How We Chose The Best Life Insurance For Seniors Without Medical Exams
When looking for life insurance that doesnt require a health exam, there are several key factors to consider. First, if a provider does not require a medical exam, it doesnt mean that they cannot reject you based on your health status. Many life insurance providers will still ask you health-related questions and your answers could affect your ability to qualify for a policy.
We researched each provider to see whether they offer life insurance to seniors without any health requirements or if they simply offer policies without health exams. In most cases, if there are no health requirements involved, the premiums tend to be much higher. We have narrowed down our list of insurance providers based on whether or not your health status is a factor, the overall cost of plans, the variety of plans with no medical exams, and the preset age limits.
Top 5 Most Affordable States For No Medical Exam Life Insurance
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
Fewest Complaints : Pacific Life Insurance
- AM Best Rating:AM Best is a credit rating agency that assigns insurance companies a letter grade from A++ to F. A companys grade indicates its ability to pay its claims and honor its financial obligations.A+
- Accepts Credit Cards:No
No-med-exam life insurance with up to $5 million in coverage
High issue ages for no-med-exam coverage
Outstanding customer satisfaction
Quotes unavailable on the website
Cant apply without an agent
Pacific Life leads the pack when it comes to the fewest complaints received relative to company size over a three year period. In fact, of the 91 insurers we reviewed, only two other companies received fewer . Pacific Life also comes in fourth out of 21 companies in J.D. Powers customer satisfaction survey.
The company offers coverage up to $5 million without a medical exam to applicants up to 50 years old, and $3 million to applicants up to 60. Many companies that offer no-med-exam coverage to 60 year olds do not offer as much as $3 million. And aside from Penn Mutuals $7.5 million coverage cap, $5 million is the highest amount weve seen for any age group.
We also like that you can find a wealth of policy-specific information on Pacific Lifes website. Youll see policy names, coverage details, and whether theyre available in your state. This level of transparency is uncommon in the life insurance industry. Pacific Life also has affordable term insurance, especially for applicants in their 40s and younger.
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Best Whole Life Insurance No Medical Exam
No-exam life insurance is precisely what it sounds like: Life insurance that does not require a life insurance medical exam.
The typical medical exam required by life insurance policies includes questions related to your health and medical history, followed by a piece of paramedical professional recording information like your blood pressure, weight and height. You will likely be asked to provide blood and urine specimens for testing. Depending on your age and health, you may be required to do some additional testing, such as an electrocardiogram .
No-exam life insurance, such as the policies we have rated above, is best suited for life insurance buyers who are in excellent health and younger . If your health or age disqualifies you from a no-exam policy, that doesnt necessarily mean the company will turn you away. Instead, they might offer a more traditional underwriting process with a life insurance medical exam.
So if you apply for no-exam life insurance, be prepared for the possibility that the company may want more details and an exam.
No Medical Term Life Insurance
In the past, buying term life insurance with no medical exam required would generally be more expensive than medically underwritten policies.
However, many insurance companies now issue simple issue term policies without requiring a medical test.
We usually only suggest non-medical term life insurance to relatively healthy people that have seen their doctor in the last few years.
Term insurance policies can be purchased for between 10 and 40-year durations.
A 10-year term is a popular option for covering many short-term needs, such as protecting your income until retirement age.
While long-running 20 year and 30-year term policies are more suitable for people looking to protect more extended obligations such as mortgage loans.
The premiums you will pay for any non-med term policy will ultimately depend on your age and unique risk profile.
Each insurance company has different underwriting guidelines for applicants seeking coverage.
Once approved, you will receive a full benefit policy with no waiting period on the death benefit.
So, how does the simplified issue term insurance process work?
Buying term life insurance without a medical exam
How To Get Life Insurance Without A Medical Exam
There are many ways to find life insurance policies that do not require a medical exam. First, if you work for someone else, you should inquire whether group life insurance is offered. If not, numerous providers offer no-exam medical policies and you will often see these companies advertised on television, in the mail or online. You may want to consider asking friends and family members which company they have used and if they would recommend a provider with a no-exam option. A quick internet search may also help you find companies that offer life insurance policies without a medical exam.
Term Life Insurance Quotes Online No Medical Exam
Suppose you dont think you would qualify for a fully underwritten life insurance policy but need more than $50,000 in coverage. In that case, you should look into getting term life insurance quotes online with no medical exam. Term policies are the cheapest forms of no medical exam insurance policies underwritten today. These great no medical exam policies offer term lengths of 10-15-20-30 and 40 years and can typically be purchased until you turn 75, though some insurers restrict term lengths based on your age.
When shopping online for simplified issue term life insurance, you want to ensure that a policy is a level term with guaranteed level premiums. It will ensure your premium will remain level for the number of years you choose.
Some insurers offer no medical exam term insurance products where quotes are based upon your age group . Stay away from these types of products, as the term length is essentially just one year, and your premiums will increase each time you enter a new age group, making them incredibly expensive over 15 or 20 years.
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How Does Whole Life Insurance No Medical Exam No Waiting Period Work
Because applicants arent required to answer health questions or take a medical exam, insurers usually limit the death benefit amount in the first two or three years of coverage. If the insured dies during this period, the beneficiary may only receive minimum benefits or a return of premiums paid.
About Coach B.
After starting his financial career with Phoenix Home Life Insurance Company back in 1992, Scott decided he wanted to provide people with an easier and more enjoyable way to buy life insurance. That was the start of Coach B. Life Insurance, whose mission is to be transparent, honest, and helpful to customers without ever bugging or pushing them.
In the years since then, he has worked tirelessly to improve the process of shopping for insurance. His goal is to make sure that everyone who comes to Coach B. whether they end up buying a policy or not has the best possible experience.
How To Sell Life Insurance Without A Medical Exam
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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Be Truthful On The Application
No matter what type of life insurance youre applying for, be thorough and truthful on the application.
Pay attention to each question carefully and be ready to respond with information around specific medical conditions you have. Giving more detailed information will help streamline the process as well as get a more accurate underwriting decision, says Tavan of Legal & General America.
Intentional misrepresentations can lead to application denials or, worse, denial of a claim after you pass away. Life insurance companies have many ways to verify application information. Technology on the backend allows them to verify data from additional sources.
What Are The Types Of Term Life Insurance With No Medical Exam
Term life insurance provides coverage for a specific amount of time, usually at a set rate for the policys life. However, when your term ends, you must start a new policy, and rates may be higher.
Term life insurance isnt one size fits all. There are several types of term life insurance with no medical exam, and each one has different benefits.
Types of term life insurance with no medical exam include:
- Simplified. This term life insurance type is the most streamlined, and you only have to answer a few medical questions.
- Guaranteed. Guaranteed term life insurance provides coverage no matter your medical history, but coverage is very limited, and rates are very high.
- Employer offered. Your employer offers this life insurance type with limited coverage and low costs.
The type of term life insurance you choose affects your rates. For example, guaranteed coverage is much more expensive since the insurance company assumes many risks.
The term life insurance type you need is up to you. Each one can be beneficial depending on your situation. First, carefully consider what kind of policy you need. Then, compare no medical exam life insurance quotes to get your best deal.
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Guaranteed Acceptance Term Life Insurance
can help you get the coverage you need if you dont qualify for traditional term life insurance. Instead of a medical exam, you may be asked several health questions about serious conditions and lifestyle choices or given a short survey to fill out. While the premiums and coverage options will be different than traditional policies, guaranteed acceptance plans dont rely on your medical history to qualify you for coverage.
No Medical Exam Term Life Insurance
If you don’t qualify for fully underwritten life insurance but need more than $50,000 in coverage, your best option is a no medical exam term life policy. Term policies are also among the cheapest forms of no medical exam insurance. No medical exam policies offer term lengths up to 30 years and can typically be purchased up until you turn 75, though some insurers restrict term lengths based upon your age.
When shopping for simplified issue term life insurance, you should make make sure that a policy is described as “level term” or as having “guaranteed level premiums” for the term length. These phrases mean that the term life insurance quotes you receive reflect the price you’ll pay for the entire length of the policy.
Some insurers offers a product called no medical exam term insurance where quotes based upon your age group . With these products, the term length is essentially just one year and premiums increase each time you enter a new age group, meaning they become incredibly expensive over the course of 15 or 20 years.
As an example, let’s say you’re a 45-year old male and want $150,000 of coverage for 20 years. New York Life offers coverage according to your age, so you would be quoted:
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Why Does Life Insurance Require A Medical Exam
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.
The Pros And Cons Of No Exam Life Insurance
Life insurance without a medical exam is a hassle-free way to get coverage quickly. There’s no waiting period, the application is easy to fill out, and it may be easier to qualify for. It could provide you with an option for getting coverage that you otherwise wouldn’t be able to obtain because you have pre-existing health conditions or work in a risky occupation . However, choosing a policy that doesn’t require a medical exam may significantly increase your premium and limit your coverage.
Getting life insurance without a medical exam is hassle-free but generally more expensive.
Guaranteed Life Insurance No Medical Exam No Waiting Period
Generally, guaranteed life insurance plans have a waiting period before the benefits go into effect. The guaranteed issue of life insurance with no waiting period is highly uncommon. Most of these policies fully function after 2 to 3 years.
If the guaranteed life insurance policyholder were to pass before the waiting period was over, the beneficiary would not receive the death benefit. However, the insurance company might pay the beneficiary all the paid premiums back with interest.
The guaranteed life insurance waiting periods prevent end-of-life candidates from cashing into the death benefit too early. This would put a severe financial strain on most insurance companies.Usually, you need to fall within the age requirements to access this type of plan. This depends on the company you are working with, but its usually between 50 and 80 years old.
The qualifications for guaranteed issue life insurance vary based on age and location. At ACoach B., you may be able to skip the medical exam, depending on your unique circumstances. We recommend chatting with an agent to see if this option is available.
Faqs About No Medical Exam Life Insurance Policies
It isnt always easy to understand the differences between traditional life insurance policies and those that do not require a medical exam. By understanding the answers to some common questions about this type of policy, you can determine if a life insurance policy with no medical exam is right for you.
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How Much Coverage Can You Get And Whats The Cost
If you qualify for no medical exam life insurance, you can now get coverage up to $2 million. That sounds like a lotand it is. But youll need 1012 times your annual salary in term life insurance to make sure your family can replace your income if something happens to you. So, if you make over $200,000 per year, youll need more coverage than a no medical exam policy can provide.
Life insurance with no medical exam used to be costlier than traditional policies, but not anymore! These policies are now about the same as medically underwritten policies. The exact monthly payment youll get will vary depending on your age, medical history and other factors. Once you fill out your application, the insurance company figures out not only your insurability, but also how much theyll charge you for your policy.
Most No Exam Life Insurance Applications Can Be Broken Down Into Two Parts
Part 1: Personal information that is non-health related. Application questions consist of information such as name, SSN, employer, annual income, home address, place of birth, beneficiary information etc.
Part 2: Questions pertaining to health history. Part two of the insurance application will ask several questions pertaining to your health, doctors you have visited, medications taken and even question pertaining to your families health.
Responses to the application questions are verified by underwriting using the underwriting tools mentioned earlier in this article to provide a quick approval time
In Depth Review of the best no medical exam term life insurance companies
AMERICAN NATIONAL LIFE INSURANCE COMPANY
Headquarters: Galveston, TX
- Name of Coverage: Signature Term Express
- Type of Coverage: Term Life Insurance
- Issue Ages: 18-65
- Maximum No Exam Death Benefit: $250,000
- Available Term Lengths: 10, 15, 20 & 30 Years
- Best Health Class: Standard
American Nationals Signature Term Express is a great term life insurance no exam option. Although the best health class is a standard, premiums are still very competitively priced against other competition at all death benefits, from $50,000 to $250,000.
In addition to affordable rates, the life insurance coverage comes with a full living benefits package that can provide income in the sudden event of a critical, chronic or terminal illness. All of this is added at no additional cost.
Available Term Lengths Based on Age
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Best For Financial Stability: Guardian
- AM Best Rating:AM Best is a credit rating agency that assigns insurance companies a letter grade from A++ to F. A companys grade indicates its ability to pay its claims and honor its financial obligations.A++
- Accepts Credit Cards:No
No-med-exam life insurance with up to $3 million in coverage
Highest financial stability rating
Very few customer complaints relative to its size
Policies are eligible for dividends
Limited website information
No online application
Guardian offers up to $3 million in coverage without a medical exam to applicants up to 50 years old. Though not as substantial a sum as either Penn Mutual or Nationwide, its sufficient for many applicants. But aside from its no-medical-exam coverage, Guardian is a standout company. For starters, its the only one on this list to have secured an A++ rating from AM Best for financial strength. An A++ is the ratings agencys highest grade and indicates that Guardian has a superior ability to pay its claims. In fact, only nine of the 91 insurers we reviewed were rated so highly.