If you have someone who is depending on you financially, but you’ve been turned down for life insurance coverage in the past, there’s good news about how you may be able to obtain the protection that you need – by purchasing a no medical exam policy.
When applying for life insurance, most “traditionally underwritten” policies will require applicants to not only answer a series of health related questions, but also to undergo a medical examination. This typically consists of a paramedical professional meeting with the applicant to check blood pressure and heart rate, discuss more detailed health history, and to submit a blood and urine sample.
Unfortunately, for those who have any number of health related conditions, it is through this medical exam that they are precluded from obtaining a life insurance policy. For one reason or another, the insurance company will deny them for coverage, feeling that the applicant is too high of a risk.
With a no exam life insurance policy through American National, though, there is no paramedical exam required – so approval for coverage is much easier, even for those who may have certain adverse health conditions.
When applying for an American National no exam life insurance policy, applicants can choose a face amount of up to $250,000 in coverage. These term life insurance plans have coverage lengths of either 10-years, 20-years, or 30-years. Premiums will remain level throughout the policy’s time period. These plans can provide a great way to cover a home mortgage, a child’s future education costs, or just about any other short- or longer-term need.
Because there is no medical exam to contend with – and just a few basic questions to answer on the application – coverage can be approved almost instantly. In fact, in some cases, applicants can be approved within 15 minutes. This means that you can not only obtain the life insurance protection that you and your loved ones need, but you can have it right away. And, because of the instant application process, there is no need to meet in person with an insurance agent. This makes the process extremely convenient.
American National Insurance Company has been in the business of protecting consumers since 1905. Throughout its 100-plus hear history, the company has grown significantly into what it is today – a multi-billion dollar insurance and financial services conglomerate.
The company offers a variety of life insurance products, including term life, whole life, universal life, and variable life coverage. It also provides annuities – both fixed and variable in its overall product mix.
Because people purchase life insurance in the hopes that the funds will be there when loved ones need them, they want to ensure that the underlying insurance company that they choose is strong financially. American National has a solid financial foundation, and a good claims paying reputation – which is why the company has been given a rating of A from A.M. Best.
When it comes to no exam life insurance, not everyone will be a good candidate. While many who apply will be approved, these policies do have some drawbacks that potential policy holders need to be aware of.
First, because no exam policies take on applicants who are typically considered to be higher risk cases, the underlying insurer must compensate for that additional risk by charging a higher amount of premium. In some cases, the premium that is charged could be two or three times more than for a comparable life insurance policy that is medically underwritten. Therefore, if you are able to qualify under a more traditionally underwritten plan, you may want to consider going that route.
In addition, some no medical exam policies also have graded benefits. This means that if the insured dies within the first two or three years of owning the policy, the named beneficiary will only receive a refund of the paid-in premiums (and in some cases, a small amount of interest), rather than the stated death benefit amount. Therefore, unless the insured owns the policy for several years, these particular policies are not very beneficial from a financial standpoint.
Given those considerations, however, there are cases where a no medical exam policy could be an ideal solution. In some cases, it may be the only option for someone who has a particular health condition to obtain life insurance coverage.
These policies can also be a good alternative for individuals who have an intense fear of needles and would rather not go through with a blood test on a traditionally underwritten life insurance policy.
Likewise, there are many life insurance policies that will deny coverage to individuals who regularly take part in “high risk” occupations or activities such as race car driving or sky diving. For these individuals, a no exam policy could provide the coverage that you need where other policies won’t.
If you’re ready to move forward with an American National no exam life insurance policy – or if you simply want to compare your options and see what is available to you in terms of life insurance coverage overall – we are here to help. We work with many of the top rated life insurance companies in the marketplace today, and we can help you in comparing policy benefits and premium quotes. You can get the process started by just using the form on this page.
If you have any questions or concerns regarding how to get started, or if you just have an inquiry about no exam life insurance and whether or not you may be a good candidate for this type of coverage, please feel free to contact us directly, toll-free. Our experts are available to help. You can reach us by dialing 888-229-7522. We want to ensure that you have all of the information that you need to make the most informed decision possible.