Lincoln Financial, a highly-rated life insurance carrier, offers no exam life insurance through its TermAccel product.
With Lincoln TermAccel life insurance, you can apply for coverage through our quick, secure and fully electronic process. If approved, you’ll have your coverage in a fraction of the time of a traditional life policy!Lincoln Financial Group
Before applying, you’ll want to familiarize yourself with Lincoln’s TermAccel product to know if it’s a good fit for you.
Here’s why – Every life insurance carrier, and their underwriting process, is unique. Your circumstances will determine the best company to apply with.
Goal – Gain a comprehensive understanding of Lincoln Financial’s TermAccel.
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Headquartered in Fort Wayne, Indiana, Lincoln Financial’s roots are strong, and focus on honest values and dependability.
With the blessing of Robert Todd Lincoln, Abraham Lincoln’s son, the Lincoln National Life Insurance Company was established in 1905.
Lincoln Financial Group is the first and only company in the world that freely carries Abraham Lincoln’s name, image and ideals at the heart of our brand.Lincoln Financial Group
By 1933, Lincoln Financial reaches an impressive $1 billion of in-force insurance and survived the Great Depression with zero layoffs.
In 2013 and 2015, World Finance magazine named Lincoln Financial Group the Best Life Insurance Company in the United States.
Financial Strength Rating: A+ (A.M. Best)
Interesting fact – On Abraham Lincoln’s 200th birthday, Lincoln donated the Lincoln Museum Collection to the state of Indiana. The collection, worth over $20 million included the Emancipation Proclamation.
TermAccel is one specific type of policy offered by Lincoln Financial – term coverage, often issued without a medical exam requirement.
Let’s delve into the the specifics of the policy.
When you are evaluating no exam life insurance, there are a number of important features to consider:
- Wait time – the turnaround time for your policy to be issued.
- Issue ages – the range of ages the carrier is willing to provide coverage for.
- Face amount – policy size, or death benefit, offered.
- Policy length – known as term length, the number of years the company will allow the policy to last.
- No medical exam – specific underwriting process that does not include a physical.
So, how does Lincoln’s TermAccel measure up?
Lincoln’s focus on a streamlined application process has significantly cut the turnaround time for their policies’ issuance – especially if you qualify to skip the medical exam.
While each applicant’s experience is unique, if you are healthy and meet the underwriting requirements, it’s possible to have your policy issued in as little as 48 hours.
TermAccel issues policies to applicants between the ages of 18 – 60.
However, many no physical life insurance companies offer coverage up to age 65, and some up to age 80.
No exam carriers that issue policies up to age 65 include:
No exam carriers that issue policies up to age 80 include:
If you are a senior citizen, we recommend considering your options for no exam life insurance for seniors.
TermAccel policies are available for face amounts starting at $100,000, all the way up to $1,000,000.
Note – not all carriers offer no medical exam life insurance up to one million dollars. In fact, most cap coverage around $500,000.
Your policy term period can be, 10 year, 15 year, 20 year or 30 year.
These term lengths are pretty standard and most no exam carriers offer the same periods.
For further reading on term lengths:
Note: Foresters Financial does offer an uncommon 25 year term policy.
If you meet the requirements, your TermAccel policy can be issued without the need for a paramedical exam.
In other words, you can skip the needles, nurses and blood/urine samples, and your policy will be issued in a fraction of the amount of time it usually takes for a fully underwritten policy.
Riders are additional features to your life insurance policy, aside from the death benefit. Riders can make all the difference during a difficult time.
At no additional cost, the following rider can be added:
The Accelerated Benefit Rider allows you to accelerate a portion of your death benefit, should your physician document that your life expectancy is less than 6 months.
- Can be added to policy with no additional underwriting
- 50% of the death benefit can be accelerated, with a maximum of $250,000
- $300 one time administrative fee, deducted from death benefits paid
- An actuarial discount will be deducted based on an annual interest rate
- State variations apply
Lincoln’s TermAccel has the following riders available for an additional cost:
Called the Waiver of Premium, this rider allows you to forgo premium payments should you become totally disabled.
- Must be added to the policy at issuance
- May be rated differently than base policy
- Only allowed if insured is rated Table D or better
Premiumvaries by gender and tobacco/non-tobacco (Montana has unisexrating) Disabilitymust begin after insured’s 5th birthday and before policy anniversary nearest 65th birthday Disabilitymust last for 4 months Disabilitymust be caused by disease or accidental bodily injury
- The insured must be unable to do any of the duties of his/her regular job and is not engaged in any other job
- Attempted suicide is excluded
- Self-inflicted injuries are excluded
Coverage for your children
The Children’s Level Term Insurance Benefit Rider provides level term coverage for all children of the base policy insured.
- Rider may be added or increased after issue with additional underwriting
- Each child must be 15 days old, up to age 18
- Minimum amount: one unit of $1,000
- Maximum amount: up to 15 units of $1,000 each or $15,000
- Premium amount is $5 per unit
- Coverage expiration is on the policy anniversary on or after the child’s 25th birthday
- Rider expires on the earlier of – the youngest insured child’s age 25 or the policy insured’s age 65
- At expiration date of the term insurance, rider can be converted at the attained age of child without evidence of insurability, no more than 5 times the child benefit
Note – Many no exam carriers, such as American National, include a number of riders at no additional cost.
Policy Conversion Options
Your Lincoln TermAccel policy may be converted to a permanent policy without evidence of insurability under the following circumstances:
- No premium is in default
- Amount of insurance on the new policy is not increased
- Same rate class (or equivalent)
- Conversion period is the equal to the earlier of the level term period or before client’s attained age of 70
Lincoln’s TermAccel application process is simple and straightforward.
Using a process called, LincXpress Tele-App, plan for a streamlined experience.
Plan to participate in an English-only telephone-based application. You will be asked questions about:
- Basic information: full name, date of birth, address
- Medical history (e.g. history of depression)
- Prescription history
- History of criminal activity
- Driving record
- Military status
- Hobbies/Avocation (e.g. mountain climbing, private pilot)
- Lifestyle (e.g. history of smoking)
Important – Be prepared to fully answer your telephone interview questions. That way, your application will be processed quickly.
Also important – Lincoln’s TermAccel does not order Attending Physician Statements (APS).
Based on your telephone conversation, you may qualify to skip medical underwriting.
In order to qualify to skip the paramedical exam, you must meet the following guidelines:
- Age is between 18 – 60
Faceamount is $1 million or less
- No major medical conditions
- Within height/weight limits
- Applicant is a U.S. citizen or permanent resident
If you do not meet the above criteria, you may be required to participate in medical underwriting.
Conditions That Prompt A Medical Exam For TermAccel
- Use of tobacco products
- Parent or sibling death from cardiovascular disease or stroke before age 60
- Bankruptcy in the last 5 years
- DUI or distracted driving conviction in the last 5 years
- History of multiple moving vehicle violations in the last 3 years
- Felony conviction within the last 5 years and/or currently on probation or parole
- Hazardous sports activity
- Pilot without instrument flight rating
- Submission of a prior informal or formal application to Lincoln Financial Group within the last 12 months
Specific Medical Conditions That Require Medical Exam
- Alcohol abuse and/or treatment
- Atrial fibrillation
- Bipolar disorder
- Cancer history (other than basal or squamous cell skin cancer)
- Elevated cholesterol without treatment
- Chronic obstructive pulmonary disease (COPD)
- Crohn’s disease
- Dementia/Alzheimer’s disease
- Diabetes/gestational diabetes
- Drug abuse/treatment
- Gastric bypass/lap band
- Heart disease/surgery
- Hepatitis B or C
- Huntington’s disease
- Hypertension (average readings above 140/85)
- Kidney disease
- Multiple sclerosis (MS)
- Muscular dystrophy (MD)
- Parkinson’s disease
- Peripheral artery disease/peripheral vascular disease
- Prescription narcotic use
After your application completion, Lincoln will review your phone interview, possible lab work, your online records (driving, prescription history, Medical Information Bureau) and provide you with a decision:
- Approved – you are approved for the policy you applied for
- Further information needed – your underwriting may need to clarify information on your application before moving forward
- Declined – you are not approved for the policy you applied for. Do not fret. Plenty of life insurance options exist, including guaranteed issue life insurance.
- Grab your partner. Work with an independent agent. They are not held captive to a particular carrier and will access multiple quotes from the top companies.
- Prepare. Your best odds for quickly securing the lowest rate you qualify for are when you have all of your information ready to communicate. This includes your medical, lifestyle and occupation history.
To get started, simply fill out our free instant quote.