New Mexico No Exam Term Life Insurance
Reader’s Question:
I’m a single-parent with 2 kids in their teens. Is a no exam term life insurance a good deal for me?
June
Albuquerque, NM
Good question. A no exam term life insurance plan can be a good financial asset for you and your kids; however, this type of policy is not for everyone. By definition, a no exam term life insurance plan is a type of life coverage which is meant to be maintained for a certain period of time only. This type of life insurance is relatively affordable, considering the big amount of coverage it offers. It also does not require you to undergo a health or medical check-up.
So is this a good type of policy for you and your kids? It depends. This type of policy is definitely more expensive since the insurers are taking a big risk for not knowing the factors that can affect your lifespan. Do you need to pay these extra premiums just so you don’t have to undergo the medical test? Unless you have any form of medical condition that prevents you from getting insured, might as well take a policy with a medical exam and save yourself a lot of money.
You may benefit with a regular term life insurance instead since the premiums you will pay will reflect on your good health. However, if you find yourself repeatedly getting rejected insurance due to health related factors, then a no exam term life policy is your best option. Also, a term life plan is good if you only need coverage for a specific period of time only (10, 20, 30 years), such as while you’re raising your children and paying mortgage.
6-Tips to Owning an Affordable Life Insurance Policy
Reader’s Question:
I’ve had a life insurance policy for a year now but I’m thinking of switching to another carrier. How do I find good rates and life insurers?
Hector
Rio Rancho, NM
Life insurance is a very important asset (especially in uncertain times like these). Getting the right kind of policy, with the right insurer, is essential. In your case, it’s still not too late to look for a better insurer. Here are some tips to get you started:
1. Independent Rating Agencies – Moodys, J.D. Powers, and A.M. Best are some of the best rating agencies that can tell you which life insurance companies in your area have the best track records when it comes to customer service, financial stability, claims handling, etc.
2. Shop for Rates Effectively – Use life insurance comparison portals which enable anyone to get a free quote check and compare insurers for the best rates quickly and easily. Aside from this, you can also get other information on life insurance that can help you become a better-informed buyer.
3. Don’t Skip the Med Test – Unless you have any serious diseases or a terminal illness, skipping the medical examination may prove costly to you. If you are young and healthy, let your insurer know about that in order to get access to cheaper rates.
4. Keep Yourself Healthy – Want to know how to keep your life insurance premiums from skyrocketing? Keep yourself healthy by exercise, proper diet, and healthy habits. The less chances of dying too soon, the better your rates become.
5. Quite Smoking – Even a fifth-grader knows that smoking is a very nasty habit. A habit that, decades later, can cause some very serious health conditions that makes the sufferer wish they’ve kicked the habits years ago. Save money on your life policy, on sin-taxes, and on future medical bills by quitting now.
6. Discounts – Ask for discount offers. Discounts are a great way to lower your life insurance premiums. Don’t expect your insurer to be proactive on offering you discounts.
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