How Much Coverage Do I Need?

Monday, April 10, 2006
Just how much life insurance do you really need to buy?
MOVERS & SHAKERS: By Mike Oliverio

Here’s a reliable rule-of-thumb when it comes to buying the right amount of life insurance: There is none.While it’s easy for some so-called “experts” to say everybody needs life insurance protection equal to 10 or 20 times their income, the truth is everyone’s situation is unique and the amount you need can only be determined by looking at your individual circumstances. Having the wrong amount of life insurance can be devastating for your survivors and “one-size-fits-all” recommendations can leave you under protected. In fact, according to a 2004 report by the life insurance industry’s research association LIMRA International, the average person is underinsured by more than $300,000. The study also found that 45 percent of widows (35 percent of widowers) say their spouse was inadequately insured. And one to two years after the death, half the widows and one third of the widowers are just getting by financially.

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Term Life Insurance No Exam

You can get Term Life Insurance without taking a medical exam.

Efinancial offers life insurance without a medical exam. Generally when buying life insurance you will be required to take an exam when applying for coverage. Efinancial works with numerous companies who offer coverage with no exam. Generally you will only be able to get 150k or 250k coverage without an exam. click below to learn more about instant life insurance with no exams from each company.

1. RBC Expressterm from RBC Liberty Life Insurance. Up to 150k in Term Life insurance coverage without an medical exam, issued in under 15 minutes, if qualified. A-Rated Carrier. Get a life insurance quote now.

2. Globe Life Insurance Final expense policy Up to 25k in Term Life insurance (for funeral costs), with no medical exam or signature wet required. Buy online today.

3. We also offer Term Life Insurance policies for up to $250,000, that only require speaking with an agent for a few minutes. Simply contact us today at:1-866-POLICY-6 (1-866-765-4296)

Life Insurance without Medical Exams

Life Insurance without medical exams!

Following in the footsteps of Auto and Health Insurance carriers, Life Insurance is now available in a 100% online process. You can actually have real term life insurance coverage today, without an exam. This is a big step forward for the extremely traditional Life Insurance carrier.

Auto and Health Insurance companies have been selling online for years, now the Life Insurance Industry has started taking notice. Some companies have started with an online application, while others have actually taken the process completely online, from quote, to digital signature, to printing the new policy from your computer. The only problem is that no one is looking for it, and most life insurance agents do not know it exists. Carriers that offer this type of life insurance aren’t advertising it on TV and Radio like the Geicos and Esurances of the world.

When purchasing a traditional life insurance policy through a website, or through a hometown agent, the process is similar. You will need to fill out a paper application for an insurance company, then take a medical exam, and wait a couple weeks, to a couple months for an underwriting decision. Often times the insurance company comes back with a higher rate than was quoted on a website, or meeting with your agent.

Companies like RBC Insurance and Fidelity Life Association are the first to market this type of Life Insurance policy. The coverage amounts are generally only $150,000 to $250,000. But for some of America, that is plenty of coverage. The process requires answering a few medical questions, and entering only minimal contact information, beneficiary information, a social security number, and payment information on a secure connection. Then you can actually print your new policy. There is no medical exam required.

Of course there is still a possibility that your coverage will be denied, as there is some background checks done through the national life insurance database(MIB). So if you have been declined from another life insurance company, chances are you will not be able to get coverage here either. Second, the insurance company will follow up and cancel your coverage if there are untruths on the online application. They are in the business of making money, not paying out on false claims.

The question most consumers ask about this product is, “is this a real company?” or “do I really have coverage if I am approved today?”. The answer to both questions is yes. The most prominent non medical life insurance product online today is from the RBC/ Liberty Life Insurance Company (RBCExpressTerm.com). RBC is an acronym for the Royal Bank of Canada- a pretty big name in mortgage, insurance, financial services. Liberty Life is the name of their North American product line. RBC/ Liberty Life is an A-rated company by A.M. Best, which is the 3rd highest of 16 life insurance ratings.

There are other companies out there that may say more coverage, or offer 250,000 without an exam- but in some cases a mortgage is required, or they actually require an exam if you are not in perfect health.

There is one downside to this type of product, which is the price. It is certainly not the cheapest policy out there. With convenience for the customer, comes risk for the carrier, meaning sometimes slightly higher monthly premiums. Taking an exam can save a lot of money, but for someone in their mid 20s or 30s, paying an extra 10-20 dollars per month is worth not hassling with an exam. However, be prepared to see quotes slightly higher than those found at top consumer life insurance sites like EFinancial.com.

Even with the increase of sites offering life insurance, only about 18% of all life insurance is sold through the internet, According to a recent report by Forrester Research and Flamingo International. So that leaves 80% of the US with no access to products that are sold like this. If you are reading this, consider yourself an informed consumer.

For More Information on Life Insurance with no medical exam, go to Efinancial.com