Looking for a simple and affordable term life insurance policy that doesn’t require you to take a medical exam? How about up to $500,000 of term life insurance with absolutely no need of a physical exam? If so, we would like to introduce you to accelerated no medical exam term life insurance.
Do you meet one or more of the following criteria?
- Interested in term life insurance?
- Are you between the ages of 18-60?
- Looking to pass on the paramedical exam?
- Want an easy application process?
- Need coverage in a hurry?
- Have no serious health conditions?
- Require coverage in the amount of $100,000 to $500,000?
If you answered yes to any one of these questions, then let’s continue on as we think we may have found your next term life insurance policy.
Changes in Life Insurance…Say Hello to Accelerated No Medical Exam Underwriting
Life insurance coverage is constantly changing. In many cases it’s become more than just a policy that pays out money if you die. In addition to death benefit protection, some life insurance policies can now provide features such as living benefits that can payout money from the death benefit if you come down with a severe illness. There is even other great coverage options such as return of premium life insurance, which will refund every single dollar spent on the life insurance when it comes to an end.
Another way life insurance has changed throughout the years is the way you can apply for coverage. The traditional method of applying for life insurance would require you to go through a medical exam.
The medical exam, which is provided by the life insurance company being applied with, will consist of a series of general health questions. Most of the time it will also require a blood sample, urine sample, blood pressure readings and height and weight check. This information is one of the main tools to help assist the underwriter in underwriting your life insurance coverage.
Although the medical exam is still a traditional method of applying for life insurance coverage with many life insurance companies, it has also been eliminated with a select few companies through no medical exam underwriting or accelerated underwriting.
Simple Application & Underwriting Process = Faster Approval Times
So, you may be wondering how a life insurance company can underwrite someone applying for life insurance coverage if there is no requirement to take a medical exam, right?
The answer: Well, through accelerated no medical exam underwriting of course!
With the exception of the actual blood and urine test of an exam, everything else is not really needed. You see, when you apply for a no exam term life insurance policy, the insurance company uses services that provide information on you to help them underwrite.
But before we get into to these underwriting services let’s discuss the application process first as it’s the first step of the applying process.
When applying for accelerated no medical exam term life insurance you can forget about having to fill out a paper application. The entire application can be done over the telephone and takes 20-30 minute to complete. This process is also known as a tele-app. The telephone application or tele-app is broken down into two parts.
Telephone Application Part 1 & 2
Part 1: Part one is the basic application questions not related to your health. These questions would include your contact information, employment details as well as beneficiary designations.
NOTE: A paper application may be completed for part one if preferred. However, part two is still required to be completed by telephone.
Part 2: Part two of the telephone application consists of questions pertaining to your overall health and medical history. These questions will include doctor information, hospital visits, medications and illnesses or symptoms among other questions pertaining to your health history.
NOTE: The entire telephone application can be completed in less than 24 hours. There is no need to print or even sign an application as it’s all done electronically.
After the telephone application has been complete the next part of the process is for the application to be assigned to an underwriter. The underwriter will review the information from the telephone application as well as run checks as mentioned earlier to verify that the information on the application matches up to what’s on your background checks.
Underwriting Background Checks
MIB: The Medical Information Bureau or MIB for short provides the insurance company with insight on any past insurance applications that required underwriting. For example, let’s say you applied with another life insurance company and the outcome of that application was a decline and you didn’t admit it on the current application; the insurance company will be able to see it in the MIB database and ask for details.
The MIB allows for U.S. consumers to request a free copy of their MIB report if one exists. Request a copy of your record by visiting MIB.com
Prescription Check: This database provides a detailed history of any prescribed medications. The reports will show both prescribed dates as well as dates of any renewals of prescribed medications. This information is used to verify the medications listed in the Part 2 of the telephone application.
There are few large reporting agencies used by insurance companies to verify prescriptions checks. Applicants can often obtain a copy of their prescription check after they have applied for coverage. Milliman, a top-reporting agency used by many insurance companies provides information on how you can request a report.
Motor Vehicle Check: The MVR provides the insurance company with detailed information pertaining to your driving history. This report will include information on any suspensions, traffic violations, DUI convictions as well as verification tool of personal information.
A copy of your MVR can be obtained by visiting DMV.org
Attending Physician Statement: Some medical conditions such as diabetes, obesity or a history of cancer may require the need of an APS also known as medical records. Since this is accelerated no medical exam underwriting, the insurance company try’s to avoid this by getting as much information about your medical history in the Part 2 of the telephone application.
NOTE: Not all applications will require medical records.
Life insurance companies utilizing the use of accelerated underwriting can significantly cut down the entire application process resulting in faster approval times. In many cases approval times can be made in less than a week.
6 Reasons to Apply for Accelerated No Medical Exam Term Life Insurance
Ages 18-60 Can Apply Without an Exam
Term life insurance is the most popular type of life insurance coverage available. The reason for this is due to its affordability for the amount of protection you can purchase compared to the other types of coverage.
With accelerated no medical exam term life insurance; both the young and old can purchase this coverage. If qualified, policies will be issued for anyone that is between the ages 18-60.
Preferred Rates Available
This is probably one of the greatest features available with accelerate no medical exam term life insurance. If you qualify, you can be approved at Preferred rates without a medical exam. Most no exam life insurance policies were Standard rates at best.
*Preferred rates are cheaper than standard rates.
$500,000 of Term Life Insurance without Medical Exam
This term life insurance coverage has one of the highest available death benefits available for not requiring a medical exam. Coverage is available from a minimum of $100,000 up to a maximum of $500,000.
*If you need more than $500,000 of death benefit coverage, we recommend applying with more than one company that offers no exam life insurance.
Several Available No Physical Required Term Life Insurance Lengths
- 10-Year Term Length: Ages 18-60
- 15-Year Term Length: Ages 18-60
- 20-Year Term Length: Ages 18-60
- 25-Year Term Length: Ages 18-55
- 30-Year Term Length: Ages 18-50
*Rates guaranteed to remain the same throughout the term length. After term length expires coverage will turn into an annual renewable term.
Easy Application Process
Are you a busy person or simply like things to be quick and easy? If so, this coverage is meant for you. The entire application process is done over the phone. No paper applications, no printing, having to sign, scan or fax anything back.
Everything is done over the phone and signed by either voice signature or electronically through email. Super simple and super efficient.
Faster Approval Times
Need fast life insurance coverage? Accelerated underwriting has shown to have approval times within 24-72 hours of the application being received by the underwriter.
*An electronic copy of the policy will be emailed as well as a hardcopy mailed.
Accelerated No Medical Exam Term Life Insurance Quote
Is there any reason to take a medical exam when applying for term life insurance? With accelerated no medical exam term life insurance it’s hard to make a case as to why you would want to.
Coverage is priced competitively compared to those that do require you to take a medical exam. However, this coverage is not for everyone, as taking an exam can result in cheaper life insurance premiums.
Accelerated No Medical Exam Term Life Insurance Rates
Below are real monthly sample rates as of 05/09/2017 for a healthy male and female non-smoker interested in a 10 year term life insurance policy.
*Smoker rates are available by using the online quoter.