Sometimes you just need a small life insurance policy that will cover your final expenses and burial.
However, it seems like getting a small policy is just as tricky as getting a more extensive policy.
What if I told you that it is super easy to get a 50000 term life insurance policy with no exam and instant approval.
Today I am going to go over who should get a $50,000 life insurance policy, the best company to get it through as well as some sample quotes.
In This Article
Who Needs A $50000 Life Insurance No Exam Policy
While it might make sense to get $50,000 in coverage, everyone will have a different reason why they need any specific amount of coverage.
While $50,000 doesn't go a long way when it comes to life insurance, it can be a huge cushion for someone if they have to deal with your final expenses.
Below is a list of people that probably should get a $50,000 term policy and there is no exam required:
When you are in college, most of your time is going to be spent on school work and maybe working a part-time, or full-time job.
You aren't going to have a ton of expenses, and your only real debt will probably be student loans.
However, if you were to pass away today, your family is going to have to spend money to take care of your burial and final expenses.
The average funeral costs around $10,000, so there is no reason to put that financial burden on your parents.
If you are in college, getting this small policy can easily give your parents peace of mind.
Young Adults With No Dependents
Most people assume that they don't need life insurance because they don't have any dependents.
Guess again, if you pass away unexpectedly, someone still has to pay for your funeral and final expenses.
It doesn't make sense to leave this financial burden to a friend or family members.
Because in 2019 you can get covered super fast and for less than buying one cup of coffee per day.
Adults Only Concerned With Final Expenses
If you have your finances in line but want to make sure your death doesn't interfere with the money you leave behind, then you should probably get this type of policy.
It is also a great thing because it allows your family to have money while your estate goes through probate court (if it has to).
There is no better gift than cash sometimes.
Adults With No Debt
If you have paid off your mortgage, have no credit card debt and have paid off all of your vehicles, and funded your kid's college, then you probably don't need much life insurance.
A small $50 000 policy would work great for you and give your family the ability to grieve accordingly.
People Wanting The Most Affordable Rates
If the price is your primary concern, then getting $50,000 in coverage is the best option for you.
This is primarily because $50,000 in coverage is usually the lowest amount of coverage you can purchase when looking at life insurance.
With life insurance, the lower the death benefit or coverage amount, the lower the monthly premium will be.
If you want to be covered but keep your rates super low then $50k is where you want to stay.
What A 50000 Term Life Insurance Policy Can Cover
You are probably wondering… Ok, I have coverage, but what can it cover if something happens to me, well I have a list below:
This is just a short list, but there are an unlimited amount of things that someone can pay for with a $50,000 lump sum policy.
We even asked over 30 personal finance experts how surviving spouses can invest their life insurance proceeds.
Just be sure to leave the money to someone that will be responsible with the funds.
Why You Should Opt For No Exam
There is nothing worse than waiting for something you have already purchased, but it happens all the time when you buy life insurance through the traditional route.
With a no exam policy, you would be able to purchase $50,000 in life insurance almost instantly if you are approved.
We have a product that allows you to get a quote, apply, get approved, and pay for your coverage in under 5 minutes.
There are three reasons this can happen:
It sounds silly, but yes, not having to take an exam is the best reason to go with a no exam option.
The no physical option cuts about 2 weeks off of your waiting time when it comes to life insurance.
3 Major Reports Pulled
Your proof of insurability is only going to be determined by 3 major reports that are pulled.
MIB Report - This report is all about your history of applying for life insurance.
If you have applied for coverage, recently this report will show which company you applied with and the outcome of the application.
Prescription Drug Report - This report is going to show what prescriptions you have had filled in the last 7 years.
It is used to confirm the answers on your application basically.
If you say you don’t take medicine for diabetes, but your prescription report shows you take metformin, that raises a red flag.
Motor Vehicle Report - This report is run to make sure you don’t have any type of suspended licenses, DUI’s or DWI’s.
A majority of the top term life companies will not offer you life insurance if you have a suspended license because of one of the above reasons.
The no exam process also takes you through real-time underwriting, this means that your application for approval is being underwritten while you are completing it.
The questions will change depending on how you answer them, and at the end of the application, a decision will be given of either approved or not approved.
If you are approved, you will be able to choose your final coverage amount and rate and pay for your policy for instant coverage.
Sample $50,000 Life Insurance No Exam Quotes
*Rates are based on a $50,000 Term Policy - Non-tobacco Female with a preferred health rating
*Rates are based on a $50,000 Term Policy - Non-tobacco Male with a preferred health rating
As you can see, someone in the above situation would probably want to choose the 20 year term option over the 10 Year term option for maximum savings.
How To Get Covered Today
Life INSurance resources
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The best way to get covered is to click on the button below.
If you had to choose one company, I would go with Bestow.
They have one of the fastest life insurance application processes and are backed by a Top A rated insurance company.
During the time you read this whole article, you could have already been covered, so don’t waste any more time.
If you aren’t entirely convinced, read our Bestow life insurance review for more details.