When applying for life insurance coverage, not everyone will be able to qualify by going about it in the traditional way. Unfortunately, due either to an adverse health condition or to having a dangerous occupation or hobby, some individuals may be required to obtain coverage by applying for a no medical exam policy.
What this means is to obtain the life insurance policy and have it issued you do not have to submit any medical testing information to the underwriters for them to approve you. The neat thing about the no medical exam plans is you will be quickly issued coverage.
Because of this, those who are deemed as being riskier can typically be approved for a no medical exam life insurance policy. In return for this, however, the premiums on this type of coverage are usually in the range of two to three times higher than they would be for a comparable, traditionally underwritten life insurance plan.
What are the Best Companies for Getting a No Medical Life Insurance Policy
Today, there are many top notch life insurance carriers that offer no medical life insurance coverage. Some of these insurers include the following:
Sagicor Life Insurance Company
Sagicor Life Insurance Company offers several options for life insurance coverage that have limited underwriting. These include the:
- Peace Assured Plan – Anyone who is between the ages of 18 and 80 will qualify for the Peace Assured Plan through Sagicor Life Insurance Company. This plan provides coverage for a person’s funeral expenses via a lump sum payment.
- Triple Protector Plan – The Triple Protector Plan is a type of critical illness insurance policy that is designed to provide a lump sum payment if you are diagnosed with cancer, suffer a heart attack, or have a stroke. This policy is available to those who are between the ages of 20 and 60. There are only five questions on the application for coverage, and if you answer ‘no’ to those questions you qualify for no underwriting.
- Maximum Protector Plan – The Maximum Protector plan is also designed to deliver coverage for critical illness. However, it will also pay out for terminal illness, accidental dismemberment, and as a life insurance plan. The critical illness component of this plan enables you to receive a lump sum payment if you should be diagnosed with a condition such as cancer, heart attack, paralysis, coma, or major burns.
American National Insurance Company
American National Insurance Company has been offering insurance for more than 110 years. This company offers a variety of different products, including Whole Life, Term, Universal, and Variable Universal Life Insurance.
Assurity Life Insurance Company
Assurity provides several no medical exam life insurance products. These include the LifeScape NonMed Term 350, which is competitively priced on a fully underwritten, non-medical, basis, and is ideal for a variety of needs including mortgage protection. No blood draw is required, and the issue ages are between 18 and 65. Issue amounts on this coverage are between $50,000 and $350,000.
The company also offers LifeScape Simplified Whole Life, which features three different non-medical whole life insurance plans to choose from, as well as a simplified critical illness life insurance policy that provides issue amounts of between $5,000 and $50,000 and issue ages of between 18 and 64.
National Life Group
National Life Group provides several types of life insurance protection to individuals – including both term and permanent. Its permanent plans include whole life and universal life insurance coverage options.
Fidelity life offers a no medical plan that provides fast, hassle-free insurance coverage. This provides term insurance coverage that has a level death benefit, whereby the policy may be extended beyond the guaranteed level premium up to age 95 for the policyholder. Guarantee periods include 10, 15, 20, and 30 years.
Transamerica offers a no medical exam policy that provides death benefit coverage of between $25,000 and $249,999. This company’s TransTerm policy is structured to offer term-like initial level premiums for 10, 15, 20, 25, or 30 years. The initial premium is quite affordable. But since the policy is a universal life policy with lifetime guaranteed coverage, it can be continued after the initial term period has ended.
What to Consider Prior to Purchasing a No Exam Policy
Once you have determined that you will be going with a no medical exam life insurance policy, there are still certain factors that you should consider prior to moving forward with your actual purchase. These important criteria include the following:
- What type of coverage will you be buying? One of the most important considerations when purchasing a no medical exam life insurance policy is knowing what type of coverage you are buying. This is because there is more than one version of no medical exam life insurance in the marketplace. For example, if you go with a simplified issue plan, you will be asked only a few simple health questions so as to determine your insurability. Your answers to these questions will also help the insurance underwriters in coming up with an appropriate premium for your coverage. The life insurance underwriters will usually want to know if you are a smoker, as well as if you have been diagnosed with HIV / AIDS, and if you currently reside in a long-term care or a skilled nursing home facility. In many instances, a no medical exam life insurance policy will be approved within just a couple of days, as versus several weeks – or even months – with traditionally underwritten life insurance policies. Another version of no medical exam life insurance plans is called a guaranteed issue policy. Guaranteed issue life insurance policies not only do not require a medical exam, but there are also no health questions to answer on the application for coverage. Therefore, as long as the premium remains paid by the insured, he or she will be guaranteed to be approved and covered by these types of insurance coverage.
- How are the policy’s benefits paid to the beneficiary? Another key consideration when purchasing no medical exam life insurance is how the benefit proceeds will be paid out to the policy’s beneficiary. This is important because certainly a primary reason for purchasing life insurance is to provide funds to loved ones for final expenses, debt payoff, or other financial considerations. While some no medical exam life insurance policies will pay out the full amount of the death benefit to the beneficiary right away, others will require that the policy be in force for a certain amount of time – such as two or three years – before the full amount is eligible to be paid out. These are referred to as graded benefits. In these instances, the policy’s beneficiary may only receive a refund of the premiums that were paid, along with possibly a small amount of interest, if the insured were to die within the first couple of years that the policy is in force.
- How much death benefit protection does the plan have? As with any other type of life insurance policy, you will also want to consider the amount of death benefit protection on the no medical exam plan as well. In some instances, life final expense policies, the plans will only have a limited amount of benefits that may range between $10,000 and $25,000, whereas others will provide coverage of up to $500,000 or more.
- How long will the benefits last? If you are purchasing a no medical exam policy that is also a term insurance plan, you will need to know how long the protection will last. In most instances, term life insurance policies will offer choices such as 10 years, 15 years, 20 years, and 30 years for coverage – depending on the age of the applicant at the time he or she initially applies for the coverage.
- What is the amount of the policy’s premium? The amount of the no medical exam life insurance policy’s premium will also be another key factor that you will want to have in mind prior to moving forward with the purchase of your plan. Because the applicants on no medical exam life insurance policies are typically those who are considered to be risky, life insurance companies have to compensate for the additional amount of risk that they are taking on. They do so by charging more in premium. In many cases, the premium that is charged can be two to three times higher on a no medical exam plan than it is on a comparable traditionally underwritten life insurance policy. Even so, it is important to keep in mind that oftentimes, a no medical exam life insurance policy may be the option that is available for some individuals due to having an adverse health condition and / or a dangerous occupation or hobby. Therefore, it may be necessary to pay the additional amount of the premium to obtain the life insurance protection.
- How financially stable is the underlying insurer? It is also very important to consider the rating of the life insurance company through which you will be purchasing the coverage. Even if a policy that you are looking at has an attractive premium and benefits, it is a good idea to first review the insurer’s rating prior to moving forward. Life insurance companies are provided with ratings from rating agencies such as A.M. Best, Standard & Poor’s, Moody’s, Fitch, and TheStreet.com. Typically, these ratings are provided in the form of a letter grade, from A++ to F, similar to a school report card. These ratings signify an insurer’s financial strength and claims-paying ability. Certainly, the higher the rating, the stronger it is felt that the insurer is in terms of its financial ability, and for paying out its policyholder claims. Often, it is recommended to stick with insurance companies that have ratings of A or better.
Getting the Best Quotes
When shopping for a no medical exam life insurance policy it is important to understand that, even though insurance companies will all have similar methods of reviewing an applicant for coverage, the truth is that all insurers will have their own unique way of determining where an applicant will eventually fall in terms of qualifying. With that in mind, when you are searching for the very best no medical exam life insurance coverage and premium quotes, it is typically best to do so through a person, agent, who has contracts with more than one life insurance carrier. This allows you to see numerous rates, and narrow down which company will benefit you best.
Our experience in handling applications in the no medical exam category give us a great advantage over other agencies. If you know you’re ready to start the process we will gladly assist you, and the great thing is you can do it from your own house! We are low pressure, and highly knowledgeable on all the no medical exam policies available. To get started complete the form to the left!
We can also assist you with determining many of the essential details, such as:
- What is the correct amount of death benefit coverage for your specific needs?
- What type of life insurance protection is the best – term or permanent?
- Which carrier will be the best one for you?
We want to ensure that you feel good about your decision and that you make the right choice for you and your individual needs. So, contact us today, 888-229-7522 – we’re here to help.