Life Insurance No Exams
Following in the footsteps of Auto and Health Insurance carriers, Life Insurance is now available in a 100% online process. You can actually have real term life insurance coverage today, without an exam. This is a big step forward for the extremely traditional Life Insurance carrier.
Auto and Health Insurance companies have been selling online for years, now the Life Insurance Industry has started taking notice. Some companies have started with an online application, while others have actually taken the process completely online, from quote, to digital signature, to printing the new policy from your computer. The only problem is that no one is looking for it, and most life insurance agents do not know it exists. Carriers that offer this type of life insurance aren’t advertising it on TV and Radio like the Geicos and Esurances of the world.
When purchasing a traditional life insurance policy through a website, or through a hometown agent, the process is similar. You will need to fill out a paper application for an insurance company, then take a medical exam, and wait a couple weeks, to a couple months for an underwriting decision. Often times the insurance company comes back with a higher rate than was quoted on a website, or meeting with your agent.
Companies like RBC Insurance, and Jefferson National are the first to market this type of Life Insurance policy. The coverage amounts are generally only $150,000 to $250,000. But for most of America, that is plenty of coverage. The process requires answering a few medical questions, and entering only minimal contact information, beneficiary information, a social security number, and payment information on a secure connection. Then you can actually print your new policy. There is no medical exam required.
Of course there is still a possibility that your coverage will be denied, as there is some background checks done through the national life insurance database(MIB). So if you have been declined from another life insurance company, chances are you will not be able to get coverage here either. Second, the insurance company will follow up and cancel your coverage if there are untruths on the online application. They are in the business of making money, not paying out on false claims.
The question most consumers ask about this product is, "is this a real company?" or "do I really have coverage if I am approved today?". The answer to both questions is yes. The most prominent non medical life insurance product online today is from the RBC/ Liberty Life Insurance Company (RBCLifeDirect.com). RBC is an acronym for the Royal Bank of Canada- a pretty big name in mortgage, insurance, financial services. Liberty Life is the name of their North American product line. RBC/ Liberty Life is an A-rated company by A.M. Best, which is the 3rd highest of 16 life insurance ratings. Other companies like Jefferson National Life or American Life of New York (AmericanLifePolicy.com) have B+ ratings.
There are other companies out there that may say more coverage, or offer 250,000 without an exam- but in some cases a mortgage is required, or they actually require an exam if you are not in perfect health.
There is one downside to this type of product, which is the price. It is certainly not the cheapest policy out there. With convenience for the customer, comes risk for the carrier, meaning higher monthly premiums. Taking an exam can save a lot of money, but for someone in their mid 20s or 30s, paying an extra 10-20 dollars per month is worth not hassling with an exam. However, be prepared to see quotes considerably higher than those found at top consumer life insurance sites like Efinancial.com.
Even with the increase of sites offering life insurance, only about 18% of all life insurance is sold through the internet, According to a recent report by Forrester Research and Flamingo International. So that leaves 80% of the US with no access to products that are sold like this. If you are reading this, consider yourself an informed consumer.
For More Information on Life Insurance with no medical exam, go to Efinancial.com
Auto and Health Insurance companies have been selling online for years, now the Life Insurance Industry has started taking notice. Some companies have started with an online application, while others have actually taken the process completely online, from quote, to digital signature, to printing the new policy from your computer. The only problem is that no one is looking for it, and most life insurance agents do not know it exists. Carriers that offer this type of life insurance aren’t advertising it on TV and Radio like the Geicos and Esurances of the world.
When purchasing a traditional life insurance policy through a website, or through a hometown agent, the process is similar. You will need to fill out a paper application for an insurance company, then take a medical exam, and wait a couple weeks, to a couple months for an underwriting decision. Often times the insurance company comes back with a higher rate than was quoted on a website, or meeting with your agent.
Companies like RBC Insurance, and Jefferson National are the first to market this type of Life Insurance policy. The coverage amounts are generally only $150,000 to $250,000. But for most of America, that is plenty of coverage. The process requires answering a few medical questions, and entering only minimal contact information, beneficiary information, a social security number, and payment information on a secure connection. Then you can actually print your new policy. There is no medical exam required.
Of course there is still a possibility that your coverage will be denied, as there is some background checks done through the national life insurance database(MIB). So if you have been declined from another life insurance company, chances are you will not be able to get coverage here either. Second, the insurance company will follow up and cancel your coverage if there are untruths on the online application. They are in the business of making money, not paying out on false claims.
The question most consumers ask about this product is, "is this a real company?" or "do I really have coverage if I am approved today?". The answer to both questions is yes. The most prominent non medical life insurance product online today is from the RBC/ Liberty Life Insurance Company (RBCLifeDirect.com). RBC is an acronym for the Royal Bank of Canada- a pretty big name in mortgage, insurance, financial services. Liberty Life is the name of their North American product line. RBC/ Liberty Life is an A-rated company by A.M. Best, which is the 3rd highest of 16 life insurance ratings. Other companies like Jefferson National Life or American Life of New York (AmericanLifePolicy.com) have B+ ratings.
There are other companies out there that may say more coverage, or offer 250,000 without an exam- but in some cases a mortgage is required, or they actually require an exam if you are not in perfect health.
There is one downside to this type of product, which is the price. It is certainly not the cheapest policy out there. With convenience for the customer, comes risk for the carrier, meaning higher monthly premiums. Taking an exam can save a lot of money, but for someone in their mid 20s or 30s, paying an extra 10-20 dollars per month is worth not hassling with an exam. However, be prepared to see quotes considerably higher than those found at top consumer life insurance sites like Efinancial.com.
Even with the increase of sites offering life insurance, only about 18% of all life insurance is sold through the internet, According to a recent report by Forrester Research and Flamingo International. So that leaves 80% of the US with no access to products that are sold like this. If you are reading this, consider yourself an informed consumer.
For More Information on Life Insurance with no medical exam, go to Efinancial.com
posted by blogmaster7 at 11:13 AM
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