Term life insurance quotes no exam required, is creating quite a buzz right now.
There are quite a lot of reasons someone might want term life insurance, with no exam required, and the process of applying is quite simple.
Applying for life insurance typically requires a medical exam. It could include things like a mouth swab, urinalysis, an expanded blood draw, and in some cases, EKG’s or treadmill tests. You also have the option of looking into Impaired Risk Life Insurance if you are concerned about health issues.
Obviously, those can be a pain in the neck (or arm) when applying for a basic life insurance policy. But as consumers mindsets have changed, so have underwriting practices. Insurance companies have had to adapt for those consumers who do not want to mess with the exam, but still want some coverage in place. Learn more about how you can obtain a million dollar life insurance policy with no medical exam.
You might not want to do a medical exam for several reasons:
- Time. It can be quick to meet with a paramedical nurse, perhaps just 20 minutes, but it could last a lot longer if the policy you applied for has extra requirements, like the EKG.
- Convenience. Some people simply want to buy life insurance like you would anything else at the grocery store: pick what you want, and pay for it.
- Fear. It’s not uncommon for a person to have a fear of this kind of exam, namely the expanded blood draw because it requires needles. While there are some newer ways to get the blood they need for the exam, avoiding it altogether is an option, too. Many individuals also fear more uncertain things, such as their BMI affecting life insurance rates, due to being classified as a high risk policy holder.
- Speed. Buying life insurance with no medical exam can get you coverage much faster, sometimes in as little as a day. If you need a policy in a hurry, it may be a viable option for you.
Buying term life insurance with no exam required has many advantages, and might be right for you, but it’s not all glitter and unicorns. There are some drawbacks.
The Drawbacks Of Life Insurance With No Exam
There are obvious reasons why someone might want life insurance with no exam, but it comes with a price. Literally.
Because the insurance companies have decided to issue life insurance policies with no exam, they are taking on a higher risk profile for their product line. Because of this, they offset their risk with higher premiums. As with any insurance, higher risk means higher premiums.
There are still health questions required, and those questions cover some of the bigger risks. If you have cancer, heart disease, kidney disease or another more serious health condition, you won’t be able to apply. By not allowing these types of conditions, they are limiting their exposure to some extent.
Yet, there are still smaller risks they aren’t able to watch out for by not completing a full medical exam. As with any other thing in life, you’ll end up paying the price for convenience. Depending on your age and how much you’re applying for, it could be quite a bit more expensive. One question you will most likely be asked is this; are you pregnant? You may be wondering if you can qualify for life insurance while pregnant. We have answers for you and would like to assist you in obtaining the coverage you deserve.
Another drawback is the actual amount you can apply for. In an effort to limit their risk beyond health concerns, insurance companies have put a limit on how much coverage you can even apply for when you’re looking to skip the exam piece of the underwriting.
If you need, say, $500,000 or a million in coverage, you are probably stuck with completing an exam. But, if you are only looking for $250,000 or less, you will likely have a few options to pick from from multiple carriers.
Sample Premiums Of Life Insurance Without Medical Exams
For this example, we’ll use a healthy male who is 35 years of age, looking for $250,000 in coverage.
- For a basic 30 year term policy, his premium would be $248* per year.
- For the no exam term life insurance policy, it is $575** per year.
As you can see, there is a large difference in the premiums. The no exam life insurance policy is more than TWICE the premium. While $575 is still a small premium for $250,000 in coverage, you’ll pay an extra $9,810 over the life of the policy.
The difference in premiums can vary on a few factors:
- Coverage Amount
For the most part, you can expect to pay 50% to 100% more in premium on average should you qualify in great health for a normally underwritten term life insurance policy. If you are not in superior health, but can still answer the health questions without raising a flag for a no exam life insurance policy, your premiums will be much more comparable.
Let’s say for example the same 35 year old male was only able to get a standard rating. His premium would have been $492+ for the normally underwritten option. Using this health rating, the no exam life insurance policy is only $83 more in difference. Now, the price of convenience is not so substantial. But again, over the life of the policy, you’re talking about $2,490.
In the long run, going through the medical exam can save you premium, but if you absolutely don’t want to go through the process, and you’re okay with higher premiums like these, you’ll be happy to know you have plenty of options.
Where To Find No Exam Life Insurance
There are a lot of life insurance companies who offer a plethora of types of insurance, but not all offer no exam life insurance policies. The companies who specialize more along the lines of term insurance are more likely to have it.
The easiest, and probably the most efficient way to find it would be to use an online quoter so you can shop multiple carriers at once. Your next best bet would be to call a local independent agent who can do this for you.
It may not be a bad idea for you to browse some regularly underwritten term life insurance policies as well, so you can see how much money you might be able to save if you opt for a medical exam. You might find it’s substantial enough to undergo the extra exam process, especially if you are going to be paying a higher premium for 20 or 30 years.
There are dozens of different factors that you should consider when you’re looking to purchase life insurance. If you decide that a no medical exam plan fits your needs, the next question is, “where to buy one?” and that can be another difficult decision because there are so many decisions.
Each insurance company is different, and all of them are going to have different plans that they offer. Additionally, each plan has a various set of advantages and disadvantages that you’ll need to weigh in light of your own situation.
Mutual of Omaha
Mutual of Omaha is one of the most well-known insurance companies that offer a no medical exam. You can purchase a whole life plan that ranges in value, anywhere from $2,000 to $40,000. If you’re looking to buy a term life insurance plan, they won’t require you to take a medical exam as long as the plan is under $250,000. Anything higher than that will require that you undergo the medical exam before they will accept your application.
Gerber has a no medical exam whole life policy that will give you coverage that you need up to $25,000. One of the best advantages of these plans is that they have a cash value component that will continue to grow in value the longer that you continue to pay the premiums.
Whole life plans are a great option for anyone that doesn’t have to worry about getting life insurance coverage in the future. Once you pay once of these plans, you’ll always have life insurance coverage as long as you pay the monthly premiums.
Foresters gives you plenty of options for your life insurance protection. You can get coverage without a medical exam for up to $350,000. Additionally, you’ll be able to convert your term life plan into a permanent policy.
On top of the basic life insurance coverage, you can get several riders like the Accelerated Death Benefit, Child Rider, Accidental, or Disability riders. All of these riders are optional, but can help make your life insurance plan more efficient and will give you the coverage that you and your family deserve.
If you’re an older applicant that wants to get life insurance without taking a medical exam, then Fidelity is a great option. They will insure people up to the age of 95, which is much higher than most companies allow. Depending on how old you are, you’ll be able to purchase a term plan in a 10, 15, 20, or 30-year length. For their insurance policies, there are only a few health questions that you’ll be required to answer.
Transamerica is one of the most popular options for getting quality insurance coverage without taking a medical exam. They offer quality service and affordable prices for life insurance coverage.
One of the main reasons that thousands of people choose Transamerica is because of their living benefits life insurance rider that you can add to your insurance plan. With this optional coverage you can get some of the payout from the plan before your death if have any chronic illness or disability.
Savings Bank Life Insurance (SBLI)
SBLI is an insurance company that has been around for decades and continues to offer quality insurance companies to thousands of applicants across the nation. In fact, they hold an A+ rating from the BBB, which should comfort some people that are worried about getting a plan from a subpar company.
One of SBLI’s most popular insurance policy is their guaranteed level term life insurance, which they offer comparative rates. Additionally, they also have a short term plan that you can continue to renew every year if you don’t know how long you’re going to need insurance coverage.
Sagicor is an excellent company that has received an A- rating from A.M. Best, which is an excellent indicator of their stability. They will offer plans to anyone between the ages of 18-65 for coverage amounts from $50,000 to $500,000.
Additionally, you can get an accelerated benefit rider on their plans that will help you pay for any medical fees or nursing home costs if the need ever arises. With this rider, you can get 50% of the face value of the plan to pay for any extreme expenses that arise. It’s your life insurance plan, you should be able to access the money when you need it.
Principal Financial Group
If you want to get life insurance quickly, going with Principal Financial Group is a great idea. They have a plan that will allow you to get insurance coverage in 48 hours or less. Their goal is to use their Principal Accelerated Underwriting to take a process that normally takes a month, and shorten it down to two days.
While it’s much quicker, they will still use traditional sources like the MIB and motor vehicle reports. As long as you’re between the ages of 18-60, you’ll be to apply to apply for one of their plans and get coverage up to $1,000,000.
Phoenix Life offers several different insurance plans, all of them don’t require you to take a medical exam before you’ll be accepted for coverage. The first plan that they offer is the Safe Harbor Term High Band, and you can purchase this plan in anywhere from 10 years to 30-year lengths and you can get up to $1,000,000 as long as you are younger than 70. Depending on how much coverage you want, you could be required to take a simplified medical exam, which doesn’t include the blood test or urine sample.
The next plan that they have is a Safe Harbor Term Low Band, which is exactly the same as the High Band, but the underwriting classes are different and it doesn’t require any type of medical exam for you to get the coverage.
The last type of plan that they offer is a Term Life Express policy, which gives you locked in rates throughout the course of your policy. You won’t be required to take the medical exam and they also won’t pull any Attending Physician Statement.
One of the key advantages to these Phoenix Life plans is the ability to convert your term life insurance policies to a permanent plan at different points of the policy. Each plan length has a different point at which you can convert the plan to a whole life policy.
North American Company
North American Company offers a no exam plan in a 15, 20, and 30-year terms. You can choose the length that fits your needs the best. They have a simplified issue term plan that allows you to get insurance coverage without taking the medical exam, but they will require you to answer a few questions about your lifestyle and health. You can purchase a plan anywhere from $50,000 to $500,000 with their no medical exam plans.
If you have any questions about getting a no medical exam life insurance plan or about the different options available to you, please contact one of our agents today and we would be happy to answer those questions. Don’t wait any longer to get the insurance protection that your family deserves.
How To Apply For No Exam Term Life Insurance
Believe it or not, you can apply for no exam term life insurance in about 10 or 15 minutes. It’s an easy process, and can be completed online. No need for a lengthy interview or dealing with setting appointments for a local agent to come see you. Let alone the nurse!
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Once you found a premium you can afford from a company you are willing to apply with, the application is on-site. You can go through the application right there on the spot, and be approved much more quickly than the traditional life insurance application process.
Of course, double check to make sure the information you entered is correct, and you’re on your way to having life insurance in no time.