Life insurance is one of the best investments that you’ll ever make for your loved ones. If something tragic were to happen to you, your family could be left with a massive amount of bills and other final fees, which can make an already difficult situation a thousand times worse. That’s where your life insurance plan comes in. It will give your family the money that they need to get through the difficult time without being stressed by a mountain of debt.
Most life insurance policies require a medical exam to assess the applicant’s present health condition and help determine the chances that this person will live a long and healthy life. Still, there are different reasons for someone to want to avoid a health exam when purchasing life insurance coverage. Some people need insurance quickly and don’t have time for an exam. Some dislike doctors visits and others have a condition that may prohibit them from obtaining a life insurance policy that requires a medical exam. For whatever reason, many people get quality, affordable life insurance with no medical exam every day. Ogletree Financial has many carriers that offer no medical exam life insurance and can help you find a policy.
Myth – Life Insurance With No Medical Exam Is Very Expensive
The main issue with “no exam” life insurance is that it can be more expensive than a policy that requires a full paramedical exam. When an insurance company insures a client without complete knowledge of their present health condition they bear a greater risk. Greater risk generally means increased premiums. Insurers use an underwriting process to assess the many risks involved in insuring the life of a particular individual. Each insurance company has a unique underwriting process that weighs the various risk variables differently, including different policies concerning “no exam” coverage. Therefore, considering several insurance carriers is very important when purchasing “no exam” life insurance in order to find the company that is the best fit for you and your family. We have the experience to make sure that you choose the correct company.
The prospects for getting quality life insurance coverage without a medical exam are not nearly as bleak as some people may think. There are some common misconceptions about applying for “no exam” life insurance coverage:
- Your coverage options will be too limited.
- You will have to pay large premiums for little coverage.
- Your premiums will increase over the life of your policy.
- The coverage available will only cover accidental death
These misconceptions keep many from seeking life insurance coverage and the financial security and peace of mind it brings. Ogletree Financial Services can connect you with trusted insurers that are known for offering excellent “no exam” life insurance products that offer quality coverage at reasonable rates.
One use of a “no exam” insurance is common for people who are in good health but need to get a life insurance plan in place quickly. You don’t mind medical exams and you are not aware of any underlying health conditions that might keep you from obtaining a life insurance policy that requires a medical exam, but you need coverage fast. In this case, you can apply for a traditional policy requiring a medical exam and obtain a “no exam” policy. The “no exam” policy will be approved quickly, allowing you to obtain the peace of mind having life insurance coverage brings. Once you have completed the application and underwriting process of the less expensive traditional policy, the “no exam” coverage can be dropped. A history of applying for and canceling life insurance coverage will make carriers apprehensive to approve you for a policy, but this is a good tactic to quickly get a life insurance policy in place without waiting for a lengthy underwriting process.
The article “Top 10 Best No Medical Exam Term Life Insurance Companies” assesses insurance carriers “no exam” coverage based on price, ease of use and company strength. Most of the ten companies singled out for top “no exam” coverage for 2016, are represented by Ogletree Financial Services. Transamerica is noted for it’s A+ rating from A.M. Best, it’s industry leading record of customer satisfaction, and it’s “no exam” coverage with available “living benefits” riders for critical illness, chronic illness, terminal illness and disability. Transamerica also offers low face value policies for those looking to cover final expenses.
Also according to this article, Fidelity Life’s hybrid term life insurance product puts this trusted company at the leading edge of “no exam” life insurance coverage. The usual underwriting time is 48 hours or less and “true” life insurance coverage begins as soon as the policy is in force. The “hybrid” means you are initially insured without a medical exam for coverage that is one-third traditional term insurance and two-thirds accidental death only. You then have six months to conduct the traditional underwriting process with a medical exam, and once approved, your entire policy will become traditional term coverage.
Sagicor is singled out as a superior no medical exam insurance carrier for their fast approval times and reasonable rates. The following sample quotes for “no exam” coverage from this highly rated company are based on a 50 year old male with a preferred rate class:
Face Amount 10 Year 15 Year 20 Year
$100,000 $25 $29 $42
$250,000 $49 $64 $85
$400,000 $74 $100 $133
When purchasing life insurance coverage, those with special insurance needs such as coverage without a medical exam should make a point of shopping around to find the company that best suits your particular life insurance needs and personal circumstances. Ogletree Financial Services represents several reputable insurance carriers so it is easy for us to quickly consider several policy options and choose the life insurance plan that is best for you. This is especially important if you need to get a policy into effect quickly and don’t have time for a medical exam or to shop around for the best deal. When you compare rates from several insurers, your savings can be as much as fifty percent or more.
Calculating Your Life Insurance Needs
Before you apply for a no medical exam life insurance plan, it’s important that you determine what your life insurance needs are. If you purchase a plan that is too small, your family could be left with additional expenses and have no money to pay for those bills. When you’re determining what your life insurance needs are, there are several different factors that you should account for to ensure that your family has the money that they need.
The first number that you should look at is your debts and other final expenses. The primary goal of your life insurance plan is to give them the money that they need to pay off those bills. Be sure to add up your mortgage payments, car loans, student loans, and any other bills that your loved ones would be responsible for. It’s important that you give them enough life insurance protection for your family.
Additionally, you should consider if you want to leave any life insurance money to charities or non-profit organizations. There are a lot of applicants that decide they want to leave a part of their life insurance plan to charities to help give back to the community. This is a great way to leave a legacy, but make sure to add that into your life insurance needs when deciding how big of a plan to buy.
Working With An Independent Agent
The best way to ensure that you’re getting the lowest rates for your no medical exam policy is to work with an independent insurance agent. Every company is different, and all of them are going to calculate premiums differently. That means that you could get drastically different rates depending on which company that you get the quote from.
When you work with an independent insurance agent, they can provide you with the best plan to meet your needs. We can help you compare dozens of plans at once, saving you both time and money on your insurance plan. Don’t waste your time calling dozens of different insurance companies, let us do all of that work for you. We can help you find the best kind of life insurance that fits your needs.
You never know what’s going to happen tomorrow, which means that you shouldn’t wait any longer to get the insurance protection that your family deserves. Our insurance agents can make the process as quick and simple as possible. It’s our mission to ensure that you’ve got the plan to meet your needs.
If you have any questions about no medical exam plans, please contact us today. We would be happy to answer those questions and walk you through the application process.
Give us a call at 1-800-712-8519 or use the term quoter on this page to get your free quote.