Many people want to get life insurance without completing a medical exam. Unfortunately, to get the lowest possible rates, they will need to take one. Non-medical life insurance is often much more expensive than fully underwritten coverage with a medical exam because the carrier takes on greater risk when they do not have the exam to help provide a full medical picture of the proposed insured. Since carriers would not have the full medical picture without a medical exam, the maximum amount of coverage you can secure under a single policy is about $350,000 (most carriers will only go up to $250,000 before requiring an exam).
So what if you need more than $350,000 of coverage and don’t want to take an exam? – Generally, you would need to buy a second policy from another carrier to bring your sum total to the higher amount.
Principal National created a program known as “accelerated underwriting” where you can get up to $1,000,000 of coverage without completing a medical exam – this applies to both their term life insurance and universal life (permanent) insurance programs! If you’re applying for a Survivorship Universal Life (SUL) policy on both husband and wife, you can get up to $2,000,000 of coverage with no exam!
Here’s a list of the initial qualifications that Principal wants you to meet for their accelerated underwriting program:
- Your age is between 18-60.
- The face amount of coverage applied for is between $50,000 and $1,000,000 ($2,000,000 for SUL – please note, minimum coverage for term insurance is $200,000).
- You’re applying for either a term insurance policy or universal life permanent insurance.
- Your height/weight is within the program’s recommended weight limits.
- You’re not being treated for any major medical conditions (e.g. cancer, COPD, diabetes, etc.)
- You’re a U.S. citizen or permanent resident and not travelling to hazardous locations.
- Stated blood pressure is less than 140/85.
- Total cholesterol is less than 220, and cholesterol/HDL ratio is less than 5.0.
- If you’re between ages 51-60, you must have a primary care physician and have had routine physicals.
- No parents or siblings have died before age 60 due to breast, colon, ovarian, or prostate cancer, nor cardiovascular disease, stroke, or diabetes – If you have only one family member died before 60 due to cancer and you have regular check-ups targeted at early diagnosis, then you can still qualify.
- No history of bankruptcy in the past 5 years.
- No history of DUI or reckless driving in the last 5 years, or more than 2 moving violations in the last 3 years.
- No history of felony convictions in the last 5 years.
- No life, health, or disability insurance has been rated, ridered, or declined.
- No prior informal request to Principal in the last 24 months.
- If you have applied for coverage with Principal before, you were approved at preferred or preferred plus (Super Preferred).
- No labs (for an insurance exam) have been ordered or completed within the last 12 months for life or disability insurance.
If you’re unsure how to answer one of the questions, don’t worry, we will review the input with you. If you don’t meet all of the initial qualifications, the carrier would simply move the application to be fully underwritten and request an exam be completed to continue underwriting. If you’re ok with completing an exam at this point, then we will have one ordered for you – if you still prefer not taking any exams, we can change carriers as necessary.
If you meet this criteria, then we can complete the application for the coverage – please note, the carrier requests a phone interview to review the medical history input cited on the application (a common underwriting procedure for non-medical life insurance programs), in lieu of completing a medical exam.
Call us today at 1-800-571-2980 to learn more and get your coverage started! You can also e-mail us at Info@terminsurancebrokers.com.