Going through a divorce is one of the most stressful things a person can experience. On top of that you happen to be the supporting ex-spouse and now you need to get life insurance to replace the child support or the alimony payments in case of unexpected death.
In most cases with court-ordered life insurance for a divorce is no person is ever given a sufficient amount of time. Everyone I speak to has a few weeks to present proof in a court of a life insurance policy from a reputable company.
The problem is that most life insurance plans with traditional underwriting take between 4-6 weeks after a medical exam to come back with a decision. On top of that who knows if you will get approved.
The good news is that there is a solution: No Exam Life Insurance. And the best part about working with us is that we specialize in no exam life insurance plans. The way we do this is by comparing quotes from all the top non-med companies to offer you a tailored solution based on your circumstances.
*A no medical exam life insurance policy is perfect if you’re the one who needs to get a life insurance policy fast and without any headaches. It is also perfect if you’re the one who wants your ex to get a policy because you can complete the process for them and make it easier to get their consent since there won’t be too many obstacles to jump through like messy exams, too many questions, and record requests.
But before we tell you more about no medical exam life insurance let’s address some common questions that most people tend to have about life insurance when they are going through a divorce.
Why does court order life insurance?
The simple answer is that if you are going through a divorce and are obligated to make alimony and or child support payments the judge wants to ensure that no matter what the obligation gets fulfilled. For example, if you die while still having 1o years left of child support or alimony payments that would put your ex-spouse or children in a bad predicament. Now, usually in the event of death, the government can come after your estate but if your net worth is not enough to cover that then life insurance policy is the best way to go about it.
What if I can’t get a life insurance policy by the deadline set by the judge?
We do run into cases where a client calls us in a panic stating that they need life insurance by next week since that is when the judge set a deadline. To add on top of that they may not qualify for no exam life insurance or there is simply not enough time, so what do you do? Well, in this case, we will actually draft a letter for you stating that you have applied for life insurance and there is nothing else that can be done but wait. You can then give this to your lawyer and have him explain the situation to the judge. This usually will work because we are an independent agency that works with over 60 top rated insurers and also specialized in no exam policies. So if we say it can’t be done any sooner than that is the truth.
Who should be the beneficiary of the policy?
In most cases, your ex-spouse needs to be listed as a beneficiary of the policy since he/she would be the one losing the support payments if you die unexpectedly. Even if you wanted to set up your children they wouldn’t be able to collect the death benefit under the age of 18. In some cases, we see that the insured really wants the money to be allocated to their children for certain things as well. This can be achieved by setting up a trust, a trust would become the beneficiary and would provide detailed instructions on how the money gets used and distributed.
Can you take out a policy on your ex-spouse?
Yes and no! You can start the life insurance shopping and application process for your spouse as long as you have their consent. If you opt for a traditional plan a medical exam will be required which obviously will need to be completed by your ex-spouse. You can go with a no exam policy to make the process smoother and in that case, you simply need them to answer a few questions to apply for life insurance, in most cases, we have completed a three-way call to get this done and it works every time. It is also very important to understand that their absolutely has to be an insurable interest, meaning that if your ex-spouse dies it would impact you financially which in a divorce case with child support and alimony it does.
*You may also want to be listed as the owner of the policy to ensure that you get notified if the policy is in danger of lapsing.
No Medical Exam Life Insurance
Life insurance companies are now offering a way to get life insurance quick. Also known as simplified issue life insurance. They are able to do this by not requiring an exam, using an online application and obtaining your records electronically. In a matter of hours, they can get your information by using MIB, MVR and RX database to make an underwriting decision. Depending on the carrier you apply with, it’s possible to get life insurance approvals between 10 minutes and 72 hours.
The fastest two companies we have are Sagicor and Fidelity but they are a little more strict when looking at your health. If you are in good health, they are the go-to carrier. If you are not, however, then American National and Phoenix life are your best bet. They’re the two companies that are more open to considering applications with health impairments. Although not as fast as the other two, they are still light years ahead of the traditional route. When it comes to protection amounts, you can get up to $500,000 of life insurance with no exam depending on the company. If you need more we can use two different companies to get the right amount.
We can help!
So let’s say you are reading this article and need life insurance in a weeks time, what do you do? First, you compare quotes by using our no medical exam life insurance quote engine or by calling one of our agents at 888-492-1967. Once you find the plan that provides the right solution we do an online application over the phone which takes about 10 minutes and can be signed electronically via email. After that, you will either get an instant approval or a decision in a few days depending on the company applied with. If you get approved with one of the companies you receive an electronic pdf version of the policy which can be emailed. The solution for getting a quick life insurance is a no medical exam policy. All we have to do now is decide who to apply with. Welcome to InsureChance!
