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Mar 25 2020

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1 million dollar term life insurance

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Million Dollar No Exam Term Life Insurance (Now $2M!)

By: Jason Fisher , Last Updated: June 18, 2018

Trying to find an affordable million dollar term policy can be a task in itself.

But trying to find a million dollar no exam term life insurance policy was impossible, until now.

A revolutionary new product gives Americans access to seven figures of coverage without any medicals, any needles, and ultra-fast turn around times.

You can do it all from the comfort of home.

Updated 10/31/2017: There are now multiple carriers, not just one, who offer no medical coverage up to a million. Click here to see the latest updates.

Updated 1/10/2018 : Haven Life now goes up to $2,000,000! This is double the industry standard!

Now Available: Million Dollar No Exam Term Life Insurance

The no exam life insurance market is really starting to take off, with more than 18 no medical life insurance companies taking part already and more entering the market each quarter.

And it’s no wonder it’s becoming popular.

It’s faster coverage.

It’s easy to get.

There are no needles or exams, and very little underwriting which takes place.

But until now, the maximum coverage anyone could get through just one carrier was $400,000. You could get more coverage in total by applying to a handful of carriers who offer no exam policies and accepting more than one, however it begins to get cost prohibitive due to multiple policy fees.

Buying life insurance without a physical already has miniature fees built in because of higher risks to the insurance companies, too.

At least, this is how it has been done traditionally.

This mold, too, has been broken.

Old Versus New

Principal Life Insurance Company is the company who is now offering the $1,000,000 no exam life insurance. It’s the first of its kind, more than doubling the availability of death benefit previously established in the industry.

Update : Haven Life is another provider for this type of policy. You can go here to read about what their product offers, too.

But not only did Principal’s new Accelerated Underwriting Program shatter the death benefit maximum, but it comes with a few extra bonuses:

The application process is extremely simple.

  1. Complete an application with an agent.
  2. Complete a 15 minutes telephone interview.
  3. Authorize access to your Motor Vehicle Report (MVR), prescription database, and Medical Information Bureau (MIB) report.

This gets posted through their proprietary underwriting algorithm, and you get your approval fast. A representative from Principal cited more than 40,000 individual cases were uploaded to their system to evaluate your application against, and this gives them extreme accuracy at speeds a human couldn’t replicate.

If for any reason the system does not approve you, you simply get passed to an individual underwriter who can review your case and request a medical if necessary.

No Exam Life Insurance Underwriting Requirements

Of course, not everyone will get accepted. Someone who is an ideal candidate for the million dollar term life insurance policy is one who is in excellent health, has a relatively good family history, and falls within a certain age group. If you meet these conditions, you can be approved at any of their three rate classes, including Preferred, Preferred Best, or Preferred Tobacco.

So what other underwriting requirements are asked? Here’s a list of general guidelines:

  1. Applying for a minimum of $50,000 and up to $1,000,000.
  2. Insured(s) must be 18-60 years of age at the time of application.
  3. Must meet minimal build standards (includes height and weight, separate charts for each gender).
  4. No major medical conditions (ie Bipolar, Crohn’s, COPD, Diabetes, Multiple Sclerosis, Sleep Apnea, etc.).

If you fail to pass any of these four conditions, you’ll not be accepted. If you do pass the general guidelines, there are another 13 more specific questions to answer. These range from current blood pressure, cholesterol, to family history, driving history, and more.

Assuming you pass these, you should be a good candidate to apply.

Sample Cases And Premiums

So, how do the prices compare when lined up against both other no exam life insurance policies and fully underwritten ones?

This is especially curious for those who don’t need a full million in term coverage.

We ran some sample quotes to give you an idea, based on a very healthy 35-year-old male.

These numbers may or may not reflect the same differences for other age groups, and are assuming product availability in the state you live in.


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