No Exam Life Insurance Gives Peace Of Mind & Financial Coverage
If you’re looking for the perfect gift for a close friend or loved one, consider the gift of no exam life insurance. Whether the occasion is a birthday, an engagement, a wedding, or a birth, no exam life insurance is a gift that will truly keep on giving. This is because life insurance offers a monetary payout in case the worst happens, and it also comes with peace of mind. The person you give life insurance to can rest easy knowing that if something happens to them, their loved ones will be taken care of. No exam life insurance in particular makes a good gift since approval is easy, and in some cases, guaranteed.
The Value of No Exam Life Insurance
While giving life insurance as a gift might seem unconventional, it’s actually a gift that has tremendous value. When you purchase a life insurance policy for someone else, you commit to paying monthly premiums for a set amount of time or an unlimited amount of time, depending on the type of policy you choose. Term no exam life insurance comes with a set period of time while whole no exam life insurance is valid for a person’s entire lifetime. Whichever one you choose, you are committing to pay a monthly fee. The ultimate goal, of course, is to provide peace of mind for your giftee and financial coverage for their loved ones.
The Convenience of No Exam Life Insurance
No exam life insurance is life insurance that doesn’t require a medical exam, which means you don’t need to involve the giftee in arduous doctor’s visits or blood tests. Rather, no exam life insurance can be purchased entirely online, so there is no hassle for anyone involved, neither the buyer nor the receiver. Sproutt.com will even find the best rates for you, for free, so you don’t need to spend hours researching or doing due diligence.
Simplified Issue vs. Guaranteed Issue
If you’re buying a policy for someone else you will need their basic personal information. For Simplified Issue (SI), you will need to provide some health information as well. This means you’ll likely need the input of the person you are buying the gift for. In this case, it’s extremely important to get accurate information and not to make any guesses on your own, since a death benefit can be denied if the insurance company finds that the information on the application was not accurate.
Additionally, SI is a form of term life insurance, so you will probably want to consult with the giftee and ask how long they want the term to be.
For the second type of no exam life insurance, Guaranteed Issue, you don’t need to provide any health information and approval is guaranteed. If you want to pull off a surprise gift, this is the kind of no exam life insurance to do it with. No medical exam required, no health information necessary. Just include basic personal info (age, gender) and the amount of coverage you want.
If you need guidance about what kind of no exam life insurance to get, the experts at Sproutt can help you here.
The Benefits of Buying Life Insurance Young
The general rule of thumb is that the younger you buy life insurance, the better your rates will be. This is true for traditional life insurance and no exam insurance, especially Simplified Issue. Because SI does take certain health factors into account when creating your rates, the younger you are, the healthier you are likely to be, and good health is directly correlated to lower life insurance premiums.
If you are buying life insurance for someone in their 20s and 30s, you can agree to pay for x amount of years until that person can start paying the premiums himself. The benefit of doing this is that you help the giftee lock in low rates, which will remain the same throughout their entire term or lifetime.