So many different types of insurance are available to consumers, but no exam life insurance has become particularly popular in recent years. This policy does not require the policyholder to undergo a medical exam to be approved, which can be a significant selling point for many people. But who is the ideal candidate for no-exam life insurance? Take a look at this guide to learn more about the ideal candidates for this type of insurance.
Who is an ideal candidate for no-exam life insurance?
If you are in good health and don’t want to go through the hassle of completing a medical exam, no-exam life insurance may be a good choice for you. Additionally, suppose you are over the age of 50. In that case, you may find that no-exam life insurance is the only option available to you, as some life insurance companies will not issue policies to applicants over 50.
Some other factors contribute to your potential candidacy, like a lack of previous major health problems and being a dedicated non-smoker. For example, people who are overweight or have high blood pressure may be declined coverage by a life insurance company because they are considered at risk for developing health problems in the future. If you don’t meet the age requirements, don’t worry. There are some providers who are willing to open a no-exam policy with you if you are over 50.
How do I choose the right no-exam life insurance policy?
When it comes to choosing the right no-exam life insurance policy, there are a few things that you need to keep in mind. First, you need to decide how much coverage you need. This will depend on various factors, including age, health, and family needs. Next, you need to determine if you want a term or permanent policy.
A term policy is a good choice if you need coverage for a specific period, such as until your children are adults. A permanent policy is a good choice if you want coverage for your entire life. Some policies can get converted to another life insurance later in life, so keep that in mind when choosing a life insurance company.
Once you have decided on these factors, you can begin shopping for the right policy. There are various options available, so you need to compare policies and rates to find the best deal. When comparing policies, be sure to look at the premiums, benefits, and exclusions and thoroughly research policy providers to ensure that you are picking a reliable company.
The life insurance market can be confusing, with a variety of companies offering a range of policies. Try to read reviews of different life insurance companies and get quotes from several of your top options.
Which no-exam life insurance policy companies are best?
According to Forbes, Brighthouse Financial offers the best-rated no-exam life insurance policies. This company offers same-day approvals, which is ideal for candidates who are looking to find a policy as soon as possible. Brighthouse Financial also offers a high no-exam coverage amount of up to $2 million.
Legal & General America also provides a highly rated no-exam policy. This company offers excellent term rates, high coverage amounts, and the possibility of converting your policy into a universal life insurance policy whenever you want. So if you’re looking for flexibility, consider one of these two providers.
If you’re over 50, there are some providers who are willing to approve a no-exam policy for you. Lincoln Financial has a high eligible age (60) for the maximum coverage amount of $1 million compared to other companies. Transamerica offers the highest maximum age for renewal (105) among providers.
Pacific Life is one of the largest no-exam life insurance providers and offers various policies, including term life, whole life, and universal life. Pacific Life also offers a guaranteed issue policy, which is a policy that does not require any health questions to be answered.
Another popular no-exam life insurance company is AIG. AIG also has a guaranteed issue policy, which does not require any health questions to be answered. There are a few other no-exam life insurance companies out there, but Pacific Life and AIG are two of the most well-known providers.
How do I file a claim with a no-exam life insurance company?
When you are ready to file a claim with your no-exam life insurance company, you will need to provide certain information. This includes the name of the beneficiary, the policy number, the date of death, and the cause of death. You will also need proof of death, such as a death certificate.
If the death was accidental, you must provide proof of the accident. This can include photos of the accident scene, police reports, and witness statements. If the death was due to natural causes, you must provide a copy of the death certificate. Also, be sure to contact the life insurance company as soon as possible, as the company will likely want to send a representative to the funeral home to collect the deceased’s belongings and start the claim process.
Once you have gathered the necessary information, you can begin the claims process. You can do this by contacting the company directly or using the online claim form. If the policy was purchased through a brokerage or agent, you might need to provide the contact information for that person.
The company will ask for some additional information, such as the name and contact information of the beneficiary, the name and contact information of the executor of the estate, and the Social Security number of the policyholder. Once the company has all the information, it will begin the claims process. This can take some time, so be patient. The company will contact the estate’s beneficiary and executor to let them know what is happening with the claim.
No-exam life insurance is an excellent option for those who don’t want to go through the process of having to take a medical exam. Contact a provider to get started if you’re interested in a no-exam life insurance policy.
