Do You Need to Let Your Beneficiaries Know About Your Life Insurance With No Medical Exam?

When you sign up for life insurance, it’s advised that you name some beneficiaries who will receive your investment fund in the case of your death, but is it your responsibility to notify them?

Getting life insurance with no medical exam is very easy to do. All that you need to do is to apply for a policy, which can easily be done online. As there is no medical examination required, the process is quite straightforward. All you need to do is to provide some information about yourself, and in some cases answer a simple questionnaire about your health. The purpose of this questionnaire is to determine whether you may currently be suffering from serious medical conditions (such as cancer) that could make you a very high risk to the insurance company. However, many companies don’t even ask any health related questions at all. You could potentially get your policy set up in just a few minutes.

One question that some ask about life insurance is whether you need to tell your beneficiaries that you’re covered by a life insurance policy. This choice is something that’s entirely up to you. When you sign up for life insurance, you’re sometimes given the choice of naming beneficiaries. The beneficiary is the person who will receive the insurance payout should you die during the coverage term. If no beneficiaries are specified, then there are several laws and regulations, which vary from state to state, that will determine who will get to keep the insurance money. You can specify a beneficiary for your life insurance payment in your will. If there is no will, then the funds will be distributed according to the laws of the state that you live in. In the majority of cases, your spouse, if you have one, will receive the payout. Otherwise, it will be divided among any children that you may have. For more information on this topic, you can always consult with an attorney that is experienced in family law and wills, as they can help you understand how your estate will be handled upon your death.

If you’ve specified someone as a beneficiary for your life insurance policy, you may want to inform them of this fact and discuss your decision with them. But whether or not you’ve informed the person that they’re going to be a beneficiary will have no impact on their ability to collect the payment. However, it can make thing a lot less stressful and simple for the beneficiary, as they will already be aware of the fact that you’ve taken out a life insurance policy and they can begin filing a claim with the insurance company. If they didn’t know that you specified them as a beneficiary on your policy, they would need to wait until the insurance company gets in touch with them, which could mean they would have to wait a longer time to receive the insurance payout.

Posted by on Apr 17, 2013 in Blog | 0 comments