Traditionally, getting a life insurance can be a little bit tiresome and painful, literally.
One of the turn-offs in traditional life insurance coverage is the physical exam requirement. This is a tedious process that usually puts people off. Besides, not everyone has the time, courage, and patience to deal with the rigorous medical underwriting procedures.
Thankfully, things have changed in the insurance industry.
Many insurance companies now offer a no exam life insurance policy. In other words, you can get a life insurance coverage without having to go through the hassles and inconvenience of interviews, paperwork, and the dreaded physical exam. Some policies are now simplified.
That’s right; no need to fast, no more vitals checks, no need to get measured on the scale, no submission of liquids—and best of all—no need to get poked with a needle. This makes the underwriting process faster. No medical exam insurance products are usually offered as a term life insurance or a permanent policy.
Nowadays, non-med policies are popular for a reason: they’re affordable, quick, and less annoying. And this is especially important if there’s an element of urgency behind your reason to get a policy. You might be taking a loan, going on a trip, or well, you can just fill the blank here because the reasons are obviously plenty.
Life insurance policies in the country vary by states. This means that the regulations on insurance happen on a state level. If you are living in New York City, it pays to know that not all insurance companies offer the same no exam life policies.
Remember that if you need a policy that doesn’t require a physical exam, you would have to find those carriers that offer this type of product. There are top insurers in New York that you can check. To help you narrow down your choices, let’s take a look at some of the insurance companies that offer a no exam life policy in New York.
American National Insurance Company (ANICO)
As one of the oldest and premier insurance companies in the United States, the American National Insurance Company (ANICO) offers life insurance, annuities, property and casualty insurance, credit insurance, and health insurance. The company main headquarter is in Galveston, Texas, but you can find its office in Glenmont, New York. Another office is located in Springfield, Missouri.
In terms of its life insurance products, American National provides whole life insurance (fixed and permanent), term life insurance (fixed rate), universal life insurance (permanent but flexible), indexed universal life insurance (flexible), and credit life insurance.
American National is one of the few insurance companies in New York that offer a no exam policies, and here’s a glance at their non-med offerings.
American National’s non-med products are whole life insurance and term life insurance. Depending on your age, the length of the policy ranges from 10 years up to 30 years. The age of eligibility is up to 80 years old.
American National’s non-med policy options include the Signature, Executive Universal Life, Indexed Universal Life, and Affinity 7 NQ Whole Life.
Remember that American National does not offer a permanent life insurance on its non-med products, but you can convert your non-med policy to a whole life insurance and even universal life insurance and still get a higher chance of being approved.
For its non-med insurance, American National offers a term coverage that ranges from $50,000 to $250,000. Anything above the maximum amount will already require a medical exam.
If you need a higher coverage amount, then you will have to agree to a medical exam which is already required for that higher coverage.
American National provides a quick and less stringent approval process on its non-med policies. Although it would require a review of your medical history, it’s health criteria is very lenient and you can easily qualify and get a good policy coverage even if you smoke and have certain medical conditions, such as diabetes for instance.
You will also have to undergo a short interview where you will be asked with questions related to your medical history, lifestyle, driving record, pharmacy history, occupation, and even military service record among other things.
With American National, the policy can be reviewed and approved within 48-72 hours. Sometimes it takes up to one month due to the delays that come from requesting your medical history.
Take note that American National is unique in a way because its branch in New York still requires paper-based processing of applications. This poses a certain problem when it comes to the need for expeditious approval.
Nevertheless, while it is not as quick as the other companies that offer non-exam life policies, it still fares better than those that takes up to two months.
Pros and Cons
Generally, the American National is one of the insurance companies that are less strict when it comes to requirements. Comparably, it remains one of the best no exam insurance providers in the country, especially in New York.
American National also offers excellent benefit riders on its no exam policies. The only downside is the cap on the coverage amount.
Gerber Life Insurance
Founded in 1967, Gerber life is one of the leading insurance companies that are best known for their no exam policies. The company offers several insurance products, including term life insurance, whole life insurance, guaranteed life insurance, accident protection policies, child life insurance (Gerber Life Grow-Up® Plan), and a college plan.
For its no medical exam policy, Gerber Life Insurance provides a guaranteed life insurance, which is basically a whole life insurance product that you can easily get as long as you can pay the premium. Again, no medical exam and no questions asked.
If you can’t get a life term insurance from other companies but you’re worried that you badly need one due to your frail health, then this becomes a good option. Think of it as the insurance of “last resort.”
A guaranteed issue policy is typically expensive because the coverage is offered regardless of the health condition of the client. What makes this type of insurance product is it can cover medical bills, debts, and even burial costs. It’s the reason why this is also sometimes called the “burial insurance.”
Gerber Life’s guaranteed life insurance policy is designed for anyone whose age is between 50 years old and 80 years old.
In terms of coverage amount on Gerber Life’s guaranteed life insurance policy, you can get somewhere between $5,000 to $25,000. Unless you upgrade your coverage, your premium will remain the same all throughout the period of the policy.
Take note that $25,000 is the maximum amount of the coverage. It is the cap amount and you’ll have to wait two years of insurance maturity to get a full amount of the payout.
With Gerber Life’s guaranteed insurance, the application and approval process is quick. Except for a few and simple health-related questions, there are no medical exams needed and you don’t even have to deal with a lot of paperwork.
The approval time for Gerber Life’s guaranteed insurance is just as fast as the procedures. In fact, the whole thing can be done in a matter of minutes especially if you apply online.
Pros and Cons
The best thing about Gerber Life’s guaranteed insurance policy is the fact that almost anyone can be approved no matter the person’s case as long as the individual can afford to pay the premium. The process and approvals are also very fast.
The only downside to Gerber Life’s guaranteed insurance is the high premium cost. It can be very expensive and the benefit is a little bit too small.
Lincoln National Life Insurance Company
The Lincoln National Life Insurance Company is one of the best available options if you’re looking for a life insurance policy that doesn’t require you to go through a cumbersome process and an invasive medical exam.
Founded in 1905, Lincoln National is probably one of the oldest and largest stock insurance companies in the country. Its licensed office in New York is called the Lincoln Life & Annuity Company of New York which offers a wide range of products, such as life insurance, annuities, disability insurance, and retirement plans among others. Its life insurance policies include the term life insurance, universal life insurance, and variable universal life insurance.
With Lincoln National, your option for a non-med policy is the so-called accelerated underwriting (AUW). Now, you should know that this a little bit different from the typical no exam insurance offerings.
When it comes to the accelerated underwriting policies, there’s no medical exam involved, but the insurer might still require an interview and a background check on your medical history. In some cases, a simple physical exam may also be required (which is usually only limited to vitals check), but there’s definitely no taking of blood or other invasive procedures.
Compared with conventional insurance policies that are fully underwritten, Lincoln National’s accelerated underwriting is faster and provides lesser hassle.
Lincoln National offers two types of accelerated underwriting policies: the Lincoln TermAccel® Level Term and the LincolnLife Elements® Level Term. Both don’t require a medical exam.
Take note that you can apply as long as your age is between 18 years old and 50 years old.
With Lincoln National, the classes of rates for the policy are standard tobacco, preferred tobacco, standard, preferred, and preferred best.
Lincoln National has a minimum face amount of $100,000 and a maximum face amount of $500,000. If you seek higher coverage, you can still opt to convert.
Lincoln National’s approval process for its accelerated underwriting policies is simple and fast. All it takes is to apply online and get interviewed through the phone. You will be asked with questions related to your medical record, prescription record, driving record, and other pertinent things. But again, no medical exam needed as long as you are deemed qualified. Depending on how your case is determined, a simple vitals check may also be required.
Lincoln National’s approval time for insurance applications usually takes 24 hours.
Pros and Cons
Lincoln National’s accelerated underwriting policies are easier to get and they require little efforts save for an interview and a background check. In other words, you can be approved fast for a coverage as long as you are deemed eligible.
One of the best things about Lincoln National is its policy on insurance conversion. The company allows you to convert your existing policy to a permanent coverage. And still, you don’t need to seek re-qualification or undergo a medical exam.
The downside with the policy is there’s still a chance that your application would be rejected unlike the other no exam policy products.
William Penn Life Insurance Company of New York
The William Penn Life Insurance Company of New York is a subsidiary of Legal & General America. Outside New York City, the Legal & General America conducts insurance business through the Banner Life Insurance Company.
In New York, the William Penn Life Insurance Company has been providing insurance policies for more than two decades now. It offers term life, universal life, and guaranteed whole life insurance policies.
In terms of its accelerated underwriting policies, the William Penn Life Insurance offers the so-called APPcelerate which is a simplified underwriting offered for adults whose is age is between 20 years old and 50 years old.
William Penn Life’s underwriting classes include Preferred Plus, Preferred, and Standard Plus. The great thing about this company is it offers a Preferred Plus rate on its non-med policies as long as the client is qualified.
William Penn Life also allows the insurance to be extended or converted to a permanent coverage regardless of the case.
William Penn Life Insurance accelerated underwriting policy has a minimum coverage amount of $100,000 and a maximum coverage amount of $500,000.
With William Penn Life Insurance, the approval process only includes a phone interview and a background check on your medical history as well as your driving record. Based on the evaluation, your medical exam may be waived off.
With William Penn Life Insurance, your application can be processed and approved after just one business day or even after just a few hours.
Pros and Cons
Like the other insurance companies that provide accelerated underwriting, the William Penn Life Insurance Company has one of the easiest and fastest hassle-free application processes. The only downside, however, is you cannot guarantee an outright eligibility for a non-med policy.
What’s Your Best Option?
Among all the stated choices, the American National comes out as the best pick. It ranks as the top carrier and is one of the most highly rated insurance companies, it is also the only one that truly and completely provides the non-medical policy.
As long as you are healthy and you can pay the premium, you can easily qualify and be approved by American National for an insurance coverage. All it takes is a simple application process, a 15-30 minutes phone interview, and a background check.
Once found eligible, you can immediately get a term life insurance policy. You will be approved in just a matter of days, depending on the duration of the background medical check. But of course, if you need higher coverage, you can always look at other companies. There are still many other options out there in the market.
Work With Us!
Not sure how to start and find the best insurance policy option that you need?
Shopping around for the best insurance policy can be overwhelming and at times confusing especially if you have the limited idea about policies, rates, and insurance companies. With many options presented to you, you might run into the risk of getting a deal which is not suitable to your current situation and financial capability.
At CFA Insurance, we have a vast insurance network which we can easily tap to help you find the right insurance company with the best rate on the exact policy that you need. In fact, we can quickly compare quotes in a just a matter of minutes.
We offer no exam life insurance quotes, term life insurance quotes, permanent life insurance quotes, and guaranteed issue life insurance quotes. Basically, we can get you the right information that you need regardless of the type of insurance that you’re looking for.
In other words, we can help you get the best insurance deal—at no extra cost. With our assistance, you can even save up to 58% on any type of insurance that you’ll find ideal for your needs, situation, and budget.
Jump-start Your Life Insurance Search Today!
Get started today and get the best deal with the lowest life insurance rate. Start right by calling us at 212-573-5563 and talk to one of our expert insurance advisors. Or you can just also submit a quote request so we can get back to you immediately.