If you are looking for a $100,000 term life insurance policy this article will cover your options for getting coverage. I’ll discuss medical vs no medical exam life insurance, which companies have the most affordable term life insurance rates for $100,000 term life insurance, and provide some examples of pricing for a policy. You can get life insurance rates by comparing quotes using our quote tool right below this paragraph, or you can keep reading for more information on $100,000 term life insurance.
When buying a $100,000 policy, you can consider both a no medical exam policy as well as a policy that would require a exam. It would seem logical that choosing a no medical exam policy would always be the better choice, but it isn’t always the case. If you are in excellent health than getting a policy that requires a medical exam will result in getting cheaper rates than a no medical exam policy. If you’re in your 20s or 30s than both the no medical option and medical option are likely to be so cheap, that you just may opt to avoid a medical and pay a few more dollars per month for a no medical exam policy.
However if you are in your 50s or 60s the price difference between a medical and no medical exam policy may be more significant and you might want to consider a policy that does require a medical exam. If however you aren’t in excellent health - perhaps you are 20-30 pounds overweight for example - medical and no medical rates might be similar for you in that case - when you work with ChooseTerm.com we help you figure out which option would be best for you.
If you have a Pre-Existing Medical Condition it may also be better to go with a policy that requires a medical. For example, you can get a no medical policy with type 2 diabetes, however if you have type 1 diabetes, having a medical is the way to go. Or if you have Multiple Sclerosis, a history of cancer or heart disease, going with a policy that provides the insurance company with more information - by having a medical - is going to give you a better chance of getting approved.
When it comes to no medical life insurance companies there are 2 companies I like best. I’ll write about them here, and highlight the advantages of one vs the other. First - Fidelity Life. Fidelity Life offers no medical exam life insurance up to age 65. What I love about Fidelity is that you can get approved within 24 hours. They make the process of getting a life insurance policy very easy.
Transamerica also offers no medical exam life insurance. Unlike Fidelity Life, a decision is not made as quickly. With Transamerica there is no medical exam required, however Transamerica will order an Attending Physician Statement - essentially your doctor’s records, and will make a
decision on your life insurance based on reviewing those records. Getting approved will take 2-4 weeks with Transamerica.
So why go with Transamerica over Fidelity Life? Since Transamerica orders your doctor’s records they are able to approve you with some pre-existing conditions with a medical exam, such as diabetes for example, or a history of a DUI. Fidelity Life has strickter guidelines, and would not be ideal for someone with pre-existing conditions. When we speak to you, we can help you decide which option would work best for you.
Here is a list of life insurance companies that have the most competitive rates for $100,000 term life insurance - they are usually also competitive for other coverage amounts:
SBLI: an A+ rated life insurance company
Protective Life: A+ rated
North American Company for Life & Health: A+ rated
Transamerica: A+ rated
Amrican General: A rated
Prudential: A+ rated
Genworth: A rated
Banner Life: A+ rated
ING: A rated
Let’s take an example of a 50 year old male applying for $100,000 of 20 year term life insurance. At the best rate of $100,000. In this example Protective life has the best rate at $23 per month. This is the best health rating - at Standard Non Tobacco the price would be $38 per month with Protective life as well - still a very affordable rate for term life insurance.
A 70 year old man would pay $150 per month for a $100,000 10 year term policy at Standard Non Tobacco Rates.