No one can predict the future. Accidents, sudden cardiac arrest or any such unfortunate incident could cause your untimely demise. As the elder in the family you have a veritable responsibility to take care of your family and protect them. A Life Insurance Policy can provide your family with the required financial security in such exigencies.
This does not mean that your life insurance policy only provides financial support to your family at real time. Even when no such unfortunate event occurs, you will have the tax benefits and several other schematic benefits covered by your policy. However, the main advantage always is the financial benefits that accrue on the legal heirs and successors in interest in case of untimely death of the insured person.
Insurance could be a permanent insurance or a term life insurance. While the former covers your entire life till the date of maturity of the policy, the later provides coverage for a specific period only. In any case, life insurance is an essential component of your financial planning.
You may think that obtaining an Insurance Policy, especially a whole life insurance may be very difficult. Filling out the format or enrollment under one of the leading insurance carriers involves a number of formalities including a medical test to decide your “pre-existing condition”. There are quite a few insurance providers who will deny you a policy basing on your pre-existing conditions especially when you are suffering from a renal disease.
There is no need to be apprehensive on this account. No medical life insurance policies are now available. The benefits provided under such a plan is quite appreciable and are exactly the same as in case of an insurance policy where full medical examination were carried out by the provider company.
A few restrictions in your obtaining an insurance policy are that you cannot have even at term life insurance no medical examination when you are suffering from renal diseases like AIDS, HIV, ARS, cancer and a few other complicated diseases relating to heart, lung, diabetes and mental anxieties. Moreover, the terms and conditions laid down by the provider vary from company to company and you have to meet their eligibility criteria to be eligible for no medical insurance.
Therefore, the best course of action for you is to requisition life insurance quotes on whole life insurance or term life insurance. Once the quotes arrive, you will know exactly what they provide for you and whether you are eligible for a no medical life insurance. There may also be a few providers who even allow such facilities in favor of their customer despite a little loss for them.
For other types, obtaining a no medical life insurance will be comparatively easier. It will be a savings in terms of visit of the doctor and such plans are also available at a low cost. A few popular such policies are plans for funeral or for hospitals or travel. Most of the agencies do not require you to go through medical exams for the term life insurance policies.