I never had life insurance until our family was planning the build of our car wash. The bank required us to have life insurance before they would give us a loan for our business which required the purchase of land and the build of a new car wash. We willingly agreed to this term and made an appointment for our in home medical exam so we could finalize the set up of life insurance for both my husband and I. Our individual monthly life insurance payments were based on our current health. I can remember the examiner having us stand on a scale, then she took our blood pressure, drew blood, took a urine sample and asked several questions about our current lifestyle. Planning to be away from work to meet with the examiner when we were so busy, was a hassle but at that point, we didn’t see that we really had any other choice. Little did I know, but it is possible to get life insurance with no medical exam. Face it, life is busy and it’s not always feasible to slow down and pause our everyday workload to make time for an appointment.
Image Courtesy of AMB Performance Group
Life insurance isn’t on everyone’s minds, but it is a great additional to your “Life Plans.” Our family business, GFY Car Wash, has now been sold, but I chose to keep my life insurance plan in place. At one point, this plan will call for a renewal and I have decided that life insurance is part of my life plan that I will always hang onto for the sake of my children. There’s no reason why they should incur the expenses when I am gone, if I can have my contribution pre-planned and set up for them should something unexpectedly happen to me.
Do you currently have a Life Plan, one that includes life insurance for those who are left behind? Would the thought of setting up life insurance with no medical exam make this process easier for you? This would allow you to skip the in-person medical exam and dive straight into the paperwork stage of setting up life insurance with no medical exam.
How much time do you spend planning for your future? Do you watch your credit card charges, pay attention to the auto drafts in your bank account, etc. I always thought that I paid as much attention as needed to my credit cards and bank accounts until I went through a divorce. It was at this point, that I learned so much more about money. When I started sifting through the credit card statements and bank accounts, I found charges linked to items that we no longer possessed, for example, we were paying a yearly PlayStation subscription fee and my kids hadn’t played Playstation in years and this was just the beginning. I now have all accounts in line and paid off on a monthly basis. I have investments that are set up to be split up between my boys should something happen to me, etc. If you are new to the world of investments, you can find information on Investments For Beginners. Having a Life Plan is priceless because we never know what looms in the future. If you do not currently have life insurance, I suggest asking yourself if life insurance with no medical exam would work for you? Should life insurance be a part of YOUR Life Plan?