Did you know that you can buy a whole life insurance no medical exam life policy at very affordable rates?
If you are between ages 15 to 65 years of age you might want to consider Sagicor’s simplified issue policy which does not require a medical exam. If you are in mostly good health, it’s simple to get a policy for $25,000 – $250,000 without having to take a medical exam. Unlike most simplified issue policies, they don’t charge an arm and a leg.
We’ll explain the benefits of having a Whole life policy, the simplified issue process, and what that means for your whole life insurance no medical exam approval.
What is the Sage Whole Life Insurance No Medical Exam Policy?
Although many sites offer term no exam life insurance, there are many people who would benefit more from a whole life insurance policy.
Keep in mind that a term no exam policy is only good for the term you buy. Although you might think a 20 year term is sufficient, the coverage period could leave you in a bind when it expires.
You will have to reapply if you need longer coverage. A major problem could occur if your health deteriorated since you last applied for insurance. A new policy could end up being too expensive. You may also develop health issues which could cause an insurance company to decline you for a new policy.
With a whole life insurance no exam policy, you will never have to worry about leaving your family unprotected. A whole life insurance policy is a form of permanent life insurance which means that will have coverage for your entire lifetime.
Unlike term life insurance which offers death benefits only, there is another major advantage in owning a whole life insurance policy. Not only does a whole policy provide death benefits, but it also provides a cash value accumulation feature which grows through the life of the policy.
Other Perks of a Whole Life Insurance No Medical Exam Policy
The cash value accumulation feature can provide a tax free supplement income for your retirement and added income for your beneficiaries. It also has the extra benefit of allowing you to borrow against the cash value when you need extra cash. You can borrow the money and can do so without having to provide any reason why you want the money.
Another advantage of the Sagicor whole life insurance no exam policy includes the fact that your premiums are fixed for the life of the policy.
You can use your whole life insurance no exam policy for life insurance for the following scenarios including:
- Spouse, Children and Grandchildren
- Special Needs Adult, Elderly Parent
- Business Partner and/or Key Employee
- Use as part of Estate Planning/Funeral Expenses
Looking into whether a term or permanent policy is best for your family? There are also high limit, no exam term policies.
Sagicor Whole Life Insurance No Exam Underwriting
How do qualify for the Sage whole life insurance no exam policy?
Easy. You take advantage the “Simplified Underwriting Process.” To qualify you must be between 16 and 65 years of age. The no exam process is for policies from $25,000 – $250,000 in coverage.
You must also qualify for the following risk classifications including:
- Preferred Non-Tobacco
- Standard Non-Tobacco
- Rated Non-Tobacco
- Preferred Tobacco
- Standard Tobacco
How do apply for these policies? You would want to give us a call here at Abrams Insurance Solutions at 858-703-6178 and we will walk you through the entire application process which is very easy and quick. We can guide you through the e-application. Which often means approval within minutes.
Sagicor does not require a telephone interview or medical exam.
Situations Requiring a Medical Exam
Not everyone will qualify for the simplified no-exam underwriting process. The following situation will require that you take a medical exam including:
- Applicants who are 66 – 85 years of age and applying for policies with a face coverage from $25,000 – $250,000
Life Insurance Riders Available
You also have the added benefit of enhancing your whole life insurance no exam policy with an insurance rider. An insurance rider is a separate form of coverage which you can select to provide additional coverage for a separate premium.
Before we talk about the riders you can select, there is one rider which is already built into the whole life no exam policy – and for no extra cost.
It is called the “Accelerated Benefit Insurance Rider.” What does it do? This rider will advance a portion of the death benefits because of a terminal medical condition. The maximum death benefit available is the lesser of the face amount of the policy less $5,000 or $250,000. You would receive this amount as a tax free lump sum. This advance can be used in any manner you choose such as covering medical costs above and beyond your health insurance.
What other riders are available? For an additional premium, these riders can be purchased for pennies per $1,000 dollars of coverage. Your choices to customize your policy include:
• Accidental Death Benefit Rider – This rider will provide additional death benefits should you die because of a covered accident specified in the policy. This additional death benefit can be as high as the face amount of the policy but cannot exceed $250,000. The minimum amount you can buy would be the minimum amount which is $25,000.
• Waiver of Premium Rider – By selecting this rider, you will be able to waive your premiums should you become totally disabled. And, if your total disability ends, then you can continue to pay your premiums and keep your policy in force.
The above 2 riders are not available in every state and state variations may be applicable.
Whole Life Insurance No Exam Loans
You can also borrow against the whole life policy if you need immediate cash. The loan will have to be equivalent to the existing cash value of the policy. Any existing loans taken previous in addition to owed interest would also be deducted. An interest rate of 5.66% will be accessed to any outstanding loan.
How to Apply for the Whole Life Insurance No Exam Policy
Before you buy any life insurance policy, it’s important to shop around for the best rates. Using the services of an independent life insurance agent such the ones here at Abrams Insurance Solutions means you can make one stop to shop over 70 companies. We serve your needs and not those of the life insurance company. Meaning if we don’t think the company you applied with is treating you fairly, we will shop the market for you until we find someone better.
Our independent agents can access over 70 of the best rated life insurers in America. Every person, business, and family needs their own unique life insurance plan. We can help you find what you need and save you both time and money in the process.
If you would like to learn more about Sagicor’s Whole Life Insurance No Exam policy then call us today at 858-703-6178 at Abrams Insurance Solutions because we can help.