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No Medical Exam Life Insurance

It would be great if buying life insurance was a quick and easy process, but that isn’t always the case. Getting approved for life insurance usually takes about 4-6 weeks and includes getting a medical exam. Sometimes life insurance companies also request your medical records from your doctor. It is for this reason that many people look to get a no medical exam life insurance policy.
No Medical Exam Term Life Insurance

No Medical Exam Life Insurance Advantages

No Needles

The biggest reason why people buy a no medical exam insurance policy is because they aren’t fond of having blood drawn. Some people just hate needles and would do anything to avoid them. If this sounds like you, then a no medical exam policy would be something you should consider.

Quick Turn Around Time

Another reason to consider a no medical exam life insurance policy is how quickly you can get a decision (hopefully an approval). For example, with Fidelity Life’s Rapid Decision Express Term Life Insurance policy, a decision is made within 24-48 hours.
There are many benefits to getting a quick decision on your life insurance application. First, and most important is that if you get approved, you are covered with insurance should the unexpected happen. Obviously this is the reason you are buying a life insurance policy, and having the peace of mind that your loved ones are protected is a great feeling.
Another reason why you may want to secure coverage quickly is because there is a specific reason why you are buying life insurance. For example you may be flying overseas on a business trip, or vacation, and you want to secure coverage before the trip. You may not be able to do that with a traditional life insurance policy, but you can do it quickly and easily with a no medical exam life insurance policy.
Sometimes when securing a business loan, you are required to get a life insurance policy and assign it as collateral. Most people choose to buy a term life insurance policy, but underwriting time can slow down the process of securing your loan. In these cases, a no medical exam policy can help get your life insurance policy in just a couple of days, and you can get the money you need for your business.
The quick acceptance time is one of the most common reasons that applicants decide to purchase a no exam life insurance plan. If you’re looking to get life insurance protection as quickly as possible, then a no exam plan is going to be one of the best options for you.

Disadvantages of No Medical Exam Life Insurance

Since no medical exam term life is fast and can be easy to get, why doesn’t everyone buy it? Every type of life insurance plan is going to have some drawbacks, and no exam policies are no different. It’s important that you understand all of the types and the disadvantages of each of them. Here are a few of the disadvantages of life insurance without a medical exam.

No Medical Exam Life Insurance May Cost More

When buying a traditional term or permanent life insurance policy, a medical exam is required. Since the insurance company gets the results from this exam, they have more significantly more information on your health then without a medical exam. Since the insurance company has more information, a medical exam policy involves less risk to the insurance company, and thus you typically get better pricing on life insurance with a medical exam. Therefore, if you are looking to get the cheapest term life insurance policy that exists, you are probably better off with a policy that does require a medical exam.

Coverage is Limited

There is a limit to the amount of life insurance coverage you can get with a no medical exam policy. Depending on the life insurance company, limits typically vary from $100,000 to $350,000. Fidelity Life does have a mortgage express term life insurance policy that allows you to get $500,000 of coverage without a medical exam if you have gotten a mortgage within a year. You can get higher coverage by purchasing multiple policies from different carriers, but you are limited to the amount of coverage any one no medical exam life policy will offer you. Perhaps you're looking for quotes from other companies such as a quote for Allstate term life insurance  If so; we can help.

Turned Down for Life Insurance?

One common reason that people look at no exam plans is because they’ve been declined for life insurance protection because of their health or a pre-existing condition. It’s common for people to get turned down, but that doesn’t mean that a no exam life insurance policy is your only option. If you’ve been declined for protection, don’t panic and automatically buy a no exam insurance policy.
Every insurance company is different, which means that all of the companies are going to have different medical underwriting standards based on their restrictions. Some insurance companies have more experience working with high-risk applications with pre-existing conditions, while other companies are going to be more conservative with their policies. If you were turned down because of your health, it might be because you chose the wrong insurance company. There is a chance that if you find the right company, you’ll be approved for a traditional policy that requires a medical exam.
For example, if you’ve been rejected for protection because of diabetes, either type 1 or type 2, there are dozens and dozens of insurance companies that are going to provide you with quality and affordable life insurance coverage. Some companies specialize in working with all types of applicants diagnosed with diabetes. While other companies are declining those applicants, these companies are giving them affordable term insurance protection.

Saving Money On No Exam Life Insurance

When you’re shopping for life insurance protection, it’s important that you get the lowest rates on your life insurance coverage. Without the medical exam, there are fewer ways that you can trim down your premiums, but there are still some ways that you can save money on your insurance coverage.
The first thing that you should do is cut out any tobacco that you currently use. If you’re listed as a tobacco user on your application, then you’re going to be facing much higher premiums for your life insurance protection. Smokers are at a higher risk of being diagnosed with health complications like smoking or cardiovascular problems, which means smokers are a higher risk to the insurance company. In fact, smokers are going to pay around twice as much for life insurance versus what a non-smoker is going to pay for the same sized plan.
The best way to ensure that you’re getting the lowest premiums is to compare dozens of plans before you decide which policy is going to work best for you. As I mentioned, every insurance company is different, which means that they all have different ways of calculating what they are going to charge for insurance coverage. With no exam plans, they have less information to base your premiums on, which means that you’ll get drastically varying rates depending on which company that you get the quote from. If you want to save money, it’s important that you find the company with the lowest rates.
There are thousands of companies on the market, which means that you could spend weeks and weeks calling agents to find great rates, or you can let one of our agents do all of the hard work for you. We are independent insurance agents, which means that we don’t work with one single insurance company. Instead, we work with dozens of highly rated companies across the nation, and we can bring all of the best plans directly to you. No hassle. No fuss.

When is No Medical Exam Life Insurance a No Brainer?

There are times that I would always recommend buying a no exam life insurance policy over a traditional policy. Typically this is when someone is fairly young and applying for a smaller policy, usually under $250,000. The reason I recommend no medical in these cases is that often times for smaller policies, especially for younger people (usually under 40 years old) the pricing for a traditional policy is only a few dollars a month less than a no medical exam life insurance policy. In these cases I think that paying a few more dollars a month to get a policy quickly and easily without a physical exam is worthwhile.
If you are looking to buy life insurance policy and save money, I urge you to compare life insurance quotes. You can do so by filling out the quote request form below. I can help you compare rates among no medical life insurance as well as traditional policies. This will help you decide which option is best for you and your family.
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Having life insurance brings peace of mind of you and your family, which is something you cannot put a price tag on, but many people believe that getting life insurance with COPD is not going to happen because of their condition. This is completely false and many people are surprised to hear how affordable their insurance can be, even with COPD. While it may not be as easy for those without COPD, you can find affordable coverage that gives you and your family the peace of mind they deserve.
If you have COPD (Chronic Obstructive Pulmonary Disease) and need to get life insurance, this blog post will cover what your options are for getting approved and tips to staying away from being classified as high risk or uninsurable.. The key to getting approved is applying with the right life insurance company, as not all companies will approve you. Life Insurance with COPD
There are several reasons why you might have COPD – the most common being from smoking cigarettes, cigars, or a pipe. It’s also possible to get COPD from environmental reasons like air pollution, chemical fumes. You may even have COPD or emphysema as a result of a hereditary disease known as Alpha 1-Antitrypsin (A1AT). The good news is that no matter the cause of the COPD you do have options of getting approved for life insurance with COPD. I’ll also give some examples of pricing so that you have an idea of what you might be able to expect.

What exactly is COPD?

COPD is a disease in that long that creates problems breathing. The disease has two main components: chronic bronchitis and emphysema. These illnesses impact the two primary sections of the lung, the bronchial tubes and the alveoli. Chronic bronchitis inflames the lining of the bronchial tubes, also known as your airways. The swelling and irritation causes mucus to build up, which then makes it harder to breath. The emphysema makes it difficult for oxygen to get into the lungs and for carbon dioxide to get out of the lungs. Having COPD also put you at other health complications like cardiovascular complications, high blood pressure, and respiratory infections.
While there is no cure for COPD, there are several ways that you can treat COPD to help lower your risk of having other complications. A doctor could prescribe antibiotics to treat the respiratory infections that can cause even more damage to your lungs. You could also be prescribed a bronchodilator or steroids. Both of these techniques work to improve your ability to breathe. The bronchodilators relax the muscles near your airways that allows for more breathing room, while the steroids do the same thing, but are only given to those with worse COPD.
If you COPD is considered severe, you doctor may instruct you to have more advanced treatments like oxygen therapy, pulmonary rehabilitation, or surgery. Oxygen therapy provides patients with external oxygen that is fed through tubes in the nose or using a mask. While surgery is reserved for the most severe cases of COPD, it can be beneficial for those who have not benefited from the other treatment options.
Aside from medications, you will also need to have annual vaccines for pneumonia and influenza that can worsen symptoms in COPD patients.
There are several reasons why you might have COPD – the most common being from smoking cigarettes, cigars, or a pipe. Tobacco usage accounts for around 80% of all COPD diagnoses. It's also possible to get COPD from environmental reasons like air pollution, chemical fumes. You may even have COPD or emphysema as a result of a hereditary disease known as Alpha 1-Antitrypsin (A1AT). The good news is that no matter the cause of the COPD you do have options of getting approved for life insurance with COPD. I'll also give some examples of pricing so that you have an idea of what you might be able to expect – however for a customized quote click here to contact us.

Life Insurance with Mild, Moderate, or Severe COPD

The first step in determining if you can get approved for a term life insurance policy with COPD is to identify the severity of your COPD. One Pulmonary functions test that is helpful is FEV1%. If you know your FEV1% (Forced Expiratory Volume in 1 Second) it makes it easier to determine if your COPD is mild, moderate or severe. Average FEV1% in healthy people are anywhere between 80-120%. Call your primary physician to schedule an appointment to measure your FEV1%.
If your FEV1 is between 60-80%, then your COPD would be classified as mild. If we apply with the right life insurance company, we can help you get a table 2 rating for mild COPD. I'll give some examples of pricing further down in this blog post.
With an FEV1 of 50-59%, COPD would be considered moderate and with the right life insurance company, we can help you get a table 4 rating for life insurance with moderate COPD.
If your FEV1 is 40-49%, then you can expect a higher table rating around table 6-8 as this would be considered severe COPD.
If your percentage of FEV1 is lower than 40%, your options will most likely be a graded death benefits policy, which typically have 2-3 years that you have to outlive before the full death benefit is in effect. Contact Us to get more information.
If you don't know your FEV1%, then you might want to check with your doctor. We will also want to know the following:

  • Smoking History and Current Tobacco Use
  • Height/Weight and any Recent Weight Loss
  • Severity of Symptoms
  • Speed of Disease Progression
  • Any other Health Conditions – such as Coronary Artery Disease?
  • Past Hospitalization?
  • Level of Activity

Life Insurance and COPD: Your Options

Even with COPD, you'll still have plenty of life insurance policy options to choose from. You will be able to choose from guaranteed issue life insurance, graded death benefits life insurance, or a traditional term life insurance policy. Each type of policy has its own set of advantages and disadvantages based on your circumstances.
Traditional term life insurance will typically offer the lowest monthly premiums, but being diagnosed with COPD can cause those rates to go through the roof depending on the severity of the condition. Graded death benefit insurance policies offer excellent coverage at affordable rates, but the life insurance policy does not take effect until two to three years after purchasing the policy. Meaning if you were to die within the first couple of years, the insurance company would not pay the face value of the policy. Guaranteed issue life insurance policies are exactly what they sound like. These policies will give you cover with no medical exam or health questions asks. These policies are excellent options for anyone is poor health that would be turned down for life insurance otherwise, but the policies have higher monthly premiums.

Examples of Life Insurance Rates for COPD

In this example I'll use a 50-year-old male applying for $250,000 of 20 Year Term Life Insurance. I'll quote pricing for Mild, Moderate, and Severe COPD:
$250,000 20 year term for a 50-year-old with Mild COPD – $104.99 Monthly
$250,000 20 year term for a 50-year-old with Moderate COPD – $138.06 Monthly
$250,000 20 year term for a 50-year-old with Severe COPD – $171.14 Monthly
If you would like to speak with us to help you get life insurance with COPD, fill out our contact us form here.
If you have COPD, you can still get an adequate and affordable life insurance policy. The financial security of a life insurance policy is something that no family should have to go without. Do not wait any longer to provide that security to your and your family.

If you are trying to decide what type of term life insurance to buy, this blog post will discuss 30 year term life insurance rates as compared to other term periods, when you might want to consider a 30 year term policy, strategies on how to keep the costs of life insurance low, as well as which companies to consider when comparing 30 year term life insurance rates, and examples of some life insurance quotes.

Why Buy a 30 Year Term Life Insurance Policy?

There are several life events that occur in people’s lives that lead them to looking for life insurance. If you have decided that you are going to be buying a term life policy, here are some reasons why you might want to consider going with a 30-year term policy as opposed to a 25,20,15 or 10 year term.

Mortgage Protection Life Insurance

If you have recently bought a home and took out a 30-year mortgage, or perhaps refinanced your mortgage to a 30 year term, then buying a life insurance policy for a 30 year term period would make sense.

Life Insurance for Newlyweds

If you have recently gotten married and plan on having a family, 30 year term life insurance would make sense. This way if you have a child over the next 1-5 years, you would still have 25 years left on your life insurance policy, which would help insure that you have life insurance in place until your child is on their own, and hopefully not relying on you as their main source of income or support.

Life Insurance in Your 50s

Many of my clients choose to get a 10 or 20-year term life insurance policy when they are in their 50s or older. The reason for this is that a 10 year policy for example is significantly cheaper than 20 year or a 30 year term policy, and often time it’s an affordable option for getting life insurance until retirements.
I do however come across individuals that have a history of longevity in their family, or simply want to have term life insurance in place for as long as possible. In these cases a 30 year term policy would make sense. Not every life insurance company will offer a term life policy that is still in effect into your 80’s, but some carriers, for example Transamerica will insure you into your 80s with a 30 year term life policy.

What Does 30 Year Term Life Insurance Cost?

Often times choosing a term period that works best for you comes down to price. Everyone would like to have their insurance in place for as long as possible, but finding an inexpensive term life insurance option that is affordable to you and your family is important as well. So what does 30 Year Term Life Insurance actually cost?
The only way I can tell you exactly what it may cost for you is by providing you with a customized life insurance quote, however for the purposes of example, I will quote a Preferred Plus Non Tobacco Rates for a 30 year old Male, a 45 Year old Female, and a 55 Year Old Male all for $250,000 of coverage. I’ll also compare those rates to a 20 year term policy so that you can see the difference. Note that these quotes are for level term life insurance and that they are for someone with a health rating of Preferred Plus – which is the best health rating.
30 Year Old Male $250,000 Term Life Quote at Preferred Best Non Tobacco
Best Price is Currently with SBLI for both a 20 & 30 Year Term Life Policy
20 Year Term Life Insurance Rates $150 Annually
30 Year Term Life Insurance Rates $217.50 Annually
The different in the pricing is well worth the extra 10 years in my opinion.
45 Year Old Female $250,000 Term Life Quote at Preferred Best Non Tobacco
The best price is also with SBLI for both the 20 & 30 year term:
20 Year Term Life Rate $270 Annually
30 Year Term Life Rate $412 Annually
As you can see, a bigger price difference here than for the 30 year old male.
For a 55 year old male a $250,000 Term Life Quote at Preferred Best Non Tobacco
The best price for the 20 year is with SBLI, and the best price for the 30 year is with Banner Life.
20 Year Term Policy: $765 Annually
30 Year Term Policy: $1,557 Annually
As you can see, the older you are, the wider the price difference between a 20 and 30 year term life insurance policy.

Term Life Insurance Companies with the Best 30 Year Term Life Insurance Rates:

While I work with over 30 term life insurance companies, the term life companies that seem to have more competitive rates for 30 year term life insurance are:
Banner Life
Protective Life
American General
North American Company for Life and Health
Every one of these companies has an A or A+ rating with A.M Best and I can help you compare life insurance rates among these and atleast 20 other companies to help you find the best rate for 30 year term life, or another type of life insurance.

Tips to Save Money On 30 Year Term Life Insurance Rates

One approach to reduce the overall price on your term life insurance is to purchase 2 policies instead of one. How would this work?
Let’s say you are looking for a 30 year term life policy for $500,000. Instead of buying that policy, an approach to save money would be to purchase a $250,000 30 year term policy, and a $250,000 20 year term policy. Since the 20 year term policy is cheaper, this strategy would be cheaper than buying the entire amount in a 30 year term policy. This also allows you to have insurance that will last 30 years, however some of it will run out after 20 years. By using this blending strategy you may be able to achieve your goal of having some insurance that lasts longer, and keep your costs down at the same time.
If you are looking for a life insurance quote, fill out the quote form below.
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Author: Liran Hirschkorn