If you are a healthy person, the life insurance process is pretty standard. It takes about a month, and after the application, medical test and analysis you get issued a policy. However, for the people who are dealing with health issues are facing the issue of not qualifying for the standard plans – at least not by going through the process in the traditional manner.
Don’t let it bother you too much though, even if you’ve had an application declined, 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 in the 45 to 75 age range. 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 provides a death benefit ,and 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in the policy is allowed to build on a tax-deferred basis, meaning that no tax is due on the gain until the time it is withdrawn.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 the underwriting term is shorter, 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
If the policyholder should pass away during 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.
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 the condition of your health concern, and the probability of getting issued a traditional 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
One of the first things most applicants do is try and figure out the amount of life insurance they need to cover expenses and debt that will be passed on to their estate and family members.
We always tell clients to add up the amount of debt, like mortgage, car, or student loan payments that are left. This should be the absolute base amount of insurance you need to buy.
Once you’ve got your base amount you’ll need to add several years worth of income that will need to be replaced. Doing so allows your family time to live life normally while figuring out the next steps of replacing the lost salary or money that would normally count in the family budget.
Where To Purchase Coverage
When purchasing no medical exam life insurance coverage, you need to find ways to compare quotes from different carriers. It sounds time consuming because it is; you’ll be filling out a lot of quote forms, like ours on the left. There are also times where you’ll have to travel to an agents office and spend time meeting with them only to get one quote. Stay away from these agents.
The good news is, we can help! Our brokers work with a lot of the top life insurance carriers in the industry today. This gives you an advantage because we will always show you more than one quote. Not only that, but once we hear about any concerns you have or health issues, our minds immediately start working to narrow down the list of companies that will suit you best.
Another reason to work with us is that you’ll save a considerable amount of time. Our agents will handle your time efficiently and we mainly do work over the phone and email so that you can spend your time taking care of your family needs.
If you’re wanting immediate information about policies available to you, then reach out to us by calling 888-229-7522 and one of our independent brokers will assist you.