You Do Not Need A Medical Exam To Get A Million Dollar Life Insurance Policy
The biggest concern for anyone with a family is how to protect them should the worst happen and you unexpectedly pass away. For many people, they do not realize that they need a life insurance policy that is for as much as $1,000,000. Many people also do not realize how easy it is to get a level of coverage that protects them for this amount of coverage, even when no medical examination is required. In most cases, you can have the policy in just a matter of minutes.
Although a million dollar insurance policy may initially seem like a lot of money, you need to think hard about what your family needs to survive on in the incident of your death. Some of the things that you need to consider include the final expenses that you will leave them with. In the United States of America, the average cost of a funeral service is around the $10,000 mark. This is because a casket alone can cost $6,000 and a headstone can be as expensive as $5,000.
Replacing Your Income
Your family would also need to somehow replace your income should you die, or at least have some sort of financial support whilst they work out what their next steps are. This is particularly true if you are the main income earner in your household or if you are a high income earner. $1,000,000 is enough to help them maintain their lifestyle without having to worry about money.
Upon your death you may end up leaving your family with a range of different expenses and debt of yours that you need covering. These could include things such as credit card debt, mortgage payments, vehicle loans, medical expenses, and any other monthly utilities. If you have many of these then you would likely need a $1,000,000 level of coverage.
If your child / children intend to go to college, then you also need to consider this as it can be a very expensive thing to do. For instance, in the United States of America, student loan debt now amounts to some 1.5 trillion dollars.
For any business owners out there that have loans out or even require a loan in the first place, it is likely that they will need a life insurance policy that covers them for $1,000,000. This is also true for freelancers and the self employed. In the event of your death, any income that you generate will totally stop and leave your family in a poor financial situation, hence the need for this level of coverage.
The cost of taking out a $1,000,000 life insurance policy will be different for every single person out there as it is based on a number of different factors. One of the main ones is your age. For instance, the younger that you are when taking out the coverage, the cheaper that the monthly payments will be. This is also true for females, as they tend to generally outlive males, and so this manifests itself in cheaper rates.
This is highlighted by the fact that, on average, a 25 year old female would pay approximately $33 per month for a $1,000,000 life insurance policy, whereas a 25 year old male would pay $48 per month instead. This discrepancy is also true for older individuals with the average 40 year old female paying $64 per month in comparison with a 40 year old male who would pay $82 per month.
Living On The Edge
For those individuals who like to live on the edge and partake in activities such as snowboarding and white water rafting, then they will pay more for life insurance than those individuals who do not. The length of the policy that you take out also has a really big impact on the cost of the life insurance, with the shorter the period, the more affordable it is. However, the longer that the rates are locked in for, the greater the savings that you will make in the long run.
Your use of tobacco products, such as cigarettes or chewing tobacco, greatly increases the cost of the monthly premiums that you will pay for your life insurance policy. This is, of course, because smokers are more likely to die younger than what none smokers are. Similarly, your overall level of health is another important factor in determining how much you pay. Those individuals who are in good health can expect to pay much less per month than those who are in very poor health.
Who To Use?
There are a number of different life insurance providers out there who will give you a policy for as much as $1,000,000 without the need for a medical examination. However, the best one of these is Bestow Life Insurance. They provide coverage to any individual that is aged between 21 years old and 55 years old and even offer different rates for both smokers and none smokers. With the entire application process with them being done online, all that is required of you is to answer their questions and then provide an e signature. Because they use an accelerated underwriting technique, the decision as to whether your application has been approved or not is instantaneous. Should you need it, you can also get cover with them for a short as a two year period. The only downside to this provider is that they do not offer coverage to those individuals in New York state or Georgia state.
The only other things that you are required to pass are the handful of reports that are run on you. It is for this very reason why getting life insurance is becoming more and more popular in the United States of America. It really is a great way of protecting your family in the incident of your untimely death and can be used for a variety of different reasons.
They are backed by the top rated North American Company for Life and Health Insurance and so are clearly a respectable and trustworthy provider that can help you in getting the right level of cover to ensure that your family remains financially secure should the worst ever happen to you.