3 Important No Medical Exam Life Insurance Policies

happy family looking for insuranceIf you are interested in purchasing a no exam life insurance plan, we recommend reading the following lines.  We present you 3 important no medical exam life insurance policies:

1)     Graded Death benefit life insurance.  Graded Death Benefit Life Insurance, also known as GBL, is a special high risk life insurance policy given to those that have medical problems.  People who apply for GBL are considered too sick for standard insurance.  Both term and whole life insurance plans are available for GBL.

In a graded policy, death benefits are not level because the policyholder would have paid a very small percentage of the death benefit in the first years. As a direct result, if the death occurs in the first 2 years since the policy has become active, then the beneficiaries will not receive full benefits, but only a part of it: 40% if the death occurs in the first year and 60% in the second year.  Accidental deaths may be reimbursed with full death benefit- this feature may or may not be included by the insurance company.

2)     Simplified issue no medical exam life insurance. Companies provide both term and whole life simplified issue plans for people that are not so old or too sick to be considered uninsurable. Premiums are typically leveled for the duration of the policy. Payment system if flexible, allowing the insured to pay premiums monthly, quarterly, semiannually or annually. It is one of the cheapest no exam policies.

3)     Final expense life insurance. It is also known as burial life insurance and it is designed for a single purpose: to save a decent amount of money that will be immediately used to reimburse the beneficiaries upon the death of the insured. Resolving a claim can take several days or weeks, so the family will have to pay from its own budget for funeral. But, if the deceased has final expense insurance, the company will immediately send the death benefit for it. It is a cheap policy and it is recommended to purchase or add it as a rider.

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