There are a lot of great life insurance products available today. One of them which will be our subject is No Medical Exam Term 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 life insurance is the nurse’s visit for the medical exam.
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, just about anybody’s blood pressure would soar to high heavens.
No Medical Exam Life Insurance is becoming one the most popular plan designs that Americans are applying for.
Fortunately, there is another smart choice to consider which is No Medical Exam Term life insurance. This is nothing less than a simplified form of underwriting. This type of life insurance eliminates the Para-med visit and the dreaded blood test. Also, everything else that goes along with the nurses visit. The good part does not just end with the elimination of a physical exam.
There is a huge savings in time consumption for the underwriting process. You can be approved in as little as 24 hours. There is no need for medical records from your doctor’s office which can take over a month to receive. If you have pre-existing medical conditions you will just have to answer a very brief medical questionnaire. This eliminates having to go under the microscope with a conventional application.
Rapid Decision Express Term life insurance.
One of the 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 and Accidental Death Benefit Riders. Also, Accelerated Death Benefit Riders where you can collect up to 50% of your policies face amount. This is 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 and a motor vehicle report. Also, 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, You would 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. You can also view Universal life insurance quotes from over 40 highly trusted life insurance companies 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.
Banner No Exam Life Insurance
Consumers who decide to choose No Exam Life Insurance due to its quick approval times and convenience can now have a very low premium option.
Banner’s parent company Legal & General offers low cost no exam life insurance. They use Banner Life and it’s sister company William Penn located in New York. Surprisingly, these policies do not require a medical exam and are offered at the same cost as their fully underwritten term policies. This is excellent for consumers who want a Non Med policy but can’t afford the higher rates some of the companies have.
Banner life offers one of the highest face amounts for No Medical Exam Life Insurance.
Banner Life offers between $100,000 to $500,000 of term life insurance to applicants between the ages of 20 to 50 without any medical examination. Being able to get a high face amount like $500,000 with no medical exam is very rare.
Banner Life offers an automated underwriting system called Appcelerate. This is a form of No Medical Exam Term Life Insurance which offers simplified underwriting for people who are in relatively good health.
Are you are fortunate to be in good health and under 50 years of age? Banner life uses just a handful of medical questions, they conduct a quick telephone interview and your policy is approved within a few days!
If you qualify, a policy can even be issued as soon as the next business day which is incredible. This excellent no exam life insurance system allows people to be approved for a new policy with no need for a medical exam, lab tests, or requesting medical records from your doctor’s office.
Banner Life offers a Preferred Plus rate class for people that qualify.
Banner Life is also one of the few companies that offer a Preferred Plus rate class along with their full product portfolio without requiring you to do a medical exam. This is great option for healthy busy applicants wanting to secure affordable life insurance quickly. If you can qualify for this program, you will hit the jackpot.
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 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.
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.
The last company we are going to go over is one of our all time favorites, the Lincoln National Life Insurance Company.
Lincoln National is a first class company with some of the most competitive rates in the business. Back in 1905, a group of business people from Fort Wayne Indiana decided to form a new life insurance company that would be focused on genuine honesty, dependability and the very best customer service in the industry. This was the very beginning of the new company to be named the Lincoln National Life Insurance Company.
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.
There are so many good points to go over for this company, we wrote a review you can read by visiting our Lincoln National company review. If you are considering No Medical Exam Term Life Insurance, Lincoln National would make an excellent choice.
We can help take the confusion out of purchasing life insurance and ensure you receive the best rates.
Shopping for No Medical Exam Term life insurance can seem a little confusing but that is where the assistance of a good agent comes into play. There are a lot of variables to consider and you want to make sure that you’re always making the best choice. Contact us today and we will answer all your questions over the phone, we’re here to help you.
We can be reached via phone, toll-free, by calling 800-897-5699 7 days a week.
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