When purchasing life insurance, you will find that the market offers countless options. However, not all are created equal and there are major differences, even between products that might seem very similar. For term insurance, these nuances are very important.
That’s why this American Amicable term life insurance policy is so attractive: its details set it apart from the other offers. This product, called American Amicable Easy Term, is a no medical exam term life insurance policy that offers up to $250,000 in coverage with big advantages, such as a return of premium option.
What Is Term Insurance and Why Might It Be Right for Me?
Unlike permanent insurance, which remains in effect until its policyholder dies, term insurance, also known as temporary insurance, is only valid for a set period of time. During that time, the insured will be covered by the policy, and if they die, their beneficiaries will receive a payout. However, once that validity period has ended, the policy will expire and no benefits will be paid.
These policies are an interesting option, as they are generally less expensive. As the policy term is shorter, insurance companies take on less risk, so they can offer significant coverage in exchange for affordable premiums.
As such, these policies attract many people who need a financial guarantee for their loved ones during a set period of time. People commonly purchase term insurance to give their family stability during periods such as when children are young or in school.
One interesting aspect of this type of insurance is that, under certain conditions, it can be converted to permanent insurance without you having to go through the complicated underwriting process permanent policies require. What’s more, for American Amicable insurance, policies can be converted up to age 75, which is a much higher age range than that offered by other companies.
In this way, term insurance is also an easy way to access the significant benefits of permanent insurance.
What Terms Does American Amicable Easy Term Offer?
As this product is a term insurance policy, it can be purchased for a set duration. American Amicable Easy Term is offered in 10-, 20- and 30-year terms. For 20- and 30-year term policies, a return of premium option is available.
These different types are offered based on the age of the insurance applicant:
- 10-year policy: Available for people between the ages of 18 and 70.
- 20-year policy: Available for people between the ages of 18 and 65.
- 30-year policy: Available for people between the ages of 18 and 55.
What Coverage Does American Amicable Easy Term Offer?
American Amicable Easy Term life insurance policies offer coverage ranging from $25,000 to $300,000.
Additionally, it’s important to remember that these policies can be easily converted to permanent policies up to age 75, and greater coverage can be negotiated for the permanent format. Remember that this conversion does not require more medical exams or repeating the underwriting process.
Are Medical Exams Required for American Amicable Easy Term?
They are not necessary. This type of term insurance does not require you to have any type of medical exam. You won’t need to have blood or urine tests or any other tests. Nor will you need to submit medical reports.
The Easy Term underwriting process is very simple. You will need to provide a series of information to the insurance company: age, gender, weight, height, whether you smoke or use alcohol or drugs, income, occupation and whether you take part in any high-risk activities.
You will also need to provide information on your state of health: whether you have or have had any serious diseases, mental illnesses or disabilities, and whether you have been or are currently hospitalized.
The insurance company will also consult your motor vehicle record, the MIB (Medical Information Bureau) database, and pharmacy databases. Then, it will have everything it needs to assess your risk. With this information, medical exams are not required to determine whether or not to grant you the policy.
Once you provide these details, the insurer will respond quickly. You will find out if your application has been accepted within less than two weeks; if it is, then the policy will take effect immediately.
What Additional Benefits Does American Amicable Easy Term Offer?
Easy Term term insurance offers a wide range of advantages and benefits in addition to the death benefit.
The most interesting ones are:
- Return of premiums. A return of premium benefit is available for 20- and 30-year policies. This means that you pay a bit more for the insurance, but when the policy has expired, you will recover the money you paid as premiums.
- Terminal illness accelerated benefit (Included). The premiums you pay come with an important advantage: an accelerated benefit for terminal illnesses, at up to 100% of the payout. If you are diagnosed with an illness with a life expectancy of under one year, you can claim the entire benefit and use it to pay for your medical services.
- Accelerated benefit for confined care (Included). If you need to be permanently admitted to any type of hospital or nursing home, you can claim an accelerated benefit to receive money to pay for this care.
- Accidental death benefit (Optional). If you die in an accident, as long as the type of accident is covered by the policy, your beneficiaries will receive an extra benefit.
- Accelerated living benefits (Optional). As an option, the policy may include certain benefits that can be received during your lifetime. In other words, under certain circumstances, you could receive part of the money intended for the death benefit.
- Total disability benefit (Optional). If you wish, you can include an optional rider under which you will receive an extra benefit if you become totally disabled.
- Unemployment insurance benefit (Optional). If you become unemployed for a certain period of time, the insurance company will cover your premiums.
- Juvenile insurance benefit (Optional). You can purchase juvenile insurance for your children by adding a rider to your policy; this way, their insurance will be associated with your primary insurance policy.
As you can see, with so many advantages, benefits and customization options, American Amicable Easy Term term life insurance is one of the best options on the market in terms of quality-to-price ratio.
-10, 20 or 30 years.
-From $25,000 to $300,000.
Return of premiums:
-A return of premium option is available for 20- and 30-year policies.
-Accelerated benefit included for chronic illnesses and medical confinement.
-Optional accelerated benefits: Accidental death and accelerated living benefits. Juvenile insurance. Unemployment insurance.
-Medical exams are not required.