Transamerica No Exam Life Insurance – Review
You can get a no exam term life insurance quote for all the companies in your state on this site, or call 844-528-8688 and speak to a licensed life insurance professional.
People who shop for insurance typically have two very important goals; they want it fast, and they want it cheap.
That’s not to say everyone is this way; there are many who take the time to consider how much insurance they need to purchase and the best product that will fit their individual needs.
Transamerica No Exam Life Insurance History
Transamerica started as a neighborhood bank whose goal was to provide financial services to the people of San Francisco. In 1928 the bank merged with Bank of America and then shortly afterward acquired Occidental Life Insurance Company.
In the mid-1950s, the banking and life insurance business was split with the life insurance division taking the Transamerica name. Over the years the successful company grew its insurance business through acquisitions and now makes its home in the pyramid building in the San Francisco skyline.
Today, the company provides life insurance and other financial products through its six insurance companies. The company enjoys an “A+” rating from A.M. Best Company and enjoys an “A” or better rating from each of the three other rating services.
The company currently offers three policies that do not require a medical exam and most independent agents rate it near or at the type of this for no exam life insurance providers.
Transamerica No Exam Term Life
Transamerica offers it’s Trendsetter Series for applicants that need a no exam product.
There are three products: Trendsetter Super, Trendsetter Express, and Trendsetter Living Benefits. All three of these products offer non-medical underwriting options (no exam)for certain face amounts: up to $99,999 for Super and up to $249,999 for Express and Living Benefits.
Face amounts are available for $25,000 and up. Each product offers a terminal illness rider at no additional cost (where applicable). However, Trendsetter Living Benefits offers some additional coverage in the form of living benefits.
Probably the best news about Transamerica is that they can provide a life insurance for any need. If, however, you prefer a no exam policy with affordable rates, you’ll likely need to look no further.
Life insurance has many uses, and the product you purchase should line up with your specific needs. There are many risks and financial purposes for life insurance:
- Provide funding for your funeral or cremation
- Provide living expenses for your surviving loved ones in the event of your death
- Provide the funds for paying off accumulated debt and your mortgage
- Provide funds for college tuition costs
- Leave a cash legacy for surviving loved ones
- Fund a business’ key person insurance
- Fund a partnership’s buy-sell agreement
- Investment purposes
- Supplemental retirement planning
It’s safe to say that life insurance can be used for expenses after death and before death. The purpose of the policy determines the type of policy you purchase.
How Do I Get the most Affordable Rates?
Most life insurance companies offer several types of insurance products. Typical products that are available are Term, Whole Life, Universal Life, and several versions of each.
To get the most affordable rate for any life insurance product, the insurer will need to determine the risk you present so they can understand the risk they are taking by offering you a policy. The younger and healthier you are, the lower your rate will be.
Insurers do several things (called underwriting) to determine your health now and your health history.
- They ask numerous questions about your health history on the application.
- They ask for and pay for you to take a medical exam (in most cases).
- They ask for and pay for a blood and urine analysis (in most cases).
- They order and pay for reports from your doctors and any medical facilities.
- They order a report from the Medical Information Bureau (MIB)
- They order a report from a national company that has a prescription database.
- They order financial reports and driving records (in many cases).
As you can see, insurance underwriting can be very involved depending on the amount of insurance you are purchasing and why you are purchasing it.
What is the Medical Information Bureau (MIB)?
The MIB is a member-owned non-profit company whose mission is to uncover errors, misrepresentations, and omissions that have been made on insurance applications. Each life insurer reports these events when they are discovered so that other insurers will have access to the information.
When you sign your application either physically or electronically, you are giving the insurer you are applying to permission to search this database. They all do it.
What is a Prescription Database?
There are several companies out there that life insurers get reports from concerning your prescription purchases. The two most popular are Intelliscript and ScriptCheck.
These companies use data mining to build a database of people who have been prescribed prescription drugs. Although they do not have a complete record of every drug dispensed to every person, their database is growing. Your insurer will likely access this database to determine if you omitted taking any drugs that would indicate a life-threatening illness.
What Can I do if my Exam and the Reports Cause a Decline?
If your health history prevents you from purchasing life insurance, or if you simply prefer not to undergo an exam and a blood and urine test, you can still purchase life insurance by applying for no exam life insurance. This type of life insurance has little to no medical questions and is issued based only on your application.
There are some drawbacks to purchasing no exam life insurance. First, you will pay a higher rate since your insurance carrier cannot determine the risk you present. Second, many of these policies have cap on the amount of insurance that you can purchase.
There are many life insurers that offer no exam insurance policies, and the following is our review of Transamerica, one of the more popular ones.
More information about Transamerica’s No Exam Life Insurance or to speak with an experienced insurance professional, contact LJM Life Insurance or call us at (844) 528-8688.