Getting a million dollar policy is easier than it sounds, finding a company that will give you a million dollar policy that doesn’t require a medical exam isn’t as easy. To answer the question “Can I get a million-dollar life insurance policy with no medical exam?” is technically yes, but there are a lot of caveats.
There are hundreds of companies that have no exam plans that can give you coverage fast, but most of those companies cap their policies at $500,000 or less. In most cases, if you wanted a million-dollar life insurance policy, but didn’t want to take an exam, you would have to buy multiple insurance plans, which could get expensive.
As the no exam insurance market continues to grow, more and more companies are starting to offer more convenient options for coverage. While the million dollar no exam policies still aren’t that common, they are out there.
How Much Life Insurance Do You Need?
Before you purchase a plan, you’ll need to calculate your life insurance needs. There are several financial factors that you need to account for to ensure that you’re getting enough life insurance, or that you aren’t wasting money on excessive coverage.
The first numbers to crunch are your debts and any final expenses that you would leave behind to your loved ones. The primary goal of your plan is to give your family the money to pay off any final expenses they would be responsible for, and it’s vital that you leave them with enough resources. Add up your remaining mortgage, car payments, student loans, funeral expenses, and any other debts that you currently hold.
The next financial factor to look at is your annual income. If you’re the primary income earner in your family, they would struggle financially if they no longer had your paycheck for essential expenses. The secondary goal of your life insurance is to replace your salary to keep your family from losing their standard of living. It’s wise to consider purchasing seven to ten times your annual salary to give your family the protection they need if anything tragic were to happen to you.
The Advantages of a No Exam Life Insurance Plan
There are several benefits to choosing a million dollar no exam insurance policy, but are they worth the trouble of finding one? Because every person is different and has different preferences for their life insurance needs, you’ll have to weigh the pros and cons of each type of policy to determine which ones fits your needs.
First, the advantage of the no exam policy, is that applicants aren’t required to undergo the medical exam to be approved for life insurance. This is an excellent benefit to anyone that is in poor health or has several pre-existing conditions. For anyone that wouldn’t be able to be accepted for life insurance otherwise, these plans could be one of the best options.
Another incentive for these types of plans is how quickly the approval process for coverage is, unlike traditional plans that require the physical. With a million dollar insurance plan with medical underwriting, it could take several weeks, or more than a month to get approved for the plan, but with no exam plans, it only takes a fraction of the time. Some insurance companies can accept you for a plan in a matter of days. Simply answer a few basic questions, provide payment information, and there you go. It’s as easy as that.
The Disadvantages of No Exam Plans
There are several pitfalls to these types of plans that applicants should be aware of before they purchase a no exam policy. The biggest disadvantage is the price. No exam plans are going to be much more expensive than their traditional counterparts, especially the larger no exam plans. With insurance, the company wants to know what type of health the applicant is in before they will insure you, that’s how they calculate the risk for the policy, but without an idea of your overall health, they have to offset the risk by charging higher premiums. If you’re looking for the cheapest million-dollar insurance coverage, no exam isn’t going to be the best option.
While there are dozens of companies that offer some type of no exam option, you’ll have an extremely limited amount of options for a policy as large as one million dollars. On the other hand, if you were to choose a normal plan that requires the physical, you’ll have hundreds of options to pick from, which gives you the ability to find one that has the lowest premiums or a plan with additional benefits that aren’t offered by every company.
Getting Cheaper Million Dollar Life Insurance
There are a couple of ways that you can secure lower insurance premiums from the company. It’s important that you get the most affordable life insurance coverage possible for your family. Making a few simple changes can save you thousands of dollars on your insurance coverage.
The best way to get lower insurance rates is to cut out any tobacco that you use. One of the questions that the insurance company is going to ask when you apply for a no exam policy is if you are a smoker or you use chewing tobacco. If you’re a smoker, you’re at a much greater risk for being diagnosed with health complications, like lung cancer or heart attacks, which means you’re a higher risk to the insurance company. Smokers will pay at least twice as much for life insurance versus what a non-smoker is going to pay for the same sized policy.
Another way that you can save money is by slowing down on your daily commute. When you apply, the insurance company is going to pull your driving records and look for any speeding tickets or accidents that have happened in the last year. The more points that are on your driving record, the more that you’re going to pay for your life insurance.
Are No Exam Life Insurance Policies My Only Option?
One of the most common reasons that people buy life insurance is because they assume that it’s their only choice for insurance coverage. In most cases, that couldn’t be further from the truth.
Every insurance company is different, which means every insurance company is different, and all of them are going to view your application differently. That means that some companies will offer you affordable coverage while others are going to decline you for insurance protection.
If you’re purchasing a no exam life insurance plan because you’ve been declined for a traditional plan in the past, it’s important that you look at other life insurance companies. If you’re a high-risk applicant because of a pre-existing condition, your occupation, medical history, or some other reason, there is probably several insurance companies that will offer you a traditional term insurance plan.
Before you decide to buy a no medical exam policy, let us look at your application and match you up with some of the best insurance rates around. We are a group of independent insurance agents, which means that we don’t only represent one single company. Instead, we work with some of the highest rated companies across the nation.
Our agents have years of experience helping clients get the best million-dollar insurance coverage, either with or without a medical exam. Because we work with so many companies, we will have access to dozens of companies that will offer you affordable coverage, and we know which companies specialize in working with high-risk applicants, which means that you may not have to settle for a no exam policy.
Million Dollar No Exam Life Insurance Policies
There could be any number of reasons that you’re looking for a no exam policy with a million dollars of coverage, maybe you have pre-existing health complications that prevent you from going through medical underwriting, or maybe you need coverage quicker than other options allow.
Life insurance is one of the most important purchases that you’ll ever make for your family. It’s the only way to ensure that they have the protection they need, regardless if something tragic happens to you. While nobody wants to think about his/her own death, it’s important that you plan for the worst.
If you have any questions about getting a million dollar no exam plan, or your life insurance options, please contact us today toll free at 800-866-8780. Our agents will be happy to answer those questions and ensure that you’re getting the perfect policy at an affordable rate by helping you compare several quotes from many of the top life insurance carriers. Don’t wait any longer to get the peace of mind knowing that your family will be taken care of.