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Life Insurance (4)
How much life insurance can I purchase without going through a medical examination, or any other medical underwriting requirements?
This will vary from company to company, and your age. Your responses to health questions will also be a determining factor. There is, however, one company that will go as high as $500,000 without a medical examination, needles or fluid testing.
This will depend on your life circumstances today, and what you may be able to envision for the near future.
For example, a young family might consider:
a) the amount needed to pay off a mortgage
b) a continuing income for the surviving spouse
c) future child education costs
d) credit card or other debt liabilities
e) funeral expenses, just to mention a few
Everyone’s situation is different. Talk to an insurance broker; not an insurance agent who works for an insurance company. A broker will get you the best policy at the best price.
The simple answer is, Yes.
There are a number of reasons for this answer. First, you are able to lock in a much lower premium at a younger age. Secondly, you are doing so while still in good health thereby protecting your future insurability. Health can change for anyone, and age has nothing to do with it. There is always a need for life insurance.
The short answer is: purchase Term Insurance and buy it for the longest period possible, e.g. 20 or 30 years.
Having said that, with returns on savings and investments being low these past few years, a good argument can be made for purchasing a combination of term and whole life insurance.