$500,000 In Life Insurance Without An Exam

When someone thinks about life insurance that has previously gone through an application process needles, nurses with lab coats and long wait times come to mind.

But what you may not know is with all the new technological improvements and availability of digital data, a lot of life insurance carriers are offering plans with no medical exam.

Just within the last few years, a number of companies are now offering $500,000 of life insurance coverage without having to do an exam.

Not only can you skip an exam, you can also secure the policy much quicker and, often times, without having to leave your computer or an iPad.

So what can you expect from a no medical exam policy for $500,000? Are there any downfalls or benefits you’re missing out on?

Are there any downfalls or benefits you’re missing out on?

Well, quite frankly, there is no catch, and you can get the same things from a no – exam policy that you would get from a traditional plan.

In this article, we will cover the process of securing a no exam policy, some of the underwriting requirements, the best companies for no exams, who is it for and much more.

Here’s How To Get A $500,000 No Exam Policy

The process of securing a no medical exam life insurance policy for $500,000 is actually a lot simpler than going with a traditional plan.

The first step is to shop around with multiple companies that offer this type of coverage, so you can find the most competitive and benefits rich options.

Once you have figured out which plan to go with, the next step is doing the application. A lot of the applications with no exam can be completed within 15 minutes over the phone or email completely digitally.

After the application is done, you’ll get an email to complete an electronic signature which will allow you to sign the application with a few mouse clicks. After the application is completed and signed, depending on the company you’ll usually get approved anywhere within a few minutes to few weeks!

When the company approves your application, depending on the carrier, of course, you may even get your policy delivered via email and be covered by Life Insurance from that point on.

So if you’re like most Americans that are too busy to go through a tedious life insurance process then you can see how this is an ideal policy.

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Underwriting with No Exam

Now, since there’s no medical examination you may be wondering how does a company know if you’re in good health or bad health? Well, that will depend on the data that they can pull to make a decision.

Most no exam companies will check your pharmacy records, motor vehicle history, MIB (medical information bureau) and look through the answers you provided on the application.

You’ll be surprised how much information a company can gather on you without having to do a medical examination.

It is true that qualifying for no exam policy is not for everyone.

If you have some pre-existing conditions like type 1 diabetes or a heart condition, then you may want to stick to a plan that does require a medical exam since the company will have more information and time to get a better idea of how your condition is managed.

However, if you are in great health or if you have minor health conditions like controlled blood pressure or mild anxiety, then an exam plan will still work for you!

Best Companies for $500k Simplified Issue

Although there are a lot of companies that do no exam plans, not all of them go up to $500,000. Most are capped at $250,000 and a lot of them offer no exam option for final expense plans, which are usually capped at $50,000.

The good news is there are a few companies that will allow you to get up to $500,000 of coverage for term life insurance. So let’s look at some of these companies:

• Sagicor Life –  This is a wonderful company that provides up to half a million dollars of term life insurance for ages 18 to 65 without an exam. The application is digital, and you can get your policy delivered electronically. It may take up to a week to get approved, but many individuals with great health get approved within a few minutes.
• North American Life Insurance Company– An “A+” rated company that offers instant approval life insurance without an exam for a $500,000 term life option. This is a revolutionary product since you can get your policy in your inbox the same day and be covered right away. (Only a few agencies can offer this plan, so call us)
• Phoenix Life Insurance Company– Although this company is not as highly rated as the two above, it is still a valuable option to consider. They will also offer up to $500,000 of term life insurance without a medical exam. This plan can get approved within a few days or longer, depending on what the company may need to get from your records. It is a great choice for people with some pre-existing conditions as they are more lenient with their underwriting. It is also a plan that has some living benefits such as critical, terminal and chronic illness riders built into it. These riders allow you to get some death benefits in the event you have one of these illnesses.

Who are these plans ideal for?

These plans are perfect for individuals that are very busy and don’t have the time to go through a tedious application process that most insurers offer. It is also a good option if you’re in great health and only need about a half million dollars of life insurance coverage.

They are also great for people who need a fast life insurance policy for business loans or for the court-ordered requirement and don’t mind paying a little extra for convenience.

If time is on your hands, and you’re looking for the best possible rate you’re going with a no exam plan will not be the best option for you.

Because when you shop for a traditional plan, you have a lot of more options, to give you an idea, we work with over 30 different life insurance companies.

Also, because these plans don’t do a medical examination they are more likely to give you a higher rate for pre-existing conditions, family history of illness, bad driving record or if you’re overweight. Anytime a client has moderate or severe medical conditions, we would strongly advise them to go through a traditional underwriting plan with one of the high-risk companies.

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What is the cost of a $500,000 no-exam life insurance policy?

Premiums for a permanent life insurance policy will be higher than for a term life insurance policy because part of the premiums go towards a cash value component that increases over time. Term life insurance policies don’t increase their cash value over time. You can choose from different plans depending on your needs. You can assume that the higher your deductible, the more your premiums might be.

Policies that aren’t fully medically underwritten will also affect how much you pay. Some insurance companies will look at your medical history to get more insight into your health risks. These policies, called simplified issue, tend to have lower premiums. However, the answers you provide will affect how much you pay. Those who are older, are regular smokers, have a history of serious illness or are currently taking prescription drugs, may pay higher premiums.

Work with an Independent Agency

Now if you feel like these plans are ideal for you, and you’re ready for the next step be advised that your best bet is to work with an independent life insurance agency.

The reason for this is simple, an independent life insurance agency works with many companies to get you the best rate possible and has unique knowledge of each company and what they’re good at.

Another reason of course is that life insurance rates are fixed by the law, so you get the same rate no matter where you go that’s why it only makes sense to work with a brokerage.

The Bottom Line

Getting life insurance without a long application process is appealing, but don’t jump into an no-exam application without understanding your chances of getting approved. Many no-exam policies require very good or excellent health for approval. A denial goes on your insurance record and could hinder future applications.

Don’t be surprised if you end up doing a more traditional application process, including a life insurance medical exam, if you’ve had some health issues.

Ask an independent life insurance agent to help you find the right policy for your condition at competitive rates. Independent agents have access to various products from as many as 10 or 12 companies.

You should also consult with a financial professional for guidance on the best option for your needs.

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