What Type Should I Buy?
There are two broad categories of life insurance, those that require a medical exam and those that do not.
No Medical Exam Required
The only type of life insurance that does not require a medical exam is call simplified.
Simplified insurance is simple to understand. One of the biggest selling points of simplified insurance is that there is no medical exam required. Simplified insurance is called "simplified insurance" because the insurers have simplified the application process and provide consumers with a completely online way to purchase coverage (only taking 15 minutes to purchase). Simplified insurance typically is considered to be low cost life insurance and covers the insured for a certain period of time (usually 10 years, 15 years, 20 years or 30 years).
Medical Exam Required
There are two types of life insurance that require a medical exam, term and permanent.
Term insurance is straight forward life insurance that is for a certain period of time (usually 1 year, 10 years, 20 years or 30 years), that also requires a medical exam. Term insurance is called "term insurance" because, similar to simplified insurance, it is active for only a certain period of time. Term insurance typically only costs a fraction of permanent insurance.
Permanent insurance, is the most complicated life insurance because it combines insurance with investments and also requires a medical exam. Permanent insurance is called "permanent" because "permanent" policies last for the entire life of the insured person ("permanent" is a bit of a misnomer because even "permanent" policies expire when the insured dies). Permanent insurance typically costs much more than term insurance because of its investment component and lifelong coverage.Insurance Comparison
Determining if what type of life insurance is best for you can be difficult. So, we have created this insurance comparison to help you better understand the difference between all three types of insurance.