Facts about Life Insurance with No Medical Exam
Reader’s Question:
My life insurance policy is almost up and I’m looking to get coverage again, but this time with a different provider. I’m already 50 years old (but still reasonably healthy) however, should I buy life insurance with no medical exam?
Dallas
Jersey City, NJ
No-exam life policies are a relatively new phenomenon. It was created to address the demand of buying life insurance coverage over the Internet in a quick manner, utilizing simplified underwriting processes. However, what you should know is that life insurance with no medical exam is not for everyone.
A life insurance with no medical exam can work for you or against you. Due to the simplified underwriting process the level of risk that you represent towards the life insurer is not accurately determined. This is good news to people who, due to certain medical conditions or other factors, prevents them from getting life insurance (or if they do, prices are astonishingly through the roof). For many individuals out there, especially seniors, a no exam life insurance plan may be their ONLY option!
However, if you are in relatively excellent state of health and is still young, you would end up spending more on premiums (unnecessarily) for going with a life insurance with no medical exam. By default, the risk categories assigned to policyholders of this kind of policy are set at high.
So should you go with this kind of life insurance? Like what was mentioned above, if you have certain physical or medical conditions preventing you from getting life insurance, then no exam policies are your best option. If, on the other hand, you have no reason to not push through with the medical test then by all means take the exam. There’s no reason to throw good money away unnecessarily.
Tags: life insurance with no medical exam
Required Auto Insurance In New Jersey
Reader’s Question:
What are the minimum required auto insurance in New Jersey?
Jeanette
Irvington, NJ
It is highly suggested that New Jersey residents who are not familiar with auto insurance policy should check with their states insurance department. This is to make sure that you are meeting the minimum requirement and other policies of the state.
There are certain states in US that follow no-fault rule. In a no-fault state system, the drivers or parties involved in a traffic accident will pay their own medical expenses and cost of property damage. This system will apply not considering which party is responsible for the accident. With this rule, the number of lawsuits every year will decrease. Auto insurance in New Jersey abides the no-fault rule.
Like any other states in US that follows the no-fault system, auto insurance in New Jersey exempts certain cases. For example, the injury suffered by the victim is so severe that the total cost incurred from the accident exceeded the limit. In this case, the driver who is held responsible will pay the expenses of the victim. Thus, liability policy is required by auto insurance in New Jersey. Liability coverage pays the total cost (medical expenses and damage in property) incurred by the victim in the accident. Auto insurance in New Jersey sets a limit for the medical and damage in property coverage. If there is only one driver or victim, the required minimum coverage is $15,000, the combined medical expenses of multiple victim is $30,000 and the damage in property is $5,000.
Since the state of New Jersey follows the no-fault rule, all drivers are required to carry PIP or Personal Injury Protection. Unless the accident is so severe, the parties will pay for their own medical expenses using their PIP policy. For those with good health insurance, PIP can be purchased at a minimum coverage. However, the driver may still consider buying this policy with higher coverage because it also covers lost wages and funeral cost if necessary.
Because of the proximity of New Jersey to New York, uninsured motorist coverage is a requirement. In New York, drivers are not required to have liability insurance. In the event of accident caused by an uninsured vehicle, the uninsured motorist coverage will pay the medical expenses and cost of damage that the victim incurred.
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