Life insurance is recommended highly for people who consider themselves breadwinners. When choosing a policy, you need to determine whether you have family members, an organization or a cause that you would like to leave your money to. If you have recently been diagnosed with a terminal ailment, you can purchase the no-exam life insurance. This type of insurance offers you a guaranteed acceptance – you do not have to worry about your application being rejected. Some insurance companies often charge higher premiums for the no-medical exam policy. Therefore, it is important to shop around to get affordable rates. The benefits of the no-exam policy include:

· Provides financial support

You need to purchase the right insurance cover that will be in a position to cater for the financial needs of the family. To choose the right coverage, determine the needs and current lifestyle of your loved ones. Determine the amount of income that will be lost when you die. This will help a great deal in determining the right coverage that is enough for maintaining lifestyle of your loved ones. Furthermore, when choosing a policy you need to determine the level of inflation. The persistent increase in the prices of basic commodities has the capacity of feeding on the income received by the family. You need to make sure the cover takes into consideration the rise in prices.

· Pays off debts

If you have in the past applied for a debt, a business loan or mortgage, you should consider applying for the right insurance cover. This will prevent a situation where you lose your income or die, leaving your loved ones with no option but to bear the burden of the debt. Some families have ended up losing homes and businesses simply because their breadwinner died and left them with a mortgage they cannot afford to repay. Furthermore, other families have had to live with creditors on their case – seeking to settle the money owed to them. You should be careful to avoid being over confident that you will settle your debts in your lifetime. Purchasing the right policy offers the necessary safeguard with the benefits derived from the insurance policy being used to settle debts.

· Caters for the estate tax

Estates attract taxes, with large estates attracting hundreds of thousands to millions of dollars in terms of taxes. Therefore, it is important to determine whether there will be estate taxes payable after your death. Make sure your loved ones will not have to bear the heavy burden of estate tax by purchasing an insurance policy that settles the estate tax when you die.