Whole Life Insurance Plans And Term Life Insurance With No Medical Exam

As we grow older, we become more concerned about our own health and how to ensure the well-being of our family in case anything happens to ourselves. Will they be able to handle everything and move on happily without any worries?

While our absence probably can never be replaced, we can at least make sure they are at least financially provided for and do not have to face monetary problems especially with regard to unpaid mortgages, car loans, education funds for the children etc. And these are often the main reasons why we need to buy whole life insurance or term insurance cover on ourselves.

If you are currently in good health, you can buy a whole life policy without medical exam online by just answering a few simple questions on you and your family's medical history.

Yes, there is no need to meet up with a pushy representative or go with a medical exam when you applying for "No Medical Exam Life Insurance" at the insurer's website. Your application will be reviewed immediately after you have answered and submitted the short health questionnaire and made payment for the premiums.

If you are found eligible for life insurance coverage, your policy will be effective immediately and the policy documents will be mailed out to you within a few days.

How Much Life Insurance Do You Need?

Since buying whole life or term life insurance online without medical checks is essentially a DIY process, you will not be able to seek advice on the amount of coverage to purchase. The exact amount depends on your family's needs, lifestyle and debt situation.

Generally, we recommend that your life insurance policy sum assured should be sufficient to pay off all your debts and provide a replacement income equivalent to 10 years of your normal salary. This amount sounds large, but can be gradually built up as you continue to buy a few smaller life or term insurance policies as you grow older. Typically, most of us only have life insurance policies with average sum assured ranging around 3 times of our annual income.

This is a rough estimate but will ensure that your spouse and children have sufficient money to live on until they get over with your departure and can stand on their own and support themselves. If you are unable to afford such a high sum assured, make sure you buy sufficient life insurance to cover at least all your existing debts such that your family do not need to face debt collectors straight away after you are gone.

Tight Budget? Try Low Cost No Medical Check Term Life Insurance

For those with tight budgets, it is good to buy term life insurance with no medical exam since these are a lot cheaper compared to whole life policies.

There are various online insurers whereby you can buy no medical exam life insurance plans. You can see many related advertisements by these companies with tag lines such as "no agent intervention", "online discount life insurance", "no medical check term insurance", "instant life insurance plans", "no physical exam life insurance" etc. Some may suit your needs to provide financial protection for your family while others may not be that suitable at this point in time. It is important to take note what type of life insurance you really need for you and your family's circumstances.

Due to its cheaper costs, term life insurance with no medical exam is the most popular type of plans sold online today. As its name suggests, the protection is only valid for a pre-specified period ranging from 5 to 30 years or when you reach the age of 65.

No physical check term life insurance is specifically to eliminate risk and does not incorporate a savings element unlike the whole life insurance plans. Many people prefer this as they think they can get higher returns by investing on their own as compared to the typical 5% rate of return on whole life insurance plans.