Non Medical Exam Life Insurance

By Ed Crowe | Agent blog | 0 comment | 13 August, 2018 | 0

Non Medical Exam Life Insurance

Non Medical Exam Life Insurance policies are issued without the need for a medical exam (para-med). This is not to imply the policy will take anyone or that is accepts any risk. They have similar underwriting standards to those of regular life plans requiring a medical exam. The only difference is they do not require an exam for certain applicants. Without the need for an exam, policies can be issued on a much faster than normal basis. Fully underwritten policies with medical exams can take months to issue. Insurers can issue Non-exam policies in as little as 48 to 72 hours.

Rates on non medicalExam life insurance

Traditionally, it cost more to go with a non Medical life insurance policy. The company was not able to rely on a medical exam and as a result, they would usually only provide rate at a standard health rating. If they client did not want to go through the hassle of an exam, they could avoid it with a non medical exam policy but the rates would be higher to do so.

Non medical life insurance with the same rates as fully underwritten plans

Now companies are starting to offer non medical life insurance with the same rates as they offer on their fully underwritten policies with an exam. The same rates and policy just without the need for an exam/paramed. Not everyone is eligible for the express underwriting and the highest age any company will go to currently is age 60 but new companies are starting to offer this option. There are a number of companies offering it but some of the more popular ones are North American, Lincoln Financial, AIG and Protective Life. I am sure there will be more offering this option soon.

Non Medical Life Insurance Contracting (would you like to have the ability to offer the plans?)

CLICK THIS LINK FOR CONTRACTING 2019

Policy amounts and good candidates for non medical exam life insurance

There are carriers that will now offer up to $1,000,000 of term insurance without a medical exam. The policies have an age restrictions of age 18 to 60 for most companies. Although, some companies will only go up to age 50. Those with health conditions, major family histories and/or substantial DMV violations will not be able to get a policy via this method. Also, some carriers will only offer the non medical life insurance to be applied for electronically. You can use the Pinnacle Financial Services quote site to access electronic applications for the companies. Go to www.pfsinsurance.com and click on the “quotes” tab. You will need a username and password to access the quote site. Call our office at 203-796-5403 if you do not have one. Our website is croweandassociates.com