Affordable Life Insurance Without A Medical Test
Looking for affordable coverage without a medical test because you have a fear of needles?
Well, youâre not alone. Up to 20% of the adult population have a needle phobia, according to research.
If youâre in good health but donât like the idea of taking a medical exam, consider an accelerated life insurance policy. It only asks you a few questions to prove your eligibility.
And the best part?
The premium rates are similar to life insurance policies with full medical insurance underwriting.
Need More Than $150000 In Coverage
Monday to Friday: 8 a.m. to 8 p.m.
Online application may not be available in all states. Available to AARP members ages 50-74 and their spouses/partners ages 45-74. For other amounts or higher coverage options call New York Life at 1-800-607-6957.
* The rate of $11/month is for a female, age 50, for $10,000 of coverage .** Up to $100,000 for NY residents. Includes details on costs, eligibility, renewability, limitations and exclusions. Not eligible for non-AARP members in AK, LA, and OR.
The licensed life insurance agent is Jason Montgomery .
The AARP Life Insurance Program is underwritten by New York Life Insurance Company, New York, NY 10010 . AARP membership is required for Program eligibility. Specific products, features and/or gifts not available in all states or countries. New York Life Insurance Company is licensed in all 50 states. .
New York Life Insurance Company pays royalty fees to AARP for the use of its intellectual property. These fees are used for the general purposes of AARP. AARP and its affiliates are not insurers. AARP does not employ or endorse agents, producers, or brokers. AARP has established the AARP Life Insurance Trust to hold group life insurance policies for the benefit of AARP members.
Complete terms and conditions are set forth in the group policy issued by New York Life to the Trustee of the AARP Life Insurance Trust.
Can I Get Life Insurance Ifi Have Health Concerns Or Pre
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, you’re likely to pay more for life insurance because you’re considered a higher risk.
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How Is It Possible
Advancements in technology, underwriting and competition in the marketplace have driven top life insurance companies to take on a greater risk by not requiring the medical exam. This means qualified applicants over 50 and younger than 70 years old are now able to potentially bypass the traditional life insurance medical exam and still obtain a large policy , and at the same price as those that take the exam.
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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What Happens If My No
If your application for a no-medical-exam policy isn’t accepted, you can still get life insurance at an affordable rate you’ll just need to take the medical exam. During the application process an insurance agent can guide you through your options. At Policygenius, we have a team of experts who specialize in life insurance who can help you find the right policy for your unique needs so you can get covered with confidence.
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.
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Term Life Insurance No Medical Exam No Waiting Period
Term life insurance without a medical exam is a hassle-free way to get coverage quickly. Theres no waiting period, the application is easy to fill out, and it may be easier to qualify. It could provide you with an option for getting coverage that you otherwise wouldnt be able to obtain because you have pre-existing health conditions or work in a risky occupation . However, choosing a policy that doesnt require a medical exam may significantly increase your premium and limit your coverage.
Cheapest Life Insurance No Medical Exam
No medical exam life insurance policies are available for a term and whole life insurance. Still, the death benefits for whole life coverage are typically limited to $50,000 or less thats 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.
If you dont 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 until you turn 75, though some insurers restrict term lengths based on age.
When shopping for simplified issue term life insurance, you should ensure 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 youll pay for the entire policy length.
Some insurers offer a product called no medical exam term insurance where quotes are based on 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 costly over 15 or 20 years.
Compare and buy life insurance
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Is There No Medical Exam Life Insurance For Seniors
Yes, a few life insurance companies go up to age 65 for no exam term life insurance, and some companies offer no exam whole life insurance up to age 85. However, if you are between the ages of50 to 65, you should try your best to go with the term life option first before trying the whole life option.
THE SIMPLY INSURANCE WAY
When Can I Get Life Insurance Without A Medical Exam
You may decide to pursue no medical exam life insurance for personal reasons, such as having a riskier occupation , being a smoker, or managing a pre-existing health condition. A fear of needles can be a reason you look for life insurance with no blood test. Or you may simply want no-hassle life insurance with no waiting period. As with traditional life insurance, younger applicants generally qualify for lower rates.
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Should You Get Life Insurance With No Medical Exam
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.
How To Apply For No Exam Term Life Insurance
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Term Life Insurance With Medical Exam
Choosing the medical exam route means that you will need to essentially do all of the things a no exam policy avoids you must:
- 1. Complete a long-form Application of health related questions.
- 2. Take a medical exam
- 3. Wait for physical exam results
- 4. Wait for medical records
- 5. Wait for underwriter review
- 6. Wait for a telephone interview for any additional info
- 7. Get an answer on approval or decline.
As you can see, a ton of work goes behind getting coverage the traditional route. However, there are times when you won’t get to avoid the exam. For example, if you need more than 1.5 Million in coverage or have a current medical condition. In that case, Hybrid companies like Haven Life are a great option.
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 doesn’t end.
Below we cover the different options a bit more:
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How Are No Medical Exam Life Insurance Rates Determined In Washington
Rates in Washington are determined by a few factors: age, gender, health status, tobacco usage, medical history, and others.
Below we cover the primary pricing factors in more detail:
Age – Age will be one of the most significant factors when determining your life insurance rates in Washington. The younger you are when you purchase coverage, the more affordable it will be.
Gender – Your gender will be the second-largest factor when figuring out your insurance rates. You will find that women will have much more affordable rates than men, primarily because they live longer than men on average.
Tobacco Usage – If you are a tobacco user, you can expect your rates to be upwards of 65% more expensive every month. Cancer is a leading cause of death in Washington, and since smoking increases your rates considerably if you smoke, it’s probably time to quit.
Coverage Amount – The amount of coverage you purchase will also change your rates. The higher the coverage amount you are buying, the more expensive the policy will become.
Term Length – Term length will be a factor because the longer the term length, the more expensive a policy will become. However, don’t let this fool you you will save more money over time if you lock your rates in for a longer term.
Current Health – Everyone is underwritten on an individual basis this means that if you have a twin, their rates can still be different if their health is different.
THE SIMPLY INSURANCE WAY
Should I Buy No Medical Exam Life Insurance
No medical exam life insurance is more expensive than fully underwritten coverage and typically provides fewer options, such as the ability to increase your death benefit or convert a term policy to permanent coverage. In addition, the medical exam is free, typically lasts less than 30 minutes and can take place at your home or work. This is why we don’t recommend no medical exam life insurance if you can qualify for traditional coverage.
Consider a no medical exam policy if:
- You have pre-existing medical conditions that have been diagnosed in the past 2 years
- You have a significant pre-existing condition, such as diabetes
- Both of your parents died before age 60
- You have DUIs or other significant issues on your driving record in the past 2 years
- You have a record of drug or alcohol abuse in the past 5 years
- Your job is particularly high-risk, such as being a firefighter
- You have high-risk hobbies, such as base jumping or outdoor rock-climbing
If any of these scenarios apply to you, we recommend first looking for an insurer that offers fully underwritten coverage for your situation, as insurance companies all have different restrictions. Independent insurance agents represent multiple companies and are familiar with each insurer’s underwriting requirements, so an agent may be able to help you find the insurer that accepts your health profile.
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Is No Exam Term Life Insurance Right For You
Since the pandemic forced us all to do business without in-person events like a medical exam, there are more options available than ever before. However, without the hard data from your exam, the no medical exam term life insurance companies are taking a greater risk to insure you. Your rate will depend entirely on your health and your answers to their questions.
As with all things insurance, there is no single best term life insurance no medical exam policy for everyone. But here are a few questions to ask to help you pinpoint the right type of coverage:
- Are you relatively healthy? Qualifying for term life insurance, no medical exam, is easier for younger, healthier applicants because theyre considered a lower risk for passing prematurely.
- Do you have a clean financial and driving record? If not, any issues on your financial records or driving violations will jeopardize your eligibility for no exam term life insurance.
- Do you have a deadline for obtaining coverage? As an example, weve helped divorcing applicants comply with a court order to provide income replacement for the child of a former marriage. That’s accomplished in the form of a life insurance death benefit payout. If you need coverage fast, term life insurance with no exam is the way to go.
Need Help Getting A Life Insurance Policy
If you have a pre-existing medical condition and want to buy life insurance, you will need help from an expert. This person can help ensure you get coverage so you dont get declined.
Warning: Applying for life insurance without a medical exam can be risky. If you get declined coverage, it could be at least two years before you can get any life insurance.
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How Does Term Life Insurance Work
Term life insurance works by locking in the premium and coverage amount for a specified period of time, either 10, 15, 20, 25 or 30 years depending on your age, needs and goals. The shorter the term, the lower the premium. If you passes away during the term the policy pays out the full death benefit from day one of the policy start date.
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.
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Bestow Customer Complaints And Satisfaction
Over three years, North American Company for Life and Health Insurance, which issues the policies sold by Bestow, drew fewer than the expected number of complaints to state regulators for a company of its size, according to a NerdWallet analysis of data from the National Association of Insurance Commissioners.