Why do we put off buying life insurance? It might be because it seems complicated, we’ve heard bad stories about it, or we don’t know what kind to get or how much we need. Surprisingly, some people avoid it because they don’t want to visit a doctor or have their blood drawn.
While that might seem like a small excuse, it can still stop you from taking necessary action. Luckily, there’s a product called no physical life insurance. With this option, you can buy life insurance online or over the phone without any medical exams.
As an adult with a family, especially if you have kids, you have a financial responsibility to them. The life insurance policy you get through work is probably not enough. To really protect your family from financial issues, you should aim for a life insurance policy that’s at least 10 to 12 times your annual household income.
One benefit of getting a policy without a medical exam is that it’s usually term life insurance instead of permanent. Speaking from personal experience, having had a version of permanent life insurance and finding it a waste of money, I can attest that term life is the better choice.
Typically, because there’s no medical exam, these life insurance policies have limits on how much coverage you can get. Use an insurance comparison tool to see your options. However, there’s a small workaround: you can own multiple policies. Insurers will usually ask how much insurance you already have, but if they’re okay with your other policies, it’s not an issue. Keep in mind, though, that having multiple policies will generally cost more than having just one policy with a higher coverage amount.
