Entrepreneurs may be known as natural risk-takers — after all, it takes guts to go out on your own and create something entirely from the ground up — but when it comes to life insurance, risk-taking is not an option. As an entrepreneur, you know more than anyone how integral you are to what you’ve built, and if anything should happen to you, your family and/or business can be left floundering.
That’s why life insurance for entrepreneurs is essential. However, when it comes down to the wire, what kind of life insurance is best? There are a variety of policies to choose from, but for entrepreneurs, there’s one kind that stands out.
What is No Exam Life Insurance?
No exam life insurance is life insurance that you can get without undergoing a medical exam. This differs from traditional policies that do require a medical exam. There are many benefits of this kind of insurance.
- Easy approval since not much underwriting is involved
- Approval takes days or weeks as opposed to months
- You don’t have to take time out from your busy schedule to get to a doctor
- You don’t have to fill out a lengthy application
- Your loved ones/business partners will get the coverage they need
Practical Reasons to Get No Exam Life Insurance
In addition to the benefits, there are also very practical reasons for getting no exam life insurance.
- Secure a loan. As an entrepreneur, you may find yourself in a situation when you need a quick business loan — and nearly any lender will require the borrower to have life insurance. No exam life insurance lets you get coverage quickly so you can secure the loan you need.
- Look out for your partner. If you already have a traditional life insurance policy for your family but don’t have anything in place for your business partner, no exam life insurance is a quick and easy option. It will not only help your partner financially should something happen to you, but it can help your business stay afloat. In many cases, entrepreneurs who go into business together often take out life insurance policies and make each other the recipient of the payout. This way, you each have a financial safety net.
- Cover your debt. Some entrepreneurs find themselves in debt, and a no exam life insurance policy is a good way to make sure that your debt won’t fall to your family or your partner should you die unexpectedly.
Planning for the Future
As every entrepreneur knows, a sustainable business model is essential to the success of a company. This means that your business must be able to generate revenue in the long-term, not just the short-term. Life insurance is also a long-term investment. While you hope to never need it, it’s the only way to make sure that your business and family will be able to sustain themselves should something happen to you. When you buy no exam life insurance, you can get the benefits of life insurance without all the time and hassle.
