The Life Insurance Pro

What is no medical exam life insurance?

No medical exam policies are exactly what their name implies: You don’t have to take a medical exam like you do with traditional life insurance policies. Yet, they provide the same guaranteed coverage.

Usually, no medical exam policies are still fully underwritten — just not with a medical exam.

What insurers use to qualify you without an exam:

● Pharmacy report, which lists all medications you’ve been prescribed over the last 5–10 years

● Motor Vehicle Department report

● Medical Insurance Bureau report (to see if you’ve applied for or been denied life insurance in the past)

● Credit/financial history (only a few insurance companies check this)

The three types of no medical exam policies

1. Accelerated Acceptance Policies

These are the same policies that normally require an exam. They’re among the most competitively priced in the market. With this type of policy, the company sees no need to invest in a medical exam.

For healthy people, this is the best option. Only a select group of companies offers accelerated underwriting options.

2. Simplified Issue Policies

Simplified issue policies are those that offer no medical options to people with excellent to average health.

If you’re in excellent health, your policy will be approved immediately.

If your health history includes a serious or chronic illness, some insurers might require a medical report from the doctors you’ve seen. And if they can’t get the records they need, they might then require a medical exam. We know which ones do and don’t.

3. Express or Instant Issue Policies

With express or instant issue products, the insurance company approves or declines your application immediately. In some cases, an underwriter might review your application to make a final decision. This can push the approval time to 24 hours.

Express issue policies offer the same price for everyone, regardless of health. But, some insurers will decline an application based on current or previous health status. We know which ones are most likely to approve you.

Should I replace my Primerica Life Insurance Policy?

The short answer is YES! But keep in mind that there are certain scenarios where replacing your Primerica policy may NOT be the best thing to do. For example, you may not be eligible to get new coverage due to any existing illnesses or it may just not make sense for many other reasons.

DISCLAIMER: all life insurance policies have a 2 year contestability period and if you are passed that point, it may make more sense to keep your current policy. (Keep an eye out for my “life insurance contestability period” post coming soon.)

I know some of you may be shocked to find out that Primerica is NOT your best option. Primerica agents themselves are shocked too!

I’ve had many Primerica agents tell me that Primerica was one of the top companies for term life insurance to which I strongly disagree.

Before we dive in, I would like to say that Primerica is a well-established life insurance company founded in 1977 with creditable backing history and high financial stability ratings. Of course, there’s a lot of factors to consider but those are the facts on Primerica.

With that being said, Primerica is NOT your best option and definitely not on the top of the list of companies for term life insurance when it comes to affordability. Primerica agents have argued with me that Primerica is on the top 3 for affordability and I always challenge them on this.

This is how it usually goes down…. we both take out our quote generator on our phones and look for the exact product, a $1,000,000 30 year term for a healthy (we choose the same health rating) 35-year-old male. The result is always a $30+ difference for the exact product, apples to apples. I let the Primerica agent choose the scenario by the way and it’s always the same result.

See below for the exact quotes from my last demonstration to an agent:

Primerica:
-35-year-old Male, preferred plus, $1,000,000 30 year Term
Primerica → $111 per month.

The Life Ins Pro:
-35-year-old Male, preferred plus, $1,000,000 30 year Term
AIG → $70 (includes living benefits)
Pacific Life → $72 per month.
American National → $76 per month.
Mutual of Omaha → $78 per month.

As you can see the difference from the best rate comes from AIG and is at a $41 difference. That isn’t counting the fact that AIG includes living benefits which Primerica term illustrated is not. (Check out our other post for info on living benefits.)

Every single time I can illustrate quotes from 10+ companies that are way more affordable than Primerica. The conclusion is that NO, Primerica is not one of the top companies for life insurance when it comes to affordability.

Primerica products are not products I, as an independent agent, can sell to my clients and Primerica agents only sell Primerica products. Lucky for me I’ve had the chance to compare Primerica to other insurance companies because I’ve challenged the affordability with many Primerica agents. I also replace Primerica policies all the time and based on that, Primerica is not the best company for affordability in a term policy. You can obtain the same term policy Primerica offers for 30-40% cheaper with other life insurance companies.

Go ahead… I challenge you to comment below or DM me to compare quotes. Tell me how much you pay and I will let you know how much you are overpaying.

You can also try to compare your own quote online www.thelifeinspro.com link is on my bio. Remember this quoter is an estimate and in order to get the most accurate quote, you need to work with an agent who understands underwriting guidelines to quote you properly.

At the end of the day, I tell all my clients their options and they decide. There’s nothing wrong in having an overpriced term policy if you are okay with that.

6 years ago 🕰️I had someone who started mentoring me in the💹 financial services Industry. Fast forward ⏭️to 2 years later into that mentorship I was getting ready to make a huge move🚚 and this so called mentor completely 🚧🚫deleted me out of his life because the student was ready to fly✈️.

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Manny’s mentorship in this industry has taught me a lot. He was willing to let go of his mentee so that I could build my brand utilizing knowledge 👔📚📖📑 and skills imparted by him. Now that’s what you call a true mentor✔️, someone who will mentor a less-experienced person🐣 in this industry and make it a responsibility to train them properly and allow them to fly 🛫 when they are ready. The best part of these mentorship sessions is that we became brothers🕺🕺.

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Forever grateful🙏 to his knowledge 📚and generosity to share it with others so selflessly.

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