Save Big On Guaranteed Issue Life Insurance Policy For Family With No Medical Exam Life Insurance

April 26, 2013 - PRLog -- Most of the guaranteed issue life insurance companies do not require buyers to undergo any medical examinations but the premiums charged and coverage offered may vary from company to company. Besides, a buyer may be required to answer few questions pertaining to his pre-existing medical conditions. Based on the answers provided, insurers will assess risks and decide the premium which can be provided to the buyer. Nevertheless, if you are considering applying for a policy of this type, it could be vital for you to take into account certain important factors. Here is some information about the same.

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When you are out to locate guaranteed issue life insurance companies, you may consider the below mentioned aspects.

1. Find out if there is any waiting period for deaths which take place due to incidents other than accidents. Generally, most of the insurers have a 2 year waiting period.

2. Determine if such policies offer any graded death benefits. Policies which offer such benefits may return premium if buyer dies within the first 2 years and some portion to those who die thereafter for subsequent 2 years.  

3. Rates offered to blended smokers and non-smokers will be different. At times, non-smokers may end up paying higher premiums than smokers.

4.  Usually, guaranteed issue life insurance companies offer policies which have face amounts that are less than or equal to $25,000. But some policies have higher face accounts up to $500,000 and the coverage may have direct co-relation with the buyer’s mortgage or any per-existing medical condition which is diagnosed within 12 months of the policy being issued.

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5. Some insurers may even provide an interest at the rate of 3% if buyer dies within 2 years of securing such a policy. You will have to check this out with your insurer for no medical exams life insurance for family.

6. Few guaranteed life insurance providers may also offer multi - life discounts that allow the next insured person in the policy to save money on fees on no medical exams life insurance.

In any case, you will have to compare free quotes provided by several guaranteed issue life insurance companies for finding the right company for no medical exams life insurance for whole family. The task can be challenging as you will have to study the features provided and premium charged by each insurer and then compare their proposals with each other. To that effect, it will be better if you seek help from some local expert who is well versed with the multiple quote comparison process requirements. On the internet, there are many firms which offer such guidance; you can locate one that is totally reliable and reputable.