No Medical Life Insurance vs Accidental Death Insurance

happy family searching online for life insuranceBefore searching for accidental death or no medical life insurance quotes, read this article that presents their main features:

No medical exam life insurance:

This is the name of multiple insurance plans that accept senior citizens and sick people as clients. These plans are designed primarily for them. No exam life insurance is willing to accept people that would otherwise remain uninsured under standard policies. Premiums are more expensive than the ones for standard policies.  Age and health will determine the value of premiums and a series of restrictions will be imposed.

It is the quickest way to get life insurance. Because you no longer are required to undergo medical examinations, the underwriting process will last only several hours. Companies offer an answer in a matter of just few hours.  You can choose from no exam term life insurance plans and whole life insurance plans.  This type of insurance is available to you if you are not older than 85 years old and you are not declared terminally ill. Death benefit is paid if you die due to natural causes, accident or a disease (only if the disease was specified in the contract).

Accidental death insurance:

This policy pays the death benefit only if the insured dies due to an accident (typically a car accident). Death benefit is usually tax-free.  Benefits are automatically doubled if you die as a result of an accident while travelling as a fare-paying passenger or a bus, plane or any other form of common carrier transportation.

To make it clear, if you die while inside some specified vehicles (and typically, you are the passenger), your elected beneficiaries will receive more money. This policy is available if you are not older than 65 years.  This policy is individual: one person for each policy.  Medical exams are typically for necessary for obtaining this policy.

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