Life Insurance No Exam and No Health Questions

Life Insurance No Exam and No Health Questions

I get daily calls from people wondering if they can get a Life Insurance Plan with No Medical Exam and No Lengthy Health Questions being asked. Yes itNo Exam No health questions life insurance plans is possible but you need to make sure you understand these plans and how they work.

These plans are known as Guaranteed Issuse Whole Life Insurance plans. You will fill out a simple 1 or 2 page application there will be no lengthy health questions. However they will want to make sure you do not have certain health conditions/situations. See below. And, again, this is a No medical exam plan.

I am going to review my main carrier for this type of plan. Most other carriers have the same general offering but they may have different payout schedules.

Here is the plan information:

Issue Ages between 45-75

Face Amounts $5,000 -$10,000 max.

Graded Death Benefit: Does not pay the full face amount until the 4th year of  the plan,  but pays the following, should death occur,  until then:

Policy Year 1    Return of Premium plus 6% interest

Policy Year 2   Return of Premium plus 12% interest

Policy Year 3    Return of Premium plus 18% interest

Policy Year 4    Full Face Amount.

These premiums are level and guaranteed.  This policy is not offered in all States.

Premiums will not go up and the policy is in place until death ( Policy payments, must, obviously be paid on time)

Anyone can qualify unless the following exists:

No AIDS or HIV Positive

No Terminal Illness likely to cause death within 24 months

No confinement to hospital, hospice, nursing home or convalescent care facility

No home health care

No Intravenous drug abuse

As far as premiums are concerned, yes they will be a higher than other plans that check your medical background. Always remember  , in the event of death, especially during the first 3 years, you will get all of your premium payments back PLUS interest.

Here is the worst case pricing scenario: If you are younger than the prices will be lower:

I find California to be the most expensive State, so I am using this state (2013 pricing) as the example, other states can be less but not by much, maybe $10-$20 or so dollars.

75 Year old Male, Non- Nicotine ,  $10,00o Face Amount – Monthly premium will be $185.07

Same as above but Nicotine use – $253.05

Life Insurance with No Exam or Health questionsThere you are, this is what a No Exam and No Lengthy Medical Question plan generally offers. If your health is average + then I should consider applying for a different plan. We have several other plans that you may have an interest in. Contact me for a no obligation and no hassle quote. My number is 512-963-5000 or fill out my contact form and I will give you a call.