Exide life insurance is a company based in the Greater Cincinnati area of Ohio. While they have been around since 1887, they have only recently started to make a big splash in the insurance business. Their tagline is “Exide life insurance for more”. Despite its tagline, Exide does not sell life insurance plans without health questions asked first.
Exide does not sell any type of health questions with their plans; that’s what makes them unique from other companies and why you should consider using them as your personal choice for power protection.
What is Exide life insurance?
Exide life insurance is a company that sells the opportunity to own a company for employees, but it is not an actual insurance company (like many others offer). The employees are owners of the plan and the core of their business. However, unlike many other companies, Exide does not ask health questions with its policies. Exide insurance is an idea that came to be after the founding members of the company wanted to insure their employees and did not have the money to do so. In 2007, this idea started to take shape and now there are over 50 companies insured under their plan.
What makes Exide unique?
One unique aspect of Exide life insurance is that they do not ask health questions before offering a policy. This will mean you will be getting a cheaper rate than you would with other plans that do ask these questions first. You can get all of the same great coverage from other companies, but cheaper! To find out more about this special opportunity, contact Exide insurance today.
Why would you want to use them?
Exide life insurance really has 3 main reasons that make it a top choice in personal power protection.
- No health questions – what more can you ask if you do not have to? Some companies require your health history, but then they have the right to deny your coverage if you do not answer their questions honestly and fully. Exide does not have this problem.
- No medical re-certification – another thing that is seen as a huge problem, but not with Exide. If you are active in their plan, they will not require any re-certification of your health. If you are fired from the company, they will allow you to keep all your benefits as long as this is within certain guidelines (e.g., less than 18 months).
- No age requirement – many companies have an age requirement when it comes to purchasing insurance; most do not have an age requirement with Exide. In fact, they are a family company that also allows teenagers to purchase their own policy when they turn 18 and get married. This offers them more time to earn more money!
How much does Exide insurance cost?
The costs of an Exide life insurance policy will vary greatly. It will depend on the age and the type of coverage you choose. Every person that chooses to apply for a policy must pay a one-time processing fee. Because it is a one-time fee, this cost is not included in the monthly cost of premiums. This fee for each applicant is $25 and only needs to be paid once. There are also other fees that will be added to your bill each month based on the type of coverage you choose and how old you are at the time of application.
Trying to figure out the benefits that employees can get is no easy thing, but they seem to be very substantial. The benefits include:
- Group health insurance (covers dependents)
- Life insurance
- Disability insurance
- Employee stock purchase plan (ESPP)
- 401K investment plan (within affiliated companies only)
- Profit-sharing plan (eligible employees only)
- Vacation and personal holidays (eligible employees only)
- Pension plan with matching option of up to 15% of every paycheck you make when you are employed by them (and eligible for retirement from 20 years of age or older).
There are no disadvantages that are really a problem. Most of them are minor, but there is one major one: medical re-certification. You will need to renew your plan every two years and this can be done at the company’s offices or via mail in the form of a questionnaire. It can also be done online, but then you cannot actually fill it out with any instructions and you have to pay for the applicants that do not return it in time (you will get charged).
Some Privacy Concerns
Many people consider privacy to be a big deal and it should be. However, with Exide life insurance there is not much to worry about. They have all the information that they need from you in order to cover you for power protection, but they will not share it any further. Especially since it has no health questions, you do not have to worry about your medical history getting into the wrong hands and then denied to you.
What else do you need?
The only thing that you may need is a good understanding of how life insurance works. So that you can see if this is the best choice for the needs of your family. During an emergency or during your retirement years. This can help you to think more seriously about whether this is a good investment for you and your family.