You could, however, switch into one of
these whole life policies without proving good health, a feature called a «conversion option».
If their situations change, it is unlikely that they will be able to increase or decrease either the premiums or the death benefits on
their whole life policies without surrendering them and purchasing new policies.
Since the money you pay into the policy belongs to you, you can even borrow against
your whole life policy without going through a credit check, putting up collateral or any of the hassles associated with ordinary loans.
Many term policies carry a conversion privilege that will allow you to covert your term coverage to endowment or
a Whole Life policy without a medical examination.
Similarly, it also allows you to apply for
a whole life policy without having to take a life insurance medical exam.
Not exact matches
Term - to - 100 is similar to
whole life, except
without any refund of the cash surrender value if you cancel your
policy.
Or, if you prefer, convert your coverage to a
Whole Life policy up to age 65
without a medical exam.
Most insurers who sell such
policies offer a maximum of $ 50,000 of
whole life coverage
without a medical exam.
Gerber's
whole life insurance
policies also can be purchased
without undergoing a medical exam, so long as you are under 51 and are seeking less than $ 100,000 in coverage.
In general,
whole life policies have two parts — a guaranteed cash value (that you need to cash in the
policy to get, or alternatively, get a loan against) or «dividends», which is an amount that has built up over the years that you are able to withdraw
without surrendering the
policy.
Convertible term
life insurance is simply a term
policy that can be converted to a
whole policy at any point during a specified period of time (typically several years)
without you having to undergo a new health assessment.
The benefit is the non-participating
policy offers the guarantees of a
whole life policy, but
without the additional benefit of a return of premium in the form of an annual
whole life insurance dividend.
At any time until the insured reaches age 70, he or she may be able to convert their term insurance
policy over into either a
whole life or a universal
life insurance
policy without having to take a paramedical exam.
The cash value of a
whole life insurance investment
policy can be accessed
without having to jump through the various hoops that are necessary for a bank loan, including a credit check and reams of paperwork.
Because of its long lasting nature, a
whole life insurance
policy holder will never find himself or herself
without a
life insurance plan — regardless of how long they need the coverage or any adverse health conditions that they may acquire over time.
At a minimum, you'll be guaranteed that you will be able to renew your current term insurance
policy, or you will be able to convert it to a
whole life policy —
without being subject to a medical exam.
In some cases, you can convert your term
life insurance plan into a
whole life policy,
without having to take a medical exam or answer any additional health questions.
The dividend paying
whole life insurance will enable you to increase your death benefit
without having to go through medical qualification or taking an entirely new
policy.
Paid - up
life insurance is an option that allows you to keep a
whole life insurance
policy in force
without paying any premiums for a while, or permanently.
A type of term insurance that allows you to exchange the term insurance
policy for a permanent
life insurance
policy (
whole or universal)
without having to take a new medical exam.
The
whole life insurance
policy is a plan that you buy for a fixed number of years with a fixed premium rate, and it has the additional advantage of qualifying you for investment benefits against which you can borrow
without being taxed.
It is cheaper than
whole life and is guaranteed to last your entire
life without lapsing — unlike other universal
life policies.
Additionally, you may also be eligible for a simplified issue
life insurance
policy which would allow you to obtain a quality term or
whole life insurance
policy without needing to take a medical exam!
This valuable feature allows you to convert your term
policy to a permanent
policy (e.g.,
whole life insurance)
without submitting evidence of insurability.
To be approved for a quality, term
life insurance
policy up to $ 250,000 or a
whole life insurance
policy up to $ 150,000 quickly,
WITHOUT HAVING TO TAKE A MEDICAL EXAM.
Convertible Term Insurance is a type of Term
Life Insurance which, in accordance with the insured's wishes, can be converted into a
Whole Life Insurance
policy or a Universal
Life Insurance
policy without evidence of insurability.
There are several different types of
life insurance
policies you can buy
without a medical exam including level term insurance, simplified issue term insurance, simplified issue
whole life insurance and guaranteed issue
whole life.
A prime benefit of the
whole life cover is that it is regarded as a permanent
life insurance
policy, which is designed to provide the
policy holder with a lifetime coverage protection
without any changes in the premium amount or the time period.
Depending on the insurance company, at the end of the level term period, you may have the option to use the
policy cash value to purchase a guaranteed paid - up «
whole life policy»
without having to prove your health.
Additionally, most annual renewable term
policies offer a conversion feature that allows you to exchange a term
policy for a
whole life or universal
life policy without proof of health.
The accrued cash value of a
whole life policy has another benefit; you can use the accrued value
without affecting the guaranteed payout amount.
The conversion privilege permits a policyholder to exchange a term
policy for a
whole life or universal
life policy without evidence of insurability.
Thus, if you decide in later
life that you don't need the large term
policy, you can simply convert it to a much smaller
whole life without worrying about answering a lot of health questions.
They host a full collection of term
life, universal
life, and
whole life to cover the many needs you and your loved ones may have, and can even get a
policy with a death benefit up to $ 30,000
without a medical exam.
If you have a term
life insurance
policy you aren't ready to give up, most
policies come with a default term conversion rider that turns the term
policy into a
whole policy without you needing to go through the underwriting process again.
Under IRC Section 1035, a
whole life policy can be exchanged
without tax penalties for an annuity, which can provide you with additional income for
life.
Besides, a
whole life policy goes against the idea of budgeting for your needs now — you're locking into a
policy without thinking where you, your family or your financial situation will be in one year, three years or 30 years.
Most companies offer the option to convert a term
policy to a
whole life or universal
policy without requiring additional proof of good health or evidence of insurability.
Most insurers who sell such
policies offer a maximum of $ 50,000 of
whole life coverage
without a medical exam.
With interest - sensitive
whole life insurance, you can have more flexibility with your
life insurance
policy such as increasing your death benefit
without raising your premiums depending on the economy and the rate of return on your cash value portion.
Convertibility refers to the ability to «exchange or convert» your
policy,
without proving your health, for a
whole life, universal
life or more permanent form of
life insurance that will offer you a level rate for a longer period of time usually your lifetime.
Since they often expire
without paying out benefits, term
life policies tend to be far cheaper than
whole life products.
You can choose to convert your term
life policy into a permanent
life insurance
policy without having to go through the
whole underwriting process again and you can still have the same rates regardless of your age or health.
Many term
life policies offer you the option to convert your coverage to
whole life insurance by some future date, (
without having to prove insurability — taking a medical exam).
The cost to convert to a
whole life policy is expensive but having the option to «lock in» a longer guaranteed rate
without proof of health can be invaluable.
Unfortunately, due to the complexity of the topic, it's pretty much impossible to give any general «rules of thumb» advice when it comes to where or not someone will be eligible for a traditional term or
whole life insurance
policy without knowing all the specifics of their medical situation.
In the end, if investment is your bottom line, there are other routes you can take that provide better returns that come
without the expensive premiums and high fees associated with a
whole life insurance
policy.
Want to consider the possibility of applying for a simplified issue term or
whole life insurance
policy which would allow you to qualify for a
life insurance
policy without the need of taking a medical exam.
Whether you need
life insurance
without a medical exam, a group
policy, or a
whole life policy, Liberty Bankers is likely to have a
policy that works for you.
With MassMutual, you have the option of converting the term
life policy into a
whole life insurance (also known as a permanent
life insurance)
policy without having to undergo any additional health questions or physical examinations.