Back in 2010, most people didn’t even know about non-med life insurance coverage. However, within six years, this type of insurance policy has become relatively mainstream. Thanks in large part to the recent changes that have been made to such policies; it’s become quite easy for people to purchase a non-med insurance policy without having to go through a lot of trouble. Here are some of the major changes that you should know about.
Back in 2010, there were very limited options available for people to choose from. Only a handful of companies offered non-med life insurance policies, and the ones that did charged a pretty high premium. However, fast-forward to 2016 and that is no longer the case. Currently, there are more than 20 options available for people who would like to purchase a non-med life insurance policy. More and more companies are jumping on the bandwagon after realizing the revenue potential that comes with such policies.
Back in 2010, most companies offered maximum coverage of up to $200,000. However, due to the increase in popularity, many companies have now begun to offer policies as high as $500,000. In fact, there are several companies that also offer insurance coverage of up to $1 million! You can check out simplelifeinsure.com to compare all of the different options.
Another issue back in 2010 was the cost of buying such insurance policies. The cost was approximately two times higher than traditional underwritten policies that were accompanied by an exam. Again, due to the increase in competition, the prices have reduced sharply over the past few years. Nowadays, it’s become quite easy for people to purchase a decent non-med life insurance policy without having to pay an exorbitant sum of money for it. The approval process has also become quite quicker, with many companies offering approval within a few days only.