One of the most dreaded parts of buying life insurance is the medical exam.  The good news for people who might have difficulties qualifying for term life based on health is the advent and further progression of no-medical exam life insurance plans.  Let's take a look at this option in more detail to understand what offsets this ease of enrollment.

When you find the right plan for your life insurance needs, that's only the beginning of the process.  Next comes underwriting.  This involves completing the application, taking a paramedical exam, and then awaiting the response from the life insurance company.  This can be quite a process and may take weeks if not months.  After all, the carrier is making a decision that needs to hold for potentially decades.  That's longer than most marriages!  This "courtship" is one reason that many people who it put off purchasing life insurance. 

In walks no medical life insurance.  Think of this option as simplified issue.  It's possible with some of the no medical plans to have an answer back in minutes and online which makes the most sense.  It's really moving life insurance a long way towards the experience of buying other products and even other types of insurance such as health.  In fact, life is probably 8-10 years behind health insurance where they already have online application, automatic underwriting, and ability to have coverage start the next day.  Of course, this took a decade to reach a level of sophistication but life is well on its way with no medical life insurance leading the way.  

A current dominant player in the no-medical life insurance market is RBC with their Express Term  plan.  The current option allows up to $250K ($200K in ME and MN) in coverage in as little at 15 minutes.  This was unheard of just 5 years ago.  The Express Term policy can take effect the same day.  This is a huge improvement over the one size fits all underwriting process of most other life insurance plans on the market.  You have a choice of 10, 15, 20 or 30 initial term life periods.  The biggest difference is that there is no paramedical exam required.  You have a health questionaire to see if you qualify.  You still must qualify based on health but the process has been significantly streamlined.  The premiums are also guaranteed renewable which means that the price you pay is fixed for the life of the policy.  RBC has worked hard to make this product conducive to the online world.  Changes such as address and other modifications can be made securely online. 

So what's the catch.  You want to double-check the rate offered versus a standard underwritten plan which you can easily do through our site.  First, run your instant life insurance quote from our site for your desired term amount and length.  Then start the RBC term life quote and see what they offer.  If they're in the ballpark, RBC's option is a smart way to go due to the ease of applying and enrolling. 

As life insurance becomes more of commodity, we feel that RBC Express Term is the direction more of companies will go...no-medical life insurance.  You will always have more stringent and involved underwriting as the amounts involved increase but we would be surprised to find higher amounts above the $250K mark in the next 5 years.  There's even talk of a hybrid life insurance plan where you can enroll with no medical to set up coverage right away and then take a paramedical exam during a following period of time in order to augment or increase your life benefit.  We're excited about this option as well and we'll provide it to our customers as it becomes available.  In the meantime, you can request your no-medical life insurance quote directly from us and we'll compare the options to bring you the best life insurance rates for your given situation.