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5865 Ridgeway Center Parkway, Ste. 300
Memphis, TN 38120

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Why do many people getting life insurance in Tennessee need to get a physical first?

There are some companies that offer life insurance to Tennessee residents without requiring a physical exam. However, depending on your circumstances, it may be to your advantage to choose a policy that does require an exam. Riskbusters Insurance can help you explore your options so you can choose the best policies for yourself and your family.

 Why Are Exams Required Before Purchasing Life Insurance?

Life insurance companies make decisions based on risk. The longer you live, the better it is for the insurance company because they generally won’t have to pay out while you are alive. 

If you are not in the best of health, don’t despair. Your insurance agent can still help you find a policy with the best rates possible. There are even some competitive policies that don’t require an exam.

What Happens During an Exam

A physical exam for a life insurance policy can take place anywhere, including your home, a doctor’s office, or your insurance agent’s office. Most of the exam is questions. The examiner will want to know:

  • What is your history of tobacco, alcohol, and drug use?
  • What is your driving record?
  • Are you currently taking any prescriptions?
  • Have you ever been hospitalized?
  • Is there a history of cancer, heart disease, or other chronic conditions in your immediate family?
  • Do you have any dangerous hobbies?

You should prepare for the exam by gathering any records you have so that you can answer the questions easily.

Consult With Us

You have a lot of choices if you are getting Tennessee life insurance. It can be overwhelming, and you want to get the best policy you can. If you have any questions about life insurance or would like to compare policies, please call Riskbusters Insurance today.

Four steps to choosing your life insurance policy

When you’re on the market for life insurance in Tennessee, you can rely on Riskbusters Insurance to help you find the coverage you need. There are a few steps you need to go through when you’re choosing life insurance.

The following are four steps to choosing your life insurance policy:

Do your research

Life insurance is a complex financial product. You need to know about the different types of life insurance and coverage options before you buy a policy.

You also need to research the various insurance providers offering life insurance policies. You want to buy from a life insurance provider that you can depend on. 

Determine how much coverage you need

You’ll purchase a policy with a specified death benefit amount. Buy enough coverage so that the death benefit is large enough to support your beneficiaries if you die and your income is lost. 

Request quotes from a few providers

When you buy any type of insurance, you need to get quotes from numerous providers as part of researching your options. Requesting policy quotes ensures that you get a competitively priced policy.

Get in touch with life insurance providers and provide information on your situation and life insurance preferences so that you can compare policies. 

Carefully evaluate your policy quotes

Evaluate quotes and figure out which policy is best for your situation before you purchase a policy. Look not only at policy costs but also at the coverage you’re getting and how well the policy in question corresponds to your needs. 

Reach Out To Us

Once you have gone through these steps, you can purchase a life insurance policy that will offer financial protection to your family in Tennessee. Get a quote from us at Riskbusters Insurance. 

What Factors Should Be Considered When Determining How Much Life Insurance A Person Needs?

 There are a number of benefits associated with purchasing life insurance. However, one of the biggest decisions that you need to make when it comes to purchasing a life insurance policy is deciding how much coverage you truly need. Here at Riskbusters Insurance, a company providing individuals in Tennessee with life insurance policies, we want to help you learn more about what factors you need to consider when determining how much life insurance is right for you. 

The Amount of Debt You Have

Anytime you are purchasing life insurance, you should consider how much debt you have. Ideally, your life insurance policy should cover the amount of outstanding debt you have, including student loans, car loans, and a mortgage. 

How Much Money is Needed to Ensure Your Family Can Live Comfortably

Another element to consider is how much money your family needs to live the same lifestyle they are accustomed to living if you pass away. Consider the number of children you have and their ages to determine approximately how long they will need financial support. 

What Your Final Expenses Will Cost

Lastly, you should always think about your final expenses and how much it will cost to bury or cremate you and have a funeral or a celebration of life. This helps to ensure your family has the money to cover the costs associated with your final wishes. 

We Are Here To Help

There are numerous factors that need to be considered when determining how much life insurance you should purchase. If you are looking to purchase life insurance in Tennessee, the team at Riskbusters Insurance can work with you to determine a reasonable amount of life insurance to help provide for your family when you pass. Schedule an appointment with us to start the process. 

Will Life Insurance Affect Medicaid Benefits?

If you’re on Medicaid, it’s essential to know how life insurance could affect your benefits.

Some people mistakenly believe life insurance policies will disqualify them from receiving Medicaid benefits. However, that’s not necessarily the case. Owning a life insurance policy may help protect your Medicaid eligibility — and your loved ones would receive death benefits if something happened to you.

Riskbusters Insurance serves the Tennesee area and can help you understand how life insurance will affect Medicaid eligibility.

How Medicaid Works with Life Insurance

Medicaid is a government health insurance program that offers coverage to low-income families and individuals. To qualify for benefits, applicants must meet specific financial criteria. For example, applicants must have an income below a certain level and not have more than a certain amount of assets.

One common question that people have is whether or not life insurance will affect their Medicaid eligibility. The answer to this question is no; life insurance won’t affect Medicaid benefits. This is because life insurance is considered an asset only if it has a cash value. Term life insurance and small whole life policies are considered contracts of pure protection and are not counted as assets. This means they won’t affect your eligibility.

However, if you have a more comprehensive policy and the cash surrender value exceeds the allowable amount, it will be counted as an asset and could affect your Medicaid eligibility. The asset limit in Tennessee is $2,000 in cash or non-exempt assets. Therefore, if your cash surrender value is less than the $2,000 limit, you’ll still be eligible.

Contact Us Today

To get life insurance coverage in Tennessee, call Riskbusters Insurance. Our agents can help you choose the right type of insurance for your situation and explain how it could affect your Medicaid benefits.


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