There are a lot of reasons why people don’t get around to buying a term life insurance policy.
They may think their coverage through a group plan is good enough — but the truth is, it’s probably not because the benefit usually doesn’t follow when you split from your employer.
Or they may think they don’t need life insurance — which may or may not be true, depending on your circumstances.
And then there are some people just don’t want to have to undergo a medical exam to get a policy.
Well, if that last category describes you, take heart. A few providers in the marketplace will write you a policy with no medical exam. Let’s take a look at them.
Skip the exam, get the term life coverage!
The following providers all offer term life without the medical exam.
In many cases, you’ll get a decision in as little as 20 minutes after you complete your online application.
But there is a trade-off. So-called “simplified issue policies” that only involve you answering a few health-related questions rather than going through a physical, blood test, etc. are often more expensive than their medically underwritten counterparts. It’s also important to note that these policies are dependent on you being truthful in answering the survey questions — if you’re less than honest, you run the risk of your policy being voided.
Simplified issue policies tend to work best for people who have medical issues. If that doesn’t describe you, you’re probably going to find yourself paying too much for a simplified issue policy.
Your results may vary based on your specifics, but it’s a good caveat to keep in mind as you begin looking for a policy.
“$1 buys $50,000 coverage”
That’s the bold claim made by this provider of term life insurance with no medical exam required.
Of course, that’s just promotional pricing for the first month of the policy. It resets at whatever rate you agree to for the life of the policy the following month.
Globe boasts on its website that adult rates can be as low as $3.49 a month. That’s because the maximum coverage offering is only for $50,000. With money expert Clark Howard recommending you buy 10 times your annual income in term life insurance, that’s far too little for almost anyone.
In all, five different coverage options are offered online by Globe Life — $5,000, $10,000, $20,000, $30,000 or $50,000.
This insurer is an A+ rated business by A.M. Best.
Haven Life is another agency that will let select qualified applicants (up to age 45) finalize coverage online without the need for a medical exam. Certain candidates, however, may still need to pass medical underwriting when going with Haven Life.
On its website, Haven Life says a 35-year-old male in excellent health will typically pay $21 a month for a $500,000/20-year term policy.
Haven Life recently upped its maximum coverage offering from $1 million to $2 million for medically underwritten policies. Though if you go the “no medical exam” route, the benefits remain capped at $1 million.
All policies are issued by Massachusetts Mutual Life Insurance Company, an A++ rated company for financial strength and stability.
Here are a few other real rates from anonymous policy-holders Haven Life lists online:
Mutual of Omaha will write term life policies for people between the ages of 30 and 74. The policies can remain in force until age 80.
No medical exam is required; you only have to answer a few health questions.
Policies can be written for anywhere from $25,000 to $100,000.
As part of the underwriting process, Mutual of Omaha will request your MIB report and a pharmaceutical report. You can read more about these little-known health dossiers that are complied on you here.
Mutual of Ohama is an A+ rated business by A.M. Best.