Term life
online
- no medical exam
No medical exam life insurance
Below is general info but the guide above is definitive!
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.
Medical exam plans
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.
No medical exam please!
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 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.
How does no-medical exam work?
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.
The future for no-medical exam
Get our
no-medical exam carrier comparison for current guidance.
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.
Call us at 800-710-0455 or email us to see if no-medical exam life works for
you!
With 25+ years experience, we can quickly find the best life insurance value
for you.
Again, there is absolutely no cost to you for our services. Call
800-710-0455 Today!