How Great is a Universal Life Insurance No Medical Exam Policy?

We want to let you in a on a secret. One of the best insurance companies in the business is offering a universal life insurance no medical exam policy. Meaning you can get coverage for your entire life without bothering with a medical exam. No hassle. No fuss. No higher rates on renewal of a term policy.

This policy is also known as the No Lapse Universal Life (NLUL) policy. This unique and surprisingly inexpensive life insurance product is available through Sagicor Life Insurance Company.

We’ll explain all the unique product benefits and features for those who need affordable no exam life insurance. Not only does this product come with some very useful coverage options, but it also offers something that no-exam term life insurance products can’t provide – Cash Value Accumulation.

With a NLUL from Sagicor, you can not only provide your family with basic death benefits coverage, you can also build a nest egg for retirement. Another distinct benefit offered by the cash value accumulation portion is that you can also borrow against it. You can use the money for anything you need and don’t have to explain why you want the money.

Let’s take a more in depth look at the all superior product benefits that come with this Universal Life Insurance no medical exam product.

For other types of life insurance without medical exams, give us a call at 858-703-6178. We are here to answer your questions. There is also never any obligation to buy.

Benefits of Sage (Sagicor) No Lapse Universal Life No Exam Policy

sagicor universal life insurance no medical examUnlike a no exam term life insurance policy, you don’t have to worry about replacing or renewing your policy because you have lifetime protection.

NLUL offers a number of benefits and financial planning features through this product. Which include the following:

  • Guaranteed Level Premiums – these premiums will never change through the life of the policy. They are locked in until age 120.
  • Option to Select a Specific Period of time for Level Protection
  • Income and Living Expense Protection for Dependents
  • Funding for Mortgage Payments
  • Provides Added Protection For Adverse Health Conditions as you Age

No Lapse Guarantee Protection

The Sage universal life insurance no medical exam policy comes with built-in lapse protection. Meaning if you miss a payment, you have a grace period to then send in your premiums. This grace period also prevents your policy from lapsing. This policy allows you to select death benefit protection for a specific period. Death benefit options are available for:

• Option A – Level Death Benefits

• Option B – Accumulation Value in addition to the Face Value Amount

The NLUL is ideal for both personal and business use planning.

Accelerated Benefit Insurance Rider Included

Additional coverage is provided through the Accelerated Benefit Insurance rider. This rider is included at no extra cost. In other words, free. It has the ability to advance a portion of the death benefits to the insured due to a terminal or chronic illness.

You can only get up to 25% of the face amount under the accelerated benefits. It also caps out at $400,000. Benefits are subject to an administrative fee and payable as a lump sum.

NLUL Policy Eligibility

The Sage universal life insurance no medical exam is available for individuals who are ages 15 days – 85 years of age. However, the amount of coverage available does depend on your age.

Additional Life Insurance Riders

You can enhance and customize your life insurance coverage with the purchase of a life insurance rider. A rider is purchased separately from your main policy for an additional cost.

The riders which you buy with a Sage NLUL policy include the following:

• Accidental Death Benefit Rider – If you should die as a result of a covered accident, additional death benefits are payable equivalent to the face value of the policy (minimum amount must be $25,000) and will be payable to a maximum of $250,000. Issue ages are for ages 16 – 60 years of age. The rider will terminate at age 70. The cost of this rider is $0.12 cents per $1,000 of coverage.

• Waiver of Monthly Deductions Rider – This rider waives monthly deduction if you should become totally disabled. Disabled is specifically defined by the rider. You will have to provide proof of ongoing total disability to continue to qualify. Issue age is for those 16 – 55 years of age. The rider terminates at age 65.

• Children’s Term Rider – This rider is available for all children from 15 days of age to age 19. It provides life insurance protection to age 25. You can also take advantage of a conversion option to convert your child’s term policy into a permanent one. Coverage can be bought for as much as 5X the amount of the face value of the rider regardless of the current health of the applicant. This is available only for fully underwritten applicants.

Riders may or may not be available in all states or subject to different state provisions.

Sage Universal Life Insurance No Medical Exam (NLUL) Underwriting Process

There are 3 possible underwriting procedures where you can apply for the Sage Universal life insurance no medical exam coverage including:

Simplified Underwriting – No Medical Exam

universal life insurance no medical exam approval

It’s easy and fast to get approved if you use the e-application. Just a few questions and you are good to go.

This no exam life insurance application process is available for anyone between 16 and 65 years of age. Policy limits range from a minimum of $25,000 to a maximum of $400,000. Applicants are only required to complete an e-application which allows for automated underwriting. Alternatively, you can complete a paper application which then requires a brief underwriting interview. However applicants must successfully qualify for one of 5 risk classifications including:

  • Preferred Non-Tobacco
  • Standard Non-Tobacco
  • Rated Non-Tobacco
  • Preferred Tobacco
  • Standard Tobacco

Full Underwriting

A full underwriting process which entails a medical exam will be required for applicants who are 66 – 85 years of age who are also applying for coverage which is $25,000 or greater.

The full underwriting process will be required for all individuals between ages 16 – 85 years of age who are applying for policy face amounts of $400,000 or more. Meaning if you’re 65 or younger, and applying for less than $400,000, you don’t need to go through full underwriting.

Those qualifying must fall within the following risk classifications including:

  • Preferred Non-Tobacco
  • Standard Non-Tobacco
  • Preferred Tobacco
  • Standard Tobacco
  • Substandard rating up to Table 8

Juvenile Issue Underwriting

Issue age is available for 15 days of age to age 15 for face amount coverage of $25,000 – $99,000. Juveniles do not need to take an exam for this policy.

Guaranteed Interest Rate and Surrender Charges

The Sage universal life insurance no medical exam policy also offers a minimum guaranteed interest rate on the cash value accumulation portion of 2.5% which is guaranteed payable over the life of the policy.

Surrender charges will apply if the policy is surrendered within the first 20 years of the policy being in force.

universal life insurance no medical exam policy loansSage NLUL Policy Loans

You also have the added advantage of being able to borrow against the policy as soon as it has attained a cash value amount. Loan interest is 6% for loans in arrears. Preferred loans are available for policies which have been in force for 10 years or more.

One partial withdrawal is also available after the first policy year, and every year thereafter. A service charge of $25.00 will apply. The minimal partial withdrawal must also be at least $500 including the service charge.

How to Learn More about the Sagicor Universal Life Insurance No Medical Exam Policy

If you have any questions about whether this would be right for your family or not, give us a call at Abrams Insurance Solutions. We can see if a universal life insurance no exam policy available through Sagicor Life Insurance Company is a good fit for your situation.

We can also provide information on other types of no-exam life insurance policies. Because as independent agents, we have access to over 70 of the top rated life insurers in the industry. If you are looking for a life insurance without medical exam that has a higher benefit, look into these $500,000 term life no medical policies.

Call us today at 858-703-6178 to learn more about universal life insurance no exam policies. We are here to answer questions and can give you pricing ideas with no obligation.