We have a new contender in the no medical exam life insurance marketplace and we have a feeling they are going to be a huge success!
The company is called Motorists Life and they have recently launched a new no medical exam term life insurance called Real-Time Term.
Key Features of Motorists Real-Time Term Life Insurance
- No medical exam is required to apply
- Application is done online
- Only 12 application questions to apply
- Applicants up to age 70 can apply
- Up to $500,000 of term life insurance coverage is available
- Approval made within minutes of completing the online application
About Motorists Life Insurance Company
Before we get further into discussing Real-Time Term, you may be interested in finding out who exactly Motorists Life Insurance Company is and whether or not they are a good company for your life insurance needs.
Motorists Life, who is actually really known as Motorists Insurance Group, dates back to the start of 1928. Their name comes from golden age of the American automobile era. The name is fitting as the company originally started by issuing auto owners insurance and still does in present day.
Throughout time Motorists Insurance Group has offered other types of insurance coverage such property, commercial, worker’s compensation, umbrella and life insurance all in addition to auto insurance.
Motorists Insurance Group is also a mutual company, which means it’s owned by its policyholders and not Wall Street. This is actually very beneficially to policyholders as it should provide peace of mind knowing that the insurance company has their policyholder’s best interest.
Motorists Life Insurance Company may not be one of the larger named insurance companies, like New York Life or Prudential, but rest assured they are a strong company.
Motorists has been given an A.M. Best rating of A- (Excellent) proving they have a strong financial ability to meet its contract obligations to its customers.
Motorists life insurance coverage as well as their other insurance products are only available in the following states: FL, GA, IL, IN, KY, ME, MN, NE, OH, PA, SC, TN, VA, WV, WI.
Motorists Real-Time Term Life Insurance
- 5- Year Term Length – Ages 16-70
- 10 – Year Term Length – Ages 16-70
- 20 – Year Term Length – Ages 16-65
- 30 – Year Term Length – Ages 16 – 50
Minimum Coverage Amount:
Maximum Coverage Amount:
Yes. This coverage can be converted into permanent life insurance but must be done so prior to the end of the level term contract or before age 70, whichever comes first.
Optional Policy Riders:
Additional Policy Features:
Coverage comes with a free accelerated death benefit rider that can pay out an early benefit due to a qualifying terminal illness.
Motorists Real-Time Term can be renewed annual after the end of the level term contract up to age 95.
Who Should Consider Real-Time Term Life Insurance?
Motorists Real-Time Term is ideal term life insurance coverage for those who live a busy lifestyle, need life insurance coverage and need it fast.
When applying for traditional life insurance coverage, most companies require an exam that consists of scheduling time out of your day to meet with an examiner, answer medical questions and go through a blood are urine test.
Given the option to bypass all off this and actually be approved in a total of 20 minutes from start to finish is truly amazing and a real game changer in the way you apply for life insurance coverage.
This is especially ideal for families with young children that are consistently running around. They know they need life insurance coverage but often cannot find the time to sit and talk with an agent and go through the entire application process.
Since the application is all done electronically online you don’t even need to speak with an agent unless you choose to. Applying for life insurance in the comfort of your home has never been as easy as it is until now.
Motorists Real-Time Term Life Insurance Pre-qualification & Underwriting
Unfortunately not all applicants will be eligible for Motorists Real-Time Term. Before applying for coverage there are a few pre-qualification questions, also know as knockout questions that will determine if an application can be submitted.
If you answer yes to any of the following you will not be able to apply for a Motorists Real-Time Term policy.
- Has the proposed insured been rated or denied with Motorists Life or another carrier?
- Has the proposed insured ever been diagnosed of treated for Crohn’s Disease, Hepatitis C, Cirrhosis, COPD, ALS, Multiple Sclerosis, or Muscular Dystrophy, Cerebral Palsy or Parkinson’s Disease, AIDS, AIDS-related Complex (ARC), or HIV or Cancer?
- Within the last 10 years, has the proposed insured used or received treatment for, or been hospitalized for the use of illegal drugs or alcohol?
- Within the last seven years, has the proposed insured had a heart attack or stroke, diabetes or cancer?
- Within the last five years has the proposed insured been convicted of DWI, DUI or OUI?
If you answered NO to the above questions you are eligible to apply!
If you’re eligible to apply for Motorists Real-Term life insurance, may be wondering how the company determines your eligibility.
All life insurance companies use powerful underwriting tools to determine an applicant’s eligibility. These tools are able to help the underwriter verify your application answers as well as to see if there was anything that may have been left out of the application.
These tools are generally able to provide information about any criminal history, Motor Vehicle Reports (MVR), prescribed medications (Rx), bankruptcies as well information contained in your Medical Information Bureau (MIB).
Motorists Real-Time Term underwriting is based on a sophisticated algorithm that uses a wide range of variables, including, but not limited to, Rx, MIB and MVR checks to help cross-reference answers to the application questions.
As soon as an electronic application is submitted for underwriting these variables are checked within minutes to provide a response for coverage.
It should be noted that 10% of the cases submitted for underwriting may require additional information from the applicant to complete underwriting.
It should also be noted that 80-85% of all applicants will receive coverage with immediate approval.
Application Results & What to Expect Next
As we have mentioned, Real-Time Term is designed to provide an immediate decision to whether or not you have been approved for life insurance coverage.
After an application has been submitted you will receive an online response with minutes. These results will be one of four responses.
- Accepted – Coverage has been approved at the best rate. (76% of approved applicants qualify for the best rating)
- Accepted other than applied – Coverage is approved but at a rate other than applied for.
- Application is in process – Application has been referred to an underwriter for further review. May need additional information.
- Declined – Not eligible for Real-Time Term coverage.
If for some reason your policy was declined there is no need to worry. We will work with you to find you another affordable option as we work with dozens of top rated life insurance companies. This does not mean you are necessarily declined with everyone else.
If your application has been approved you will be provided with the final price as well as a policy number.
Motorists Life Insurance Company allows for several payment options such as monthly, quarterly, semi-annually and annually. They even allow for re-occurring credit card payments. However, the initial payment must be done through bank draft.
If you choose to accept the life insurance coverage your physical policy will be mailed to you within 5-10 business days.
Is Motorist Real-Time Term the Best No Exam Life Insurance Option?
One of the greatest benefits to working with an independent life insurance agency like Top Quote Life Insurance is having options.
As an independent life insurance agency we are able to offer you with multiple life insurance options from several life insurance companies. By having this ability it allows for us to shop your life insurance to get you the best rate.
Motorists Real-Time Term no medical exam coverage is a competitively priced coverage option but they may not always be the cheapest option or even the best option based on your health or life insurance needs.
What we can tell you is that they offer a very good no medical exam life insurance option as well as a very fast and practically hassle free way to applying and getting life insurance coverage.
We do encourage our customers to contact us for assistance on helping you with your life insurance needs, as doing on your own can be difficult. However, if Motorists Real-Time Term makes sense based on your life insurance needs then we not only recommend them but we can offer them to you as well.
How do you get a quote or apply for Motorists Real-Time Term Life Insurance?
Motorists Real-Time no medical exam life insurance can be quoted as well as applied for right here on Top Quote Life Insurance.
If you are using a desktop computer, located to the right of your monitor is a special instant quoter that quotes only Motorists Real-Time Term.
For mobile users, simply scroll to the bottom of your screen where you will find the quoter.
Applying is just as simple. Once you have located your desired coverage length and coverage amount go ahead and click the apply button to begin the application process.
If all goes as planned you should have valuable life insurance coverage within minutes of applying.
As always please be sure to reach out to us for assistance.