This type of life insurance has become increasingly popular over the past few years and there are a number of reasons why. First of all, no one out there wants to be waiting around for weeks or even months in order to receive something that they have bought and the same is also true of insurance policies. The thought of the Internet going down for 30 minutes is enough to upset some people, so it is easy to see why something that is much faster than the convention has become so popular. With some providers, you are able to receive a quote, apply for cover, be approved, and then pay for it all within the space of just 5 minutes.
The reason why this can happen is that there is no need for an actual physical medical examination to take place. Without this being performed, it shaves off around 2 weeks of the wait time involved in the overall process. In addition to this, the proof that you are eligible for life insurance cover is only determined by three reports rather than the multiple different ones that are conventionally used.
What Reports Are Ran?
The first of these is a MIB report and it examines any history that you may have with applying for and having life insurance with other companies. For instance, the report will highlight if you have recently applied for life insurance with any other providers and whether or not your application was successful.
Secondly, there is a prescription drug report that is also performed in order to see what, if any, prescription medications you have had over the past 7 years at all. Providers use this information in order to confirm that the information that you provided them with is accurate and truthful. For instance, if on your application you state that you do not take any medication but this report shows otherwise, then that raises a red flag to the provider and it is likely that they will not cover you as a result.
Finally, there is a motor vehicle report. This looks at whether or not you have any DWI’s, DUI’s, or if your driver’s license is currently suspended or has ever been in the past. If it is the case that you currently have a suspended license then you will have real problems getting life insurance with any of the major providers out there.
When applying for a life insurance policy online without a medical exam, the process typically involves a real-time underwriting process. Depending on how you answer the questions that are presented to you the following ones will change. This results in your application being instantly approved (or rejected) as it is being underwritten whilst you are actually completing the application process. Once you have been approved for coverage you are then able to choose the coverage amount that you would like, the rate that you want, and then pay for this. You can see the rates here.
How Much Does It Cost?
The amount that you will pay for your life insurance policy changes depending on what your sex is and your age is. These are the two main factors in determining the price. For instance, for a $100,000 level of coverage, a 25-year-old woman would pay $8 per month, but at the age of 40 this would go up to $12 per month. For a man that is 25 years of age the same level of coverage costs $10 per month and when they reach 40 years old, this goes up to $14 per month instead. These amounts are likely less than what you thought they were going to be as 44 % of Americans drastically overestimate the cost of life insurance cover. Although, it should be stated that the prices quoted are simply examples, and the rates that you pay may differ depending on your own personal health, etc.
Who Provides Life Insurance?
Although there are a number of different providers currently out there that provide life insurance without the need for a full medical examination, the best one is Bestow Life Insurance. Despite them being a relatively new company, they come backed by the well-established North American Company for Life and Health Insurance who has been around for more than 100 years. They even have an A + superior rating according to A. M. Best. Bestow believes that life insurance should not only be affordable for the masses but that it should also be smart and convenient too.
They offer life insurance to anyone that is between the ages of 21 and 55 years old, and for both smokers and nonsmokers. Coverage ranges between $50,000 at the lower end and as much as $1,000,000 at the upper end. With only an e signature required in order to submit your application, the whole process with Bestwo is quick and easy. Also, because they use accelerated underwriting, there is no waiting period and approvals are made straight away. They even offer policies that are as short as two years in length. The only downside to this provider is that they do not offer their service in either Georgia or New York state.
The quickest and easiest way to take out a policy like this is to visit a life insurance comparison website, such as Simple Insurance, where you are able to get an instant quote completely free of charge. This is not something that you should wait around for, as protecting your family and their future is the most important thing that you can do. For this very reason, no exam life insurance is favored by people who own recreational vehicles (RVs), freelance workers, those adults with young children, and even single adults with no dependents. With a $100,000 level of coverage, those left behind should be provided with enough financial support to get them through any tough times that they may face as a result of death or injury.