There are a lot of reasons why people don’t get around to buying a term life insurance policy.
They may think their coverage through a group plan is good enough — but the truth is, it’s probably not because the benefit usually doesn’t follow when you split from your employer.
Or they may think they don’t need life insurance — which may or may not be true, depending on your circumstances.
And then there are some people just don’t want to have to undergo a medical exam to get a policy.
Well, if that last category describes you, take heart. A few providers in the marketplace will write you a policy with no medical exam. Let’s take a look at them.
Skip the exam, get the term life coverage!
The following providers all offer term life without the medical exam.
In many cases, you’ll get a decision in as little as 20 minutes after you complete your online application.
But there is a trade-off. Not passing traditional medical underwriting means these no-exam policies typically are more expensive than their medically underwritten counterparts — and their coverage amounts may be limited.
“$1 buys $50,000 coverage”
That’s the bold claim made by this provider of term life insurance with no medical exam required.
Of course, that’s just promotional pricing for the first month of the policy. It resets at whatever rate you agree to for the life of the policy the following month.
Globe boasts on its website that adult rates can be as low as $3.49 a month. That’s because the maximum coverage offering is only for $50,000. With money expert Clark Howard recommending you buy 10 times your annual income in term life insurance, that’s far too little for almost anyone.
In all, five different coverage options are offered online by Globe Life — $5,000, $10,000, $20,000, $30,000 or $50,000.
This insurer is an A+ rated business by A.M. Best.
Haven Life is another company that will let qualified applicants (up to age 45) finalize coverage online without the need for a medical exam.
On its website, Haven says a 35-year-old male in excellent health will typically pay $21 a month for a $500,000/20-year term policy.
Haven recently upped its maximum coverage offering from $1 million to $2 million. All policies are issued by Massachusetts Mutual Life Insurance Company, an A++ rated company for financial strength and stability.
Here are a few other real rates from anonymous policy holders Haven lists online:
Mutual of Omaha will write term life policies for people between the ages of 30 and 74. The policies can remain in force until age 80.
No medical exam is required; you only have to answer a few health questions.
Policies can be written for anywhere from $25,000 to $100,000.
As part of the underwriting process, Mutual of Omaha will request your MIB report and a pharmaceutical report. You can read more about these little-known health dossiers that are complied on you here.
Mutual of Ohama is an A+ rated business by A.M. Best.