How Can I Get a Life Insurance Policy with No Medical Exam?

Buying a life insurance policy can be overwhelming. Many people don’t even consider buying a life insurance policy because they are afraid they won’t pass the medical exam. Contrary to what many people may have heard, there are life insurance policies available that do not require a medical exam. They are somewhat more expensive and may not provide a higher payout, but they are available for individuals who are willing to look for them.

Medical Exam or No Medical Exam?

People who are in good health will usually have no problem passing a medical exam for a life insurance policy. Others, however, may be worried that they will not pass. During a medical exam for a life insurance policy, the doctor will look for any existing or potential health concerns that may mean a shorter lifespan. They may also include information about your family history as well. Even if nothing major is currently wrong with you, the potential risk of devastating illness may impact what the doctor says about your exam.

Discuss the Different Types of Policies

Many policies do not require you to have a medical exam prior to purchase. Simple term life policies are set up for a pre-determined amount of time and the payout will not change. Universal policies that can build up cash value may also be available without a medical exam. It’s important to understand that, in most cases, you can buy different types of policies without an exam. The major difference is how much it will cost you and the trade-offs that are included. Higher premiums and reduced payouts for the first few years are common downsides to any policy that doesn’t require a medical exam.

Types of No-Exam Life Insurance

  1. Simplified Issue Term Life Insurance- It has a set term length with no cash value component.
  2. Simplified Issue Universal Life Insurance-It offers fixed cost and death benefits throughout the policy’s life.
  3. Level Death Benefit Whole Life Insurance-It is a permanent form of life insurance with fixed costs and death benefits.
  4. Guaranteed Issue Life Insurance-It is a “no questions asked” policy and is usually purchased by people with medical problems or advanced age.
  5. Graded Benefit Whole Life Insurance-It offers lifetime coverage but at higher costs, and the death benefit is reduced for the first 2 years.
  6. Rapid Decision Senior Whole Life Insurance-It is often issued in less than a week, hence the name “rapid decision.”

Start Early If You Can

The earlier you consider buying your life insurance policy, the less likely you are to have health issues. In many cases, a young man or woman in their 20’s may not be required to submit to a medical exam if they are in good health when they first apply. Starting early has two primary benefits. First, the younger you are the better your health. Secondly, your monthly premiums will be much lower than if you purchase your life insurance when you are much older. Set your goals and purchase your first policy now. You can adjust it as needed later.

Be Willing to Pay a Little More

The older you are when you buy your insurance, the more you will have to pay monthly premiums. Almost any type of insurance policy can be purchased without a medical exam if you are willing to pay the higher cost for your monthly premiums. Some insurance companies will allow you to purchase a life insurance policy without a medical exam if you are willing to make a few concessions. First, would be the higher premiums, and second, you may be required to take a reduced payout for the first two to five years.

Having trouble understanding your life insurance and why you may need a medical exam?  Contact the experts at Miller Carlisle Insurance Services in Carlisle, PA. We will help you get the right coverage you need.  

Getting Life Insurance in Your 20s and Its Benefits

Deciding to purchase life insurance in your 20s will be beneficial to you in the long run. Not only are policies more affordable, but you will also get a better policy due to better health and well-being. The longer you have your life insurance in place, the more sound your overall investment will turn out to be. Whether you are purchasing the policy to provide for your family or protect your business, the earlier you start, the more advantageous it will be for you.

Premiums Will Be Cheaper

If you purchase a life insurance policy in your 20s, the expectation is that it will be in place throughout your lifetime. The younger you are, the longer you will pay for your policy, making your premiums extremely low. Even on whole life policies, the younger you are when you buy your policy, the more affordable your premiums will be. When you are ready to purchase your first life insurance policy, you should immediately contact your insurance agent to find out what type of policies are available and what benefits are associated with each one. Once you have the answers to your questions, the easier it will be to choose the correct policy.

Better Safety Net for Your Loved Ones

Caring for your loved ones is always a top priority. No one expects to leave their loved ones behind, but when the unthinkable happens, you should always be prepared. The earlier you purchase a life insurance policy, the more benefits your family will have if they are forced to rely on it if your income is taken away. Many people choose to start a policy in their 20s before they even have a family. This allows them to build equity and begin to save for their future. When the time comes, they have a sizeable cash value from the insurance already established.

Choosing to purchase your first policy in your 20s is an ideal way for young professionals to invest in their future while they are young and healthy. The accumulated cash value can be used later to pay for important life events, including children’s education, weddings, home purchases, retirement incomes, etc. This money, in most cases, can be withdrawn without creating a tax liability.

Better Health Leads to Better Insurance

Individuals in their 20s are normally healthy and ready to take on the world. When purchasing life insurance, the healthier you are, the better your life insurance coverage will be. Individuals, who wait until later in life when their health has started to take a turn for the worse, may not even qualify for quality whole life coverage. Many insurance agents recommend buying whole life policies at the youngest possible age to avoid penalties for poor health. By buying early, you will get access to the best possible coverage and will be able to enjoy higher benefit amounts for a much lower price. Also, while speaking in terms of health, besides a death benefit, insurance can have other features, for example, support for certain medical problems, such as cancer.

If you are in your 20s and are interested in learning more about life insurance coverage and the benefits it offers, call the agents of Miller Carlisle Insurance Services. Our staff is trained to provide you with the most accurate and up to date information possible so that you can make an informed decision. Don’t just purchase any policy. Choose the one that fits your needs and your lifestyle. Schedule your first consultation today!

4 Reasons Why Investing in Life Insurance in Your 30s Is the Best Thing You Will Do

You can buy a life insurance policy to get financial assistance and protection during unexpected events and situations. However, you should purchase it at the right time to enjoy maximum benefits. A great time to get life insurance is when you are in your 30s.

Here are 4 reasons why you should consider getting life coverage in your 30s:

1. You Have Your Family

You might be a parent already or are married and planning to have children. Securing your family’s future is important for you. You must get term life insurance to financially protect them in the event of your unexpected death.

2. You Earn More

After your death, it would be especially difficult for your family to cope with the expenses without your income. However, your life insurance policy might be able to cover some of your lost income.

A policy with a death benefit of 5 to 10 times more than your annual salary would ensure that your family is financially protected after your death.

3. You May Already Have Debts

Whether it is a student loan, mortgage, or personal loan, you need to pay it back on time. Even if you die, your cosigner needs to pay it.

If you have a federal student loan, it will be discharged when you die. However, certain private loan providers might require your cosigner to complete the debt. In such situations, life coverage will help your cosigner or family to pay the debt.

4. You Will Save Money

Your 30s are the perfect time to buy a life insurance policy because age and good health are two important parameters that determine your premium rate. When you are in your 30s, you will be healthy, so you can get a lower premium.

These are a few reasons why buying life insurance in your 30s is a smart decision. If you have additional questions, contact the experts at Miller Carlisle Insurance Services in Carlisle, Pennsylvania. We are ready to assist you with all your coverage needs.

When to Purchase a Life Insurance Policy

The best time to get life insurance is when you are healthy and have no underlying conditions that may increase your insurance premium. However, people realize this quite late. It is important to buy insurance while you are still young.

Here are some fundamental steps to follow when buying a life insurance policy:

Buying the Right Life Insurance Policy

If you are concerned about the premium rate, consider getting a term life insurance for short-term and cheaper coverage. The general recommendation when choosing a term is to get enough insurance to cover you until you retire. You can contact your local insurer for the best life insurance deals.

If your family is dependent on you financially, you may want to secure their future after your death. It is best to buy permanent life insurance, which will provide your loved ones with some savings to clear any debts or expenses.

If you do not have any dependents that rely on your income, you may not need life insurance. However, it is wise to get disability insurance so that you’re protected from any injuries that affect your ability to work.

Why You Should Buy Life Insurance at a Younger Age

Your Premium Costs Increase with Age

Insurance companies charge less from younger customers as compared to older ones. This is because younger people are likely to lead healthier lives and claim lesser than older people.

You Can Save a Lot of Tax

Buying life insurance in Carlisle, PA, can result in tax benefits. The government allows taxpayers to have some relaxation if they have purchased an insurance policy.

You Can Live a Stress-Free Life

Knowing that your family is protected in case of any financial emergencies after your death can give you great peace of mind.

Investing in a life insurance policy will be the best decision of your life. Do you need assistance with term insurance in Carlisle, PA?  Contact the experts at Miller Carlisle Insurance Services. We are ready to address all your questions and concerns!

Why Getting Life Insurance Is Beneficial!

In this uncertain and unpredictable world, all you can do is act in the present and prepare for the future. Getting life insurance is one such preparation that ensures financial assistance for your beneficiaries.

Opting for life insurance is essentially a selfless act of love that you do for your dear ones. The overwhelming feeling of loss that people close to you experience when you pass away cannot be put into words, but life insurance can help alleviate some of that grief.

Some benefits that life insurance provides to its beneficiaries are:

Pay Funeral Expenses

According to Lincoln Heritage Funeral Advantage, the average funeral costs between $7,000 and $12,000. This is a substantial amount for the average American family. A life insurance policy can help to cover these expenses.

Pay Educational Expenses

If you have kids or any person dependent on your earnings to pay their school, college, or other educational expenses, life insurance cover can help with those expenses upon your death.

Pay Off Mortgage

If you are paying your home’s mortgage with your earnings, it can be a tremendous burden for your partner once you are gone. Your life insurance cover can then take care of the mortgage. When you pay for life insurance, you are generally also paying for the event where your loans get cleared rather than falling on the cosigners.

Take Care of Your Medical Expenses

Not all life insurance policies are for the event of your death. Sometimes they can cover your medical expenses if you are diagnosed with a critical illness and are unable to work.

There are many different life insurance policies, each with various benefits, many of which overlap across plans. Read through all the documents carefully before making a decision. For assistance with all your insurance needs, contact the experts at Miller Carlisle Insurance Services.

Perfect Staycation Ideas for Your Family

Due to the lockdown imposed during the coronavirus pandemic, people have realized that they can still have a lot of fun and spend quality time with their family by staying at home. Staycation with kids at home is a great way to bond with them.

Here are some great staycation ideas for you:

Play and Invent New Games

Kids are always full of energy and excitement. As an adult, you can explore your creativity and come up with new games that you can teach and play with your children. If you don’t want to invent new games, board games are an excellent way to bond and have fun.

Create Whacky Art

Teach yourself or your children to paint, draw, color, sketch, or even build models. You might be surprised how imaginative your kids can be!

Cook Delicious Food

This is the time where you can cook delicious and nutritious food. Teach your children that nutritious food can also be delicious. Explore various recipes and see the faces of your children light up with every bite they take.

Rejuvenate

Now that you have a lot of free time, use some of that to relax. Try meditation or sunbathing to relieve your stress.

Get a Pet

This is the best time to get yourself and your family a pet. You will have enough time and energy to give your pet all the love and attention it needs.

Remember to share your precious staycation moments with your friends and relatives by clicking awesome pictures. Keep your family happy and protected with the right insurance. For assistance with all your insurance needs, contact the experts at Miller Carlisle Insurance Services.

Situations Where You Should Review Your Life Insurance

When you need to update your life insurance coverage.parent holding baby's hand

Just because you secured life insurance doesn’t mean that your work is done.  For your policy to offer maximum protection, you need to continually review and update your coverage.  But which life events indicate that it’s time for a policy update?  Here’s when you should review your life insurance.

  • You Have a Baby on the Way

If you are welcoming a new addition to your family in the near future, then you need to update your life insurance policy to address this change.  In addition to adding your child as a beneficiary, you should also increase your coverage to help your spouse pay for child-rearing costs and future educational expenses should you die unexpectedly.

  • You Buy a New Home

If you have finally taken the huge step of purchasing a home, your financial obligations will increase.  This is because you now have to keep up with regular mortgage payments in order to keep ownership of the home.  Once you close on the home, you need to increase your life insurance coverage to ensure that your benefit is enough to help your spouse keep up with mortgage payments or pay off your mortgage completely.

  • You Want to Start Your Own Business

If you want to launch your own business, then you may need to secure business loans to finance your company.  If your spouse or business partner cosigns on these loans with you, then they would carry the burden of paying these loans back if you were to die.  This is why you should be sure to update your life insurance policy by increasing your coverage and adding your business partner as a beneficiary so they can use a portion of your death benefit to pay back these loans.

These are some of the situations in which you should review your life insurance coverage.  Do you have additional questions about your life insurance?  If so, then contact the experts at Miller Carlisle Insurance Services.  Our dedicated team is eager to assist you with all your coverage needs today.