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how does no exam life insurance work
Well here you are. You are asking yourself, how much life insurance can I get without a medical exam? You finally got to the point of embracing the importance of coverage. In fact, the no exam life insurance policy is convenient and in some cases priced within the top rates in the industry. In some cases life insurance no medical exam no waiting period is easily achieved. Especially if you have no history of health problems.
In general, if you're shopping for life insurance coverage and apply with a no medical exam carrier, they still can request a paramedical exam which includes a blood test. Especially if they find a pre-existing medical condition. These exams usually take 30 minutes in the luxury of the consumers residence.
Furthermore, when applying with a no exam product, life carriers usually issue policies within a week to 10 days with a simple underwriting process.
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Lets see how the No Exam Policies Match Up!!
How do I get a No Exam Life Insurance Policy
A no medical exam policy has both pros and cons. In fact, here is the good stuff — you can get a no exam life insurance policy very quickly, you will get accepted despite any health issues, and, for those who hate medical exams, you don’t have to get a medical exam.
In general, although getting coverage will not require a medical exam, you will have to answer some health questions. These policies are sometimes called simplified issue life insurance. The application process is simplified with no physical exam.
However, if you have serious health impairments it is possible that some carriers no medical coverage would require a paramedical exam. This would require a height, weight, blood pressure reading and a small blood and urine sample.
On the other hand, no exam life insurance policies are more expensive, because companies will have to assume you’re a high risk individual such as life insurance for diabetes. Also, some lifestyle and hazardous employment could be labeled as a special risk.
In addition, getting a no exam life insurance for smokers would make sense.
However, if you use marijuana, the carrier may insist on a exam to see the levels of THC that are in your system.
Furthermore, we will expand on more of these pros and cons below.
No Medical Exam Life Insurance vs. Traditional Term Life Insurance
As a matter of fact, At the end of the day, no medical exam coverage and traditional term length coverage are quite similar. However, the main difference, of course, is that no medical exam life insurance means you can get covered without getting a medical exam but in some cases paying more money.
In detail, this means that people with serious health conditions can still be guaranteed coverage, whereas a traditional term policy might deny them.
In other words, no exam policies are more expensive. For example, people looking for life insurance for people with diabetes might assume that they are better off going with coverage without physical policy. However, in most cases, it’s still possible to find more affordable rates, despite any health conditions. Nevertheless, for life insurance for cancer patients, there is a shot of getting a no exam after 10 years of last treatment especially if your in overall good health.
no exam life insurance for seniors
In reality, after retirement when your on a fixed income, coverage can become very expensive if you continually kick the can down the road. It's important to realize, if your a senior over 65 then a no medical policy is obtainable if you are healthy. Carriers issue policies within days.
NO EXAM LIFE INSURANCE FOR SENIORS OVER 70
By all means, if you are healthy it is very possible to get a term life insurance policy with no medical exam. With this in mind, here are some of the rates for a senior over 70.
These are a 10 year term and a 15 year term rates.
No Exam Life Insurance For Seniors Over 80
Above all, when you get to age 80 you are already past mortality age as a male (77). Also, about a year away from mortality age of a female which is 81. Particularly, life insurance carriers will look at you as a risk. In this case,they know they are going to have to pay a death claim. In fact, statistics say so. To put it another way, that means they will make you pay for it.
Below is the rates for an 80 year old male on a 10 year term.
WHAT KINDS OF NO EXAM LIFE INSURANCE POLICIES ARE THERE
There are four main kinds of no exam life insurance policies to choose from: graded death benefit, level final expense, simplified issue, and guaranteed issue. We’ll summarize these policies below:
Of course, each of these has there pros and cons. Which you go with is entirely up to your situation and preference. Besides, if your looking for life insurance for those over 55, the maximum would be a 20 year term policy. You have to make sure you shop wisely with an independent agent that knows the products and services to multiple carriers. This will assure you getting the best rate and carrier! Again, health problems past and present will likely have an impact on the rate.
WHAT ARE SOME OF THE BEST NO EXAM REQUIRED LIFE INSURANCE COMPANIES
What's equally important, is choosing from several options is the best way. To explain, we will list some of the best insurance companies that do not make you take a medical exam:
- SBLI: No Exam Life Insurance SBLI is Fast, convenient, and highly-rated. Range of coverage between $100,000-$500,000. So they have the legitimate 500000 life insurance no exam policy.
- Assurity Life Insurance Company: Check out our Assurity Review post. Offers between $50,000-$350,000. Most of the process is online!
- Phoenix Life: Express Underwriting for $25k-$400k ages 18-50, $25k-$300k ages 51-60, $25k-$200k ages 61-70, $25k-$100k ages 71-80.
- Sagicor: Now going $1MM without an exam potentially. Up to $500K non-med and $500K - $1MM Accelerated Underwriting (possible exam), Ages 18-45 up to $1MM, Ages 46-55 Up to $750k, Ages 56-65 upto $500k
- Foresters: $50,000 to $400k coverage amounts, ages 18- 55 and up to $150k from age 55 to age 80! Apply in Foresters’ portal and a decision is made within 10 minutes.
- American National (ANICO): Up to $1,000,000 non med for those that qualify, with Living Benefits, in most cases $250,000 is the ceiling.
- Fidelity Life: Check out our review of Fidelity Life. Extremely fast coverage, with decent health between the ages of 18-65, you may be looking at $25,000-$250,000 worth of coverage. Fidelity Life also has reasonable life insurance for seniors (50-70 years of age). Also life insurance for seniors over 75.
First thing to remember, these are just a few recommended examples. Of course, there are several more options out there. It’s crucial to shop around and compare rates/policies before deciding.
These are the best priced legitimate Non Meds/No Medical Exam term life insurance policies.
TRANSAMERICA NO EXAM LIFE INSURANCE
With Transamerica, most of the policies require a med exam. However, if you are under a certain age and applying for a certain coverage amount, you could possibly get a no medical exam policy. As always, in order for you to qualify, and accepted will depend on your health questionnaire.
No Medical Exam Life Insurance Quotes
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HOW ARE MY RATES DETERMINED BY NO EXAM POLICIES
Most of the time, you’ll need to take a brief medical questionnaire. In addition, other factors include medical history, driving history, family history, etc.
Here is a short video comparing fully underwritten vs no exam term life.
Also, life insurance rates by age will determine the price you pay. Furthermore, A.M.Best rating agency is the superior rating company, make sure the company you’re looking at is A/A+ rated. Additionally, life insurance for smokers will have 2-4 times more premium to pay even with a no exam policy. However, Smoking Cigars and Life Insurance, won’t have an effect on premiums as long as its an occasional cigar, and its admitted on the application. Not to mention, Life insurance after DUI with a no exam will be challenging. If it been over 3 years, then a no exam will be an option.
PinnacleQuote's Simple Process
At PinnacleQuote, we are not in the business of selling. We are actually against that. We like to educate our clients and provide them with the best options. In fact, we based those options on the specific profile of the client. So we tailor make you a
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HOW MUCH LIFE INSURANCE DO I NEED (Needs Calculator)
Above all, this is one of the most important financial decisions that you’ll ever need to make. Many people wonder how much life insurance they should buy. With this in mind, many factors go into this decision, and it will take some calculations. Here’s a list of some things you’ll want to consider:
Calculate Your Life Insurance Needs
HOW QUICKLY CAN I GET A NO EXAM LIFE INSURANCE POLICY
On the positive side, no exam policies issues in as little as 4-5 days, with the right carrier! Furthermore, life insurance in your 30’s is a prime time to get a no exam term policy. However, some may take up to a month waiting on an APS, “attending physician's statement”.
For example, Treated blood pressure and life insurance may take more time because the carrier wants to know your history. For example, I have Multiple Sclerosis — Can I Still get coverage? Yes, but probably not a no exam policy.
Also, Treated High Cholesterol and Life Insurance Rates will vary depending on your HDL/LDL ratios and your overall cholesterol under 300. To conclude, the only policy you can get quicker is a cheap burial insurance policy or guaranteed acceptance coverage.
HOW CAN I GET THE BEST HELP
At PinnacleQuote, we know precisely the right life insurance companies to set you up for family protection correctly. Life insurance companies vary based on several categories. That is to say, depending on your circumstances (financially, health-wise, etc.) we can help you find the coverage that works best for you!
About Danny Ray of PinnacleQuote
My name is Danny Ray, Owner/Agent of PinnacleQuote. Although we are based in Jacksonville, Florida. Duval County, the home of the Jacksonville Jaguars! We are licensed in 49 states. We will provide you with the best coverage options with the Top A+ rated carriers. My goal is to provide you with enough understanding and knowledge to make the best choice for your family.
The moment your children were born, you had flashes of their future. Purchasing life insurance will ensure what you envisioned for your family be kept in tact for years to come, long after you are gone. The last way to say "I Love You" ~ Life Insurance.
Call today for you free quote (855)380-3300.