There are many types of life insurance coverage on the market today. Typically, when you obtain life insurance, you are required to fill out paperwork and submit medical tests for the insurance company to decide if you are suitable for coverage. A nurse or other health practitioner will ask in-depth questions. They even take blood and urine specimens to test for various health conditions that make you riskier to insure. Buying a Non Medical Term Life Insurance policy is an easier more simple solution. This article exams term life insurance however the same information applies to whole life and universal life insurance as well. Get a quote by clicking on the “View Quotes” button displayed at the top of this page.
Life Insurance No Medical Exam No Waiting Period
Through the years, different policy options have been developed, some that have changed the life insurance qualification process. To speed up the underwriting process, as well as cutting underwriting costs, many of the premium life insurers have opted to abandon the medical exam on term life policies that have death benefits of up to $250,000.
These uncomplicated “no exam life insurance policies” can provide an easy application process, along with convenience and fast approval. Moreover, in many instances, these policies may be conveniently applied for over the telephone or online.This speedier underwriting can also often produce an instant approval of qualifying applicants this allows these insureds to obtain their coverage within a few minutes rather than having to wait for weeks or months.
Many prominent life insurance companies provide these types of no exam plans. These policies provide a full and immediate death benefit. While still fully underwritten by the issuing insurance company, in many cases, the death benefit pays in full upon the passing of the insured without a waiting period.
Non Medical Term Life Insurance Is Simple
There are quite a few situations where no physical exam life insurance is perfect for those looking to get life insurance immediately such as to cover an SBA loan or for a divorce decree requirement. Plus avoiding the wearisome process of a medical examiner come to their home or business to perform an exam. There are some serious advantages of choosing no exam versus exam life insurance.
However, what one must be careful about when looking for a no medical exam life insurance policy is that they do not let the appeal of “not taking a medical exam” allow them to make an error that they will later regret!
Three key components to consider when looking for a non medical term life insurance company.
Affordability – there are a lot of no exam companies that are very costly when compared to traditional life insurance with an exam.
Reliability – Have they been around long? What do their financials look like? Are there any problems paying claims?
Convenience – How time-consuming is it to apply? Is Approval Fast or Slow?
Only a few life insurance companies offer life insurance no medical exam no waiting period. Of those who do, their policy limits differ due to the current age, of the applicant, health history, and income.
Following are general guidelines:
Infant to age 21: $5,000 to $50,000 (whole life insurance)
*Age 21-65: $25,000 to $500,000 (term insurance)
or $5,000 to $500,000 (whole life insurance)
Age 66-69: $5,000 to $99,000 (term insurance)
or $5,000 to $50,000 (whole life insurance)
Age 70-75: $5,000 to $50,000 (whole life insurance)
Except for Guaranteed Issue (no health question) life insurance, there is a phone interview with your insurance agent and an insurance company underwriter/screener after the completing a written questionnaire. They will typically receive information from the Medical Information Bureau (MIB), MVR (Motor Vehicle Records), and Pharmacy Database.
We’re Here to Help You
A licensed insurance professional will be able to walk you through the caveats, if any, with a non-medical life insurance policy. You want to answer questions honestly and accurately, to the best of your knowledge, with all parties. This includes prior denial of coverage when applying for life insurance in the past. It will ordinarily show up in the MIB check. If there was a denial, your “no exam” application could also be declined for anything except a Guaranteed Issue policy. There are exceptions, so be sure to be truthful with your agent so they can advise you accordingly to lower the chance of disappointment.
Life Insurance No Medical Exam No Waiting Period–Final Considerations
Any waiting period is a factor of your health before complete coverage. Some life insurance no medical exam no waiting period policies offer instant coverage. Your policy starts once your application is approved and first payment posted. If you have had some major health issues, there can be a waiting period of 2 years or so where the death benefit shrinks.
Your life insurance agent will review your options once they have your health profile.
In the end, it’s up to you which company would be best for you. Your unique health situation and your financial goals are the key determining factors when selecting the right company.
To find out about other lower priced options available to you, please click on our “View Your Quotes” button in addition you can speak with a licensed agent by calling 866-936-3831. Gary W Blackmon is helping customers from California to New York find cheap life insurance.