Oftentimes, what we want most out of life insurance is to be able to acquire it quickly: purchasing your policy as soon as possible and avoiding long and tedious wait times and unpleasant medical exams. One good solution for saving time is fast approval term life insurance, such as Freedom Term Express offered by National Western.
With National Western Freedom Term Express, you can get term life insurance in next to no time with coverage up to $250,000. These policies offer level premiums and coverage. In other words, their cost will not change during the life of the policy.
What Is Term Insurance and Why Might It Be Right for Me?
Term insurance is a great solution for many people for providing stability and security to their loved ones during difficult times. Covering the cost of permanent insurance can be difficult for some, such as young families. However, term insurance is much more likely to fit into their budgets, as it is only valid for a set time and is therefore much less expensive.
Term insurance, also called temporary insurance, is purchased for a certain period of time, ranging from 5 to 30 years. If the insured dies while the policy is in effect, their beneficiaries will receive the payout provided by the coverage. However, if the policy expires and the insured is still alive, the benefit will not be paid.
As the insurance is only active for a few years, the risk the insurer takes on is low, so it can offer more affordable prices for great coverage options. Many people choose this type of product to cover special periods, such as old age or their children’s school years.
One major advantage of term insurance, in addition to being less expensive, is that the application process is less rigorous, which allows many more people access to policies. What’s more, term insurance can often be converted into permanent insurance without needing to go through the underwriting process again.
What Terms Does National Western Freedom Term Express Offer?
You can purchase Freedom Term Express in policies of 15-, 20-, and 30-year terms. These formats are available depending on your age:
- 15-year policy: Available for people between the ages of 20 and 70.
- 20-year policy: Available for people between the ages of 20 and 65.
- 30-year policy: Available for people between the ages of 20 and 55 (50 for smokers).
In all these cases, you have the possibility of converting your term insurance into permanent insurance from National Western. To do so, you need to request the conversion within a certain time window: within the first 5 years of the policy for 15-year policies, the first 7 for 20-year policies and the first 10 for 30-year policies.
Remember that if you convert to permanent insurance, you will have to pay higher premiums. Additionally, if you include new benefits or riders, you may have to go through part of the underwriting process again.
What Coverage Does National Western Freedom Term Express Offer?
Freedom Term Express term insurance offers coverage from a minimum of $25,000 to a maximum of $250,000 ($200,000 if you are over 61 when you purchase it).
This is very attractive coverage for term insurance, and can be paid with monthly, quarterly or annual premiums. The premiums will remain level throughout the life of the policy, so you will always pay the same. The coverage is also level and its contents will not change.
Are Medical Exams Required for National Western Freedom Term Express?
Absolutely not: it’s no medical exam life insurance. With Freedom Term Express, you do not need to have any medical exams, blood tests, urine tests or any other type of test. You also don’t have to submit any certificates.
However, you will have to answer several questions about your health and medical history during the application process. With this information, the insurer will try to assess the risk you present and adjust the premiums you will pay to match that.
As usual in this type of process, you will have to provide information on your age, gender, weight, height, occupation and lifestyle. You will also let them know about any diseases you have or have had in recent years, especially if they are serious, such as cancer, HIV, kidney failure, diabetes, neuropathy, etc. The more details you provide, the easier it will be for the insurer to determine whether to grant you the policy and under what conditions.
The good thing about this process is that it’s over quickly: National Western Freedom Term Express will give you a response practically immediately. You won’t have to wait long after finishing your application to find out whether you can have this insurance, the maximum coverage available to you, and how much it will cost.
What Additional Benefits Does National Western Freedom Term Express Offer?
If you’re interested in a Freedom Term Express policy, you should know that in addition to the death benefit or payout included in the coverage, you can also enjoy certain additional benefits at no extra cost. The most important ones are:
- Unemployment protection benefit. If you lose your job, are unemployed for at least four weeks and are collecting state or federal unemployment insurance, you can activate the unemployment protection benefit rider, under which the insurance company will cover your premiums for a maximum of six months. This time will be considered paid and the insurance will remain valid.
- Terminal illness accelerated benefit. If you are diagnosed with a terminal illness with a life expectancy of less than two years, you can ask to have your policy’s benefit accelerated. This mechanism will grant you part of your policy’s payout, which you can use to cover the medical expenses from your illness.
- Chronic illness accelerated benefit. If you have a chronic illness, you can also receive an accelerated benefit that you can use to pay for its costs. A chronic illness is any condition that prevents you from performing at least two of these activities of daily living: personal hygiene, bathing, using the toilet, dressing, eating, and moving around without assistance.
- Critical illness accelerated benefit. If you have a very serious illness, you can also use this accelerated benefit to receive money to help with the necessary treatment. Critical or very serious illnesses include stroke, heart attack, cancer, kidney failure, ALS, Alzheimer’s, paralysis, AIDS, severe nervous system disorders and organ transplants, among others.
If you want to supplement your Freedom Term Express life insurance with more features, you can include riders that add extra coverage. Three riders are offered:
- Disability benefit. In the event you develop a disability that prevents you from working, this rider will waive your premiums while you are disabled.
- Accidental death benefit. This rider is interesting if you perform any dangerous activities and are afraid of dying in an accident. In this case, if your death is accidental, your beneficiaries will receive an extra amount in addition to the death benefit. This amount will be twice the coverage of the insurance or $500,000 (whichever is lower).
- Life insurance for children. If you are between the ages of 20 and 55, you can include your children in your life insurance policy. Each of them will have coverage between $5,000 to $20,000 until they turn 25 (or you turn 65). After that, they can easily convert this insurance into an individual policy.
In summary, National Western Freedom Term Express is a very attractive option if you’re looking for insurance with good coverage and minimal wait times. What’s more, it includes features that can enhance the initial coverage and make it very competitive.
- 15, 20 or 30 years.
- From $25,000 to $250,000.
Type of premiums:
- Level premiums: They will not change during the life of the policy.
- Included in the price: Accelerated benefit included for terminal, critical and chronic illnesses. Unemployment protection rider.
- Optional benefits: Juvenile insurance. Waiver of premiums in case of permanent disability.
- Medical exams are not required.
- Instantaneous underwriting process.