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Why Life Insurance With No Physical Exam Required Is A Possibility

by Jeff Rose on February 2, 2014 · 1 comment

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life insurance no physical examThere’s no denying the importance of having life insurance coverage when you have loved ones to protect. For the most part, obtaining life insurance is rather simple.

It requires making the decision to purchase it, seeking a life insurance agent to assist you, and figuring out how much you need. The one part about the process that many people find uncomfortable is the medical exam. If you’re not a big fan of needles and having your blood drawn, then getting life insurance might bring you into a state of anxiety.

If this is you or if you’re just in need of getting life insurance fast, then you’ll be excited to know that there is a way to get term life insurance with no physical.

That’s right; no needles, no urine samples, no excuses to prevent you from getting the life insurance that you need. If you’re interested in getting term life insurance with no physical, here’s what you need to know.

In and Outs of Life Insurance Without a Physical

To get life insurance with no physical exam, you’ll end up purchasing what’s either called Simplified Issue or Guaranteed Issue policies.

Essentially these are policies that require no physical, no medical exam, and you can get up to $350,000 of life insurance coverage depending on the carrier. While you don’t have to take a physical, you do have to answer certain medical questions. If you can pass the medical screening questions, then you’re one step close to getting life insurance with no physical. Keep in mind that most of these insurances will still require a medical background and prescription check!

1ClickCoverage

National Brokerage has a new product that does not require a medical exam. The best part about this product is that you can do the application online and be approved within 10 minutes! This is the fastest approval for life insurance around. With 1ClickCoverage they ask a series of questions about your medical history, as long as you can answer no to these questions, you can be approved for life insurance today. Click here to apply now! This product will check out your MIB and prescription history to make sure you qualify for their insurance. Here are some sample quotes:

AGE10 Year Policy20 Year Policy30 Year Policy
Male30Preferred: $18.84
Select: $26.03
Preferred: $22.85
Select: $32.49
Preferred: $27.49
Select: $39.86
Male40Preferred: $21.12
Select: $29.67
Preferred: $26.67
Select: $38.59
Preferred: $36.50
Select: $54.33
Male50Preferred: $32.04
Select: $47.78
Preferred: $48.33
Select: $73.26
Preferred: $66.80
Select: $102.74
Female30Preferred: $16.93
Select: $23.03
Preferred: $19.93
Select: $27.76
Preferred: $23.48
Select: $33.49
Female40Preferred: $18.66
Select: $25.76
Preferred: $23.21
Select: $33.04
Preferred: $30.67
Select: $44.96
Female50Preferred: $26.94
Select: $39.04
Preferred: $38.41
Select: $57.34
Preferred: $48.33
Select: $73.26
  Simplified Issue carriers such as Assurity, Fidelity Life, and Americo; although they don’t require a physical, will request your MIB, your MVR (motor vehicle record), and your doctor records. They’re just trying to verify that based on the medical questions they ask match up what’s actually on your medical history.

Keep in mind that if the insurance carrier has to request medical records from your doctor it can extend the time it takes for them to get you insured!

 

Pros of Simplified Issue Insurance

no physical life insurance simplified issueOne of the bright sides of getting a Simplified Issue product over and above the fact you don’t have to take a physical is that they issue rather quickly. To go into the traditional underwriting process can take at minimum four to six weeks, sometimes longer. With some of the Simplified Issue products, they will be in force in sometimes as little as 48 hours, in other cases, five to seven business days. At this point, you might be a skeptic; can you really get life insurance without a physical. You can, but there are some downsides.

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Cons of Simplified Issue Policies

One big noticeable downside is the amount of coverage you can obtain. Assurity is the only Simplified Issue carrier that will allow you to get up to $350,000 of coverage. Here are some quotes for Assurity’s non-med term product:

AGE10 Year Policy20 Year Policy30 Year Policy
Male30Select Plus: $11.44
Select: $13.29
Select Plus: $13.20
Select: $14.87
Select Plus: $17.60
Select: $19.62
Male40Select Plus: $16.10
Select: $18.83
Select Plus: $22.26
Select: $26.22
Select Plus: $32.03
Select: $37.22
Male50Select Plus: $29.30
Select: $35.38
Select Plus: $47.87
Select: $51.54
Select Plus: $71.72
Select: $82.81
Female30Select Plus: $9.33
Select: $10.21
Select Plus: $11.44
Select: $12.67
Select Plus: $15.05
Select: $16.46
Female40Select Plus: $13.64
Select: $15.75
Select Plus: $17.95
Select: $20.86
Select Plus: $24.11
Select: $27.63
Female50Select Plus: $21.72
Select: $25.08
Select Plus: $33.09
Select: $38.46
Select Plus: $47.87
Select: $54.82
The other carriers; Fidelity and Americo will only go up to $250,000, so if you’re needing a sizeable amount of life insurance coverage; whether it be to protect your family, secure a business loan with life insurance or protect an estate from death taxes, Simplified Issue policies might not give you the amount of coverage you need.

Now, one option you do have is that you can take out a Simplified Issue policy with each of the carriers, so that would get you approximately $850,000, but you’d have to go through three different carriers to get it. Another downside is the cost. I ran a quote for a 50 year old female that was wanting to get life insurance fast, and with a Simplified Issue product it would cost her roughly $120 a month. For the exact same amount of coverage, she could go through traditional underwriting and although it would take longer, it would save her approximately $40 a month or $480 a year.

With Simplified Issue no physical life insurance, you’re paying for convenience, and also paying to have the policy issued that much faster.

Don’t forget Guaranteed Issue Insurance

Another type of insurance policy that does not require a physical are Guaranteed Issue products. This types of product doe not ask any medical question and does not require a physical! This is the only type of policy that will cover anyone who has been diagnosed with HIV/AIDS.

Keep in mind this is not a good product for someone who is terminally ill. These policies will have a waiting period before you can receive full benefits. With Guaranteed Issue, the cost is not much more than the Simplified Issue, and they also have a very limited face amount. The two carriers that we carry, Americo and United Home Life offer their Guaranteed Issue life insurance with a max face amount of $10,000.

You must be at least 45 Years old to qualify for this insurance.

Life Insurance With No Physical is a Possibility

As you can see, there are ways to get life insurance without going through the medical exam process. If you’re interested in exploring these options, give us a call at (877) 201-8868.

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Why Life Insurance With No Physical Exam Required Is A Possibility
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If you’re in need of getting life insurance with no physical exam then you’ll be excited to know that there is a possibility that you'll get it.
Why Life Insurance With No Physical Exam Required Is A Possibility by

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Kathie March 17, 2014 at 6:51 am

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