Applying for life insurance is often an easy process that consists of filling out an application for coverage, and in most cases, undergoing a medical exam.
But in some cases, usually due to age and / or health condition, approval for life insurance may not be quite that simple. Because life insurance companies don’t want to take on too much risk, if you don’t meet their criteria for approval, it could mean that you are turned down for the policy you need.
But there is good news regarding obtaining life insurance – even if you have been turned down for coverage in the past. This is via the no medical exam life insurance option. Without the need to take a medical examination, you can have a much better chance of qualifying for life insurance protection.
There are many good, quality life insurance companies that offer no medical exam coverage. But it is important to know that not all policies or insurance companies are the same. Therefore, before making your purchase of no exam life insurance, it is wise to compare the products and the premiums from several different life insurers.
One reason for this is because the amount of premium that is charged can oftentimes differ – sometimes by a great deal – for the same exact coverage. You will want to make sure that the life insurance company that you choose is strong and stable from a financial standpoint and that it has a good reputation for paying out its policyholder claims. One such life insurer that meets these parameters is Fidelity Life Insurance Company.
History Of Fidelity Life
Fidelity Life was established in 1896. The company began as Mystic Workers of the World – which was a fraternal benefit society that was designed to offer financial protection for the growing middle class in the Northern and Midwestern states.
Over the years, the company grew and expanded via additional sales, as well as by affiliating with other life insurance organizations. The mission of the company is to serve middle America.
Fidelity Life is today a strong and stable insurer, with a risk-based capital ratio that ranks in the top ten percent of the United States life insurance industry. As of year-end 2015, Fidelity held total assets more than $421 million, with net life insurance premiums of more than $69 million. The company also had a total amount of life insurance in force of $28.6 billion.
Insurer Ratings And BBB Grade
- A.M. Best Company Grade: A-
- Better Business Bureau (BBB) Grade: A+
No Exam Life Insurance Products
Fidelity offers some different no exam life insurance products through its line of Rapid Decision coverage.
Rapid Decision Life
With Rapid Decision Life, you can qualify for a high amount of life insurance coverage within just a day or two following the submission of your application. This coverage only requires that you answer just a few health related questions, and there is no medical examination that is required.
This policy is initially a blend of two types of life insurance protection. One is a level premium term life policy, which will pay out a death benefit to the policy’s beneficiary (other than for certain exceptions). The other portion of the policy is an accidental death benefit, which will pay out an additional amount of coverage in case the insured dies in a qualifying accidental death.
If the insured does decide to undergo a paramedical exam within six months, he or she may be able to have their coverage adjusted, where the percentage of all causes coverage will increase at no additional premium cost.
Rapid Decision Term Life
With Fidelity’s Rapid Decision term life insurance, you can obtain coverage that has affordable low monthly rates, a choice of several different coverage lengths, and fast approval – in some cases within just 24 to 48 hours. Depending on your age at application, you may be able to purchase term life coverage of up to $250,000.
With a Rapid Decision term life insurance policy from Fidelity, you can help your loved ones to pay for both large and small items – such as paying off a mortgage, ensuring that the college expenses of a child or a grandchild can be paid, or paying for ongoing, everyday living expenses without worry of having to put these costs on credit.
Rapid Decision Senior Life
The Rapid Decision Senior Life insurance product is offered anyone between 50 and 85. The applicant for this type of coverage can choose whether they wish to purchase a term policy or a whole life option.
There is no medical exam required. There are, however, health questions that are asked on the application for coverage. So, while applicants who have certain health issues may be able to qualify, this is not the case for everyone – particularly those who may have a limited life expectancy.
With the Rapid Decision Senior Term life insurance, the policy offers a level premium charge throughout the length of the policy’s life. Term length offerings for this product are ten years, 20 years, or 30 years, and the length that you may qualify for will be dependent on your age at the time of application.
For applicants who are between the ages of 50 and 70, face amounts can range between $10,000 and $150,000. After the insured has had the policy for a full three years, the entire amount of the death benefit is paid to the beneficiary at the time of death. However, the face amount of this policy will be reduced by 50 percent at the end of level term, in year 11, 21, or 31, depending on which is applicable.
If an individual wishes to purchase permanent coverage, there is also the Rapid Decision Senior Life Whole Life option. Here, too, those who are between the age of 50 and 85 can choose coverage in the amount of $10,000 to $150,000, which will be dependent upon your age at the time you apply for the insurance coverage. This policy will mature at the insured’s age 121, and the full amount of the policy’s death benefit will be paid out if the insured dies after three years of purchasing the policy.
As a whole life insurance policy, there is a cash value component in addition to the life insurance coverage. The funds that are within the cash-value component are allowed to grow on a tax-deferred basis. This means that there is no tax due on the growth of these funds unless the policyholder withdraws them from the policy.
Rapid Decision Final Expense
For anyone ages 50 to 85, and who need some additional coverage to pay for funeral and final expenses, the Rapid Decision Final Expense policy option could be a good fit.
This policy offers coverage of between $5,000 and $35,000 – which in many cases will be an ample amount of coverage for final expenses. The coverage on the Rapid Decision Final Expense is whole life coverage, which means that there is both death benefit protection and a cash value component that will grow the funds inside the policy tax deferred.
Full coverage on this policy will begin immediately, so even if the insured passes away just a short time after purchasing the coverage, the full death benefit will be paid out to the policy beneficiary. This policy does require the answering of health questions on the application for coverage. However, there is no medical examination required.
Rapid Decision Guarantee Issue Coverage
Fidelity Life also offers a guaranteed issue policy option. With this type of coverage, an applicant will be guaranteed not to be turned down for the policy.
The Rapid Decision Guarantee Issue policy does not require answering any health questions, nor taking a medical examination. Coverage is available to anyone between 50 and 85 years old, and benefit amounts can be chosen up to $20,000. The amount of the premium charged for the policy is locked in and guaranteed not to increase – even as the insured gets older, and even if his or her health deteriorates.
This guarantee issue plan is a whole life policy, which means that there is both death benefit coverage, and a cash value component and the cash in this portion of the policy is allowed to grow tax-deferred. The full amount of the death benefit on this policy will be paid out to the beneficiary if the insured dies after having the policy for at least three years.
Rapid Decision Accidental Death Benefit Coverage
With accidental death coverage, a benefit payout will occur if the insured dies within 90 days of an accident. (Death must be a result of the injuries that were incurred in the covered accident). For anyone ages 20 thru 59, coverage of $50,000 up to $250,000 can be purchased. The full amount of the policy’s benefit will be paid out up to age 70. Then, the benefit amount will be reduced by 50 percent until the policy expires at the insured’s age 80.
This coverage may also be offered to the insured’s spouse and / or dependent children. In addition, there are also additional riders that can be added which can enhance this coverage even further. There are some exceptions to the death benefit payout on this policy. These include war and military service, suicide, and drug or alcohol-related accidents.