Best Term Life Insurance Without Medical Exam

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Top 5 Most Affordable States For No Medical Exam Life Insurance

Best Term Life Insurance Companies 2022 Apps (No Medical Exams)

The top 5 most affordable states for no medical exam term life insurance are:

  • Wyoming Average Monthly Premium: $48
  • Wisconsin Average Monthly Premium: $52
  • Mississippi Average Monthly Premium: $55
  • Nebraska Average Monthly Premium: $55
  • Washington D.C. Average Monthly Premium: $55

No Exam Term Life Insurance Companies

We have compiled a shortlist of companies offering cheap term life insurance without completing a physical exam.

  • Cost Many no physical companies are costly compared to insurance carriers who require a complete medical exam. Getting cheap term life insurance without completing a medical examination can be challenging if you do not know where to look.
  • Financial Stability Financial ratings for life insurance companies are essential when selecting a life insurance company for our clients. We monitor life insurance companies financial strength and claims-paying ability by using several different rating agencies.
  • Approval Time How long does it take for your policy to get approved? We monitor the duration each company needs to get a policy in your hands.
  • What Is No Exam Life Insurance

    When it comes to life insurance, both you and your life insurance company are basically making a business wager. Your side of the bet is that the total youll pay in premiums during the life of the policy will be lower than the benefit your family receives if you die while your policy is in force. Yet the life insurance company is betting the reverse that youll pay more in premiums and fees than itll have to pay out at the end, or that your policy will expire before you die so no benefit ends up being paid at all.

    So its not a surprise that most life insurance providers wont enter into this agreement without more information on your overall health. Because if you already have a life-threatening condition, the policy is more likely to end up costing the company money instead of turning a profit.

    A traditional medical exam for life insurance usually includes measurements of your height and weight, your blood pressure, blood and urine samples and so on. For many people, its not a huge burden, but its also yet another item on the to-do list that might lead you to put off getting life insurance in the first place, leaving you without coverage benefits if something unexpected happens.

    Fortunately, since premiums for term life coverage tend to be on the low side already, the amount of life insurance you need may still be affordable even without a medical exam.

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    Sagicor Life Insurance Company

    Available Duration : 10, 15, 20

    Additional Benefits: No tele-interview required, and also a wide range of ratings available.

    Most carriers do not allow several rating categories, and Sagicor even has rated policies for sub-standard approvals.

    Several riders available, including Childrens Term, Accidental, and Accelerated Death Benefit.

    Other Notes: One of the widest varieties of no exam life insurance options from any one carrier, with some of the best premiums on the market.

    Should You Get Life Insurance With No Medical Exam

    No Medical Exam Term Life Insurance

    8 Min Read | Sep 20, 2022

    Life insuranceits been on your to-do list for years. Youve been meaning to knock it out but . . . life happens. Well, heres some good news: These days theres one less hurdle between you and getting covered.

    Over the past couple of years, some insurance companies have started offering an exam-free life insurance application optionand it doesnt come with sky-high premiums. If youre under 65 and in the market for a policy worth $2 million or less, you may be able to skip the lab work and apply without a medical exam.

    This new flexible option means one less hoop you need to jump through on the way to peace and security for your loved ones. Heres what you need to know about getting life insurance without a medical exam.

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    How Much Does A Funeral Cost

    The national median cost of a funeral with a viewing and burial was about $7,848 in 2021, a 6.6% increase over the previous five years, according to the National Funeral Directors Association. The median cost of a funeral with cremation was approximately $6,971, an 11.3% increase over the previous five years.

    Keep in mind that your own funeral costs could be much higher or lower, depending on what services you choose and where you live.

    Tips For Finding The Best No Medical Exam Life Insurance

    Finding the right insurance provider can help you save money and provide a partner that’s easy to work with long-term. Consider the following tips when searching for the best no medical exam life insurance:

    • Determine your insurance needs: No-exam life insurance policies are often limited compared to traditional policies. Calculate how much coverage you need for yourself and your family to determine if life insurance coverage without a medical exam is right for you.
    • Pay attention to requirements: While you may not need a medical exam, insurance providers may still require you to share details concerning your health and medical history. If there are any concerns, they may require you to provide more information, Some insurers may require you to be in excellent health to get approved for a policy.
    • Consider other benefits: Some no-exam life insurance policies are more restrictive than others. Look for additional benefits outside of saving money, such as convertibility to permanent coverage, multiple term lengths, high customer support ratings, and more.
    • Be honest: Regardless of what type of health information is required, provide accurate personal and health information during the application process. Insurance companies verify application information and could deny coverage if they determine you provided false information. If you’re approved for coverage, the provider could deny insurance claims after your passing if they think you lied on your application.

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    Payable On Death Account

    While you can certainly set aside money in a traditional savings account to pay for funeral expenses, the money could get tied up in probate after your death. A POD account, on the other hand, allows you to set aside money for a funeral without the risk of it going to probate. You name a person who is allowed to access the money when you die. They are not allowed to make withdrawals before then, but you can add or withdraw money from the account at any time.

    How To Sell Life Insurance Without A Medical Exam

    Term Life Insurance No Health Questions

    A great presentation is the key to selling life insurance successfully. Being a life insurance agent, you must have an effective sales pitch. Make sure you use every bit of knowledge you have to provide a compelling presentation that will hook the prospect.

    Whether you are selling a permanent policy, a term life policy, or a whole life policy, you need to stay updated with insurance industry guidelines. Lets now learn about the most compelling ways to sell life insurance to your clients without a medical exam.

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    Who Qualifies For Life Insurance With No Medical Exam

    If you fall into one of the categories below, you could be a great fit for getting a no medical exam life insurance policy:

    • People who are basically pretty healthy and dont have an extensive medical history.
    • Busy people who just want coverage fast but dont want to fool around with appointments and needles.
    • Young smokers who dont have any other medical conditions.

    Indexed Universal Life Insurance

    Indexed universal life insurance is a type of permanent life insurance that offers death protection and a tax-deferred savings component. The cash value of an indexed universal life insurance policy grows at a rate tied to one or more stock market indexes, such as the S& P 500.

    The investment risks are borne by the policyholder, but the death benefit is guaranteed. Indexed universal life insurance policies also offer flexible premium payment options, which can be helpful if you have a fluctuating income or unexpected financial expenses.

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    Best For Instant Decision: John Hancock

    John Hancock

    • No online quotes or online application

    If you want to get life insurance issued quickly, consider John Hancock. We named John Hancock the best no-medical-exam life insurance company for instant decisions because you can apply for coverage and possibly get approved on the same day, with no waiting period required.

    You can get no-medical-exam life insurance until age 60, with up to $3 million in coverage. John Hancock doesnt sell whole life insurance, but it does offer term life, universal life, indexed universal life, and variable universal life policies.

    One of the most unique features of John Hancock is its Vitality wellness program for policyholders. The program provides various health- and travel-related discounts. You can even save up to 25% on your life insurance premium if you enroll in the paid Vitality PLUS program, which starts at $2 per month.

    A downside is that John Hancock charges for most of its accelerated death benefit riders. However, if you add a critical illness rider to your policy, using the benefit wont impact your death benefit. This is unlike most other companies chronic illness riders which reduce the death benefit your beneficiaries receive by the amount you use for chronic illness.

    To apply for a policy, youll need to work with an agentJohn Hancock doesnt offer online quotes or online applications.

    Can I Get Life Insurance Ifi Have Health Concerns Or Pre

    How Much Term Life Insurance Can I Get Without A Medical Exam

    If you have a pre-existing condition, you might think it would keep you from getting life insurance. But thatâs not necessarily the case.

    Having health concerns or pre-existing conditions is not the end all be all. You can still buy life insurance. There are many life insurance products designed specifically for Canadians with medical conditions that can provide protection for you and your family.

    However, your health condition will likely affect the amount of life insurance you can buy. If you have an illness, youre likely to pay more for life insurance because youre considered a higher risk.

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    What Type Of Life Insurance Does Not Require A Medical Exam

    Most any type of policy is eligible for no-exam underwriting. It used to be that if you wanted to skip the exam, only low-coverage insurance policies were available to you. These are still available and sold as burial or funeral insurance, or guaranteed-issue policies. But now, insurers have a number of sophisticated means by which to collect health and other information, so they dont need to rely on your exam. Plus, it costs them money to administer it and time to receive and review the results. No-exam underwriting allows insurance carriers to issue life policies faster, which is often good for both the customer and the insurer.

    So whether youre looking for term or permanent coverage, a whole life policy or an indexed universal life policy, its available somewhere without a medical exam. But not all companies offer no-exam life insurance on all or even any of their policies, so youll need to do some research to find one that does. The one caveat is that not everyone is eligible for no-exam underwriting. If you have health issues that raise red flags for the insurance company, you may be required to undergo a medical screening to complete your application.

    How Does No Physical Life Insurance Work

    No exam life insurance works like any traditional term policy. You choose your coverage amount , your term length and pay a set monthly premium.

    With a term plan, if you pass away before your policy ends the insurance company will pay out the full death benefit to your beneficiary. With a whole life policy, the death benefit will pay out whenever you pass away because the policy doesnt end.

    Below we cover the different options a bit more:

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    Is It A Good Idea To Obtain Life Insurance That Requires No Medical Exams

    In most cases, ordinary term life or whole life insurance plans are preferable to no exam life insurance if your health is excellent. Getting a medical exam is inconvenient, but obtaining a medically underwritten policy may be necessary, which includes terms and premiums determined by factors such as your age, gender, health status, and expected lifespan. And, of course, its terrific news if you dont have any significant health problems.

    However, no medical exam life insurance may be the best option for those who do not want to be punished for not undergoing a physical test, such as younger persons in good health or the elderly who are only concerned with covering final expenses. If you qualify, its always wise to compare the benefits of a medically underwritten policy versus those of a no-exam policy.

    Before choosing a life insurance policy, its essential to reflect on your needs and objectives. The people who will benefit from your decision count on you, so consider carefully before acting.

    Nexym’s editorial team handpicks all of the products and services it recommends, regardless of external influences. Affiliate links appear in some of our stories. We may receive an affiliate commission if you purchase something through one of these links, which helps us stay independent and support our great team.

    Guaranteed Issue Life Insurance Products

    You can get life insurance without a medical exam – Should You ?

    Guaranteed acceptance life insurance policies are small life insurance policies with a value of under $25,000. People sell them to older people to cover final expenses like funeral costs. Life insurers issue these life policies up to age 85.

    Some no-exam life insurance policies have a graded death benefit. Graded means that the full death benefit will not be paid out in the first few years unless you die from an accident.

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    American National Insurance Company

    Death Benefit Maximum: $250,000

    Available Duration : 10, 20, 30

    Additional Benefits: As with most life insurance products, the Accelerated Death Benefit Rider is available, giving access to funds should the primary insured become terminally ill.

    In the first 10 years of the product chosen, the insured may elect to convert to a permanent product under the age of 55.

    Other riders are also available, such as the Waiver of Premium, where a long-term disability would discontinue required premium payments.

    Other Notes: While only a full application is required for many age brackets, a prescription check is required for some age groups and death benefit amounts.

    Death Benefit Maximum: $350,000

    Available Duration : 10, 15, 20, 30

    Additional Benefits: In addition to a larger than industry average maximum amount, Assuritys product boasts several available riders, such as the Accelerated Death Benefit Rider, but also a Childrens Insurance rider. Critical Illness and Disability riders are also available.

    Other Notes: Assurity has very fast underwriting times because they utilize an automated system to analyze application data, but certain applications could be held for telephone interviews or additional information.

    See our full review of Assurity.

    Best No Medical Exam Life Insurance Of September 2022

    The following insurers earned a NerdWallet rating of at least 4 out of 5 stars. NerdWallet scores companies on consumer experience, financial strength and complaint data. Financial strength can indicate an insurers ability to pay claims in the future, and a low number of consumer complaints means you and your life insurance beneficiaries are likely in good hands.

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    Life Insurance Buying Guide

    Before you start comparing companies, choose the type of life insurance you want, such as term or whole life. Decide which life insurance riders, if any, you want the policy to include. Calculate how much life insurance you need and how long you want the coverage to last. Check that the insurers youre considering offer the coverage youre looking for.

    When comparing rates, be sure the quotes are for the same amount of coverage over the same period of time. Its also important to make sure the policys medical requirements match your needs. For example, if you want to skip the life insurance medical exam but dont mind answering health questions, confirm that the application process for each policy you’re comparing aligns with that.

    Price may not be the biggest driver behind your decision to buy. Look at the number of consumer complaints each company receives, as high numbers can be a red flag about the quality of service.

    Why Does Life Insurance Require A Medical Exam

    View quotes from the top 10 companies that offer life insurance without ...

    Most life insurance companies require medical examinations as it helps analyze health issues and detect illness. The exam enables insurance companies to assess the risk and set premiums during the underwriting process. For individuals with serious medical conditions, buying life insurance can be challenging. However, this may not be the case with no exam coverage.

    A medical exam for an insurance policy is conducted by insurance companies at no cost to the buyers. Insurance providers send licensed medical professionals to the buyers home or workplace to perform a health check that takes about 30 minutes.

    Applicants over the age of 50 or seeking higher coverage amounts may also undergo an EKG.

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    Do I Need A Medical Exam

    Some life insurance companies require you to undergo a physical and answer extensive health questions before they will consider your application for coverage. Other life insurance policies only require a few questions. Gerber Life offers a simplified process, making it easier to get life insurance.

    “Gerber Life offers a simplified process, making it easier to get life insurance.”

    Having coverage to protect your family in the event that something unexpected happens is important. Your current health and physical condition shouldnt get in the way of that. Find out more information below so that you can make the best decision for your family.

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