4 Things to Consider When Choosing a Life Insurance Cover

The purchase of the traditional life insurance cover can prove time consuming. The traditional term cover involves many medical questions and medical examinations for the applicant. However, the life insurance with no medical exam can be purchased.

An applicant for the no medical examination life cover will normally need answers to a few basic health related questions to facilitate approval for this life insurance coverage.

The things to consider when choosing a cover package include:

· Find out whether you are insured

It is possible that you are not aware that you are insured. You could have a group life insurance policy through your employment. In case you do not have an insurance cover, consider applying for one. You must understand that as long as you are earning an income and you have dependants, a long term and dependable choice makes the sensible choice.

· Understand the policy

Once the decision has been made to buy the life insurance cover it is important to understand the policy's features particularly the term of the policy, maturity date, premium paying term and charges. It is important to have an understanding of the policy's benefit structure.

· Claim settlement ratio

Most applicants are advised to consider the claim settlement ratio when purchasing an insurance product. However, this need not be a concern in case you have provided the right information in the policy form. Furthermore, the insurance industry is highly regulated. Considering, chances that claims will not be settled, is rare. According to statistics, the average claims settlement ratio of the sector lies at above 80%. Many of the leading life insurance service providers have a healthy ratio.

· Fund performance

When the decision has been made to purchase a life insurance cover it is important to determine the past performance of the service provider. All service providers offer details of their performance online. One of the main factors to consider is the stability. A service provider with the right fund performance has a consistent track record neither being extremely risky or erratic.

The life term cover with no medical exam is an insurance policy that is normally guaranteed to be offered to applicants for the coverage once they pay up the policy premium without considering the applicants health status or past medical history. Considering there are no medical exams, the policy can be issued quickly sometimes within a few days. The policy is also recommended for persons with health conditions.