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$500,000 Life Insurance No Medical Exam (Tips and Tricks)

A half million dollar life insurance no medical exam policy is easy to get. Especially when you know where to look.

There are only a handful of life insurance companies which offer no exam life insurance policies. The main problem with many of these companies is that they have a limited benefit ceiling. Which means the maximum amount available to you is pretty low.

Most of the companies which sell no medical life insurance only offer $250,000 or less.

For many Americans, these limited coverage amounts are simply too low to provide adequate coverage for their family. Which means many families would end up severely under-insured.

Here are Abrams Insurance Solutions we have access to over 70 life insurers. Read on to discover 3 life insurance companies which can provide you with $500,000 life insurance no medical exam policies. We can even match you up with the only life insurance company which offers $1,000,000 for a no exam policy.

Before we cover the 3 best companies for a $500,000 life insurance no medical exam policy, let’s briefly review what no exam life insurance means for you.

Overview of No Exam Life Insurance

life insurance no medical exam 500000

A half million is nothing to sneeze at. A half million without the hassle of a medical exam is a good deal.

Many Americans are simply too busy to bother with a medical exam. It’s can be a hassle and time consuming.

No exam life insurance used to be fairly expensive when it was first introduced. Since then, a growing number of companies began offering no exam policies. Competition has significantly reduced the cost for what you pay.

Different companies have different age, health and face amount requirements. In most instances, you will have to answer a brief questionnaire. Keep in mind that all insurers will also check some databases such as the Medical Information Board, the Prescription Rx database, and your state DMV.

Although many companies are advertising these policies in the media, be careful before jumping onto any bandwagon. Especially with life insurance. Because there are as many as 6 different forms of no exam life insurance.

Types of Life Insurance No Medical Exam Policies

Some of these are called Guaranteed Issue or Simplified Issue. They work better for elderly people and people with major medical concerns. They offer very low face amounts and can be fairly expensive.

Also, a number of these no exam policies are for permanent policies which also tend to be more expensive. Whole life and Universal life are two common types of permanent policies.

The good news is that there are other very low cost no medical term life insurance solutions. These policies are affordable for just about everyone. They are even comparable in cost when compared to term policies which do require a medical exam. But again, the price difference you might pay from company to company can vary dramatically.

This is why the life insurance pros at Abrams Insurance Solutions always recommend talking to an independent life insurance agent. Independent agents can perform your comparison shopping for you which can save you both time and money when looking for no exam life insurance. Most of which charge an arm and a leg, plus a kidney, for the convenience.

money saving life insurance tipLife Insurance Tip: If you need more than $500,000 life insurance no medical exam coverage, you can opt for additional policies from another life insurer. This way you’re covered by multiple no exam policies. The industry calls this layering and makes life insurance easier to customize for your family.

3 Best $500,000 No Exam Life Insurance Policies

These three life insurance companies offering $500,000 life insurance without medical exams have solid policies. You can buy these and not spend another moment worrying about it. Another unsung perk of all three of these companies is that their life insurance riders can greatly enhance an already strong policy. We will list them in our order of preference and describe what they have to offer.

Keep in mind that these policies have certain restrictions before you will be able to qualify. Don’t worry. The restrictions are not majorly exclusive. Most people will qualify.

After we provide some detailed information about their coverage, we will also provide some quote examples so you can compare the cost you would pay for a $500,000 life insurance no medical exam policy.

The companies with 3 best $500,000 life insurance no medical exam policies are the following:

SBLI

Sagicor

Phoenix

1. SBLI $500,000 No Exam Life Insurance

SBLI life insurance no medical exam

SBLI is without a doubt one of our top “go-to” life insurers when it comes to low cost no exam life insurance. Their rates are so low they are just a fraction more expensive than what you would pay for an equivalent term policy which does require a medical exam.

SBLI calls their flagship no medical exam life insurance policy “Guaranteed Level Premium Term.” This is term life insurance which means it offers death benefits only.

SBLI Term Lengths – SBLI offers a variety of terms so you can opt for a 10, 15, 20, 25 or even a 30 year term. To qualify for the no exam accelerated underwriting process you should be aware there is an age limitation which applies.

Age Requirement for SBLI No Exam – You must be 18 to 60 years of age to be eligible.

SBLI will consider all risk classes and table ratings.

Policy Face Amounts – The minimum and maximum policy face amount for this term policy is $100,000 – $500,000.

SBLI Life Insurance Riders

There are 4 life insurance riders which you can consider. These include:

  • Accelerated Death Benefit Rider – This rider will allow you to access a portion of the death benefit should you be diagnosed with a terminal illness.
  • Children’s Level Term Rider – You can cover all eligible children with an additional coverage up to $25,000 life insurance protection.
  • Waiver of Premium Rider – Should you become totally disabled, this rider will provide a continuation of your premiums.
  • Accidental Death Benefit Rider – Provides an additional payout up to $250,000 if death occurs from an accident.

Another benefit of this policy is the Conversion Feature:

  • Conversion Feature – You also have the option of converting your term policy to either a Whole Life or Universal Life policy at any point or at the attained age of 70 or the end of the level term policy.

2. Sagicor $500,000 No Exam Life Insurancesagicor life insurance no medical exam

Sagicor also offers a very low cost $500,000 life insurance no medical exam term policy. Here are some of the main features of what they offer and how you can qualify. Their no medical exam term life insurance policy is known as “Sage Term.”

Sagicor Term Lengths – Sagicor offers choices for 10, 15, and 20 year terms.

Age Requirement for Sagicor No Exam – You must be 18 to 65 years of age to be eligible.

Policy Face Amounts – The minimum and maximum policy face amount for this term policy is $50,000 – $500,000.

Conversion Feature – You also have the option of converting your term policy to a Permanent Life policy at age of 70 or the end of the level term policy.

Sagicor Life Insurance Riders

There are 3 life insurance riders which you can consider for an extra premium. These include:

  • Accelerated Benefit Insurance Rider(Included with policy) This rider will allow you to access a portion of the death benefit should be diagnosed with a terminal illness or become confined to a nursing home. The benefit which you can access is the lesser of 50% of the death benefit amount or $300,000.
  • Accidental Death Benefit Rider – Provides coverage should you die as a result of a covered accident as defined in the policy where your beneficiaries will receive an additional death benefit.
  • Waiver of Premium Rider – If you become totally disabled, this rider will provide a continuation of your premiums. When you recover, you can resume paying premiums.
  • Conversion Feature – You also have the option of converting your term policy to either a Whole Life or Universal Life policy at any point or at the attained age of 70 or the end of the level term policy.

3. Phoenix $500,000 No Exam Life Insurance

phoenix life insurance no medical exam

Phoenix also offers a $500,000 life insurance no medical exam term policy, but they tend to be a bit more expensive.

However, they have several advantages over the other 2 life insurers above. Their first main advantage is that they will cover a much greater range of health issues. Phoenix also offers a total of 4 very exceptional life insurance riders which are included in the policy and an additional rider for an extra premium.

Additionally, they are more liberal when it comes to the age you can apply. Their no medical exam term life insurance policy is known as “Phoenix Life Safe Harbor Term.”

Phoenix Term Lengths – Phoenix offers choices for 10, 15, 20 and also a 30 year term.

Policy Face Amounts – The minimum and maximum policy face amount for this term policy is $25,000 – $500,000. Availability and eligibility described below:

Term Periods and Issue Ages (last birthday)

  • 10 year term – Ages 18 – 80
  • 15 year term – Ages 18 – 70
  • 20 year term – Ages 18 – 65
  • 30 year term – Ages 18 – 55 (non-tobacco)
  • 30 year term – Ages 18 – 50 (tobacco)

Face Amounts by Age

  • Ages 18 – 50 ($25,000 – $500,000)
  • Ages 51 – 60 ($25,000 – $400,000)
  • Ages 61 – 70 ($25,000 – $300,000)
  • Ages 71 – 80 (25,000 – $150,000)

Phoenix Life Insurance Riders

These Phoenix life insurance riders are included in the policy. They allow you to access a portion of your death benefits to cover the following scenarios:

  • Chronic Illness – Chronic illness means that cannot perform 2 out of 6 activities of daily living (eating, bathing, dressing, toileting, transferring/walking, continence) or that you have incurred a severe cognitive function.
  • Critical Illness – Should you incur a serious medical condition such as a heart attack or debilitating stroke, ALS, cancer, or kidney failure. This also includes the need for a major organ transplant.
  • Terminal Illness – Means that you have been diagnosed with a terminal medical condition and have 12 months or less to live.
  • Unemployment – Should you become unemployed then your premiums will be waived for a specified period of time.
  • Accidental Death Benefit Rider(Comes with an Additional Premium) This rider will pay an additional lump sum to your named beneficiaries if you die under a covered accident.

Sample Quotes for $500,000 Life Insurance No Medical Exam

If you are wondering how much you pay for a $500,000 life insurance no medical exam, then check out the sample quotes provided below for these top 3 no exam life insurers.

Our sample quotes are for a 20 year term $500,000 “Non-Smoking – Preferred Plus” policy.

Age Company Monthly Annual
25 SBLI $21.00 $240.00
Sagicor $41.00 $450.00
Phoenix $72.00 $837.00

 

Age Company Monthly Annual
35 SBLI $26.00 $298.00
Sagicor $53.00 $585.00
Phoenix $88.00 $1017.00

 

Find $500,000 No-Medical Exam Life Insurance Policies Today

Our independent life insurance agents here at Abrams Insurance Solutions will access dozens of life insurance companies for you and find the right no medical life insurance for the needs of your family. And, if you decide that you prefer a policy with a medical exam then our agents will also find you the most affordable policy.

Call us if you have any questions about life insurance without a health exam (No Exam Life Insurance) at (888) 905 – 0333. You can also see instant no exam life insurance quotes by using the Instants Quotes tool on this page.

About Chris Abrams

Chris and his team work with clients across the country to help them navigate the insurance and financial world. His mission is to help people and businesses have the protection they need at the lowest possible price. He works on behalf of his clients and not the insurance companies. When not researching the latest financial and insurance topics, Chris can be found spending time with his family, traveling, cooking or running on the beach.

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