Those that are interested in $100,000 term life insurance have several options to choose from. There are generally 2 categories to consider, policies that require an exam, and no exam policies. While it sounds great to buy a life insurance policy that does not require a physical medical exam, it may not be the right choice for you. We’ll explore options for policies with and without exams and which may be the right option for you, as well as which life insurance companies to consider.
When to Choose a Medical Exam Policy
If you are in excellent health, you will always get a better price for life insurance with an exam, as opposed to without. Since a policy for someone young is cheap, there may not be much of a difference in pricing for $100,000 with or without an exam. If you are in your 20s or 30s, you may end up choosing the no exam option simply because its faster and easier than getting a policy that requires an exam. If, however, you are in your 50s or 60s the price difference can become more significant, and choosing a policy requiring a medical exam can be more appealing and the more economical choice.
For those that are in average health – for example those that may be 15 or 20 pounds above their ideal weight, pricing may be similar with and without an exam. This is why its best to compare pricing which you can do with our quote form on this page, or call us to discuss your specific situation.
Pre-existing Medical Conditions
If you have a pre-existing health condition you may not be able to get approved for a policy without an exam, and may need to have an exam to get approved. It really depends on what the health condition is, and which company you apply with for coverage. If you have a “minor” health issue, like Asthma, or type 2 diabetes, a no exam policy may be possible. More severe conditions such as Multiple Sclerosis, or past heart disease for example may require an exam. This is where we can speak and help determine the best option for you.
Recommended Insurance Providers for No Medical Exam Options
Although there are several companies offering no medical exam policies, they have different terms. Here is a brief look at two of the top companies and their respective strong points.
This insurance company provides no medical exam policies for people up to 65 years old. One of the greatest advantages of Fidelity Life is the speed with which they approve policies. They make a decision in less than 24 hours. In addition, the overall process of getting term life insurance is easy, and it is convenient for people who do not have medical problems.
Although Transamerica does not require a medical exam, an attending physician statement is required. These are basically the medical records of an applicant, which will play a pivotal role in determining approval. As a result, the approval process is relatively longer. In many cases, the approval process takes between two and four weeks.
While Fidelity Life approves much faster than Transamerica, Transamerica typically has better rates, and since they review your medical records, if you do have some health issues, you have a better chance of getting approved.
The Most Competitive $100,000 Term Life Insurance Providers
While the following companies have competitive rates for different types of life insurance and coverage amounts, they are especially affordable when it comes to $100,000 term life insurance.
A+ Rated Providers
A Rated Providers
Factors influencing rate include age of an applicant and duration of the $100,000 term life insurance. For example, if a 50-year old applicant wants a 20-year term, then Protective Life charges $23 a month, which is the best rate in that instance. At Standard Non Tobacco rate, the charge is $38 a month.
On the other hand, a 70-year old applicant will pay $150 a month for a 10-year policy at the Standard Non Tobacco rate.
The online quote comparison tool on this page can be used to compare rates. Alternatively you can call us at 800-574-0245 and we can discuss options for life insurance coverage with you.
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