Non Medical Carriers
No medical life insurance carriers are The Principal, Lincoln Financial, Banner Life and Sagicor Life. The Principal will issue up to $1,000,000 coverage on a non medical basis, between age 18 and age 60, if you are in very good health. Banner Life and Lincoln Financial offer non medical coverage up to age 50. Sagicor Life now offers up to $500,000 non medical life insurance between age 18 and age 65 if you qualify.
Normally Banner Life takes an application and requests a physical exam. If they learn that you are in good health after they go through a questionnaire they may elect to forego the exam.
The Principal and Lincoln will go through a non medical questionnaire with you and if there is any indication of questionable health they request a physical exam.
Most purchases require a medical exam and interaction with an Agent in order to complete the long purchase process that in many cases can take up to 8 weeks. With the no exam idea, however, the process can be reduced to minutes. These are the same term policies that most carriers require a medical exam for. In these cases, however, no medical is required based on the age of the applicant and the amount of coverage applied for.
The premiums are very low if you qualify. It is a very fast and simple process, you only need to answer a few specific health questions. Coverage amounts up to $500,000 are available, depending on the company, can be obtained in as little as 15 minutes for terms of 10, 15, 20, or 30 years. Simplified Issue Life Coverage is appropriate for those that want coverage without a long wait and who are generally in good health.
These non medical policies are issued pretty quickly if you qualify. You do need to be in fairly good health. You can get your Principal Financial policy or Sagicor Life policy approved in as little as 48 hours.
The quotes you get are for the term insurance policies, the agent will provide rates on whole life and universal life policies if you are interested in those policy types.
Fully Underwritten Applications
When an applicant applies for larger policies, $1,000,000 or greater, a medical exam is needed. The company will set an appointment with you and send an examiner to complete the process. You can purchase up to $10,000,000 coverage in this way.
There are literally hundreds of life insurance companies to choose from. The companies you get to compare are those Highly Rated carriers with very low premiums.
A medical exam may be required by Banner Life. They determine this by the answers you give when they run through the health questionnaire.
Other Highly Rated Carriers may also ask for a physical exam.
You then proceed to get your quotes, keep in mind that you can get up to $1,000,000 on a non medical basis. A medical exam is required by some carriers and for much larger policies, up to $10,000,000.
After you get your quotes you are required to complete a short questionnaire, a Licensed Agent will call you shortly afterwards to complete the medical questions.