![]() As such, rates for eligible applicants may be similar to those determined during a traditional underwriting process. The information and tools used in the accelerated underwriting process allow insurers to create a more comprehensive risk analysis that is similar to that achieved through traditional underwriting practices. Though the exact variables that an insurer considers may vary, the National Association of Insurance Commissioners (NAIC) identifies multiple third-party sources from which an insurer may collect data:Īfter gathering your information, the underwriter will use AI technology, predictive models and algorithms to determine if you are eligible for no-exam life insurance and, if so, your premium, or how much you will pay. When you apply for a policy that uses accelerated underwriting, the insurer takes information from your application to collect personal data that is used to determine your level of risk. Each varies by the underwriting process, which is the way insurers assess your risks and determine how much you will pay for insurance. There are three primary ways an insurer may choose to offer life insurance with no medical exam. Different types of no-exam life insurance ![]() ![]() This is particularly true if you’re over 50 or considered a high-risk candidate. After completing the application, you may find that the insurer wants to follow up to obtain additional information via an exam or additional health questions. It’s important to note that even if a company advertises no-exam life insurance policies, not every applicant is eligible. Eligibility criteria can vary by insurer, but usually, you must be relatively young (under 50) and in good health. Though no-exam life insurance policies were once less common, today more and more insurers are extending this type of coverage to eligible applicants. Some insurers even offer same-day or instant approval to eligible applicants. Because no-exam life insurance skips this step, this type of coverage may be ideal if you’re looking for a faster application process. This is in contrast to a more traditional life insurance underwriting process that requires you to complete a health questionnaire as well as a medical exam.įor a life insurance medical exam, insurers often request a paramedical professional collect information, such as your blood pressure, as well as blood work and a urine specimen. No-exam life insurance does not require applicants to go through a medical exam for approval. Of the life insurance companies we evaluated, only those offering policies offering competitively priced no-exam life insurance policies for high coverage amounts made the cut. Companies offering this type of coverage to individuals over 50 earned the full points. Some companies limit no-exam life insurance eligibility to younger applicants. We factored this in to help those considering term life insurance policies identify companies that provide this option.Īge eligible for best term length/coverage amount: 5 points. Some companies allow policyholders to convert their term coverage to a permanent life insurance policy. Term life conversion availability: 5 points. Keep in mind that a company’s maximum coverage amount for a no-exam life insurance policy may decrease based on an applicant’s age, with older applicants eligible only for lower face-value policies. Companies that offer higher coverage amounts for the lowest eligible age earned more points. Maximum face amount for lowest eligible age: 10 points. Companies that offer this benefit with a no-exam life insurance policy earned the full points allotted. An accelerated death benefit option lets you access your death benefit early if you’re diagnosed with a terminal illness. ![]() Since term life insurance is often the most affordable coverage option, we evaluated rates for both 30- and 40-year-old males and females in excellent health, for term lengths of 10, 20 and 30 years and coverage amounts of $500,000 and $1 million and $2 million.Īccelerated death benefit age: 5 points. To determine the best no-exam life insurance policies, our life insurance experts evaluated several of the top life insurance companies that offer coverage in the United States.Įach life insurance company included in our evaluation had the opportunity to earn up to 100 points, based on the following factors.
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