$250,000 of no exam life insurance might make perfect sense for you.
There are four questions to ask yourself before making a purchase:
- Is $250,000 of life insurance right for me?
- Do I want life insurance that skips the medical exam?
- How do I determine the type of life insurance I want?
- What are the top life insurance companies to evaluate?
We will cover everything you need know.
$250,000 Of Life Insurance
Life insurance may be the most important purchase you make.
At the end of the day, your life insurance purchase is not for you. It’s for those you care about most. Life insurance financially protects your loved ones, regardless of what the future brings.
Is $250,000 of life insurance right for you?
Determine Your Life Insurance Needs
Before applying for life insurance, you will want to know what face amount makes sense.
Plan to answer three questions:
1. What are my immediate financial responsibilities?
First, calculate your income and the monetary needs you currently have:
- Annual income
- Mortgage payment
- Debt (credit card, student loan, personal loan)
- Living expenses (utilities, food, bills)
- Any regularly recurring payment (health insurance, subscriptions, services)
2. What are my future financial responsibilities?
Next, we recommend you consider your future financial goals:
- Charitable donations
- Travel
- Retirement
- Estate planning
3. How long will my financial responsibilities last?
Finally, establish how long loved ones will depend on you monetarily.
For example:
- Upon retirement
- When your youngest child reaches the age of majority
- Or, indefinitely
A standard rule of thumb for determining the appropriate amount of life insurance is to take your annual income and multiply it by 10. While that rule may make sense in many situations, it’s worthwhile to assess your specific needs.
Example 1
You earn $25,000 annually and plan to work for 10 more years before retiring. Your child depends on you and would suffer financially should you pass away. You purchase a 10-year term no exam policy for $250,000. That way, your child is safeguarded until your retirement.
Example 2
You would like to provide a financial gift of $250,000 to your college alma mater upon your death. You purchase a permanent no exam policy for $250,000. Your policy will not expire and your alma mater is guaranteed to receive a financial gift from you as long as you make your premium payments.
To summarize, we recommend:
- Calculate your annual income, and more importantly, your current financial obligations.
- Determine your future monetary goals.
- Be sure to know how many years your loved ones will depend on you.
- Decide on a face amount (and term length or permanent policy) based on your calculations.
- Collaborate with an independent life insurance agent for a needs assessment.
Bottom Line
Your life insurance face amount, whether it’s $250,000, $500,000, or even $1,000,000, should financially safeguard those who depend on you – for as long as that need lasts.
Your Guide To No Exam Life Insurance
First, let’s define what no exam life insurance is. Put simply, it is life insurance with issued with no medical exam required.
In other words, during the underwriting process, you will not be required to take a physical – no needles, blood pressure cuffs, or liquid samples. Health questions still need to be answered on the application.
Does No Exam Life Insurance Make Sense for Me?
We regularly recommend this type of life insurance.
There are four instances in which no exam life insurance might be right for you.
1. You have not visited the doctor in several years
If you have not had a physical or medical checkup in the last two years, it’s possible your paramedical exam will reveal an unknown issue. For example, you may have elevated cholesterol or high blood pressure without realizing it.
2. You have a couple of known health issues
It is possible to secure a better health rating by skipping the medical exam.
Often, no exam life insurance carriers offer a general Standard rating when you are approved for life insurance. In contrast, if you participate in a paramedical exam, your lab work may result in a Rated approval. Almost always, you will pay more for a Rated life insurance policy than a Standard policy.
Health complications often indicate potential red flags for the underwriter (that’s who assesses your application). In turn, they may Rate your life insurance policy, meaning that you will pay a surcharge on your premiums of somewhere between 20 – 200%.
3. You loathe visiting the doctor
While paramedical exams for life insurance are usually conducted from the comfort of your home, for some, the process is still nerve-wracking.
If the thought of being poked with a needle has prevented you from making a life insurance purchase, no exam is a great option.
4. You want life insurance right away
By skipping the medical exam, you can shave weeks off of the application process.
In fact, some life insurance carriers offer approval for $250,000 of no exam life insurance in a matter of minutes.
To recap – No exam life insurance can make all the sense in the world for some. Evaluate your needs and wants to determine if you would like to skip the exam.
Types Of $250,000 No Exam Life Insurance
There are three popular types of no exam life insurance that offer $250,000 of coverage.
1. Term
Term life insurance provides financial protection for a specific period of time. Term is the most popular form of life insurance because it’s an affordable way to secure coverage for a time when you need it most.
For example, many families purchase term during their working years to secure income replacement. Term is typically offered as, 10-year, 20-year, or 30-year policies (age restrictions apply). There is not a cash value component.
There are plenty of $250,000 no exam term life insurance products to choose from.
2. No Lapse Universal Life (Guaranteed Universal)
Think of no-lapse universal, also called guaranteed universal life insurance (GUL), as a bridge between term and whole life insurance. While it is not permanent life insurance, GUL is designed to remain in force for your entire life. In fact, some GUL life insurance contracts last until age 121.
GUL typically costs more than term life insurance, but less than whole life insurance. Depending on the product, cash value accumulation and policy loans may be available.
There is a no exam option for $250,000 of guaranteed universal life.
3. Whole
Whole life insurance, as the name implies, lasts your whole life. As long as you make your premium payments, your policy does not expire. Your beneficiaries are guaranteed to receive a death benefit.
Whole life insurance makes sense in certain situations. For example, if your loved one has a permanent need for financial support from you, whole life is a good fit. Or, if you are interested in the cash value and policy loan features of life insurance, whole life can be utilized.
You can purchase a $250,000 whole life insurance policy without taking a medical exam.
Top Carriers Who Offer $250,000 No Exam Life Insurance
Before applying, familiarize yourself with top-rated companies that offer this type of life insurance.
Foresters Financial
Foresters was founded in 1874 and is an international financial services provider. They are a fraternal benefit organization, meaning that members share values.
Foresters offers term and whole no exam life insurance for $250,000.
Foresters Sample $250,000 No Exam Quotes
Healthy men and women can qualify for these monthly rates on a 10-year term from Foresters.
Men | Women | |
|---|---|---|
20 Year Old | $26.03 | $19.47 |
30 Year Old | $27.78 | $21.88 |
40 Year Old | $41.56 | $32.16 |
50 Year Old | $80.94 | $60.81 |
The next table shows what you you might pay each month for whole life insurance as a healthy non-smoker.
Men | Women | |
|---|---|---|
20 Year Old | $202.08 | $192.89 |
30 Year Old | $253.05 | $247.80 |
40 Year Old | $344.05 | $331.36 |
50 Year Old | $526.92 | $468.30 |
No Exam Product at a Glance
Term issue age range: 18 - 80 years*
Whole issue age range: 0 - 75 years*
*Note - face amount (and term length) restrictions apply, based on age.
Type:
- Term
- 10 years
- 15 years
- 20 years
- 25 years
- 30 years
- 10 years
- Whole
Included Riders for Term
These riders – additional benefits to your life insurance contract – are included with your policy at no additional cost:
- Accelerated Death Benefit – the ability to accelerate a portion of your death benefit should a qualifying diagnosis occur.
- Family Health Benefit – paid health expenses that occur as a result of a natural disaster.
- Common Carrier Accidental Death Benefit – an additional death benefit paid should you die from a common carrier, such as a plane, bus, or train.
- Charity Benefit Provision – if designated by the policy owner, Foresters will pay 1% of the policy’s face value to a charitable organization.
Note – additional optional riders are available for Foresters term and whole life products.
Phoenix Life Insurance (Nassau Re)
Phoenix Life Insurance, now called Nassau Re, was founded in 1851 and provides life insurance and annuities in the United States.
Phoenix offers term no exam life insurance for $250,000.
Phoenix Sample $250,000 No Exam Quotes
The sample quotes below are for monthly rates on a 10-year term policy. They assume that you are in good health.
Men | Women | |
|---|---|---|
20 Year Old | $31.89 | $25.20 |
30 Year Old | $31.24 | $26.93 |
40 Year Old | $45.91 | $33.18 |
50 Year Old | $80.22 | $67.06 |
60 Year Old | $185.50 | $139.12 |
70 Year Old | $527.90 | $394.56 |
Phoenix No Exam Product at a Glance
Issue age range: 18 - 80 years*
*Note - face amount (and term length) restrictions apply, based on age.
Wait time: Policies can be issued within 24 hours.
Type: Term (10, 15, 20, 30 years)
Included Riders
Included with your policy at no additional cost:
- Accelerated Death Benefit – the ability to accelerate a portion (up to 95%) of your death benefit in the event of a serious illness: chronic, critical, or terminal.
- Unemployment Rider
Note – for an additional cost, an Accidental Death Benefit rider may be added on.
American National Life Insurance (ANICO)
Founded in 1905 by William L. Moody, American National conducts business in all 50 United States and Puerto Rico. In 2017, Forbes voted ANICO as, “One Of America’s Most Trustworthy Companies.”
American National offers term no exam life insurance for $250,000.
American National Sample $250,000 No Exam Quotes
To qualify for the following monthly rates on a 10-year term, you must be healthy and not smoke.
Men | Women | |
|---|---|---|
20 Year Old | $12.53 | $11.66 |
30 Year Old | $12.53 | $11.88 |
40 Year Old | $15.98 | $14.90 |
50 Year Old | $31.75 | $27.22 |
60 Year Old | $76.25 | $55.94 |
No Exam Product at a Glance
Issue age range: 0 - 65 years*
*Note -term length restrictions apply, based on age.
Wait time: Policies can be issued within 72 hours.
Type: Term (10, 15, 20, 30 years)
Included Riders
Included with your policy at no additional cost:
- Accelerated Death Benefit – option to accelerate an unrestricted cash benefit if you are diagnosed with a chronic, critical, or terminal illness.
Note – for an additional cost, optional riders may be added on.
Sagicor Life Insurance
Originally called the Barbados Mutual Life Assurance Society, Sagicor was founded in 1840. Sagicor offers life insurance products internationally.
Sagicor offers term and guaranteed universal (no lapse) no exam life insurance for $250,000.
Sagicor Sample $250,000 No Exam Quotes
The follow 10 year term quotes show monthly rates for healthy, non-smoking men and women.
Men | Women | |
|---|---|---|
20 Year Old | $13.31 | $10.94 |
30 Year Old | $13.83 | $11.51 |
40 Year Old | $27.16 | $19.48 |
50 Year Old | $43.97 | $37.05 |
60 Year Old | $104.02 | $64.36 |
This next set of sample annual rates are also for healthy, non-smoking men and women, but for a Guaranteed Universal Life Policy.
Men | Women | |
|---|---|---|
20 Year Old | $909.47 | $791.39 |
30 Year Old | $1,126.95 | $982.67 |
40 Year Old | $1,683.20 | $1,402.12 |
50 Year Old | $2,753.98 | $2,241.85 |
60 Year Old | $4,536.64 | $3,848.91 |
No Exam Product at a Glance
Term issue age range: 16 - 65 years (face amount restrictions apply.)
Guaranteed Universal issue age range: 15 days - 65 years*
*Note - Face amount (policy size) is restricted by age. A $250,000 no exam Guaranteed Universal policy is available starting at age 16.
Wait time: Policies are often issued within minutes.
Type
- Term: 10, 15, 20 years
- Guaranteed Universal Life (No Lapse Universal Life)
Included Riders
Included with your policy at no additional cost:
Accelerated Death Benefit – option to accelerate a percentage of your death benefit in the event of a terminal illness or chronic condition.
Note – for an additional cost, optional riders may be added on.
Bottom Line
There are plenty of no exam life insurance options for $250,000, including term, whole, and guaranteed universal life (no lapse) products.
Keep in mind, different age restrictions apply for specific products.
Apply For Life Insurance
The only life insurance policy that matters is the one in force.
Whether or not $250,000 of no exam life insurance is your best option, plan to partner with an independent life insurance agent.
That way, you will have access to multiple carriers and multiple products. We’ll help you find the best life insurance policy to protect those you care about most.
To get started, simply fill out our free instant quotes form or contact us at 1-888-905-0333.
The post How to Decide if a $250,000 No Exam Life Insurance Policy is Right for You appeared first on Abrams Insurance Solutions.
* This article was originally published here
