Assurity No Exam Life Insurance Review In Detail [2019 Update]

Written by Heidi Mertlich

Assurity Life Insurance, a mutual insurance organization, provides no exam (also known as non med or no physical) life insurance called, LifeScape NonMed Term 350.

Assurity’s NonMed Term 350 life insurance is designed to make the application process fast and convenient. You’ll save time by skipping the medical exam and get a great premium rate. – Assurity NonMed Term 350

So, what is no exam life insurance? Simply put, no exam life insurance is life insurance issued without the medical examination of the applicant.

Assurity is one of many life insurance carriers that offer life insurance without a medical exam. You’ll want to be familiar with their process and product before making a purchase.

Here’s why – Your unique needs will determine which life insurance carrier will be the best to apply with, as each company’s rates and features vary. Familiarize yourself with the top-rated no exam life insurance companies to compare and contrast.

Goal – Review Assurity’s LifeScape NonMed Term 350 no exam life insurance to decide if it’s a good fit for you.


Table Of Contents

  1. Company History
  2. Overview
  3. Application Process
  4. Bottom Line
  5. Apply

Assurity Company Historyassurity

Assurity’s roots began in 1890, in Lincoln Nebraska. Born out of the merger of three Nebraska-based life insurance companies – Woodmen Accident and Life, Security Financial Life, and Lincoln Direct Life – it wasn’t until 2007 that Assurity was officially established.

Headquartered out of Lincoln, Nebraska, Assurity’s corporate office is a LEED Gold certified building with cutting-edge technology and design.

Assurity is a mutual life insurance company. Policyholders share ownership in the company, and there are no shareholders or publicly traded stock.

Financial Strength Rating: A- (A.M. Best)

Interesting Fact – In 2015, Assurity became the largest life insurance company to become a certified B Corporation, meaning they have an “explicit social or environmental mission, and a responsibility to take into account the interests of workers, the community and the environment, as well as its policyholders”.

Assurity Non Med Term Overview

Important features to evaluate for Assurity’s no exam life insurance:

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*Policy features are subject to change. Availability may vary by state.

The most important aspects of no exam life insurance to evaluate are:

  1. Wait time – how long you have to wait before your application is approved and your life insurance policy is issued
  2. Issue ages – the age range of the applicant that the life insurance company is willing to insure
  3. Policy amount – the dollar amount (policy size) the life insurance company offers
  4. Policy length – the number of years the life insurance company will allow the policy to last

How does Assurity measure up?

Wait Time

You can receive a policy decision within a few days. If your underwriter (that’s who gauges risk) needs additional information from you, your approval time can bump up to weeks.

Some no exam life insurance carriers offer policy decisions faster (often within minutes) – such as Foresters and North American LifeVue.

Issue Ages

Assurity issues no exam life insurance to applicants between the ages of 18 – 65. Think of this as standard issue ages for no exam products.

Note – if you are older than age 65, Foresters and Phoenix are carriers that provide coverage up to age 80.

Policy Amount

Your policy amount can range between $50,000 and $350,000.

Policy Length

Assurity offers term policies of 10, 15, 20 and 30 years.

There are age limits for term lengths:

assurity

*Subject to change

No Exam

No exam life insurance means you get to skip:

  • Needles
  • Nurses
  • Liquid samples

Also consider – Policy Riders

Often overlooked, riders are provisions to your life insurance contract that provide additional benefits.

Rider included with policy purchase:

  • Accelerated Benefits Rider – the option to accelerate payment of life insurance proceeds in the event of terminal illness or expected to live in a nursing home until death.
    • Proceeds available for acceleration are a percentage of policy amount, up to $250,000 from all policies owned through Assurity.
    • Physician documentation required.

Optional Riders you may add to your policy for an additional cost:

  • Accident Only Disability Income Benefit – provides a monthly benefit should the insured become totally disabled as a result of a covered accident.
  • Children’s Term – provides level-term insurance for the insured’s children, up to age 25.
  • Critical Illness – lump-sum benefit paid to insured for a first-time diagnosis of a qualifying critical illness.
  • Disability Waiver Of Premium Benefit – waiver of premiums if insured has total disability prior to age 60. Total disability must occur for six months before benefit can be activated (premiums will then be reimbursed for payments made during total disability).
  • Monthly Disability Income – provides monthly benefit should the insured become totally disabled as a result of a covered accident or sickness.
  • Other Insured Term Insurance Benefit – term life insurance coverage for another individual when insurable interest is established.
  • Return Of Premium Benefit – provides for a return of premium (the amount you pay in exchange for life insurance coverage) to the owner should the policy be terminated for a reason other than the death of the insured.

Policy Conversion Options

Assurity’s LifeScape NonMed 350 is convertible, meaning that you can convert your term policy into a permanent policy.

The conversion period begins at the policy issue date and ends on the earlier of:

  • one year prior to the end of a 10 year term policy
  • or two years prior to the end of a 15, 20, or 30 year term policy
  • or the policy anniversary in which the insured has reached age 65

Assurity Non Med Term Application Process

Expect a streamlined application process:

assurity

*Subject to change

Step 1 – Electronic Application

Your application will be submitted electronically, so you can avoid tedious paperwork and snail mail.

Step 2 – Phone Interview

Expect a straightforward phone conversation, lasting 20 – 30 minutes.

You will be asked questions about:

  1. The basics – birthdate, gender, height/weight
  2. Your medical history
  3. The medical history of close, blood-related family members
  4. Tobacco use
  5. Your occupation
  6. Your lifestyle

Specifically, you will not qualify for Assurity’s no exam life insurance if:

  • You apply within from a state where the product is unavailable (including foreign addresses)
  • You are not a United States citizen
  • You are not a United States resident
  • If you are older than age 50 and haven’t seen a physician within the last 5 years
  • If you do not have a valid driver’s license, your case will be referred to an underwriter for special handling

Step 3 – Database Check

Carriers that offer life insurance with no physical exam required rely on databases to gather information for your application. While the process sounds impersonal, it’s an intelligent way to assess an applicant instead of going through medical underwriting.

Here’s what databases Assurity underwriters will review:

  1. Motor Vehicle Report (MVR) – your driving record
  2. Pharmacy – a history of your prescriptions
  3. Medical Information Bureau (MIB) – a record on previous insurance applications

Step 4 – Application Review

Your underwriter will review your electronic application, phone interview, and databases. Ideally, the process will take only a few days.

Step 5 – Application Decision

Based on their review, you will receive an application decision:

  1. Approved as applied – Best case scenario. You are approved for the life insurance policy you applied for. You can be approved for one of the following health classes:
    1. Select Plus Non Tobacco
    2. Select Plus Tobacco
    3. Select Non Tobacco
    4. Select Tobacco
    5. Standard Non Tobacco
    6. Standard Tobacco
    7. Note – Applicants can still be approved without meeting the Standard health class through a substandard rating. You will be a surcharge of up to 200% on your premiums if you are approved at substandard.
  2. More information is required – Sometimes, your underwriter will need more information on your application. Let’s say, for example, you have been prescribed an antidepressant. You may be asked to provide more information on the reason for the prescription and dosage.
  3. Declined as applied – You were not approved for the life insurance policy you applied for. This happens from time to time. Take heart. There are plenty of life insurance options to explore.

Bottom Line

Assurity does tend to be priced higher compared to other no exam life insurance carriers. You’ll want to run an instant quote to compare rates.

Whether or not Assurity is the best company for you to apply with depends on a number of factors. Consider your:

  • Age
  • Health
  • Medical conditions
  • Lifestyle
  • Occupation
  • Tobacco use
  • Desired policy amount
  • Desired policy length
  • Desired riders, if any

How To Apply

You will want to do two things to purchase the best life insurance policy you qualify for, regardless of the life insurance company you apply with:

  1. Partner up – Collaborate with an independent life insurance agent. This is the most important first step.
    1. Why: An independent life insurance agent has your best interest in mind. They are not held captive to a particular life insurance company and can shop the top-rated carriers to find the best fit for you.
    2. Also: You don’t want to apply with a particular life insurance company on your own. Should something concerning come up during the application process (let’s say a medical condition), that information could then be available to other life insurance companies.
  2. Prepare – Make sure you’re ready to answer all the application questions.
    1. Have your medical history, lifestyle and occupation information written so that it’s easy to communicate
    2. Your application process and policy decision will be much faster if you can easily answer the phone interview questions.

 

About No Physical Term Life
About No Physical Term Life

We’re an independent life insurance agency that specializes in no exam life insurance. We’re licensed in all 50 states and can help you directly over the phone or even by email if you’d like (just fill out a quote form and you’ll get an email from us).

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