Out of convenience, most people prefer getting life insurance covers either through their phones or internet. These people do not want to go over long application process that takes weeks and sometimes months to complete. Unfortunately, most of those policies come with graded benefits until after 2 years when beneficiaries can get the entire face value of the cover. Most people looking for life insurance covers do not understand how they can buy policies without the 2 year waiting period. This waiting period is normally associated with the guaranteed issue life insurance. And although the policy is more expensive than the regular insurance, it cannot be rejected in any way. However, the waiting period of two years puts off many people. Therefore, it is important to learn of how to get a life policy devoid of the 2 year waiting period.
How to buy the ‘non 2-year waiting period policy’
There are many ways to buy life insurance without a waiting period of 2 years or more. This includes:
Using an independent insurance agent
An independent insurance agent can not only provide you with more life insurance policy options but also, find policies that are lenient to your individual health problems. In addition, an independent life insurance broker can help you find life insurance policies with flexible terms. This is because the agent will take time to evaluate your insurance needs based on some critical questions. This includes:
- Why do you need life insurance?
- How much coverage do you need?
- What type of policy do you need – permanent or combination?
- Which carriers offer the best policy based on price as well as your health situation?
Once your situation and needs are clear, the independent broker will use their connections and knowledge of the market to identify the right policy for you. Furthermore, the professional can continue working with you by monitoring and evaluating your insurance needs to ensure that your best interests are met.
Get the best rates in the least time
Comparing the rates from different insurance companies is the best way to find the right insurance deal. Sometimes, the rates from one company to another vary by hundreds of dollars. Therefore, it is advisable to find the carrier with the best and most affordable policies in the shortest time possible.
Find the right life insurance policy
There are many life insurance policies without the 2 year waiting period. However, the policies vary on terms, duration, premium as well as the benefits. Therefore, it is advisable to find the right life insurance policy that meets your individual needs.
The available policies include:
- Term life insurance. Term life insurance policy features protection from death for a period of one or more years. There are companies that offer term life insurance covers for about 30 years. However, the premiums paid for this policy remains constant for duration of the policy. It is also important to note that this policy has no cash value account but the beneficiaries can be compensated in case of the policy holder’s death during the life of the policy. Also, Term life insurance policy provides the immediate highest compensation for your premium. The good news is that, term life insurance is renewable for more terms even when health condition of the holder has changed.
- Life insurance endowment. An endowment insurance policy pays an income to the policy for the term of the policy. However, if the policy holder dies before the expiry of the policy, the beneficiaries are paid the death benefits.
- Whole life insurance. Whole life insurance provides death protection for life. The policy holder is however required to pay the same premium amount for as long as they live. Although the premiums may be higher than what you initially paid for the policy, the cumulative amount would be lesser when compared to the renewal of term life insurance.
- Variable life insurance. This offers a permanent death protection for both you and your beneficiaries with the benefit amount fluctuating according to the investment value of the policy. However, the policy stipulates that the benefit amount will not fall below a specific point.
- Universal life insurance. Universal life insurance is similar to life insurance but the investment part of the policy is separated from insurance. The investment portion is put into the financial market and the proceeds are credited to the accumulation fund. In case of death of the policy holder, the beneficiaries are paid from this fund. Therefore, the amount grows at a varying rate.
Internet is the other option to consider when buying life insurance without a 2 year waiting period. However, you have to be careful since online brokers can give contradicting description of the covers. Therefore, it is advisable go for the most reliable online agents.
With the right information and tools, it is possible to find the right life insurance policy without a 2 year waiting period. All you need to do is to do a match between your life insurance needs and the policies available in the market. You can check out offers from different carriers to see if they are a good fit for you. That way, you will get a policy that not only meets your needs but also, your budget.