[How To Buy] Life Insurance With No Health Questions

Written by Heidi Mertlich

Compare buying life insurance with no health questions to one-click shopping. Convenience is key.

Convenience is about reduction to the simplest and fasted execution to achieve a desired result. – Medium

Simple and fast sound appealing. Yet, you ‘ll want to be sure that the purchase you are making is in your best interest.

This type of life insurance – a form of whole life insurance with no health questions and no medical exam – only makes sense in a few situations.

Here, you will find everything you need to know about life insurance with zero health questions.


Table Of Contents

  1. No Health Questions
  2. Instant Decision
  3. Carriers
  4. Quotes
  5. Alternatives
  6. Apply

Life Insurance No Health Questions

no health questions

Subject to change.

Guaranteed Approval

No is not an option. Aptly named Guaranteed Issue life insurance (GI), you cannot be turned down, even if you have serious pre-existing conditions.

Note – This type of life insurance is also called Guaranteed Acceptance life insurance with no health questions.

In general, Guaranteed Issue life insurance should not be your first life insurance option. You will want to explore other types of life insurance first.

Here’s Why

Guaranteed Issue life insurance with no health questions is designed for those who would otherwise not qualify for coverage.

Life insurance carriers realize that most applicants for this type of policy have significant medical complications.

In turn, they skip the health questions during the application process. In lieu of questions, carriers opt to charge you significantly more in premiums for a modest policy.

Face Amounts Are Modest

Anytime you purchase life insurance with no questions about your health, plan on the face amount (policy size) to be modest.

Here’s Why

Life insurance carriers are in the business of risk absorption. By accepting applicants with serious health concerns (for example, cancer patients), they are agreeing to absorb significant risk.

Policies are limited to smaller face amounts because, and we mean this in the nicest way, you likely pose a high level of risk to the life insurance companies.

Expect your policy to be limited to an amount between $1,000 – $40,000 (many carriers cap at $25,000).

In fact, you will want to be careful to not pay more in premiums than your policy is worth. It’s entirely possible to end up making premium payments over a number of years that total more than a modest policy is worth.

Example

  • You purchase a no health questions life insurance policy (GI) for $10,000 at age 60.
  • Your monthly premium payments are $63.17.
  • If you pay your premiums for 15 years, you will have paid more in premiums than the policy is worth ($11,37.60)

Note – If you need more coverage that one GI policy provides, you may have the option of buying multiple GI policies. Known as stacking life insurance policies, you are able to secure a larger amount of life insurance coverage through purchasing more than one life insurance policy.

There Will (Likely) Be A Waiting Period

After your policy is issued, plan to wait around two, sometimes three, years before your beneficiaries will receive the full death benefit.

Typically, carriers want a hedge against the policy they issued. So, they will only pay a percentage of the death benefit, or return your premium payments (plus interest) for the first couple of years.

Here’s Why

This is often a way for the life insurance carriers to protect against paying a full death benefit on those that are terminally ill. In other words, they do not want to issue a policy and pay the full death benefit if the insured is going to pass away in a matter of months. Instead, they issue a graded death benefit.

After the graded benefit period, your beneficiaries will receive the full death benefit.

Age Requirements Exist

To qualify for this type of policy, you will need to fall between the ages of 40 – 85 years.

Although, most Guaranteed Issue carriers require you to be at least age 50.

If you are younger than age 40 and do not qualify for other types of life insurance, consider an Accidental Death policy until you can meet the age requirement.

Instant Decision Life Insurance

Since you are purchasing life insurance with no questions about your health, expect the application process to be lightning-fast.

Guaranteed Issue life insurance application process:

  1. Decide the policy face amount you would like (i.e. $20,000)
  2. Communicate your basic information: date of birth, social security number, address, etc.
  3. Record your beneficiary information.
  4. Make the first payment and establish a payment schedule.

Your policy will be in force after you make your first premium payment. The entire process takes minutes.

Top Life Insurance Companies For No Health Questions Life Insurance

You will want to make sure you work with an independent life insurance agent to find the best carrier to fit your needs. Each company has different processes and features and an independent agent can shop the market for you.

No Health Questions Life Insurance Companies

 AIG GerberGreat Western
Face Amount$5,000 - $25,000$5,000 - $25,000$1,000 - $40,000
Age Requirement50 - 85 years50 - 80 years40 - 80 years
Graded Death BenefitYes: 2 yearsYes: 2 yearsYes: 2 years
Cash ValueYesYesYes
Health QuestionsNoNoNo
Accelerated BenefitsYesNoYes*
A.M. Best RatingAAA-
*Accelerated Death Benefit is available in Great Western's Assurance Plus product.
Subject to change. Best life insurance carriers for life insurance with no health questions.

Our top “no health questions” carriers include:

AIG Guaranteed Issueguaranteed issue life insurance

Product At A Glance

  1. Guaranteed Issue Whole life insurance
  2. Face Amount range: $5,000 – $25,000
  3. Age requirement: 50 – 85 years
  4. Zero health questions or medical exam
  5. Graded death benefit for the first 2 years
  6. Accelerated Death Benefit Rider

 

Gerber Guaranteed Lifegerber

Product At A Glance

  1. Guaranteed Issue Whole life insurance
  2. Face Amount range: $5,000 – $25,000
  3. Age requirement: 50 – 80 years
  4. Zero health questions or medical exam
  5. NO Accelerated Death Benefit Rider

Great Western Guaranteed Assurancegreat western

Product At A Glance

  1. Guaranteed Issue Whole life insurance
  2. Face Amount range: $1,000 – $40,000
  3. Age requirement: 40 – 80 years
  4. Zero health questions or medical exam
  5. Accelerated Death Benefit Rider with Assurance Plus product
    • Important – Assurance Plus includes 3 health questions during the application process

Quotes For Life Insurance With Zero Health Questions

Let’s take a look at some sample quotes for Guaranteed Issue life insurance with no health questions:

Quotes: Life Insurance With No Health Questions For Male

 $5,000$10,000$25,000$40,000
40 Year Old$26.25$49.58$119.58$189.58
45 Year Old$29.17$55.42$134.17$212.92
50 Year Old$22.50$44.09$108.85$229.58
55 Year Old$29.42$56.90$143.46$249.58
60 Year Old$32.40$63.17$158.35$292.92
65 Year Old$43.04$84.15$211.52$359.58
70 Year Old$50.09$98.18$246.58$469.58
75 Year Old$70.22$138.55$347.42$626.25
80 Year Old$115.42$227.92$565.41$902.91
85 year Old$158.91$315.82$865.38NA
Subject to change. Guaranteed Issue life insurance quotes.

Quotes: Life Insurance With No Health Questions For Female

 $5,000$10,000$25,000$40,000
40 Year Old$21.67$40.42$96.67$152.92
45 Year Old$24.58$46.25$111.25$176.25
50 Year Old$17.69$34.47$84.79$189.58
55 Year Old$22.60$43.23$109.31$216.25
60 Year Old$25.99$50.02$126.27$256.25
65 Year Old$31.78$61.57$155.15$312.92
70 Year Old$38.22$74.52$187.46$399.58
75 Year Old$54.59$107.17$269.04$546.25
80 Year Old$88.71$175.42$439.54$752.91
85 year Old$100.53$199.06$545.98NA
Subject to change. Guaranteed Issue life insurance quotes.

Keep in mind – quotes are samples only and are subject to change.

Alternatives To Life Insurance With No Questions About Health

Remember, Guaranteed Issue life insurance makes sense if you don’t qualify for other types of life insurance.

While it’s convenient to skip the health questions, you will want to evaluate the best no exam life insurance companies first, to be sure you are purchasing the best policy to fit your needs.

For example, there are other types of life insurance that don’t require a physical exam, but will include some health questions:

  1. No Exam term life insurance
  2. No Exam whole life insurance
  3. Graded Benefit life insurance (only a few health questions, as opposed to zero health questions)

We recommend looking into other forms of coverage before settling on GI.

Here’s why – GI is expensive for the amount of coverage you are securing. If you are comfortable with at least a few health questions, you may be able to purchase a policy with a larger face amount that costs less.

Additionally, if you do not qualify for other forms of life insurance, but are too young for GI, look into an Accidental Death policy.

Apply For Life Insurance

First, verify that a Guaranteed Issue policy is in your best interest. Review all of your life insurance options by collaborating with an independent agent.

There are two steps you need to take:

  1. Fill out an instant quote.
  2. Be ready to communicate your details for your life insurance application. Details include your name, address, social security number, and beneficiary information.

A life insurance policy with no health questions may be the perfect fit for you. We’ll evaluate your needs and options to make sure you are purchasing the best policy at the best price.

 

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).

This entry was posted in Reviews. Bookmark the permalink.

3 Comments

[…] Most Guaranteed Issue life insurance carriers we recommend offer life insurance with no health questions. […]

November 28, 2018 at 9:23 pm

[…] Often, applicants need to secure life insurance in a hurry. […]

December 5, 2018 at 4:18 pm

[…] Life insurance with zero health questions does exist. However, policy face sizes are limited to modest […]

December 5, 2018 at 9:32 pm
Leave A Reply