One of the down sides of obtaining life insurance with no medical exam is that the amount of coverage you can secure is far less than what you can get with a traditional underwritten term policy, such as a million
dollar term life insurance policy at at affordable premium rate.
Not exact matches
Let's look
at another example and see what a million
dollar term life insurance policy would cost the Doe's.
A
term life insurance policy can provide a good way to obtain a large amount of death benefit protection
at an affordable price, such as someone needing a 1 million
dollar life insurance policy.
For example, a person with young children will take out a one million
dollar 15 year
term life insurance policy and a permanent
policy at the same time.
In the example above, Raj would have been able to purchase a traditional
term life insurance policy from the same company for less than $ 50
dollars per month, but he would not receive all of his money back
at the end of the
term.
If you are going to pay a premium that is likely to be several hundred
dollars per year for just a few thousand
dollars in death benefit, you may be better off looking
at a
term life insurance policy.