San Antonio Life Insurance
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Some people say that life insurance that does not require medical exam is not the best policy to go for. Before I turn my back on this type of insurance, can you tell me the advantages of term life insurance without medical exam? I live in San Antonio.
Garnet
San Antonio Texas
Some life insurance companies in San Antonio offer term life insurance without medical exam. This type of insurance is commonly called as ‘simplified life insurance.’ Its main advantage is that it is very convenient as you no longer have to deal with medical assessment exams, visits from medical personnel to ask you questions and at the same time put you into a battery of medical exams.
It is so convenient that you can even apply for a simplified life insurance online. You just need to answer a few medical questions and select the coverage you prefer online. If you answer the medical questions correctly, then you get approved.
Application for term life insurance without medical exam or simplified life insurance is like a do-it-yourself process. You can do away with dealing insurance agents or brokers. So if you are anti-social and you are not comfortable dealing with insurance agent, this will save you the hassle of having to deal with agents.
One downside of term life insurance without medical exam is its cost. It is expected that you will get a higher premium than the traditional life insurance. But, sometimes, the difference is negligible with the convenience you get from it. Some insurance companies’ premium rate for their simplified life insurance is comparable, just slightly higher, to the traditional life insurance.
Another downside is that you can only get limited coverage from simplified insurance. The most an insurance company will offer is $500,000. But this is not totally a disadvantage because you can always get additional life insurance coverage – maybe from a different life insurance company. As they would say, ‘It is not good to put all your eggs in one basket.’ Some people also like the idea of getting a small coverage so they can put the rest of their money on other types of investments or savings plan which prove to give higher value of returns.
Simplified life insurance can be viewed as limited type of insurance. So it’s best that you consider getting additional life insurance or other investment plans where your money is more flexible to grow in additional to your simplified life insurance.
Can I get Term Life insurance online?
Frank
San Antonio, TX.
Frank,
Term life insurance is widely available on the Internet, from direct-to-consumer life insurance companies and from insurance agents and brokers.
If you want more than a death benefit from your term life insurance policy and like the idea of a long-term savings account (not insured by any federal agency) or stock market investment, you might consider cash value life insurance such as whole life, universal life or variable life. But be prepared to pay much higher premiums per $1,000 of coverage precisely because you are now funding a cash value account and paying fees and expenses.
Great Question.