Whole life no exam insurance is an easy way to get the most popular style of life insurance policy in the country. At the same time, you get to skip the medical exam. You may still need to answer some medical questions on the application, but you’ll skip all the needles.
Use the links below to skip to any section.
- Perks of a whole life no exam policy
- Situations requiring a medical exam
- Whole life no exam loans
- Cost comparison
- Guaranteed Issue life insurance
- How to apply
- How Abrams Insurance Solutions can help
Perks of a Whole Life No Exam Policy
Most people purchasing life insurance chose whole life policies. There’s something about paying premiums on a term policy, which later expires, leaving a bad taste. Although many term policies now come with conversion options if you decide to keep coverage.
The biggest advantage to no exam whole life is that there is no medical exam. Too busy? No problem. Hate needles? You’re covered.
You should know that there are still medical questions on the application. The carrier reserves the right to request a medical exam if something on the application triggers a red flag in their underwriting process.
Skipping the exam also speeds up the underwriting process.
Your application doesn’t sit in limbo while the insurer contacts the paramedical exam company to schedule a time with you. Typically there is a 2-week wait for appointments when you schedule it.
Then the insurer waits for the paramed company to send over the results.
Not everyone is in a hurry to get their life insurance, but skipping the exam can expedite the waiting time. That’s why you see insurance companies call their no exam policies things like “accelerated underwriting” or “expedited underwriting.”
Looking into whether a term or permanent policy is best for your family? There are also high limit, no exam term policies.
Situations Requiring a Medical Exam
Not everyone will qualify for the no exam process. Insurance companies put restrictions in place to limit their risk.
If any of the following apply to you, there is a slim chance of finding a company who will allow you to apply for a no exam policy:
- Over $250,000 in benefits
- Over age 55 (sometimes 50, depending on the insurer)
- Pre-existing medical conditions
There are a few exceptions to the above, so skip down to our two favorite no exam policies or the guaranteed issue section.
Whole Life No Exam Loans
You can also borrow against your whole life policy if you need immediate cash.
Insurance companies don’t ask any questions about the loan. You can use it for anything from medical debts to Caribbean cruises.
The loan has to be equal to or less than the cash value of the policy. (Be careful about borrowing the maximum amount, because owing more than the policy is worth can sometimes trigger policy lapses.)
Interest rates a life insurance loan usually ranges between 4% and 6%. You can have more than one loan out at a time, but the loan amount plus interest cannot exceed your cash value.
Sagicor No Exam Policy
To take advantage of Sagicor’s simplified underwriting process, you must be between 16 and 65. Your policy’s benefit should be between $25,000 and $250,000.
This is one of the largest available age ranges in the no exam arena.
You must qualify for one of the following risk classifications to skip the exam:
- Preferred Non-Tobacco
- Standard Non-Tobacco
- Rated Non-Tobacco
- Preferred Tobacco
- Standard Tobacco
You can complete the entire application process online or call us for a telephone application at 858-703-6178.
Approval often happens within minutes. Plus, Sagicor does not require a telephone interview.
Sagicor includes one built-in rider to their whole life policy at no extra cost.
The accelerated benefit insurance rider will advance a portion of the death benefits because of a terminal medical condition. The maximum death benefit which can be accelerated is the face amount of the policy less $5,000 or $250,000 – whichever is less.
You receive this as a tax-free lump sum. You can use the advance in any manner you choose.
What about other riders? You can customize your policy with the two following riders for a few extra pennies per $1,000 of coverage.
Accidental Death Benefit Rider – This rider will provide additional death benefits should you pass away because of a covered accident specified in the policy. This additional death benefit can be as high as the policy’s face amount, but cannot exceed $250,000. The minimum amount you can add is $25,000.
Wavier of Premium Rider – You will be able to waive your premiums should you become totally disabled. Plus, if your total disability ends, you can continue to pay your premiums and keep your policy in force.
You should know that the two riders above are not available in every state. Some states also have restrictions on riders, so the above may be slightly modified.
Foresters No Exam Policy
Foresters Financial offers a product called Advantage Plus Whole Life – No Med.
Their benefits range from $25,000 to $250,000. However, the max drops to $150,000 after age 60.
The unique part of this no exam policy is they offer a 20-pay option. You make 20 payments. Then you’re set and never have to worry about it again. Of course, you can also pay the traditional way – incrementally until age 100. The policy matures if you reach age 121.
Whereas Sagicor offers a preferred as their best rate class, for Foresters, standard is the best you can get. This often works to the advantage of people who aren’t in perfect health.
Their cash value dividend also has some unique features. You can leave it in your cash value to accumulate interest, use it to buy more insurance, or pay part of your premiums. Your choice.
Finally, Foresters offers a Charity Benefit Provision. Whenever they pay a claim, they pay an extra 1% (up to $100,000) to a charity of your choice. This way, you can still feel good about leaving a charitable donation behind too.
Foresters has a few riders built-in:
Family Health Benefit – an extra benefit paid to cover some family medical expenses resulting from natural disasters like earthquakes, hurricanes, or tornadoes. There is some fine print here, so read it carefully.
Common Carrier Accidental Death – adds an extra benefit if the insured person passes on resulting from an accident as a fare-paying passenger on transportation, like a bus.
Accelerated Death Benefit – You can access your benefits early if you’re diagnosed with a specified critical illness, chronic illness, or terminal illness. These vary widely by state.
There are also a few extra riders you can add to customize your policy.
Children’s Term – adds a term policy for your child. Your child can convert this into a permanent policy with no need to provide evidence of insurability when they turn 18.
Waiver of Premium – If you become totally disabled and cannot work for at least 6 months, you can waive your premiums until you recover.
Accidental Death – adds extra benefit if the insured passes resulting from an accident.
We ran comparison quotes for a variety of benefits. These reflect people in great health, but remember that Foresters assigns everyone to a Standard health class in their no exam policy. Sagicor offers the best health classes, and by extention, the potential for lower rates.
Guaranteed Issue Life Insurance
There is another type of life insurance that skips the medical exam. Many policies don’t even ask medical questions.
Guaranteed issue life insurance offers life insurance to people who may not otherwise qualify for coverage.
The main differences between guaranteed issue and traditional no-med policies are the following:
- Guaranteed issue has lower benefits – usually around 25,000 max
- Guaranteed issue has graded benefits, so you don’t see the full face amount if the insured passes within the first two or three years
- Guaranteed issue has much higher premiums
How to Apply
Before you apply for any life insurance policy, it’s essential to shop around for the best rates. Using an independent life insurance agent’s services such as the ones here at Abrams Insurance Solutions can ensure that you’re not spending a penny more than necessary.
You can use the Instant Quotes tool on this page to see what your rates might be. An agent can help you navigate any uncertainty about past medical issues and answer questions about what policy type offers the biggest advantage to your family.
No exam life insurance policies are fast.. You fill out the personal information and medical questions. Then the carrier reviews it an sends you an offer. Easy.
The whole process can sometimes be completed in days.
How Abrams Insurance Solutions Can Help
We work with over 70 of the nation’s top-rated life insurance companies. We believe that every person, business, and family needs a unique life insurance plan customized for them. We’re here to help you find the right one for you.
If you want to learn more about one of these carriers or other types of no exam life insurance, give us a call today at 858-703-6178. We’re happy to help, and there is never any obligation to move forward.