Give Your Dad Peace of Mind This Father’s Day with No Exam Life Insurance
When Mother’s Day rolls around, most children have a general idea of what to buy for their dear mothers. Jewelry, photo gifts, household items — and if none of those work, flowers are a lovely fallback. But when it comes to Father’s Day, the gift-buying endeavor can become a real conundrum. Not every dad is into tools, cars, or sports, and how many ties does a man need?
This Father’s Day, we have the perfect gift to present your dad. It’s practical, affordable, and has a net value of thousands of dollars.
What is it? No exam life insurance.
The Purpose of Life Insurance
To understand why no exam life insurance is the perfect Father’s Day gift, we first have to understand the premise of life insurance. Life insurance, whether standard or no exam, is an insurance policy that leaves a lump sum of money to a designated beneficiary in case the policyholder dies. Life insurance is the only sure way to make sure that your loved ones will be cared for financially after you die.
There are two main types of life insurance: Term and whole. A term policy is valid for a certain number of years — 5, 10, 15, 20, etc. — during which the policyholder pays monthly premiums. When the term ends, so does the coverage. While you may have the opportunity to renew your policy, you will most likely need to undergo a new medical exam and will be given new (higher) rates. Whole life insurance is a policy that lasts your entire lifetime. Premiums are also fixed but they tend to be more expensive since the policy has no expiration date. While there are advantages and disadvantages of both types, the main idea behind them both is to provide financial coverage for your loved ones in the event that you die. (You can read more about life insurance here.)
To qualify for traditional term and whole policies, you need to undergo a medical exam. The results of the exam are given to insurance underwriters, who assess the risk that the applicant poses to the company and calculates the monthly premiums based on this risk. Some applicants pose such a great risk that they are denied coverage altogether.
No exam life insurance policies, as the name implies, are policies that you can get without undergoing a medical exam. The advantage of this is clear: If someone has serious health issues and would be turned down for a traditional policy, they can usually qualify for a no exam policy. Additional advantages include not having to waste hours at the doctor’s office, avoiding invasive blood tests, and an application process that can be done entirely online.
There are two types of no exam life insurance: Simplified Issue and Guaranteed Issue. The former offers coverage up to $1 million but does take some medical history into account. The latter offers coverage up to $50,000 and doesn’t require any health information.
Why is No Exam Life Insurance the Perfect Father’s Day Gift?
For fathers who don’t yet have life insurance, giving the gift of no exam life insurance has several benefits:
- Peace of mind – One of a father’s greatest worries is making sure his spouse and/or children are taken care of financially. No exam life insurance provides that peace of mind.
- No inconvenience – Your father won’t need to take off from work or retirement activities and spend hours at the doctor’s office (where he can be exposed to other germs). The entire application process can be done online or over the phone.
- Guaranteed approval – Guaranteed Issue no exam life insurance means that approval is guaranteed. Even if your father has health issues, he can still get up to $50,000 in coverage.
- Premiums are covered – When you give life insurance as a gift, you commit to cover the monthly premiums. This means your father can leave his spouse, partner, siblings, children, or other beneficiary a generous legacy without paying a dime.
A Long-Term Gift
Life insurance is a long-term commitment, so if you agree to pay the monthly premiums for the entire term or lifetime, you need to make sure you can afford it. One way to do this is to get a quote before committing to a policy — you can do that here. By getting a free quote you can determine whether this is a gift that you can afford to add to your monthly budget.
Since the entire application process for no exam life insurance can be done online, you may be tempted to buy your father this gift as a surprise. Generally speaking, surprising someone with the gift of life insurance isn’t the best idea. There are several reasons for this:
- Life insurance is a sensitive matter – No one likes to contemplate their own mortality, which makes life insurance a sensitive issue. This means it should be spoken about before to make sure your father is on board with the idea.
- Accuracy is crucial – When applying for any time of life insurance, the information you fill out on the application form must be accurate. The reason for this, aside from avoiding lying, is because if the life insurance company finds out that the information provided was not accurate, it can contest the payout.
- Term length – If buying term no exam life insurance (Simplified Issue), you need to discuss with your father how long he needs it for. He might only need it until you graduate from college, get a promotion, until his mortgage is paid off, etc. It would be a shame to purchase a policy that is too short or too long.
If your father doesn’t have life insurance, there is no reason to delay getting it. Life is full of uncertainties, plus, with each passing year, premiums are likely to rise. Buying life insurance now can give your father the peace of mind he needs for many years to come, and at the same time, make sure that his beneficiaries will have the financial coverage they need.