The 5 Best No Medical Exam Term Life Insurance Companies
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If you would rather do it on your own, just enter your information in the quote engine on this page and look for one of the Companies mentioned in this article. If you do not see your question answered, you can reach us by calling 1-844-528-8688 or filling out the quote form and we will contact you as soon as possible.
**Hint: Make sure it says “No Medical Exam” in the description
Before purchasing a life insurance policy, there are several key things that you should consider. These will include the amount of coverage that you need, as well as the type of insurance policy. In addition, though, it is also important to factor in the insurance carrier through which you will be purchasing the coverage.
For that reason, I have compiled a list of the 5 Best No Medical Exam Term Life Insurance Companies, if a No Medical Exam Term Life Insurance policy is not a good fit for you , we carry all the top rated Life Insurance Providers in the country.
No Medical Exam Term Life Insurance is one of the fastest growing products in the the Life Insurance arena.
What used to be a fringe product with low coverage amounts, that was over priced and only offered by a few companies is growing rapidly. There are now several companies that offer this product and the amounts of coverage has gone up to $500,000.
You want to ensure that the company you choose, is strong from a financial standpoint and that it has a positive reputation for paying out claims to its policyholders.
When you choose a financially stable company, your loved ones or beneficiaries, won’t be left out in the cold if or when the time comes to file a life insurance policy claim.
That is why I decided to write this review of the 5 Best No Medical Exam Term Life Insurance Companies, to give you an insight to what companies are the strongest providers of no medical exam term life insurance.
First I want to touch briefly on what a No Medical Exam Term Life Insurance Policy is and where it should be used. The No Medical Term Life Plans are a great product, but they are not a perfect fit for every situation.
The rates for the plans are slightly higher than standard underwritten plans, you will pay for the convenience of not taking an exam but there are several times that this higher premium is well worth it.
- You need coverage fast for:
- SBA Loan
- Divorce Decree Requirement
- Mortgage Coverage
The No Medical Exam Life Insurance Policy can be issued in as little as 15 minutes with some companies. If you are in excellent health and do not have something major in your MIB report. Most of the basic underwriting questions will be done and a decision made shortly after we hang up the phone.
Decision and issued very fast:
- A decision and policy issue is done in minutes or days compared to weeks or months of a fully underwritten Life Insurance Policy.
For underwriting you will answer the questions on the application and be qualified on the results from 3 bureaus:
- MIB: The Medical Information Bureau and the report is from an industry wide database where Life and Health Insurance companies share health and longevity information that is taken from previous insurance applications.
- Motor Vehicle Report: Your driving record is checked for DUI’s (OWI), reckless driving tickets, suspended license and excessive moving violations.
- Pharmacy Report: Every prescription medication that you take is entered into a database, Life Insurance companies have an outside source review this report to help them verify your answers to the questions and aid in the approval of your application.
- Basic Underwriting questions (that can vary between companies but normally consist of):
- Basic medical history
- The MIB (Medical Information Bureau) report is often checked
- Pharmacy Report
- Smoking or Non smoking
- Driving convictions (last 2 years)
- APS (attending physician statement) can be ordered on a case by case basis.
- Basic medical history
While being issued fast, there is another very large benefit to No Medical Exam Term Life Insurance Policy and that benefit it (as the product name states “No Medical Exam”) you will not have to submit to a paramedical exam.
If you do not want the hassle or are scared of needles this seems to be one of the biggest attractions to this type of plan
- No Paramedical exam is needed
- A Paramedical exam is an exam done by a certified medical professional, they will gather information on your health. They ask questions about your medical history, record your height, weight and blood pressure. Bodily fluids such as blood, urine or saliva can also be collected, depending on the requirements of the Insurance Company.
Each company has its own strengths and looks at the underwriting process in a slightly different way. Which is the best company for you will rely heavily on the state that you reside in and your particular situation and health conditions.
Financial strength is one of the most important aspects to consider when looking at an insurance company; if a carrier has the assets to protect itself against market downturns and financial troubles, the chances are good that they will be able to protect your loved ones.
The 5 Best No Medical Exam Term Life Insurance Companies are listed below, to see a detailed review, just click on the Company name.
We carry all of these companies but ultimately the decision on which of these companies is the best fit for you will depend on your health situation and what your needs are for purchasing life insurance for your family.
We also specialize in and carry many fully underwritten companies so we want to check all of them to see what is the right fit for your specific needs.
When looking for the 5 Best No Medical Exam Term Life Insurance Companies, I look mainly on the financial strengths and the AM Best rating, but I also use several other factors.
- Claim history: Do they pay their claims in a timely manner.
- Customer Service: How are they to work with, nothing more frustrating than dealing with substandard customer service.
- Face amounts offered
AM Best is the industry’s go-to for financial strength ratings and has been for over 100 years. AM Best’s financially secure ratings range from B+ to A++, and are based on a company’s ability to pay out insurance claims. AM Best looks at the strength of a carrier’s notes, bonds and financial tools as well as a company’s performance and business profile, comparing them to industry standard and other life insurance companies.
**Note: A.M. Best is a large third-party independent reporting and rating company that rates an insurance company on the basis of the company’s financial strength, operating performance and ability to meet its ongoing obligations to policyholders.
Please feel free to run your own quote on the quote engine above, it will list all the companies available and could be a little confusing.
Your best option is to call us direct at 1-844-528-8688 and we will do all the work for you. LJM Life Insurance is a fully online Insurance agency, but that does not mean you wont meet your agent.
We use a screen share software, where you will be able to watch our every move during the application process and actually see us as we do the quote and fill out the application.
You don’t have to worry about being a computer genius to use our screen share method, all you have to do is open an email and click on a link. We have senior clients in their 70’s and older that do it on a daily basis. Give us a call today to get your family and assets protected.