About buying Life insurance with No Medical Exam, Level Term Life, and Mortgage
insurance No exam.
There are many types
of Life Insurance. Some are available with No Medical Exam. Some
no medical exam life insurance plans are available online without
contacting an agent. Other no medical exam life insurance plans
are only available with the help of an agent, either in person or
over the telephone. Term Life Insurance No Medical Exam up to
$250,000 is the most common, Some companies offer higher amounts
without a medical exam, however a "mouth swab" is normally
required to check for tobacco use, certain drugs and HIV. Term
life insurance, Mortgage Protection life Insurance, Whole life
Insurance no Medical Exam, Universal Life Insurance No Medical
Exam, Indexed Universal Life Insurance, Single Premium whole Life
Insurance, and "Quality of Life insurance" ™, are all types of
life insurance that may be found available with no medical exam, a
mouth swab, or require an insurance medical exam based on age and,
or amount applied for limits..
About Mortgage
Insurance
The term Mortgage
Insurance is sometimes used when the life insurance being
purchased will be used primarily to pay off a mortgage in the
event of death. You may find This type of life insurance is also
referred to as Mortgage Protection Insurance, or Mortgage Life
Insurance, or mortgage term insurance. The Term PMI refers to
Private Mortgage Insurance. Private mortgage insurance is
sometimes confused by the homeowner because it's name sounds like
the life insurance plan. This is not Life Insurance. It helps
insure the lender if they have to foreclose. PMI is required by
lenders when the amount of the loan is equal to or greater than 80
percent of the home appraised value. Credit Life insurance is
sometimes offered at closing by the mortgage company. It is
possible that credit life insurance could result in paying off a
mortgage in the event of the homeowners death. However, there are
some big disadvantages to purchasing credit life with the
mortgage. First, credit life rarely covers the entire length of
the mortgage. Often only for a limited term like 7 years.
Secondly, the premium is usually financed in with the mortgage
resulting in higher payments and extra interest being paid for the
entire mortgage period. Thirdly, the primary beneficiary is
usually the mortgage company to the extent of the balance of the
mortgage leaving no choice, or additional funds for the surviving
family members. Fourth, credit life only covers the loan it was
purchased for. If the loan is refinanced, there would still be a
debt, but no insurance to cover the debt because the old loan was
paid off .
About Level Term Life
Insurance
In my opinion, level
term life insurance makes the best mortgage insurance protection.
I base my opinion on several key benefits to the insured that are
available with the purchase of level term life for mortgage
insurance. (1) The death benefit remains level for the entire term
even while the mortgage balance is decreasing. This leaves more
dollars available for your family, or other beneficiary to help
replace the obvious loss of your income if you died. (2) The
insurance policy is owned by insured, or the beneficiary, making
the policy portable in the event you sell your house, or
refinance. (3) With decreasing term, or a policy where the
mortgage company is the beneficiary, you may find yourself needing
to buy another policy if you sell your house, or refinance. If
your health has deteriorated, or your age has increased after
purchasing the original policy, you may find you either cannot
qualify for additional insurance, or that it would be much higher
for the same amount. (4) some Level term policies now have extra
protection included, for critical illness, or a chronic illness,
or a terminal illness. Some include this extra benefit at no
additional cost, while other insurance companies included it for a
minimal extra premium.
Including these
benefits are very important because a heart attack, stroke,
invasive cancer, severe burn, or some other qualifying trauma, if
not fatal, could keep you from earning a living, which could be a
fate worse than death. The ability to access your death benefits
in your life insurance policy while you are living could be a
financial life saver.
About No Medical Exam
Whole Life Insurance - Ideal for Senior Final Expenses
Whole life insurance (sometimes called straight life or permanent
life) - provides protection for your entire life at guaranteed
level premiums (to qualified eligible applicants) based on
demographics and health history.
Coverage that last
your whole life:
It is important that you insure
your insurability. Many people think about life insurance when it
is too late and they already have been diagnosed with a medical
condition that makes them uninsurable. So, it is important to lock
in permanent life insurance that will be there for your entire
life. Term is cheap but it is designed to last only a specific
time in your life.
Whole life builds cash
values:
A portion of the money you pay into
your whole life policy accumulates as guaranteed cash values. If
you choose to surrender the policy, these guaranteed cash values
would be available to you. Or, as long as the policy is in force,
you may borrow against them as a policy loan at the current policy
loan interest rate.
The amount of your guaranteed cash value depends on the kind of
whole life policy you have, its size and how long you have had it.
The growth in cash values is tax deferred under current federal
income tax law. Term insurance does not provide cash values.
Older
Individuals are able to get coverage:
The Whole Life plan is available
all the way up to 85 years of age. This plan has great flexibility
to meet age and health history requirements. Also, when applying
for coverage you will not have to take a medical exam or have any
blood work examined. This Whole Life plan was designed to be a
simple, fast, and affordable way to secure life insurance.
Life Insurance Application
Underwriting Requirements:
 |
5 minute
application - the application questions will pre-qualify you for
which plan, (preferred, standard, graded, modified, none) you
are eligible to receive based |
|
on your health
history. |
|
No Medical Exam
up to age 85 for level benefit plan. Modified and Graded benefit
plans available to age 80. |
|
a simple
follow-up Home Office telephone interview is required to verify
your answers to your application questions. |
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