If you are a breadwinner, you want to make sure your loved ones are well provided for when you are no more. The right insurance coverage provides financial support to your family for losing an important source of income, over the short-term. This will give them ample time to adjust to your demise by finding other sources of income to replace the lost income.
A good coverage will ensure all the debts, including mortgage are paid off. Therefore, your dependents do not have to become homeless. However, some people choose to go without insurance because they are unwilling or unable to undergo a medical exam, as required by the traditional insurance packages. Fortunately, many of the leading insurance companies offer life insurance without a medical exam. How does the policy work?
· No medical records required
Some of the policies here may ask some simple questions pertaining to your health. Therefore, it is important to respond honestly and accurately. However, no medical records are asked to support the claims. As a result, this type of policy can go into effect in a few hours. Companies that specialize in providing the traditional insurance policies require their applicants to undergo a medical exam and the tests submitted to the insurance carrier. Therefore, this kind of policy is more rigorous and time consuming. As a result, you can expect to receive your approval several weeks down the lane.
· Application can be made online
Many of the leading insurance companies offer their products via the internet. In order to get the best deals, it is advisable to compare different quotes from different carriers. This will help you get the right coverage at competitive rates. To purchase your policy, all you have to do is to make your application online or via telephone. You will be expected to respond to several basic questions including your age, gender, weight, height, status of residence, occupation & hobbies and smoking habits. Some insurance companies may require you to respond to questions pertaining to your health status, without necessary submitting records of your health condition.
· Payment information
The life insurance without a medical exam policy often asks for information about your payment on the application. This grants the carrier the ideal opportunity to draft the premium payable on a monthly, quarterly or annual basis, from your credit card or checking account immediately upon approval. This allows the insurance cover to go into effect faster.