1 million dollar term life insurance
Million Dollar No Exam Term Life Insurance (Now $2M!)
By: Jason Fisher , Last Updated: June 18, 2018
Now Available: Million Dollar No Exam Term Life Insurance
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.
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.
- Noup-charge. Several companies who do offer no exam life insurance already have a completely separate product line they’ve created to accept the risk, and it comes with slightly higher premiums than the fully underwritten option. However, with the Principal no exam option, you get the same rates as their Preferred or Preferred Best rated clients, depending on which level you’re accepted.
- No policy type restrictions. Most providers currently approving consumers for life insurance without a medical only do so for distinct policy types, like 10, 15, or 20-year terms. As Principal entered this market, they allowed the consumer to pick from all their types, whether it be term or permanent.
- Smokers are included. Yes, even tobacco users applying for life insurance through Principal’s Accelerated Underwriting Program are eligible for Preferred Tobacco rates, a class often left out from other no exam carriers.
The application process is extremely simple.
- Complete an application with an agent.
- Complete a 15 minutes telephone interview.
- 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.
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.
- Applying for a minimum of $50,000 and up to $1,000,000.
- Insured(s) must be 18-60 years of age at the time of application.
- Must meet minimal build standards (includes height and weight, separate charts for each gender).
- 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