John Hancock Life Insurance Review 2022
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Bottom line: John Hancock’s health-focused approach to life insurance makes it stand out from the competition.
Policies offered:Term & permanent.
One of the 10 largest life insurance companies in the U.S., John Hancock offers a mix of term and permanent life insurance. Its unique for its wellness programs. Vitality rewards healthy behavior with Amazon.com discounts, free subscriptions and savings on fresh produce, while Aspire gives diabetics resources to lead healthier, more active lifestyles.
But it doesnt support online quotes, so youll need to contact an advisor to start the application process.
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Long list of riders available.
Doesnt offer whole life insurance.
Generous policy limits.
No Medical Exam Vs Guaranteed Acceptance Life Insurance
Guaranteed acceptance life insurance is similar to no medical exam coverage in that you don’t need to take a physical or blood and urine tests in order to apply. The main difference is that there are no health questions for guaranteed issue life insurance, so anyone that falls within a particular age range will be accepted. This makes guaranteed issue policies even more costly than no exam insurance, but they’re still a good alternative if you can’t qualify for no medical exam coverage.
Every insurer has its own standards and questions for no exam life insurance applicants. However, you should probably consider a guaranteed acceptance policy if:
- Youre on dialysis
- Youre restricted to a wheelchair or in a nursing home
- Youve been diagnosed with a medical condition, such as diabetes, in the past 2 years
- You have HIV or kidney disease
Guaranteed issue policies are only available for whole life insurance and coverage is typically limited to less than $25,000. Therefore it’s typically intended as final expense insurance, offering a large enough death benefit to cover a funeral and other costs associated with your passing. There are no alternatives for term life insurance without providing some personal information.
Do Guaranteed Issue Life Insurance Policies Require A Medical Exam
As the name suggests, a guaranteed issue life insurance policy provides life insurance coverage, regardless of your health or financial history. This policy may also be called a guaranteed acceptance whole life insurance policy. This type of life insurance is available to individuals between the ages of 50 and 85, though some companies may provide coverage for people as young as 45 while others wont approve coverage for someone older than 80.
Those aged 55 64 are most willing to pay more for life insurance that does not have a medical exam.
Guaranteed issue doesnt qualify you based on your health. The price for a 50-year-old in supreme health is the same as for a 50-year-old with a long history of health conditions. Consequently, if youre in good health, you could save a lot of money going with a traditional final expense life insurance policy instead.
Features of a guaranteed issue life insurance application include:
- Guaranteed issue life insurance is typically easy to get approved for, though exact rules depend on the company.
- If youre in good health with an uneventful health history, you have options to save money. Consider getting a traditional final expense life insurance policy instead of a guaranteed issue.
- Guaranteed issue life insurance is a possible choice for individuals who have recently had certain types of cancer. It may also be an option for those with other health conditions that might render them high-risk or otherwise uninsurable.
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Guaranteed Acceptance Life Insurance
Guaranteed acceptance life insurance policies are typically more expensive, but can be appealing because health status is not used to determine eligibility. Also known as guaranteed issue or final expense insurance, guaranteed acceptance life insurance policies are often used to cover burial and other end-of-life costs. Guaranteed issue whole life is generally available up to $50,000, but some companies restrict it to lower amounts.
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No Medical Exam Life Insurance Basics
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No Medical Exam Life Insurance Coverage & Costs
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How We Review Life Insurance Companies
In our life insurance reviews, our editorial team considers both the customer and the insurer. These are some of the factors we take into account:
Policies offered. There are many types of life insurance on the market, and they fall into three key categories:
Term life insurance offers temporary coverage and a guaranteed payout if the policyholder dies during the term.
Permanent life insurance typically lasts a lifetime and builds cash value that can be borrowed against in the future.
No-exam life insurance issues coverage without the need for a medical exam.
Financial strength. We use A.M. Best ratings to confirm an insurers long-term financial stability and ability to pay claims. NerdWallet does not recommend companies with a rating lower than a B. Heres the breakdown:
Exceptional: A+, A++
Moderate: B+, B
Complaints. These ratings are based on complaints to state regulators relative to a companys size, according to three years worth of data from the National Association of Insurance Commissioners. The best life insurance companies have fewer than the expected number of complaints.
Buy online. This indicates whether an insurer allows you to apply for and buy a policy completely online.
Do Simplified Life Insurance Policies Require A Medical Exam
Simplified issue life insurance policies dont require a medical exam as part of the application process. The key word is require. Some companies that offer simplified issue policies may request that you take a medical exam, depending on how complex your responses are on the application.
Features of a simplified issue life insurance application include:
- Digital/online process
- No medical exam is required in many cases
- Lower coverage amounts
- Use of an algorithm to decide whether to approve, decline or send the application to an underwriter for review
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How We Help You Find Life Insurance
We do not sell your information or direct you to a call center like many other life insurance websites. Instead, you will work with Bennett to find a policy.
If you fill out our quote form or call us, you will speak with Bennett directly.
I worked with Bennett Bier. He was helpful throughout, patiently guiding me through the process and answering my questions. Thanks to all of his help, I now have Life Insurance.
Matthew S., Former Client
Bennett Bier is the owner of No Physical Term Life. Fill out the quote tool to work directly with him.
How Much Does No Exam Life Insurance Cost
The national average cost of life insurance without a medical exam is around $816 per year or $68 per month.
However, rates are usually determined by your age, coverage amount, gender, health, and tobacco use.
A 36 year old female could expect to pay around $10.17 per month for $250,000 in coverageand $14.96/month for a 36 year old male.
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Who Qualifies For No
Anyone who is in good health can qualify for no-med life insurance quotes. If youre looking to get life insurance quickly and without a medical visit, a no-medical-exam policy offers convenience, competitive rates, and coverage that is just as robust as a policy that has gone through a full application process. A no-med policy is worth considering, especially if:
Youre in good to moderate health
You want to skip the in-person medical exam
You want or need coverage quickly
You want a competitively priced policy
Have A Plan In Case Of A Rejection
If the company rejects you for no-exam life insurance because of your health, dont give up your life insurance search. If you need life insurance, you likely have other routes.
- Be prepared to go through a more traditional underwriting process that involves a life insurance medical exam.
- Work with an experienced life insurance agent who can identify insurers known to be more friendly to your specific health conditions.
- An experienced life insurance agent can shop around your application anonymously so that you dont risk another rejection.
Looking for traditional term life insurance? See Forbes Advisors ratings of the best term life insurance.
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Group Life Insurance Plans
Life insurance you can get from your employer is called group life insurance. The rates are set for the group, and the employer pays most of the cost. It will be one to two times your annual salary for basic coverage. You do not need a life insurance medical exam if you want coverage.
Your employer might also allow you to buy additional insurance not included in your health insurance. This upsell is called supplemental life insurance. You might need to provide medical information or go through a medical exam before getting coverage. Insurance rates are based on the group, so it may be cheaper to buy an outside policy if you are young and healthy.
No Medical Exam Life Insurance Policies
No medical exam life insurance policies are available for both term and whole life insurance, but the death benefits for whole life coverage are typically limited to $50,000 or less that’s ten times less than the typical limit for term life benefits. If an insurer offers no medical exam coverage with a higher death benefit, it typically means that the medical exam depends on your responses to health questions.
For example, Pacific Life offers executives up to $3 million in life insurance coverage without a medical exam, but only if you pass a medical interview with no significant issues.
When applying for no medical exam insurance, you’ll be asked several questions about your health and medical history and your responses will be used to determine whether you qualify for coverage. The list of questions changes according to insurer, meaning you may be rejected by one company only to find coverage at another.
Regardless of what questions you’re asked, honesty is important. Insurers can cancel your policy during the first two years of coverage without a refund if they find that you lied or misrepresented anything. Keep in mind that even without a health exam, insurers still have a variety of ways to confirm the information you provide. Insurance companies regularly check your responses against:
- Prescription databases
- Physician statements
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No Exam Life Insurance Rates By State
Written By Licensed Agent Sa El | January 17, 2022
IN THIS ARTICLE
The national average premium for no exam life insurance is around $816 per year.
And get this:
Based on recent data, we know that on average people in the U.S. are purchasing a $475,000 No Exam Life Policy for a 20 Year Term.
Below is a report of the average no medical exam life insurance price in the US. You can click any state to learn more details.
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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Which Companies Offer The Possibility Of No Exam Policies
Some companies offer the possibility of no life insurance exam. You have to go through a tele-app phone interview where you will answer certain medical questions. If you are healthy and can meet the guidelines the carrier might not require an exam. These carriers below offer a possibility of no exam.
How Does This Type Of Policy Work
Just like any life insurance policy, a named beneficiary will receive a death benefit payout if the insured dies while the policy is in force.
As with other types of life insurance, these proceeds are not taxable to the beneficiary. This type of policy just does not require a medical exam to qualify.
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We Only Work With Top Rated No Medical Exam Life Insurance Companies
AM Best rated life insurance companies
You need fast life insurance
When applying for life insurance no exam, approval times can be made in as little as 24 hours. In some cases, it can be as fast as 15 minutes!
The typical turnaround for a traditional fully underwritten life insurance policy can take anywhere from 4-8 weeks or possibly longer. This may be ok if youre not in a hurry, but for many, its not.
In cases where fast life insurance coverage is needed, such as a divorcee agreement, traveling out of state, or replacing lapsed coverage, 4-8 weeks is too long to wait. This is where a no exam life insurance policy could be a much better option.
You havent had an annual check-up in awhile
A medical exam is a significant underwriting tool for any life insurance company requiring you to take an exam. The lab results from the blood and urine sample can reveal a great deal of information about your health.
If it has been a while since your last checkup, you could be unaware of changes in your health. Negative lab results such as elevated cholesterol, a1c levels, or even blood pressure readings can lead to higher rates or, worse, a decline in coverage.
Need less than $1,000,000 of term life insurance coverage
From $25,000 up to $1,000,000 no exam term life insurance can provide protection options to just about anyone.
Needles, Urine Samples and Blood Pressure ReadingsNo Thanks
You prefer simple fast convenient life insurance coverage
Fewest Complaints: Pacific Life
No quotes on the website
No online application
Pacific Life has the fewest complaints out of the best no-medical-exam life insurance companies we reviewed. The companys three-year average complaint index is 0.056, which means it has far fewer complaints than expected for its size. Pacific Lifes complaint index suggests that customers are generally satisfied with the companys customer experience and claim handling.
Pacific Life also has excellent customer satisfaction scores. Pacific Life ranked fourth out of 21 companies in J.D. Powers 2021 U.S. Individual Life Insurance Study, earning a score of 801 out of 1,000.
Applicants who are 50 years old or younger can get a maximum of $5 million in no-med-exam coverage from Pacific Life. If youre between the ages of 51 and 60, you can get up to $3 million in coverage without taking a medical exam.
Pacific Life doesnt offer quotes on its website or an online application without an agents assistance, so you must work with an agent for most of the process.
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Simplified Whole Life With No Medical Exam
Again, the name helps here: You can apply for this policy without a medical exam by answering a health questionnaire. Butwe dont recommend this type of coverage at all. Why not? Because whole life insurance is one of the suckiest financial products on the market! It mixes two important jobslife insurance and investingand gives you a horrible payoff in both departments. Dont just skip the medical examskip this whole life thing completely.
Type : Guaranteed Issue
Guaranteed issue policies provide lower amounts of coverage than simplified issue or traditional life insurance. You may also hear them referred to as “final expense” policies, designed to provide a minimum amount of protection to pay for funeral and final medical expenses.
These policies dont require a medical exam, nor does the insurance company review your medical records. As a result, they generally cost more than simplified issue. One caveat with guaranteed issue is that your policy may only pay a graded benefit. This means that if you pass away within one or two years of the policys issue date, some no medical exam term life insurance companies will only pay out a portion of the death benefit.
When you apply for guaranteed issue term life insurance no exam coverage, you might not have to answer any health questions. Every company has their own underwriting guidelines, so you may see anywhere from zero to a handful or even a dozen questions on the application.
If you do have to answer health questions, theyll be similar to these:
- Do you smoke or use any form of tobacco?
- Are you currently in a hospital or long-term care facility?
- Have you been diagnosed with AIDS or HIV?
- Have you been declared terminally ill by a physician?
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