Best Life Insurance No Exam Guide in 2019
No medical life insurance means absolutely, NO needles, NO urine samples, NO tests and NO forms to fill out.
The application process involves answering 3 or 4 groups of yes or no questions.
The fewer “yes” answers you provide the more coverage you’re eligible for at a lower cost.
In other words, answering ‘no’ to all the questions is the best case scenario.
This allows you to qualify for the most coverage at the best possible rates.
Worst case scenario? You answer “yes” to a question in the very first section, this will limit you to the highest cost insurance with the lowest death benefit which is Guaranteed Issue.
Benefits of Life Insurance No Exam
The benefit that most individuals are interested in with a no medical exam policy is the time required to obtain coverage.
A policy that requires an exam will take as long as four to six weeks before the policy begins because consumers must first see a doctor and have reports sent to the insurance provider.
The insurance provider will then start the underwriting process and give a final cost to consumers.
Consumers fill out the final paperwork and then coverage begins.
Those who opt to get insurance without a medical exam will find that the process is much faster and simpler.
Paperwork is filled out and the final cost is usually issued within one to two days.
Consumers then complete the paperwork and coverage starts.
The benefit of a short wait is appealing to those who are concerned about death or who worry about family if an accident occurs.
Beyond the convenience of a shorter wait for coverage, the policy is excellent for those who are denied due to health conditions.
Pre-existing conditions, such as diabetes, high blood pressure, high cholesterol or sleep apnea disorder, can result in high coverage costs or denied coverage.
The insurance company considers the individual a high risk due to medical conditions or high risk activities they may engage in, such as sky diving or rock climbing.
These could cause a shorten life expectancy.
5 Types of No Exam Life Insurance
Before you buy any form of no-exam life insurance, you need to be aware there 5 different types of these policies. They should be used for different purposes depending on your circumstances.
There are also no-medical policies for both term life insurance and for permanent life insurance. The cost between a term policy and a permanent policy such as whole or universal life can be more expensive.
The 5 types of no-exam life insurance users include:
• Simplified Issue Term Life Insurance – Can offer policies as high as $500,000. Allows you to choose from a variety of term lengths and policies which are generally eligible for those between the ages 18-80.
• Simplified Issue Universal Life – This is a form of permanent life insurance where premiums and death benefits are usually fixed for your lifetime. Has similar coverage and age limits as per above.
• Level Death Benefit Whole Life – Offers lower death benefits amounts and allows you to apply up to age 80. Death benefits and premiums are fixed for the lifetime of the policy. This also a permanent life insurance policy.
• Graded Whole Life – Offers much lower death benefits often in the $10,000 – $25,000 range. Best used for those with extreme health issues. Policies have a waiting period of usually around 2 years where you must survive for first 2 years. Benefits may be payable in increasing percentage amounts over the first 2 years.
• Guaranteed Issue – No health questions required. Policy limits range from $5,000 – $25,000.
Whats is Guaranteed Issue Life Insurance
If you answer “yes” in the first group of questions you immediately default to Guaranteed Issue Life Insurance.
The good news is, everyone is eligible for guaranteed issue, you can’t be denied.
Guaranteed Issue is a permanent Life Insurance product with absolutely no medical exam or health questions required to begin coverage.
There is also one big caveat you have to understand if you are going to buy a guaranteed issue policy.
In most cases, if you die (other than as a result of an accident) within two years of buying the policy, you only get your premiums refunded. You won’t get the full death benefit. This is the insurance company’s way of protecting itself from very bad risks.
What is Simplified Issue Life Insurance
If you ou answered “no” to almost all of the questions on the application you’re eligible for the most inexpensive coverage, Simplified Issue Life Insurance.
HERE’S HOW TO GET LIFE INSURANCE WITHOUT AN EXAM
We use a streamlined application process that will make everything simple and straightforward:
1. You’ll complete a 1-page “pre-application” form that includes basic information.
2. You’ll receive a phone call within a couple days to complete the remainder of the application over the phone.
3. In some cases, the completed application will be sent to you for you to sign and then return.
4. That’s it. Your application is sent to the insurance company for underwriting. (No needles, no nurse!).
Get a Free Quote for Life Insurance No Exam
No medical exam life insurance should be your PLAN B. If you’re healthy, not afraid of needles and you’re not in a hurry you should always apply for traditional life insurance with a medical exam.
It’s preferable because:
• the underwriting is done up front
• it’s less expensive
• you get more coverage
• you have more options.
Everyone is different and everyone deserves a policy that fits their needs.
Mintco Financial specializes in helping people get Life Insurance No Medical.
Mintco Financial agents know best companies that offer no-medical exam life insurance. Our agents can distinguish which policies are the most affordable and the most suitable for different circumstances.
Finally, our agents fully comprehend which companies have the most lenient underwriting guidelines when it comes to smoking and a variety of health issues. We can match the best policy for your health circumstances and find the lowest price in the process.
Call us Now at 813-964-7100 or 716-565-1300
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