Speak with an experienced advisor! Life insurance is one of the most important purchases that you’ll ever make for your family. It’s the best way to ensure that your loved ones have the money that they need, regardless of what happens to you. Finding the best life insurance plan can be a long and difficult process, but we are here to help you find the best plan to meet your needs.
If you are in poor health or have severe health complications, finding a quality insurance plan be even more complicated. Regardless of your health or your diabetes diagnosis, there are plenty of life insurance options for you that will fit your budget.
No Medical Exam Life Insurance
As you can probably assume from the name, a no medical exam life insurance plan is going to allow you to get the coverage that you need, without having to go through the exam before getting life insurance. These plans allow people that are in poor health to still get the life insurance protection that your family deserves. Nobody should have to go without life insurance, regardless of their health or their diabetes diagnosis.
There are hundreds of insurance companies across the nation which offer no exam policies. These plans are a great way to get life insurance protection for your loved ones, but there are some advantages and disadvantages that you should be aware of when you’re looking to get life insurance for your family.
Advantages
One of the obvious advantages is that anyone can purchase one of these plans, regardless of how your health is. There are thousands of applicants that have been declined for coverage is the past. These applicants assume that they can’t get life insurance because of their health. These plans are perfect for anyone that’s been rejected in the past for insurance protection.
Another advantage to these plans is that you can get life insurance protection much quicker than you would with a traditional life insurance plan. With a traditional life insurance plan, you’ll have to wait to schedule the medical exam appointment, wait for the results, and then wait for the insurance company to review those results to calculate your premiums. With a no medical exam, you can get life insurance protection much quicker. In fact, you can be approved for life insurance in a matter of days instead of weeks. If you’re looking to get a life insurance policy as quickly as possible, these no medical exams are going to be the best option.
Disadvantages
Just like other kinds of policy, there are going to be pitfalls to this kind of plan that you should take note of. These pitfalls can hinder the effectiveness of your life insurance plan. One of the most significant disadvantages is that they are going to be much more expensive than a traditional policy.
With a term life insurance plan, they insurance company is going to require that you take a medical exam before they accept your application for insurance. The medical exam is going to give the insurance company an overall picture of your health and how much of a risk you are to give a policy. With the no medical exam, the company has no idea how good or bad your health is, which means they are taking a much higher risk to give you a life insurance policy. They are going to offset that risk by charging you much higher monthly premiums. If you want to get the most affordable life insurance policy, a no exam plan isn’t going to be the best option.
Another significant disadvantage to no medical exams is that there is going to be a low limit on how much insurance protection that you can purchase with a medical exam. Most insurance companies are going to cap your policy at around $25,000, which isn’t enough life insurance for most applicants.
Calculating Your Life Insurance Needs
Before you apply for insurance, it’s vital that you understand how much life insurance you’ll need to buy to protect your family. Not having enough life insurance is one of the worst mistakes that you can make for your loved ones. It could leave your family with leftover expenses and debts, but no money to pay for those bills.
The first thing that you should look at when calculating your life insurance needs is all of your debts and final expenses. If you were to pass away, your debts would be passed onto your family members, which can make an already difficult situation a thousand times worse. Your mortgage, car payments, student loans, and everything else will be the responsibility of your family members. Those debts can quickly add up to hundreds of thousands of dollars.
The next factor that you should consider is your annual salary. The secondary goal of your life insurance is to replace your salary is something tragic were to happen to you. Your life insurance policy can help your loved ones pay for necessary expenses without having to sacrifice their standard of living. It’s a good idea to purchase seven to ten times your annual salary.
If you hold any debt or you don’t have anyone that relies on your salary, then you can consider purchasing one of these plans because they are much smaller coverage. They are a great way for seniors with diabetes to get life insurance coverage without breaking their bank every month in premiums.
Alternatives
If you’re looking to get more coverage than a no medical exam plan offers or you’re looking to save money on your coverage, then you should consider picking a term life policy instead. These plans are going to require that you take a medical exam, but in most cases even in more health, you’ll be able to be approved for coverage.
Term life insurance plans are bought with a pre-determined expiration date. After that time is up, the plan is no longer valid, and you’ll have to reapply for coverage if you want life insurance protection.
There are dozens of life insurance companies that specialize in working with high-risk applicants that have been diagnosed with diabetes. These insurance companies have years of experience working with diabetics and they understand the needs of life insurance and the impact that diabetes can have on your health.
Companies that have more experience working with people with diabetes are going offer you better rates and will give you a higher chance of being approved for life insurance protection. Finding the perfect company could be the difference between getting an affordable life insurance policy or being declined for insurance protection.
Another alternative is to purchase a whole life insurance policy, which unlike a term insurance plan, these plans last as long as you continue to pay the monthly premiums. They are active for your whole life. They are a great option for anyone that doesn’t want to have to worry about getting life insurance in the future, but these plans are going to be more expensive.
Each kind of policy has its advantage and disadvantages that you’ll have to weigh in light of your circumstances and needs. There is no “one size fits all policy” each person has different needs and preferences.
Getting The Most Affordable Life Insurance
The best way to ensure that you’re getting the most affordable life insurance plan, either a no medical exam or term life insurance plan, is to work with an independent insurance agent. Unlike a traditional insurance agent, independent agents work with dozens of insurance companies across the nation. Our agents can help you compare dozens of insurance companies and quotes instantly, instead of having to call all of the companies yourself.
Life insurance is one of the best safety nets that you’ll ever buy for your loved ones. It’s the best way to ensure that they will be taken care of, regardless of what happens to you in the future. If you’ve been either type 1 or type 2 diabetes, you may have been told that you won’t be able to find an affordable life insurance policy, or that you’ll be declined for coverage, but that couldn’t be further from the truth. Our agents can help connect you with the best insurance plan to fit your needs and your budget.
You never know what’s going to happen tomorrow, which means that you shouldn’t wait any longer to get the life insurance that your family deserves. If something tragic were to happen to you, and you didn’t have life insurance coverage, your family would be left with a massive amount of debt. That would make the situation a thousand times worse. It can make an emotional situation also financially stressful as well.
If you have any questions about no medical exam policies for diabetes or questions about any of the other life insurance options, please contact one of our agents today toll free at (864) 332-4209 or fill out the quote form on this page. We would be happy to answer those questions and ensure that you’re getting the best plan to fit your needs. Our agents have years of experience working with highly-rated companies across the nation.
We know which companies are going to give you the lowest rates for someone diagnosed with diabetes. We know that your time is valuable, don’t waste it talking on the phone to dozens of insurance companies and answer the same questions over and over. Let us do all of the work for you and bring the best rates directly to you.
