One of the biggest fears that people have when they consider buying Term life insurance is the para-med nurse visit for the medical exam. Fully underwritten plan designs will normally require a blood test which means the nurse will be pulling out a needle to draw blood. Between that and the smell of rubbing alcohol in the room can make someone’s hair stand up on the back of their neck.
Nobody loves needles, but there is another alternative called No Medical Exam Term life insurance which is nothing less than simplified underwriting. This type of life insurance eliminates the Para-med visit and the dreaded blood test and everything else that goes with the nurses visit. I myself literally dread the idea of getting stuck with a needle. Term life insurance with no medical exam required can be an excellent way to go for many people. When a medical exam is performed there is also a waiting period for the results which could take 2-3 weeks adding extra time for processing the application.
Rapid Decision Express Term life insurance.
One of the very best life insurance companies that specialize in No Medical Exam life insurance 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 either of the two genders. In other words these two classes distinguish between smoker and non-smokers.
Some of the options that can be added on are Dependent Child Riders, Accidental Death Benefit Riders and Accelerated Death Benefit Riders where you can collect up to 50% of your policies face amount if your doctor informs you that you less than a year to live.
Simplified Issue Term Life Insurance up to $500,000.
These plans are renewable to age 95 and have an approval decision within 24 to 48 hours. They will run a Medical Information Bureau report, a motor vehicle report and a prescription drug report but that in no way slows down the application process. There are just a handful of medical questions on their very brief and simple application that have to be answered with No answers and you are ready to go. These plans have Non-Medical Underwriting, No Blood, No Urine and no medical records from your doctor required. The whole process could not be any simpler than it is.
These are the questions that have to be answered yes to qualify:
*Are you a legal U.S. Resident?
*Have you resided in the U.S. for more than 2 years?
Here are the questions that would require a “no” answer to the question to qualify.
*Have you been diagnosed as having AIDS (Acquired Immunodeficiency Syndrome) or tested positive for HIV?
*Are you waiting for a diagnosis or have you been advised to have a surgical operation, diagnostic test or medical or mental evaluation that has not yet been completed?
*Have you requested or received any Worker’s Compensation or Social Security disability benefits?
*Do you currently take more than 2 prescription medications for pain; or do you *Consume, on average, more than 3 alcoholic beverages per day?
*In the past 10 years, have you received any treatment, medical advice or consultation for; been diagnosed with or required follow-up for:
Diabetes or elevated blood sugar; Cancer (excluding basal cell or squamous cell carcinoma of the skin); stroke, transient ischemic attack (TIA or mini-stroke); emphysema; chronic bronchitis or chronic lung disease; major depression or anxiety that required psychiatric treatment; bipolar disease or mood disorder; schizophrenia.
Some the others would be Alzheimer’s disease, dementia, rheumatoid arthritis, paralysis; any degenerative muscle or nerve disease or disorder; alcohol or drug abuse; OR any disease or disorder of the following: heart, aorta, coronary arteries, peripheral vascular system, blood, liver pancreas, kidney (other than kidney stones), brain or connective tissue?
*In the past 2 years:
Have you been hospitalized or evaluated in an emergency room or immediate care center for a chronic illness requiring ongoing treatment or care by a physician; OR have you participated in any hazardous activities or extreme sports?
The last few questions refer to any possible criminal history.
*Have you, within the past 5 years, been convicted of or pled guilty or no contest to a felony, misdemeanor, reckless driving, DUI or DWI; or been incarcerated or served in a probation or parole program or do you have criminal charges pending?
The application process is fast, simple and easy for the applicant.
The average applicant can usually have the application completed in about 10-15 minutes which makes this policy very quick and simple to apply and qualify for. If you review those medical conditions and they do not apply to you then you would get the green light to apply and be approved for a Rapid Decision Express Term life insurance application from Fidelity Life.
Keep in mind that the simplified underwritten policies can cost more than fully underwritten policy designs because the life insurance carriers does not have as much information on your health history to make a very thorough decision as the conventional underwritten plans.
No exam term life insurance can be a great choice when you need life insurance right away.
At times it can go into the applicant’s favor because the two classes are just standard rate classes that are either smoker or non-smoker rate classes. If the applicant qualifies, this can sometimes be better that a fully underwritten policy where the applicant could fall into a rating scenarios such as standard B, Standard C, Standard D, Standard E and so forth where the premium could end up higher in the long run. There are other companies that offer simplified underwritten policies but Fidelity Life is very commonly used because of their very competitive premiums and excellent rating along with superior customer service.
Simplified Issue plans are excellent if you need to expedite the application process.
The Rapid Decision Term life plans will never replace the conventional plans designs. but they definitely can be very beneficial to someone that would like to apply without a medical exam or just wants to drastically speed up the process when attempting to acquire a very competitive life insurance policy. If you complete the fields on our quoting form on the right side of this blog post you can get Term life insurance quotes and also Universal life insurance quotes from over 40 highly trusted carriers in less than a minute.
Fidelity Life is a fantastic company for purchasing Term life insurance with no medical exam but there are some other excellent choices also. Here is how these No Medical Exam plans work.
You can look at it this way, no medical exam term is about the same as regular Term life insurance. You pick the term length and the face amount. It will pay the death benefit (face amount) if you pass away during the term period. You can choose to pay for it by the traditional billing modes such as monthly, quarterly, semi-annually or annually.
Here are the main differences with No Medical Term Life Insurance:
- No Medical exam required – This is the main advantage. No Para-Med Nurse performs an exam which means no blood test, no urine test.
- It’s Quicker – Much quicker, we are looking at about 85% less time than traditional full underwriting. Agents complete the application by calling you on the telephone and you 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 $500,000. 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.
- It can cost more than traditional Term products – Depending on your age, the selected face amount, you may be paying more for a No Medical Exam 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.
If you are in a rush for time and need the life insurance for a court order such as divorce cases or obtaining a loan for a real estate purchase then you will be in business with a Term life insurance with No Medical Exam type policy.
Let’s take a look at some of the other great choices for Term life insurance with no medical exam.
United of Omaha – No Medical 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 Medical Exam is required. Underwriters may request doctors records. Face amounts from $25,000 – $249,999
Assurity Life – No Medical Exam is required. Underwriters may request doctors records. Face amounts from $50,000 – $350,000.
North American – No Medical 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 Medical Exam is required. Policies are reviewed by underwriters. 48 – 72 hour approval times. Underwriters may request doctors records. Face amounts from $50,000 – $250,000.
Phoenix Life – No Medical 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 Medical 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 Medical 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.
Feel free to contact us 7 days a week for any help you may need or questions you would like answered. There is no charge for our services and no obligation what so ever. We offer a complete line of affordable Term life insurance with No Medical Exam policy designs and back it up with the best customer service available.
Here is our service area where we help people save money on their Term life insurance with No Medical Exam:
Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming, District of Columbia