(NOTE) You should be aware that no medical exam life insurance policies tend to cost
more than life insurance policies which require a medical exam.
Rather
than the life insurance company pay the normal lump sum death benefit, with the IPO you choose how much and for how long your beneficiary receives monthly or annual payments.
Another thing clients should consider is that with a no medical exam life insurance policy, the premiums are always going to be
higher than a life insurance policy with a medical exam.
Thankfully this is not the case, as life insurance for individuals in their 40s is often not much more
expensive than life insurance for individuals in their 30s.
This policy may be more affordable
than life insurance with a single policyholder because there will likely be a longer period before the insurance company has to pay the death benefit.
However, these plans may charge a higher price
than life insurance coverage requiring you to take a physical examination to find out if you qualify for coverage.
Years in Business — A life insurer in business more than thirty years may be more financially
secure than a life insurance company established in the last five years.
Additionally, final expense insurance will cover those who find themselves beyond the age limits of a normal life insurance coverage, as well as a much lower cost
than life insurance as well.
Many final expense insurance providers do not have medical underwriting rules, or relaxed rules, which allows you to get a policy much
easier than life insurance plans.
A second to die policy pays out on the death of the second spouse and the premiums are generally a lot less
than life insurance on just one person.
If a disability can compromise your ability to earn completely, then there is no reason why disability insurance cover should be less
than your life insurance cover.
In addition, the life insurance companies that specialize with these policies offer more liberal underwriting
guidelines than a life insurance policy for an individual.
You'll also need to review withdrawal options and fees, in the case that you end up using this investment for retirement
rather than life insurance.