Finance

A Million Dollar Life Insurance Policy Without The Need For A Medical

If you are interested in obtaining a one million dollar life insurance policy without the need to go through a physical medical examination, then Bestow is the insurance company that you need to go with. This is because although they are a relatively new entrant to the market, they come backed by an insurance powerhouse called the North American Company for Life and Health Insurance. These have been around for more than 100 years, having been formed in 1886, and come with an A + superior rating from A. M. Best. Bestow’s belief that insurance should be smart, convenient, and affordable for the masses means that they are much loved by those individuals who are on the hunt for a comprehensive life insurance policy.

Bestow Life Insurance

The company provides cover to any individuals who are aged between 21 and 55 years old but not yet to those living in either Georgia state or New York state. The amounts that they will cover you for range between as little as $50,000 through to as much as $1,000,000 to do really cater for everyone, regardless of what their personal financial situation is like. However, for a life insurance policy without a medical exam, the company only offers a maximum coverage of $100,000. They also have different rates for non-smokers and smokers, and so if you do not use any tobacco products you can expect to pay a lower premium.

The entire process of applying for life insurance with Bestow is done online. The whole thing is really easy to do and all you need to submit, other than the application itself is an electronic signature. Because the company uses an accelerated underwriting process during the process of you answering questions about yourself, it means that there is no waiting around at the end once the application has been submitted. For those who require it, the company also has a much shorter two year term of coverage and is something that is not provided by most other insurance companies.

Easy Process

Without the need for a medical examination, getting a one million dollar life insurance policy with Bestow is not as difficult as you may think it is. The only other things that you are required to pass are the handful of reports that are run on you. It is for this very reason why getting life insurance is becoming more and more popular in the United States of America. It really is a great way of protecting your family in the incident of your untimely death and can be used for a variety of different reasons.

The price that you can expect to pay for this level of coverage from an insurance company varies from person to person. However, that being said, the typical cost for a 35 year old male wanting a one million dollar insurance policy is likely to be around $55 per month, and just $44 per month for a female. It is likely that this amount is less than what you thought it would be. That is the same for the rest of the country with more than 44 % of the population drastically overestimating the cost of a life insurance policy. To see a full breakdown of the costs see the policies for million dollar life insurance here.

Some of the things that can affect the price that you pay for your life insurance policy include:

Age

This is probably the main thing that determines the cost of the premiums that you will pay for your life insurance. Age has an effect in that the younger that you are when taking your insurance out, the cheaper that it will be. The opposite is true of this, the older that you are.

General Health

The next main factor for determining insurance cost is the general state of your health. For those individuals who are in very good health, then they can expect to pay much cheaper premiums than those individuals who do not look after themselves and are in poor state of health.

Length

After age and general health, this is the next biggest factor in working out the premiums that you will pay in order to be covered. Taking a policy out for a shorter amount of time, such as 10 years, will cost you less than one taken out for 30 years. However, by taking out a longer policy, you lock your rates in, thus saving you more money in the long run.

Sex

With women generally outliving men in the United States of America by almost three years, it is no surprise then that their insurance premiums are much cheaper than those of their male counterparts.

Lifestyle

Anyone living an adventurous lifestyle that sees them doing things such as skydiving and racing fast cars can expect to pay this ‘reckless’ behaviour in the form of more expensive premiums than someone who does not partake in such dangerous activities.

Tobacco Use

It will not be a surprise to those that do use tobacco products, such as cigarettes or pipes, that they will pay at least 65 % more for their life insurance than someone who does not use them. This is because those individuals are more likely to become terminally ill and die as a result of their bad habit. Even if you have recently quit using such products, you will now be considered by Bestow to be a non smoker until you have done so for more than 12 months (1 year).

Level of Coverage

Depending on whether you go for $50,000, $100,000, or even $1,000,000 of life insurance, the rates that you will pay for each amount will differ. It is pretty obvious that the great level of coverage that you go for, the more that your monthly premiums will be. The opposite is true for the smaller the amount that you get covered for.

There is no doubt insurance is important and especially life insurance.  Make sure you consider all aspects of insurance including health insurance, dental insurance, car insurance, home insurance and even business insurance if your a business owner.  This will help to keep you protect for the future.

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