When applying for life insurance, many people can fill out the application for coverage, undergo the medical examination, and simply wait to hear back regarding their policy approval. For other applicants, though, the process is not so easy. Those who have an adverse health condition may not be able to qualify for life insurance – at least not by going through the process in the traditional manner.
The good news is, however, that even if you’ve been turned down for life insurance in the past, you may still have options available. There are companies out there that are better for such specific needs such as smokers life insurance or pilot life insurance. We provide many reviews for you to look over to find the best fit for you! One such option could be a no medical exam life insurance policy through MetLife.
These policies are designed to cover costs such as final expenses, unpaid debts, and other financial obligations that your survivors could be left with in the event of the unexpected – and with these plans, an applicant cannot be turned down for coverage due to adverse health issues such as someone needing Type 1 diabetes life insurance or life insurance for diabetics type 2.
How MetLife’s No Medical Exam Life Insurance Policy Works
MetLife’s no medical exam life insurance policy is a guaranteed acceptance plan. These policies are designed for applicants who are between the ages of 45 and 75. In addition to requiring no medical examination, there are no health questions asked on the application for coverage. Provided that the premium is paid, the policy will be issued.
These policies are written as a whole life insurance plan. This means that the policies provide both death benefit protection, as well as a cash value component. The cash in the policy is allowed to build on a tax-deferred basis, meaning that no tax is due on the gain until the time it is withdrawn. This can allow the funds to grow and compound substantially over time.
Because the policy is whole life as versus term, there is no time limit or expiration date on the MetLife no medical exam policy. Therefore, as long as the policyholder continues to pay the premium, coverage will last throughout the remainder or his or her life. This can be a great way to ensure that loved ones will receive the policy proceeds that they are counting on.
The coverage amounts can range between $2,500 and $50,000. And, because the policies are whole life, the amount of the premium is locked in and will not increase over time – regardless of the insured’s increasing age or potential decrease in health condition.
Typically, these policies can be purchased online or over the phone – and they have premium rates that begin as low as $10 per month, depending on the age of the insured and the amount of death benefit that is chosen.
Because there is no medical underwriting to contend with, these policies can often be issued very quickly – sometimes on the same day as the application. This differs from traditionally underwritten plans that can sometimes take weeks – or even months – to be approved. This also means that an individual can be covered quickly, obtaining the coverage that he or she needs right away.
Obtaining life insurance coverage through MetLife can be a good decision, as the company is highly rated through the insurance company rating agencies. These agencies rate insurers based upon financial strength and claims-paying ability. MetLife (Metropolitan Life Insurance Company) has the following ratings as of November 14, 2014:
A.M. Best Company
Moody’s Investor Services
Standard & Poor’s
It is important to note that if the policyholder should pass away within the first two years that the MetLife no medical exam policy is in force – other than by way of an accident – the policy proceeds that are paid out to the named beneficiary will be limited in amount. However, once the policy has been in force for at least two years or longer, the full amount of the death benefit will be paid out upon the insured’s passing.
Who Should Consider A No Exam Policy?
There are many reasons to consider a no medical exam life insurance policy. Certainly, one of the key reasons for doing so is if you have an adverse health issue and you are unable to qualify for a traditionally underwritten life insurance plan.
Other individuals, although perfectly healthy, may participate in occupations or hobbies that are considered risky or dangerous. These people may also be unable to qualify for traditional life insurance coverage – but they could be able to qualify for a no medical exam plan.
Also, there are many people who simply do not wish to undergo the medical exam that is required for most insurance policies. This could be due to a fear of needles. For these individuals, a no medical exam life insurance policy is certainly another avenue.
In any case, it is important to understand that because no medical exam policies are typically insuring those who are riskier than those insured via traditional life insurance policies, the premium amount that is charged for this insurance is usually much higher than that of a comparable policy. In some instances, the amount could be two to three times higher. Therefore, if it is possible for an applicant to qualify for a traditionally underwritten life insurance policy – and cost is a factor – it will be important to keep this consideration in mind.
Calculating Life Insurance Needs
Before you apply for any life insurance coverage, it’s important that you determine how much life insurance you need. When you’re calculating your life insurance needs, there are several different factors that you should account for to ensure that your family has all the money that they need.
The first number that you should look at is any debts or other final expenses that your family would be responsible for if something tragic were to happen to you. The primary goal of your life insurance plan is to give your family the money that they need to pay off your debt and any funeral expenses. Add up your mortgage, car payments, student loans, and anything else that your family would have to pay off.
The next number that you should look at is your annual income. The secondary goal of your life insurance plan is to replace your source of income if something tragic were to happen to you. If you’re one of the main income earners in your home, your family could struggle to pay for any basic expenses. Your life insurance plan will replace your paycheck to ensure that your family doesn’t have to sacrifice their standard of living.
Where To Purchase Coverage
When purchasing no medical exam life insurance coverage, it is a good idea to work with a company or an agency that has access to more than just one life insurance carrier. That way, you will be able to compare multiple companies’ policies, benefits, and premium quotes to determine which works best for your specific situation and your cost budget.
If you are ready to move forward on the purchase of a no medical exam policy, we can help. We work with many of the best no exam life insurance companies in the marketplace, and we can obtain all of the important information that you require to make a well-informed buying decision.
We can also help you in determining other important criteria, too, such as how much coverage is enough, what type of coverage is right, and which life insurance company may be the best one for your specific needs.
We can do so quickly and conveniently – all from your home computer – and without the need to meet in person with a life insurance agent. When you are ready to begin, you can receive a set of quotes by completing the form on this page.
Should you have any additional questions regarding no medical exam life insurance, please feel free to contact us directly. Our experts will be happy to walk you through any additional details that you may need. We can be reached via telephone, toll-free, by calling 888-229-7522.
We understand that the purchase of life insurance coverage can sometimes be overwhelming. This can especially be the case for those who may have an adverse health condition. Often the application process can take longer than usual. But by going the route of a no medical exam plan, you can simplify and speed up the process considerably and have the coverage that you need in a fraction of the time. So contact us today – and see how we can help.
Because you never know what’s going to happen tomorrow, you shouldn’t wait any longer to get the insurance protection that your family deserves. If something were to happen to you, and you didn’t have life insurance coverage, your family would be left with a massive amount of debt. We know that finding life insurance can be a long and difficult search process, but it doesn’t have to be. Our agents can make the search as quick and simple as possible.