Common public are always on the search for term life insurances which can be completed easily. It is because of this reason; low cost term life insurance is so popular. This term life insurance offers so many short term period plans; in addition to the other benefits offered. One of the other benefits, is that the insurant will be able to renew the policy once he completes the term period. On renewal, he is offered an option, with far more benefits; however the life insurance rates will be slightly higher
A certain applicant cannot easily acquire a life insurance of his preference. He must pass the most important requirement of all term life insurances. This is the medical checkup. It is required for all applicants because it is used to determine their proof of insurability. A healthy applicant is qualified to acquire his preferred term life insurance because of his present healthy conditions. The company is confident that this healthy applicant can survive the whole term of the life insurance
An insurant who has survived the term period or who has completed the term period successfully, will be offered to renew his policy for another term of the same policy or choose a different policy. However if he dies during the term period; insurance nominee will be able to claim the policy sum assured plus insurance bonus if any. In order for the nominee to receive the funds, nominee must furnish the insurant death certificate. Nominee may also seek the assistance of the life insurance staff if he or she has difficulties in obtaining the same
The insurer is just planning for the future of his family should he cease to exist. The life insurance that he acquired assures him that whatever happens to him during the term, his family can have the assistance that they need upon his permanent absence. This will provide a new beginning for his family without him. It is very sad but they have to accept the truth that we will experience the inevitable. We just don’t know when.
It was mentioned that an applicant can get a life insurance if he passes the medical requirement. What happens if he fails the medical examination? Here, the applicant if presented with a different type of life insurance, an exclusive one. It is called the life insurance no exam. Disqualified term life insurance applicants are normally offered with a life insurance no exam. This is a higher paying type of life insurance. The insurer must be responsible to pay for the premium rates until he finishes the term
Remember that this is a long time obligation and failure to abide by the rules of the life insurance company will lead to unfavorable consequences like paying for penalties. These penalties can be avoided if the insurer is responsible enough in paying for the charges regularly
Eligibility criteria’s for Life insurance no exam are as follows: –
-One who did not qualify the basic medical requirement
-Active smokers and persons addicted to alcohol drinking.
-One who is employed in riskier environment or involved in dangerous activities such as bike racing, dirt bike, flying glidder
-One who is a reckless or irresponsible driver or who has caused several road accidents in the recent past
The applicants who cannot get a life insurance but can offer to pay any type of insurance, can can avail themselves of another type of policy called life insurance no exam. This type of insurance is available to these kinds of people. Of the various life insurance policies, this type is the best choice. The insurance company has come up, with this idea generously to help this kind of people. This provides the opportunity for people to avail themselves of an insurance who are deprived of the life insurance coverage earlier
Second most criteria that a life insurance company verifies is the applicant’s capability to pay the monthly or quarterly or half-yearly premium rates. It is very significant when an applicant buys the insurance coverage at his young age. Look out for opportunities to obtain a low cost term life insurance. It is always advisable to be better prepared for the future. Thus when you know that the life insurance company is going to take care of financial security, then why not secure your beloved family ‘s financial future. Do remember that your spouse will not be able to handle all tasks all by herself. Thus obtaining either the low cost term life insurance or a life insurance no exam, will make their life a better one, even in your permanent absence
About the author
Article by David Livingston of EQuote.com, a website with the best affordable term life insurance and cheap term life insurance quotes information in the country.