At one time, getting life insurance was a long and challenging process. Thanks to the Internet and some of the new insurance products that have been created, it’s never been easier to get life insurance. When you’re deciding to buy life insurance, the first thing on your list should be to find a plan that best fits your goals.
Your dependents future hangs in the balance on whether you make the right life insurance purchase. Getting a policy that either doesn’t fully meet your needs or costs way too much could prevent your loved ones from having enough money to take care of themselves once you pass away. There are several types of plans that you can choose from and hundreds of companies on the market.
At InsuranceScored.com, our first priority is to make this decision comfortable for you and to find the maximum value for your budget. We get hundreds of questions every year about the easiest way to get life insurance coverage, and this article is going to answer those questions.
Life Insurance Online
Plenty of companies have options for buying a policy completely online. So if your aim is to get life insurance protection as quickly as possible then that route is the way to go.
Companies like Haven Life have completely changed the way that we look at getting life insurance protection. One of the most annoying things about getting a traditional life insurance policy is having to call the insurance company, set up the time for your medical exam, waiting several weeks for results, and the final premium quote from the carrier. If you decide to buy life insurance online, you won’t have to worry about all of that. Buying life insurance online is hands-down one of the easiest ways that you can get life insurance.
Another easy way to get life insurance is to purchase a guaranteed life insurance policy. As you can guess from the name, these plans will let you buy coverage without making it known to the carrier about any health problems you deal with. The company will not decline your application, even if you’re in very poor health. While it might sound like the perfect option on the surface, it’s vital that you understand all of the different advantages and disadvantages of these plans.
Easy Does Not Mean Best
Sure, these plans are quick and easy to get, but there are a couple of drawbacks. Up first, is how much the monthly premium will be- and it’ll be expensive. Cutting out the medical exam leaves the carrier with more risk than they normally would like. So their catch to this is raising the monthly premium pushing that risk back onto you.
A second issue with these plans is the limit on how much protection the insurance carrier will allow you to purchase under one policy. The limit is usually set around $25,000, which means you’re buying coverage to provide your family with just enough money to cover funeral expenses and about $15K cash to cover any important debt that needs to come off the books. However, we’ve seen that in most instances $25,000 is just not enough for the average family to leave to their dependents, and purchasing too little coverage is a huge mistake.
The most significant advantage that Guaranteed Issued plans are effective as soon as you sign the policy, way faster than your traditional style plans. Because you don’t have to take a medical exam or answer any health questions, you can get approved for life insurance in less than an hour.
If you purchase a no exam plan, like the policies from Haven Life, then you can get life insurance in a matter of days. With a no exam plan on the other hand, then you can get more coverage than you could with a guaranteed issue plan. No exam plans will allow you to get as much as $500,000 worth of protection. There are even a few companies that will give you a $1 million plan with no exam.
Both of these plans are much easier to get versus a traditional policy, but just because they are easy doesn’t mean that they are the best option. Getting a plan that requires a medical exam is not as difficult as you may think.
Deciding Which is Best For You
Buying life insurance can be a hassle, but we can ask you questions about your specific needs and help connect you with the perfect policy for you. The safety net your policy provides is vital to your loved ones and will help secure a more peaceful future.
Getting multiple quotes will aid you in the search for your policy. And most of the time if you try and do that work yourself it’ll cost you valuable time and probably start to frustrate you. That’s why we’re here! We have contracts with many of the highest-rated insurance carriers across the country, which means that we can bring all of the best rates directly to you.
Hopefully, this article has answered a lot of your questions and simplified your thought process going into the buying decision. But if you think of other aspects of life insurance policies you wish to discuss then please give us a call or reach out to us through the contact form on our site.