Majority of companies are only going to sell around $250,000 worth of insurance protection through a no exam policy, but there are a few exceptions to that rule.
Through the years, no exam policies have gained a lot of popularity, and there are hundreds and hundreds of different companies on the market that offers these insurance plans. Because there are so many companies that offer these plans, a lot of businesses are looking for new ways to set themselves apart from their competition. One of the ways that they are doing this is by offering for protection.
Over the years, no exam life insurance coverage has risen from a tiny $100,000 to dozens of companies offering $500,000 and a few of them offering as much as $1 million of coverage. While $1 million of life insurance might seem excessive, for most families, this is the perfect sized plan.
Details of a $1 Million No Medical Exam Life Insurance Policy
If you’ve ever wanted to know if you can get a million dollars of coverage without the exam, yes it’s possible, but there are several things that you should be aware of when you’re shopping for insurance. The first thing that you should realize is that these plans are going to be expensive. The purpose of the medical exam is to give the insurance company an idea of how much risk that you are to insure with a plan. The more risk that you are based on your health, the more you’re going to pay, but with the medical exam, the company doesn’t get a picture of your health. Without the medical exam, the insurance company is taking a greater risk, and they are going to offset that by charging you higher premiums.
Another thing that you should be aware of when you’re going to buy a no exam plan is that very few company (in fact only one or two) will allow you to purchase a no exam policy for a 30-year term. A few companies, like Haven Life, will offer you a $1-million-dollar policy with a 30-year term, but these long policies are rare.
Your age will also impact your life insurance coverage. Just like with any life insurance policy, your age is going to play a huge role in how much you pay for your coverage every month, but with these large, no exam policies, your age is even more important. Depending on the company, there could be strict limits on the ages of applicants that they accept. Most companies will only approve candidates up to the age of 65, and some companies have even lower restrictions.
No Exam Vs. Traditional Insurance
These no exam policies can be an excellent option for people with severe pre-existing conditions or want to avoid the medical exam, but one of the most common reasons that people buy no exam policies is because they assume that they can’t get accepted for a traditional plan. In most cases, that isn’t true. Even if you have a serious health complication like diabetes or cardiovascular problems, it’s still possible to be accepted for a typical life insurance policy with a medical exam.
Every insurance company is different, and all of them are going to view your application differently based on their medical underwriting and experience with high-risk applicants. The more experience that a company has with a certain type of health problems, the more likely they are to give you more affordable premiums.
If you’re buying a no exam policy because you’ve been declined for a traditional plan in the past or you assume that you won’t be accepted, you could be making a poor decision. Instead of settling for a no exam policy, let one of our independent insurance agents find the best life insurance plan to meet your needs.
Instead of wasting your time calling company after company to find the one that will give you an affordable rate, either for a traditional policy or a no exam plan, let one of our experienced insurance brokers do all of the hard work for you. It’s our mission to ensure that you’re getting the best life insurance plan for you and your family. Fill out our quote form, and we can bring all of the best rates to you.
If you have any questions about getting $1 million no exam life insurance plan, please contact one of our agents today. We would be happy to answer those questions and connect you with the best plan possible.