Affordable Life Insurance Protection for Your Family
What is the Cheapest Life Insurance Policy without Having to Take Any Health Exams?
When it comes to buying affordable life insurance policies without having to take any health check-ups, you'll want to learn a few things about the types of plans available, to assist you in finding the coverage that meets your specific needs.
Types of Life Insurance
There are two types of life insurance: Term and Whole Life.
Term is by far the lowest-priced coverage available because it provides protection for up to 30 years.
Whereas, whole life costs a lot more (up to 5-10 times more) because it offers lifetime insurance and builds some cash value inside the policy
Duration of Life Insurance Policy
The cheapest term insurance is 5-year term life, which means you have life insurance that will last for a period of five years.
Term life offers several different durations of coverage, from 5, 10, 15, 20, 25 or 30 years. The longer your policy "Term", the higher your annual cost of insurance.
Amount of Insurance Protection
Another factor that affects the cost of your policy is the amount of life insurance you buy. The insurance company will charge you a "Rate" per $1,000 of insurance.
The rate is based on your risk factors and health classification. Risk Factors include your age, gender, lifestyle, tobacco use, occupation, hobbies, and driving record, among other things.
How the Policy is Priced
The insurance carrier takes into consideration your overall health and family health history, and risk factors to determine your longevity – how long you are expected to live (and pay premiums).
They use this information to develop your rate which is multiplied by the amount of insurance you need to determine your premium.
So, if your rate is $3 per $1,000 of coverage, and you want to buy $300,000 of insurance, your premium would be $3 X $300 = $900 per year.
How Much Life Insurance Can I Buy without Taking a Physical?
The amount of coverage you may purchase without an exam depends on the insurer.
Some life insurers offer up to $100,000 of coverage without an exam, while others may offer as much as $2,000,000.
How Long Does It Take to Get Insured?
This will vary by insurer, but most plans offer coverage starting within 24 hours, while some offer instant insurance upon approval which may take as little as 15 minutes.
Can I Get Life Insurance on My Spouse?
Yes, you can buy a policy on your spouse. If you are married, you have an Insurable Interest in your spouse, which is required in order to purchase life insurance on someone else.
What If I Change My Mind?
Each life insurance policy comes with a "Free Look Period" which is required by the state in which you live. The duration of the free look period must, at a minimum, meet the state requirements. Free look periods may vary from 15, 20 or 30 days, usually.
If you decide you want to cancel your policy you have the Free Look period to return the policy to the insurance carrier for a full refund of all premiums paid. So, there is no risk to you.
Which Insurers Offer the Lowest Prices for No Physical Life Insurance?
There are several insurance companies now offering no exam plans.
The one that will provide you with the lowest premium will depend in part on your age and health. As well as, the other risk factors mentioned above.
The most affordably priced insurers for no exam policies usually include Haven Life, Sagicor Life and Fidelity Life, among others.
No Medical Exam Life Insurance Companies
Top Pick – JRC Insurance Group
JRC Insurance Group helps you shop, compare and save on life insurance. Regardless of your age or health background, we'll shop our 40+ insurance companies and find you affordable life insurance you need to protect your family and fit your budget. JRC offers no exam life insurance policies through Sagicor, Transamerica, Principal, SBLI and Banner Life, among others. You can compare the best rates instantly. Get Your FREE Quote.
Highly Recommended – Haven Life Insurance Agency
Haven Life uses the information provided in your application to make an instant decision on your application. Healthy, qualified applicants (based on the information provided in your life insurance application) can be insured immediately with no medical exam while other applicants can receive immediate coverage pending a medical exam.
Applicants age 60-64 are eligible to apply for up to $1 million in coverage; subject to underwriting approval.
Some qualified applicants (U.S. citizens up to the age of 59) will be able to finalize coverage without the need for a medical exam. The majority of applicants are still required to take a medical exam.
Keep in mind: Issuance of the policy or payment of benefits may depend upon the answers given in the application and the truthfulness thereof.