An important consideration when selecting life insurance products is the
company you buy from. Most life insurance companies will sell you up to
$10,000,000 coverage, some carriers go even higher.
The application can be completed online, a medical exam is required for larger amounts.
Also available online are non medical life insurance products. You are not required to subject yourself to a physical exam but the medical questions need to be answered.
After the application is submitted, whether you do a physical or not, the life insurance company checks your history with the Medical Information Bureau, MIB. They also get a Pharmacy Report to see if you are on any prescription medication.
Banner Life, Protective Life and the Prudential usually require a physical. Banner life now offers term life insurance on a non medical basis. If you cooperate with the underwriters from these companies you possibly will get your policy issued pretty quickly, a few weeks.
The companies that require no physical will come to a decision more quickly, sometimes within 48 hours. Most carriers that offer non medical life insurance offer between $350,000 and $500,000 coverage.
There is one, however, that issues policies up to $1,000,000 if the applicant is in extremely good health. This company is The Principal. The applicant must be between age 18 and age 60.
The application is completed over the phone.
Lincoln Financial and Sagicor Life Insurance Company now offer up to $500,000 on a non medical basis, Assurity and National Life offer up to $350,000
The Principal Introduces a Faster, Simpler Way to Life Insurance For Healthy Applicants.
A new program cuts the approval process for life insurance dramatically to 48 hours or less.
A new program from the Principal Financial Group® cuts the approval process for life insurance dramatically to 48 hours or less. Principal Accelerated Underwriting program expedites the industry average of 30-days to process by eliminating the need for paramedical exams or lab testing for qualifying individuals.
“Our studies found almost 50 percent of eligible individuals tend to have a high number of favorable health factors so the need for lengthy exams and blood work are simply not necessary,” said Neal Halder, assistant vice president and chief underwriter of individual life insurance for The Principal®. “This faster turnaround vastly improves the individual’s experience.”
Through the Principal Accelerated Underwriting program, information is gathered through traditional underwriting sources including an application and a check of MIB, motor vehicle reports and prescription records. The industry leading Principal TeleApp is completed through a brief telephone interview between a TeleApp interviewer and the applicant to collect the applicant’s personal history. For qualifying individuals their application can be approved within 48 hours or less with a Super Preferred or Preferred rating. Eligible applicants include individuals aged 18-60 applying for any retail life insurance products for face amounts up to $1,000,000.
“Advisors want a hassle-free way to fast track applying for and obtaining life insurance for their valued clients,” adds Halder. “This program does just that by ensuring our advisors can offer high-quality insurance protection for the lowest cost.”
No Medical Is Required for these life insurance policies.
Sagicor Life is a highly rated carrier, the parent company is 170
years old. Sagicor Life is rated A-(Excellent) by the A.M. Best
They offer fully underwritten products together with Simplified Issue Term Life, Whole Life and Universal Life policies. No Medical is required for Simplified issue policies.
Platinum Series Level Term Policies for 10 years, 15 years and 20 years are offered between ages 18 and a65. The maximum coverage offered is $500,000.
Platinum Series No Lapse Universal Life is offered between age 18 and age 65 with a maximum face amount of $500,000.
Gold Series Whole Life is offered with a maximum face amount of $249,999 between ages 18 and age 65.
Assurity's no exam life insurance products are as follows:
No medical exam and no blood test are required. The plans are issued between ages 18 and age 65. The amounts you can buy are between $50,000 and $350,000.
The plans offered are 10 year, 15 year, 20 year and 30 year level term. The premiums are level and guaranteed for the initial term periods and increase thereafter every year until age 94.
The policies are convertible up to:
1) One year prior to end of level term period for 10-year plan; or
2) two years prior to end of level term period on 15-, 20- and 30-year plans; or
3) policy anniversary after insured attains age 65.
Attractive riders are also available such as:
1) Disability Waiver of Premium Rider
2) Other Insured Rider
3) Monthly Disability Income Rider
4) Accident Only Disability Income Rider
5) Children’s Term Insurance Rider
6) Return of Premium Rider (available on 20-year and 30-year plans of base policy, Waiver of Premium Rider and ROP Rider only)
7) Critical Illness Rider (see section above)
When we think of affordable life insurance, or affordable anything for that matter, we often, mistakenly, think of a product that would require the least cash outlay.
Many life insurance buyers find the 30 year term insurance policy quite attractive. It fulfills their needs. Who, what kind of buyer, would buy the 30 year term policy.
The 20 year term insurance policy is probably the most loved and most bought term life insurance policy. The reasons for this are pretty obvious. People tend to think 20 years when planning long term.
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