Are you a no exam a life insurance expert? Probably not, but you don’t have to be. We are here to outline some of the most popular carriers and plans on there. In this article, we are going to look at Fidelity Life Insurance.
Every person is different, and everyone has different life insurance needs. The problem is, comparing plans can be like comparing apples and oranges, and if you haven’t bought life insurance before, you may have no idea what you should be searching for.
Medical exams are an obligatory part of life insurance applications, right? Think again. While many forms of life insurance do require a medical exam, no medical exam life insurance makes it possible for you to apply for and get coverage if you meet certain requirements. Before considering this kind of coverage though, it is wise to get all the background information on the subject. That’s where we come in.
Fidelity Life Insurance – Skip the Medical Exam
Fidelity Life is a top life insurance company that is licensed in every U.S. state except for New York and Wyoming. They offer a variety of forms of life insurance, including policies that do not require a medical exam.
One nice feature of Fidelity is the options. They have six types of life insurance you can choose from. One important feature of all of them is the RAPIDecision feature. All of their policies are quick decision, meaning you won’t have to sit around for a month waiting on the decision.
With some of the Fidelity plans, you can get approved in less than 48 hours. Imagine being able to get coverage in less than 2 days.
Let’s look at each of their plans.
Their basic Decision Life plan sells up to $1,000,000 in coverage. You get a decision in 24 – 48 hours.
There is a unique clause of this plan. One part of the plan is a typical death benefit coverage. The other part is accidental death benefit, which means it won’t pay out unless you die of an accident.
If you take a medical exam in the first 6 months after you buy the plan, then the whole plan will be a standard coverage policy.
With this policy, you only have to answer a few questions, and you can get insurance protection up until you turn 95.
One unique feature of this plan is you buy a guaranteed level premium for a certain amount of time (10, 15, 20, or 30 years) after that, the rates are going to increase every year.
You can add some additional protection to these plans, either Dependent Child rider or Accidental Death rider.
Rapid Decision Express No Medical Exam Life Insurance
As its name suggests, the Rapid Decision Express program is designed to get you an answer to your insurance application fast. For example, you can apply using Fidelity’s “Rapid App” online application form, which lets you know if you are approved in a few short days. Everyone who is in a current good state of health will get approved.
To get approved, you will need to answer questions about your medical history and current state of health. However, this is a far cry from having to undergo medical tests that can make you wait weeks or even months for a decision on your application. Instead, most people here within 24 hours when or not they are eligible for coverage.
It is also important to note that the Rapid Decision Express program comes with guaranteed level premium terms between 10 and 30 years. After the term period ends, your premiums will increase every year until you are 94 years old, as it is a life insurance product that goes to age 95.
Rapid Decision Senior Term Life No Medical Exam Life Insurance
This type of coverage is meant for senior citizens (as its name suggests), or at least those who live on a fixed budget each month. This kind of policy offers immediate partial coverage, followed by full coverage after three years. It is designed to make life insurance more affordable for seniors, but it also comes with an option for permanent life insurance for those who are willing to pay a little extra. Like the option above, this one also does not typically mandate a medical exam and instead is based on your responses to various health questions.
Though this program is meant for seniors, people are eligible for coverage as young as 50 years old and up through age 70. Depending on your age, you will be able to get a 10, 20 or 30-year term with this policy, with death benefits ranging from $10,000 up to $150,000. The policy also comes with a level premium throughout the term period, with the full death benefit able to be paid after three years. At the end of the term, this death benefit will decrease by 50 percent.
Advantages and Disadvantages of No Medical Exam Life Insurance
No exam plans sound like the perfect choice, life insurance without the annoyance of the medical exam, but there are some reasons we don’t suggest no exam plans for a lot of our clients. Before you buy a no exam policy, we want to point out some of the highs and lows of these policies.
The biggest advantage is obvious, you get to skip the medical exam. You don’t have to have the worry of passing or failing the medical exam. It’s much less stressful and you won’t have to take time off of work to take the exam.
Another advantage to these plans is all about speed. From the time you apply for no exam until the time to sign the papers tends to be less than a week. When you compare it to a traditional policy, you’re looking at a quarter of the time to get insurance protection.
While there are some key benefits, it’s not all good news when you look at no exam policies. Now let’s look at the bad.
The price tag keeps a lot of people from choosing these plans. Regardless of the company, they will charge you more if you don’t take the exam. For the company, no exam policies are riskier. More risk equals higher rates.
Not only will these policies cost you more, but you might not be able to get a large enough plan. Every company has different restrictions on their no exam plans, but most are going to have plan limits around $300,000.
How Big of a Life Insurance Policy Do You Need?
There are several different categories that you need to account for when you’re determining what your life insurance needs are. After you’ve done the math, you may realize these policies won’t give you the protection your family needs.
To begin, let’s see how much money you owe. Your debts are the driving force behind deciding how much life insurance you need. After you’ve added up any major expenses your family would pay for, this is your starting number.
The next number to look at is your annual income and if anyone relies on that paycheck every month. If someone relies on your salary, they wouldn’t have that source of income, which can cause drastic financial problems down the road.
Fidelity Life Insurance With No Medical Exams – Are They Right For You?
Now, it is important to note that Fidelity Life may not be the right choice for you as an insurance provider. Now that you’ve reviewed the advantages, you can make an educated decision.
If Fidelity doesn’t work well for you, don’t worry, there are dozens and dozens of other options. Finding the perfect life insurance plan can be a long and overwhelming process, but luckily our independent insurance agents are here to help.
We work with 30 other life insurance companies, and we are happy to discuss your life insurance options. You can learn more about each individual insurance company by reading our company reviews, such as our review of Colonial Penn life insurance and our review of GEICO life insurance.
You never know what life is going to throw at you tomorrow. Nobody wants to think about their death, but it’s vital that you plan for the worst.
Just imagine if you didn’t have life insurance and something awful happened to you. Your family will have emotional pain and financial baggage. Don’t let this happen to them.
If you are interested in getting life insurance without a medical exam and want to learn more about Fidelity, please feel free to contact us at 888-552-6159.