$100,000 Term Life Insurance: Options for Coverage

Last updated: May 22nd, 2018

$100,000 Term Life InsuranceThose 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.

There are many factors to consider as you’re shopping for life insurance in order to find the best plan for you. This article will cover some of the ways you can find an affordable policy to fit the needs of your family.

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 it’s 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 are 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 shown on this page, or give us a call to discuss your specific situation.

Pre-existing Medical Conditions

With 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.

Fidelity Life:

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 better odds of getting approved.

One of the options advantages of any no exam policy is you’ll get approved for life insurance much more quickly than with a traditional insurance policy. If you apply for a traditional plan, you can wait up to two months to get approved. Going with a no-exam option is always the quickest option for getting life insurance as quickly as possible.

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.

Calculating your Life Insurance Needs

Making sure you get enough life insurance coverage to help your loved ones with finances after you have passed away is very important, so it is critical that you calculate your needs as accurately as possible. The two main things to consider in your calculation is how much debt you currently have and how much of your income your family will need.

When factoring in your debts be careful not to overlook anything. Mortgage debt and student loan debt are two very important ones to include in your calculation because they are normally among the largest debts a person has and because there aren’t many options for being relieved of those debts.

When factoring in how much of your income the insurance policy would need to replace, be sure to multiply the annual total by seven to ten times. Unless you’re in your later years, most people need to cover seven to ten times their annual income by life insurance so that their family doesn’t have to worry about where that money is going to come from for a long time.

Using an Independent Insurance Agent

The process of applying for and being approved for life insurance can be quite complex and cumbersome. There are so many questions you have to answer. You have to take a medical exam in most cases. Every insurance company has different standards for how they use the application and medical exam information to determine what you will be charged in premium. It is a lot to keep up with.

You could just get one quote from one company, but then you wouldn’t know if you got the best solution or the best rate. You could call on numerous companies and compare all the options and prices until you find the best fit and most affordable solution, but that might take a very long time and you’re getting older in the process. Or you could work with us, your friendly independent insurance agents.

We are different than traditional agents because we do not represent only one company. We have access to many companies and solutions. One of the things we do very efficiently is comparing the different offerings companies provide to make sure they are the best fit for your needs. After we quickly narrow the search down to the best fitting policies we are able to show you the one that offers the best rate. It truly is the most efficient process for saving time and money in your hunt for insurance.

Whatever you do, don’t put off taking action. Your loved ones will be very thankful you took the steps to take care of their needs in the event that something happens to you. Give us a call or fill out the form. We’re here to help.


The online quote comparison tool on this page can be used to compare rates. Alternatively you can call us at 888-552-6159 and we can discuss options for life insurance coverage with you.

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Doug Mitchell

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