make your decision based on these. Often people are drawn to low term life coverage premiums. This is because many people think if you pay less each month, you’re paying less overall, and getting a better deal. Instead of approaching term life insurance with no medical in this way you should think about how long you need your coverage for and calculate how much you would need based on your annual earnings so basically you need a rate that will replace your income.
Gathering quotes and comparing rates may seem like a hassle but by doing it you could be saving yourself hundreds of dollars. It is always worth looking into what is available to you and keeping your options open as there is a lot of competition when it comes to term life insurance with no medical, meaning there will be a lot of competitive prices around.