Life Insurance No Medical Exam

Since it is a well-known fact that insurance companies share information, it may be wise to skip getting a medical exam before trying to get insurance if you have any doubts about your health. There is a group called the Medical Information Board (http://mib.com) whose sole purpose is to distribute patient medical information, presumably to prevent insurance fraud.

However, in recent years the Medical Information Board has been accused of using patient data files to make it almost impossible for the said patients to get affordable health insurance. Fortunately, this practice will become illegal after the health care reform law of 2010 goes into full effect.

If you are forced to take a physical exam to qualify for insurance before you are covered under the new law, there are a few things you can do to help your chances of a favorable outcome. Scheduling physicals early in the morning or on Sundays are proven to have higher acceptance rates than other times or days. You should also avoid alcohol, sugary foods, and even coffee before your exam. Last but not least, get a full night of sleep and do stress relieving breathing exercises on the way to the doctor’s office.

Viatical Life Insurance

If you already have insurance, but have recently been diagnosed with a terminal illness, a viatical settlement may be right for you. Viatical settlements are a large lump sum of cash that is given to a terminally ill patient. The settlement is given in exchange for the rights to the no physical term life insurance policy benefits of the viator (the terminally ill patient).

This sort of arrangement works well for both parties involved. The patient gets cash that they can use to make their final days peaceful and stress free. The investor is satisfied with the right rate of return that is common with these settlements.

However, there are risks to both the viator and the investor. The main risk that the viator faces is not asking for enough money at the time the deal is organized. The risks for the investor are more complicated. These risks include: the viator living too long, the insurance company going bankrupt, and the viator committing fraud on the insurance application (the investor would receive no life insurance benefits).

If you are thinking of selling your no physical term life insurance benefits (or burial insurance benefits) or you think that investing in viatical settlements sounds appealing, then remember that this is an unregulated market so you need to do our homework and be careful!

Life Insurance Universal Life

Before you decide on a particular insurance option, proper education is essential (see noble insurance). Universal life is a very popular life insurance option. This policy is based on cash value. In other words, any premium payments that are greater than the cost of insurance are automatically allocated to the cash value. The cash value is then credited to the account each month with interest added as well. The policy premium is then debited out of the account each month if no premium is sent in for that particular month. The advantage of having this sort of policy is that you can pay more each month and if you run into some financial trouble down the road, you will still be able to keep your no physical term life insurance because the premiums will be deducted from your cash value.

Related posts:

1. Burial Life Insurance For Seniors: Part 2
2. Final Expense Insurance: 8 Most Frequently Asked Questions
3. Funeral Insurance For Seniors: Part 3