No medical exam life insurance not only eliminates the need for a medical exam. But these policies can also be approved in less than 24 hours. There are a lot of excellent life insurance product types available today. One of them is definitely No Medical Exam life insurance.
Many people today are choosing this plan design over the traditional 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.
No Medical Exam life insurance policies have a well appreciated advantage of skipping the physical exam and retrieving your doctors office medical records. Not to mention approval times as quick as the same day as you apply.
Table of Contents
- What is No Medical Exam Life Insurance?
- Can You Get Life Insurance Without a Medical Exam?
- How Much Life Insurance Can You Get Without an Exam?
- Types of No Medical Exam Life Insurance Policies
- Best Companies for No Medical Exam Life Insurance
- No Medical Exam vs. Traditional Life Insurance
- How Large of a Policy Do I Really Need?
- Do I Still Have to Answer Medical Questions?
- The Main Advantages of No Medical Life Insurance
- Disadvantages of Non-Med Products
- How to Apply for No Medical Exam Policies?
- Comparing Non-Med Life Insurance Quotes
- Working With an Independent Insurance Agent
- Why Work With Us?
- In Conclusion
No-Medical-Exam life insurance uses your past medical records or even just your simple answers to questions on an application. The traditional life insurance policies require a para-med nurse to come out to give you an actual physical exam. They would take your height & weight, blood pressure, urine test and a blood test plus ask many questions. They would then send the results to your insurance company to be reviewed.
This can also take a lot of time to do this between requesting medical records from your doctor and ordering your physical exam. Buying a no-medical-exam life insurance policy can take as little as 24 hours up to a few days. A traditional policy could take several weeks to over two months to process. Life insurance companies like these Non-Med policies because they don’t have to pay for a paramed exam or the cost to pay a doctors office to put a file together and ship it out.
The answer is yes you can as long as you are in reasonably good health. The life insurance companies will not process an application with serious health concerns or major height and weight issues. The underwriters would simply need more information to properly process the application. Many consumers continuously try to conceal health conditions by using no medical exam life insurance applications. Due to the fact the companies are well aware of this, they make sure very little can slip by.
This always varies with what company you choose to apply with. Years ago the face amounts were much lower than they are now. The underwriting of no medical exam life insurance is much more relaxed than before. The top rated A+ companies that most people have heard of such as Sagicor and Liberty Financial will go as high as $1 million dollars. Some of the other companies will even go higher all the way up to $3 million dollars.
If you want a very high face amount (death benefit) such as over $1 million, we recommend going the traditional application route. As I previously stated, non-med policies cost more money. This will become very apparent when you go into the higher face amounts that will naturally have much higher premiums. No medical life insurance policies have their limitations and their time and place.
What you first have to realize is a no medical exam life insurance policy is not really a specific type of life insurance product. It should be considered more as an option for applying for life insurance. You can either go the traditional route with a physical exam or the no medical exam alternative without having to take a physical.
If you are specifically looking for the lowest possible premium, taking the physical will be your best choice. If you are looking for fast underwriting, no physical and still competitive rates, a no medical exam life insurance policy will work out great. Here are the two different types of non-med policies available to you:
- Term Life Insurance – The term plans are just like any other term plan designs with the only exception is the face amounts are more limited. Depending on the company you are applying with, the maximum face amounts can range from $350 to $500,00. Some companies will go up to 2 million in some situations. Don’t forget these non-med plans do cost more that the fully underwritten counterparts.
- Whole Life Insurance – You can apply for whole life plan designs with the no-physical-exam feature also. Most of the time people get a quote on whole life policies and instantly take a pass to to their very high cost factor. They could easily cost more than ten times the cost of a term policy. The only time they can come in to play and be beneficial is for final expense life insurance for senior citizens looking for coverage for end of life expenses. The other time would be for people in very bad health that would normally be declined from purchasing life insurance. They could then purchase Guaranteed Issue life insurance which is whole life also.
*A very important concept to remember is applying for no-medical-exam life insurance STOPS becoming no-medical-exam when serious health conditions are indicated. Serious health conditions along with height & weight issues if serious, will prevent you from going the non-med option.
Sagicor is known as a highly sought after company for no medical exam life insurance. No medical exam is required and policies are usually approved within in 1-7 days. No medical files or information is required from your doctor. Face amounts range from $50,000 – $500,000. Sagicor has grown to be one of the most popular companies for non-med policies in the United States. They also have some of the lowest rates you will find which really puts them in great demand.
Fidelity Life is also one of the most popular companies that specializes in no medical exam life insurance. 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 classifications.
Applicants who decide to choose a simplified issue policy appreciate Banner for their quick approval times. Not to mention Banner Life’s very competitive premiums.
Banner’s parent company Legal & General offers no medical exam policies with some of the best life insurance rates in the industry. They use Banner Life and their well known 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 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 2018 Lincoln Financial has reported managed assets of $246 Billion Dollars. Operating revenue of $4.7 Billion, a net income of $572 million and income from their operations totaling over $498 million dollars.
Honorable Mentions for Excellent Non-Med Insurers
- 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.
- 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 can 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.
- The 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 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 this is going to be worth paying a little more, then it is going to be a good choice for you in the long run.
There are multiple categories that you need to take into consideration when determining what your life insurance needs are. The main goal is to buy enough coverage but not have your premium become a financial burden. Never buy more that you can comfortably afford. Most financial experts recommend buying a face amount (death benefit) that is 10 times your annual income and another $100,000 for each child for college tuition. This is probably a very good formula but not every American can afford that much
One of the most important numbers to consider is how much do you owe each and every month. Your financial liabilities are the number one consideration when deciding how much coverage you should apply for. After you have calculated your major expenses you can go from there. You will now have a good starting point. You are going to have to take your time and jot down all the miscellaneous expenses that you are exposed to because they all add up fast.
You will still have to answer a much smaller series of health questions. Just because there is no physical exam, your insurance company still needs information about your health history. They possibly can ask for medical records, review your pharmacy purchases and run a motor vehicle report.
If you purchase a guaranteed issue plan or group term policy. They do not require an exam or even ask any health questions. When applicants have any serious medical conditions we will usually run a quick medical pre-screen. This tells us what company will be your best choice for being offered the lowest rates. As independent life insurance agents, we work with over 40 of the best life insurance companies to find the best life insurance rates.
When you first think about 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 Paramed 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 whatever reason, non-med plans can be the best way to go.
There are only two slightly negative aspects to non-med life insurance. Always remember that these are conventional life insurance policies but with just a shorter underwriting path to getting approved.
- Face Amount – No medical exam life insurance has limits on the face amount (death benefits). If you are looking for a higher death benefit such as over $500,000 you might want to go the conventional route. Most of these companies go up to approximately $300,000 to $500,000.
- The Premium – The cost of a no medical exam policies can cost between 5-15% more on an average. This is due to the fact the underwriters do not have the usual amount of information about you. When you eliminate the para-med exam, many different areas of information such as your actual height and weight, blood test results, saliva and urine test will be unknown.
It is very simple to apply and get approved. We use a basic system that is quick and easy.
- Pre-screen any medical conditions that you have with your agent.
- Start by comparing multiple no medical exam life insurance quotes.
- Choose the most applicable life insurance company with the most competitive rates and submit your application.
- Receive your approval which could be as soon as 24 hours with some companies.
- Pay your first months premium which will put your policy into force.
The most important part of the application is being up front with your agent and telling him about any health conditions, dangerous sports or a high risk occupation you may have. A simple 10 minute medical prescreen can help you get the best rates. Your agent will be the key to getting the best rates. Your agent will be doing all the work and all you have to do is answer questions.
If you are looking for the lowest rates for no medical exam life insurance, you can compare rates from over 40 of the best life insurance companies on our rating system. Finding the best no medical exam life insurance quotes begins with comparing all the best insurers rates being displayed side-by-side. The proof is in the pudding and you can review instant life insurance quotes in less than a minute with our websites rate comparison system.
The rates you will see are actually being pulled from the insurance companies data servers which makes them 100% up to date and accurate. You can also use the quoting for on the right side of this blog post. Feel free to use it as much as you would like. Keep one concept in mind, the final rates will be determined by the life insurance company underwriter after the underwriting process has been completed.
You always have two choices when working with an insurance agent. The two choices are connecting with an independent agent and the other is a captive agent. Here are the differences below:
Independent Agents – An independent agent otherwise known as a Broker such as us, does not work for an insurance company. They also have access to all the major insurance companies and they have their clients best interest in mind. They can shop the entire market for you and zero in on who will offer you the lowest rates. The independent agents will always be the most logical choice regardless what type of insurance you are looking for.
Captive Agents – The captive agents work for an insurance company which be normally be companies like Geico or State Farm. They only have access to the one company that they work for. They always have their companies best interest in mind. They cannot shop the entire market so they are very limited to the one company they work for. Usually their companies specialize in auto and homeowners insurance.
Here are a few humble reasons why you may want to consider researching your life insurance with us. We never make promises we can’t keep or tell you what you want to hear like many of our competitors do on a daily basis. We tell it the way it is no more or no less. What we can tell you is we have over 25 years of experience and work hard to get our clients the best policy and the lowest premiums possible. The best part is you don’t have to listen to any sales related BS or fluff which can be an insult to you or anyone’s intelligence.
We simply show you what your options are by researching our list of over 40 companies we partner with and let you take it from there. If you decide to apply, we will provide you with the best customer service every inch of the way until you are approved with the rates that we both are happy with. There is no sales pressure or a song and a dance whatsoever. We just want to provide a good professional experience we know you will be more than happy with. If you’re happy, you will tell others about us and that is what a business should be all about.
Here is one concept to remember about purchasing no medical exam life insurance. In most cases, applying and going the traditional full underwriting route will normally be the most cost effective way to go. You will stand the best chance of receiving the best life insurance rates by taking the basic medical exam.
No medical exam policies are the quickest way to secure coverage but it will usually cost more in the long run. 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 always get the lowest rates possible.
All the best,
We are here to help you with no cost or obligation 7 days a week. Take a moment to set up a time to discuss your options for no medical exam life insurance.