If the smell of rubbing alcohol and the thought of a blood test makes you sick, there are some excellent options to considerNo Medical Exam life insurance can be a great choice to eliminate the medical exam and speed up the underwriting process so you can be approved within 24 hours or lessClick To Tweet
Applying for a Non-Med product is simple, straightforward and easy
There are a lot of excellent life insurance products available today. One of them is definitely No Medical Exam life insurance. Many people today are choosing this plan design over the fully underwritten versions. The biggest fears that people have when they consider buying conventional plan is the Para-Med nurse’s visit. A nurse would normally visit the applicants home or place of employment.
Fully underwritten plan designs will normally require a blood test which means the nurse will be drawing blood. Between the needle and the smell of rubbing alcohol, many peoples blood pressure will soar to high heavens.
Three of the top companies offering Non-Med life insurance
Fidelity Life –
One of the excellent companies that specialize in No Medical Exam is Fidelity Life. They have been in business since 1896 and are a highly rated company. Their Rapid Decision term product offers a choice of 10, 15, 20 and 30 year guaranteed level premium periods. Their premium class categories are very simple. You are either “Standard Non-Nicotine” or “Standard Nicotine”. In other words these two classes distinguish between smoker and non-smokers health classes.
Banner Life –
Consumers who decide to choose a No Exam Life Insurance plan design, due it for their quick approval times and convenience can now receive a very competitive premium.
Banner’s parent company Legal & General offers No Medical Exam policies with some of the best life insurance rates. They use Banner Life and its sister company William Penn located in New York. These policies do not require a medical exam and are offered at the same cost as the fully underwritten term policies. This is excellent for consumers who want a No Medical Exam policy but can’t afford the higher rates some of the other carriers have.
Lincoln National –
Lincoln National is a first class company with some of the most competitive rates in the business. In 1905, a group of business people from Fort Wayne Indiana decided to form a new life insurance company. The Lincoln National insurance company was built on honesty, dependability and the very best customer service in the industry. Lincoln National lived up to its expected reputation just as it does today.
As of the third quarter of 2017 Lincoln National has reported managed assets of $246 Billion Dollars. Operating revenue of $4.1 Billion, a net income of $511 million and income from their operations totaling, $472 million dollars.
Here are some other great carriers offering No Medical Exam policies
United of Omaha – No exam is required for face amounts under $250,000. It is possible Underwriters may request doctors records. Face amounts from $50,000 – $250,000.
Transamerica Life – No exam is required. Underwriters may request doctors records. Face amounts from $25,000 – $249,999
Assurity Life – No exam is required. Underwriters may request doctors records. Face amounts from $50,000 – $350,000.
North American – No exam is required. Policies are issued the same day. No medical files are required from your Doctor. Face amounts from $50,000 – $500,000.
American National – No exam is required. Policies are reviewed by underwriters with 48 – 72 hour approval times. Underwriters may request doctors records. Face amounts from $50,000 – $250,000.
Phoenix Life – No exam is required. Policies take between 1-30 days to be approved. Underwriters may request doctors records. Face amounts from $50,000 – $500,000.
Savings Bank Life Insurance (SBLI) – No exam for policies $500,000 and under. Policies can take up to 30 days to be approved. Face amounts from $100,000 – $500,000.
Sagicor – No exam is required. Policies are approved within in 1-7 days. No medical files or information is required from your Doctor. Face amounts from $50,000 – $500,000.
Here are the main differences in these plans
- No medical exam is required – This is the main advantage. No Para-Med Nurse performs an exam which means no blood test, no urine test.
- Application time is shorter – We are looking at about 85% less time than traditional full underwriting. Agents complete the application by calling you on the telephone. You then sign it electronically with an electronic signature. If approved, your policy can be in force in as little as 24-48 hours. It could take 4-8 weeks on an average for traditional underwriting to complete the application.
- Face amounts are limited – Usually the highest face amount will be limited to the maximum of $500,000 and that is very limited to specific companies. If you need a higher face amount traditional Term will be the way to go.
- There are age limits – Sagicor Life policies for example are going to be available to people from ages 18-65 years old.
- Non-Med can cost more – Depending on your age, the selected face amount, you may be paying more for a No Medical Exam Term life insurance policy. This is not always the case though. It pays to investigate these policies to see if they are right for you. When you apply for a No Medical Exam policy you are simply paying for the speed of approval time and added convenience. If it is worth paying a little more, then it is going to be a good choice for you.
How big of a policy do you really need?
There are multiple categories that you need to take into consideration for when you’re trying to determine what your life insurance needs really are. The main goal is to buy enough protection but not have a premium that will ever become a financial burden. Never buy more that you can comfortably afford. This will tale a little work for you to decide.
One of the most important numbers to consider is how much do you owe every month. Your financial debt is the number one consideration when deciding how much life insurance you need to apply for. After you’ve added up all your largest expenses your survivors would have to pay for, this will be your beginning dollar amount to work from.
Calculating the replacement your income
You then have to look at your annual income that your family relies on every month to come in. Then stop and consider what would happen if your income came to a sudden stop. The main idea is to produce a number that would pay off all you major expenses and be able to replace your income at least for the next five years. Use our face amount calculator which will give you a very good idea what your death benefit should really be. How much you can comfortably afford each month will be the main deciding factor for most people.
Do I still have to answer any medical questions?
You will still have to answer a series of health questions. Just because there is no physical exam, your insurance company still needs information about your health history. They can also ask for medical records, review your pharmacy purchases and run a motor vehicle report.
If you purchase a guaranteed acceptance plan or group term policy. They do not require an exam or even ask any health questions. If you have any medical conditions, we can run a quick medical pre-screen and have a much better idea of what your best choices will be and with what life insurance company. We work with over 40 of the best life insurance companies.
Advantages of these plans
When you first think about these No Medical Exam life insurance plans. They always look like the best thing since sliced bread. We don’t always recommend these non-med plans to our clients. Here are some reasons why they may or may not be the best plan for you.
- The greatest advantage is that you simply will not have to take a Para-Med exam along with a blood test. If you are like me, I hate the thought of needles and possibly a bruised up arm.
- You will not have to set an appointment and possibly have to take time off from work to meet with a nurse who will perform the exam. This is usually always some type of an inconvenience for most people.
- There is no question about it, these plan designs are normally very fast for approval times sometime being less than 24 hours. Conventional underwriting times could easily take over one month or even more. If you need life insurance quickly for what ever reason, Non-Med plans are the way to go.
Disadvantages of these plans
- The side effect of these plans are they normally cost more money. Most people wants the best life insurance rates possible. The carriers look at these policies as a higher risk so they have to charge accordingly for it.
- The other issue is the face amount of the policy you want to apply for. If you are looking for a higher death benefit such as $500,000 or more you might be out of luck. Most of these companies only go up to approximately $300,000.
Is it simple to apply for a non-med plan design?
It is very simple to apply and get approved. We use a basic three step system that is quick and easy.
- Start by comparing multiple No Medical Exam life insurance quotes.
- Choose the most applicable company with the most competitive rates and submit an application.
- Receive your approval and then make your first payment to activate your new policy.
Our final thoughts
Here is one concept to remember about purchasing term life insurance. In most cases, applying and going the conventional full underwriting route will the normally most cost effective way to go. You will stand the best chance to get the best life insurance rates by taking the basic medical exam. No Medical Exam plans are the quickest way to secure coverage but it will usually cost a little more. We always recommend going through the standard application process unless you absolutely do not want to take a medical exam. Our mission is to see you get the lowest rate possible.
You must have a million questions to ask, so don’t hesitate to call us
Shopping for life insurance can seem like a real headache to most people. But that is where the assistance of an independent insurance agent comes into play. Remember this, life insurance is one of the most simple forms of insurance you can purchase. Most of the people that find it confusing are actually making it confusing by not connecting with an agent from the very beginning. Contact us today and we will answer all your questions over the phone, we are here to help you.
All the best,