Medical Exam Universal Life Insurance
Reader’s Question:
I’ve decided to get a universal life insurance policy from a reputable company here in New Jersey, I would need to undergo a medical exam, what should I expect during this exam?
Clyde
Elizabeth, NJ
Congratulations on deciding to get life insurance! Now comes what seems to be the most awkward part of the application process to a lot of people, getting through the physical or medical examination required. For those not in the know, the reason life insurance providers sometimes require people to undergo a medical exam would be to determine how much risk you pose of dying soon. This would give the life insurance provider a good idea if they would need to charge you higher life insurance premiums due to the increased likelihood that they will have to pay death benefits too soon, or a low one, to keep your business for a long time.
Here are a few things to remember when you go to your life insurance medical exam there in New Jersey:
1. You will be asked about your medical history, as well as your family’s medical background.
2. You will be asked about your lifestyle activities, if you participate in hazardous activities, smoking .
3. Your height and weight, blood pressure as well as taking of blood sample and urinalysis.
4. Contact Information to your doctor.
5. Total amount of life insurance coverage that you are buying for your policy.
It would be best to consult your life insurance provider directly and ask specifically about the kind of tests that will be needed to be done. You should also refrain from getting a No-Exam life insurance if you are looking to save on life premiums since it would be much more expensive.
Permanent Life Insurance Florida
Reader’s Question:
Hi, I have bought permanent life insurance here in Cape Coral for about ten years now. But at this point I can’t pay for the premium anymore because of an unexpected event in our family. What should I do with my insurance here in Cape Coral?
Claire
Cape Coral FL
Hi there Claire.
I appreciate your honesty and surely you will be rewarded with solutions to your crisis. With permanent life insurance, you will be faced with three options if you cannot pay for the premium anymore. First, you can opt to cash out the cash value of your policy. This way, you will be able to collect the accumulated cash. Once you do this, you will not longer be entitled for the life insurance coverage but at least you have taken out the cash savings. It is possible for you to pay taxes if the amount is over what you have paid in premiums.
Your second option is reduced paid up. This means that you can choose to stop paying while you let the cash value pay for the life insurance. Once this happens though, the death benefit may be reduced and there would be no more cash value.
You can opt to have it lapsed. However, you can save it in due time if there is provision in the policy that it can be reinstated after a period, usually after five years. Once you reinstate it at times when you are already ready to keep the life insurance “alive” again, you need to pass through another medical examination. However, the premiums are usually lower compared when you buy it as new life insurance.
You can talk to your life insurance agent to guide you with the best choice taking into account all the possibilities in your current and future condition.
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