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| insurance life, life insurance, Life Quotes, |
What is a guaranteed life insurance policy? And are there policies that don't require medical exams?
A guaranteed life insurance policy is a type of insurance that won't require you to undergo medical exams for approval. With this type of policy, insurance companies and their agents won't even ask you about any underlying health problems you have, so you won't have to worry about qualifying for approval.
In other words, being sick, or having a high-risk lifestyle, won't be a detriment if you are interested in getting this plan. That's because this is designed purely for those who are above fifty, or individuals who have possible terminal health conditions.
What Benefits Can I Get from A Guaranteed Life Insurance?
This type of insurance also works the same way as other traditional policies. They can also provide you with services to help you set up arrangements for leaving your beneficiaries the money necessary to cover burial and other funeral expenses, settle final debts, and manage your assets and your estates after you have passed away. This saves your family time and money, and assists them in preparing for life after your death.Apart from those basic coverages, this plan is also easy on the pocket. That's because these are commonly of smaller value, when compared with traditional policies. And that's not the only reason. You will also be spared from having to worry about getting a physician's approval of your health condition to get an affordable insurance policy (a full physical appraisal and a medical certificate will generally cost you a fair amount).
Of course, acquiring a life plan of your own also gives you the satisfaction and comfort in the thought that your family's future is secure if something were ever to happen to you.
Insurance Policies, Benefits and Pitfalls
If you're an individual who is above the age of sixty, and you still aren't insured, it would also be convenient and ideal to acquire a guaranteed life insurance; no medical exams are required for these, so any current or acquired diseases or illnesses that you may have at this point in your life.However, you should be aware that guaranteed insurance policies have limited coverage and limited features when compared with traditional life plans. It is best that you read and understand your policy first, and understand the restrictions and coverage of your contract.
On the other hand, some companies may offer guaranteed insurance with policies that you can just manually renew every time the period expires. After all, having insurance is still better than nothing, limitations or no. However, be sure to always stay on top of your policy by keeping in touch with your insurance company or agent. Always consider the risks you may be taking with your policy, and always be sure that you are familiar with the terms and conditions.