Still Searching for Life Insurance

Searching for life insurance shouldn’t be hard, but somehow I’ve made it harder than it probably has to be. I am just so cautious sometimes.

Here’s my dilemma, I need insurance without a physical or a blood test. I don’t have health insurance and I wouldn’t want anything being uncovered. My worry is then if there is something wrong with my husband or me it could be considered a pre-existing condition when we can get health insurance. Perhaps that would never happen – but so far I haven’t been able to find solid documentation otherwise. A lot of the “no physical” places almost seem like a scam (although I know they probably aren’t) but I am overly cautious.

Anyone out there purchase term life insurance with no physical and care to comment on the company (or even email it to me?). I could use a few thoughts from someone who has purchased from these companies before.

Thanks!!!

Posted by Tricia on May 19, 2006 at 5:13 PM in Insurance | 2 Comments »
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Lisa responded:
Posted: May 21st, 2006 at 5:12 pm
One way to look at it – if there was something wrong with one of you, wouldn’t you want to know? You could think of the physical as a free health checkup!

I think in many cases, the physical may be tied to a certain dollar amount. Like, if you go over $250K in coverage, then it may require a physical. I know in a previous post, you were trying to decide how much coverage to get. The reason why so many places recommend 8-10 times your income is this. If one of you were to pass away, the money from the policy could be invested in a good mutual fund and generate enough growth to fully replace the income. Here’s an example – if you make $50K per year, and you have a term insurance policy (you are thinking “term” right?) for $500,000. If the policyholer passes away, the surviving spouse then invests that $500,000 someplace where they can get about a 10% return, the return will be about $50K per year (replacing the income) and you won’t have to touch the money.
Tricia responded:
Posted: May 21st, 2006 at 11:55 pm
I see what you are saying with wanting to know if something is wrong. I just want to have health insurance in place before finding out. The health insurance that we probably will be getting once the debt is paid down more does have a pre-existing condition clause so I don’t want to uncover anything just yet.

Thanks for mentioning about investing the insurance money. I didn’t even think of it like that. I was mostly thinking of just being able to pay off the debt and starting with a clean slate. Maybe I will look into getting a little more to help replace the lost income.

Thanks for commenting