You may have read on a website or blog that no exam life insurance is not a viable option for consumers. Unlike standard life insurance policies, no exam life insurance does not require applicants to submit to a medical exam in order to obtain coverage.
But there’s quite a bit of misinformation about no exam life insurance floating around in cyberspace right now, so let’s debunk some of the myths and misconceptions you may have about this type of coverage.
Common Misconceptions About No Medical Exam Life Insurance
- Just because you have a “pre-existing condition” doesn’t automatically mean that you’ll be denied. It’s easy for some people to become so dejected from the rejections by insurers that they start to think that they are somehow “unworthy” of life insurance coverage. Here’s the reality: People who smoke, are overweight, or who suffer from conditions like high blood pressure, elevated cholesterol, or even type-2 diabetes can qualify for life insurance without having to subject themselves to a comprehensive medical exam.
- “No medical exam” is not code for “200-page medical questionnaire.” During the application process, you will be asked standard heath questions, but it’s nothing like filling out one of those health condition checklists at the doctor’s office. It really is a simple process.
- No-exam life insurance is not prohibitively expensive. It’s true that the rates you will pay for no-exam insurance will be higher than comparable standard life insurance policies. But some people envision monthly payments that are double, triple, or quadruple those of regular policies, which is usually not the case. For many people, the difference is only about $10 to $150 a month, which is less than the cost of one soda per day.
- You can get better rates if you shop around. Like the rest of the insurance market, no medical exam life insurance is fairly competitive, but you need to work with a broker, such as myself, who has access to all of the major no medical exam life insurance carriers. Working with a captive or with an agent who only works with 1 or 2 carries would be a major disadvantage.
- There are no lengthy waiting periods for no exam life insurance. Some life insurance policies require you to wait four to six weeks or longer before your coverage kicks in. The approval process for no medical exam life insurance , depending on the carrier, anywhere from 10 minutes to 20 working days and can be completed online. No medical exam life insurance attractive for people who need to get a policy , in place quickly or simply do not want to go through the hassle of a full medical exam.
- No exam life insurance provides more coverage than you think. Often, no exam life insurance is painted as a “bare bones,” restrictive product which only covers burial expenses. In reality, you can purchase a life insurance policy which carries coverage amounts of as high as $350,000, which is more than enough to satisfy the financial needs of many Americans.
- While it may not be for everyone, there are plenty of reasons to choose no exam life insurance policies. Some people who smoke the occasional cigar want to qualify for non-smoking insurance rates. Others abhor the thought of having needles stuck in their arms for exam-related blood tests, or worry about exposure to germs, bacteria, or viruses in health care environments where exams are conducted. For these individuals, a life insurance policy with no exam, is a smart option.
Reasons to Purchase a No Exam Life Insurance Policy
Immediate Coverage:
Some people need to have a policy immediately in place. I find this to be the case for those that are applying for loans. Loans may be a Mortgage , Structured Settlement , SBA Loans and the lender may require you to have a Term Life Policy in place prior to funding the loan.
Health:
Rates for health people can be very affordable. Immediate coverage and no medical exams are some of the reasons that people may want to consider a No Medical Exam Life Insurance.
Hate Medical Exams:
If you know you are healthy and simply don’t want to take an exam, the No Medical exam is a product that is perfect for you. The insurance companies will ask you questions on the application. You should be able to answer No to the various questions. ( I review all questions prior to applying). The carrier will check the MIB ( Medical Information Base), Pharmacy Check along with a Driver history check.
Here is a typical list of questions:
Customer must answer “NO” to these questions. ( You must be a legal US Resident and have resided in the US for more than 2 years and you must have a valid US issued Drivers License)
- Have you been diagnosed as having AIDS (Acquired Immunodeficiency Syndrome) or
ARC (AIDS Related Complex) or tested positive for HIV (Human Immunodeficiency
Virus)? - 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, 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? - 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
No Medical Exam Term Life Insurance
I offer a unique No Medical Exam Life insurance platform that allows anyone to go online, run a quote and apply for a Term Life Insurance policy, all online. That’s right , you do not have to speak to an agent ( But I am here if you have any questions or concerns!) or print out and fax in an application.
Wait it gets better!
You can have the entire process completed in about 10 minutes! That’s right, if you qualify , you can have a Term Life Insurance Plan , up to a $350,000 face amount, in force , in about 10 minutes!
What’s the catch, I am sure the plan is very expensive?
As you may or may not already know , all No Medical Exam plans, regardless of the carrier , are going to be more expensive than if you applied for a standard Full Medical Exam plan. However they rates may not be as high as you may think.
How Healthy do I need to be?
Health wise , you do need to be in good general health. But , even if you have minor health impairments such as controlled High Blood Pressure, High Cholesterol or even well controlled Type 2 diabetes ( Diet or medications – no insulin) you may still be able to qualify. Here are the basic requirements;
Available for ages 20 through 60
Term lengths: 10, 15, 20, and 30 years
Coverage Amounts: $25,000 up to $350,000
Tobacco users can qualify
Available in all states except New York
Completely online application process
Average approval times of 3 minutes
Policy delivered electronically via email (all states except CA)
The product is renewable at the end of the term period
If you do not fit within the above guidelines , contact me as I have other no medical exam carriers! 512-963-5000
Since this product is completely online the carriers automatic acceptance can be a little tighter. If you have any High Risk Health Impairments, I can also help with most cases.
If you are over the age of 60 you may want to consider a small , simplified whole life policy. Read about these plans HERE. Carriers such as AARP LIfe Insurance, American National, Foresters, United Home life , etc., offer these small simplified issue whole life policies.
Cheap No Exam Policies
If you are interested in a Term Life Insurance only policy ( Up to $350K), you can get a quote and apply online with no agent interaction. Of course I am here to assist you with any questions.Click the image below to start your No Medical Exam life Insurance plan. You will get a decision in about 10 minutes!
Plan Overview ( National Life Group Insurance)
- Available for ages 18 through 60
- Term lengths: 10, 15, 20, and 30 years
- Coverage Amounts: $25,000 up to $350,000
- Tobacco users can qualify
- Available in all states except New York – If you are in NY contact me. I have a carrier that offers No Medical Exam Life Insurance Plans. 1-800-530-9134.
- Completely online application process
- Average approval times of 3 minutes
- Policy delivered electronically via email (all States except CA)
- The product is renewable at the end of the term period
- Make sure to have your credit / debit card or EFT information. These will be necessary to complete the application process.
Automatic Declines – If you’re receiving Social Security Disability (VA disability is ok), or if you have any moderate-major health issues or if you have /had any legal trouble. If you’re not sure, call us at 512-963-5000 and we’ll let you know. I specialize in High Risk Life Insurance plans.
About my carrier:
National Life Group, a Fortune 1000 company, serves 840,000 customers. With 2011 revenue of $1.5 billion and net income of $124 million, members of National Life Group employ roughly 900 employees, with most located at its home office in Montpelier, Vermont. Group companies also maintain offices in Addison, New York, and San Francisco. . Life Insurance Company of the Southwest (LSW) is a member of the National Life Group. Life of the Southwest has an AM Best rating of A, which means Excellent.
Where do I start if I want to compare other Term and Whole Life Insurance quotes?
The first place you need to start is to work with an independent broker, like myself, who offers several different carriers that offer No exam life insurance. I work with 6 of the Top A rated carriers that offer No Exam Life Insurance plans.
Next you need to make an honest assessment in regards to your health:
What Medications are you taking?
Current Height and Weight
Any and All medical conditions – As a note, I have No Medical Exam carriers that will take those with pre existing conditions, such as Diabetes, High Blood Pressure, High Cholesterol etc.
Age- Remember, the younger you are the less expensive the premium.
What type of No Medical Exam Plans are available?
Term Life Insurance
Whole Life Insurance
No Exam Life insurance for Seniors ( If you are getting quotes from AARP, Colonial Penn or Mutual of Omaha , call me to compare rates)
High Risk Life Insurance – Can be Medical or High Risk Activites
How much can I apply for?
Most carriers offer up to $250K, in Face value coverage for a Term Life Insurance plans. I have one carrier that will go up to $350K for Term Life Insurance.
Make sure you have a reviewed your needs for life insurance and make sure you know how much you may need. I can certainly assist you with this process. It is not complicated but you need to make sure to add in all potential cash needs should you pass away unexpectedly.
Ok, but how do I know I am getting the best deal?
As mentioned before I work with 6 of the top A rated No Medical Exam carriers. When I run a quote ,all carriers, that offer coverage for your request, will be shown. This way you can compare rates on your own.
Consumer Alert regarding Globe Life Insurance – If you are even thinking about going with them please read my article or call me. These are very poor plans and you need to be informed before you consider using Globe Life Insurance.
What is the application process?
All of my carriers offer over the phone applications with e-signatures. Give me a call and we can review your needs and apply. The entire process takes about 20 minutes.
I have two carriers ( Feb / March 2013) that will soon be offering online Instant No Exam Life Insurance policies with almost no agent interaction. You can apply online, and within a few minutes you can have your policy in place!
How do I get started?
Best way is to call me at 512-963-5000. I NEVER hard sell or pressure anyone. I am here to help and if the quotes works for you , great, if not , it is no problem.
Give me a call today, we work with several carriers that offer No Medical Life Insurance. As a broker I remain independent , not married to a particular carrier and can offer you personalized life insurance information.
Call me today 512-963-5000.
