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[N316]No Medical Exam Whole Life Insurance

by Sarah Martin, Sar

You can simply do a search online of the insurance providers that sell such policies. Visit each of the sites to check out the rates each one charges and the amounts of coverage that the policies contain. All life insurance quotes are free, so you can request as many or as few as you wish and compare the results to choose the policy that best suits your needs.

The factors that determine the price of the no medical exam life insurance quote (http://www.equote.com/li/nomedicallifeinsurance.html) you receive are your age, your gender, your weight and height and whether or not you use tobacco products. This also applies to having used tobacco products within the last 12 months.

There will be spaces on the website page for you to enter the answers to these questions. The older you are, the more costly the policy will be. Gender plays a role in determining the price of the policy because females have a longer life expectancy than males.

The insurance company asks about your height and weight to determine if you are overweight and as such at risk of passing away during the term of the policy. This also applies to the use of tobacco products, which is linked to terminal illnesses.

Without a medical exam, you are a greater risk to the life insurance company (http://www.equote.com/li/term-life-insurance-quote.html) and it uses the answers you provide to these questions to determine the no medical exam life insurance quote it will give you. You don't have to accept any quote that you receive because none of them are binding. They are just services that insurance providers offer in order to draw you in as potential customers.

The amount of coverage that you want to have in the no medical exam life insurance quote is also a factor that affects the overall cost. The more coverage you want, the higher the premiums will be. Usually life insurance is sold in blocks of $5,000 or $10,000, so of course the more blocks you buy, the more you pay.

The length of the term is of particular importance when you don't need to have a medical exam. The premiums remain the same for the life of the term, so if you choose a 30-year term you know that your premiums will never rise during this period. A longer term also has a lower rate in addition to giving you peace of mind knowing you are protected for the term.

While the actual cost of a no medical exam life insurance quote may appeal to you, the possibility does still exist that you could be turned down for such a policy. It is not intended for individuals who already have life-threatening illnesses, such as cancer, diabetes, HIV, and other medical conditions.

Some states do have restrictions on the types of medical conditions one can have in order to purchase life insurance without a medical exam and the regulations concerning this also vary among insurance companies. For the most part, individuals who do purchase such life insurance policies that do not require a medical exam only want enough coverage for their funeral expenses or to leave their beneficiaries a little something.

Reason #1: The life insurance premiums are fixed and due for life.

A fixed premium means that the life assurance premiums for your whole life insurance policy will not increase over time as long as you continue to pay them regularly. The life cover premiums may not rise as you get older.

Whole life insurance assures you for your whole lifetime. The beneficiary you appointed in the contract will receive a death benefit as long as the terms of the policy are met. The death benefit is equal to the face value of the policy. Whole life assurance will cover you for your full lifetime as long as you do not cancel the policy or stop paying the premiums. The policy will not run out after 10 or 20 years.

Reason #2: A part of the life insurance premiums build up a guaranteed cash surrender value.

Whole lifetime assurance policies have the ability to accumulate a cash value after a while. Normally the cash value will keep on increasing as long as the policy is in use. It is sometimes possible to use the policy as security to secure a loan or to borrow against the cash value.

You may even decide to abandon the life insurance policy to receive the cash surrender value. Keep in mind that the cash surrender value of the policy will be considerably less than the face value of the policy.

Reason #3: A whole life insurance policy may earn dividends.

Your life insurance company will usually invest a proportion of your monthly life insurance premiums in stocks or bonds. Sometimes a life assurance company shares the profits of the investment by giving a annual dividend to the policy holder. Dividends may occur when the company's actual life insurance costs turn out to be fewer than the projected costs.

Reason #4: Whole life insurance offers you lasting coverage.

Your life insurance company will very rarely cancel the policy once they have decided to insure you. Therefore, unless you modify your policy in the future, you will have permanent coverage with no future medical examinations.

Reason #5: The cash surrender value is tax-deferred until you remove it.

The increase in cash value is tax-deferred under existing federal income tax law.

Reason #6: You can find several whole life insurance quotes online.

You may find whole life insurance quotes online instead of at your local insurance agent's office. Remember that life assurance company rates are managed by law and that rates will normally be the same online and offline.

You usually do not have to pay for whole life insurance quotes online. Each of the companies has a form that you fill in and they will reply to you with a quote.

Conclusion

Whole life insurance may be a logical choice for people who can afford it. People who cannot afford to buy a whole assurance policy should cover their insurance needs with cheaper term assurance. Whole lifetime insurance may also be a superior choice for older people. This is because the price advantage of term insurance decreases as you get nearer to the age of 70 years.

That was 6 reasons why you might like whole life insurance.

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About Author

Both Sarah Martin & Daniel Theron are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.

Sarah Martin has sinced written about articles on various topics from Wine and Spirits, Acne Treatment and Finances. Sarah Martin is a freelance marketing writer based out of San Diego, CA. She specializes in finance, business, and . Fo. Sarah Martin's top article generates over 301000 views. to your Favourites.

Daniel Theron has sinced written about articles on various topics from SEO Search Engine Optimization, Finances and Life Insurance Companies. Copyright 2008 - Daniel Theron. You can visit for more insurance related information.. Daniel Theron's top article generates over 14800 views. to your Favourites.