If you are looking to get life insurance and want to skip the medical exam, American National Insurance Company (ANICO) is our best no medical exam life insurance company. Founded in 1905 by William L. Moody, Jr., American National is headquartered in Galveston, Texas. The company is licensed to sell insurance policies in 49 states and Puerto Rico with the exception of New York.
Policies issued in New York are marketed by American National Life Insurance Company of New York. This subsidiary is located in Glenmont, NY. and is one of the few companies offering no exam life insurance in NY.
Is ANICO Financially Stable?
American National Insurance Company or ANICO for short, is a very financially stable insurance company. It was given an A rating (Secure/Excellent) from A.M. Best and an A rating (Strong) from Standard and Poors. ANICO has a long history of claims paying ability, financial strength and has a positive outlook for stability in the future. The consistent financial strength of this company makes our list of Best Life Insurance Companies.
ANICO No Medical Exam Life Insurance
ANICO offers no medical exam life insurance policies and fully underwritten life insurance policies.
In the no exam arena, ANICO is one of the best.
The company uses an “Accelerated Underwriting” program consisting of 2 options: Xpress and Xpress Plus. For those who qualify, you can be approved in less than 48 hours without an exam.
Xpress is an underwriting program that is used to speed up applications for people age 65 or under and are applying for coverage of $249,999 or less. Applications are completed online with the help of an approved agent (like us) and usually takes about 30 to 45 minutes to complete.
Your approval for coverage is evaluated based on the following criteria:
1. Answers to the application
2. Information from the Medical Information Bureau (MIB)
3. Prescriptions or RX history
4. Risk Classifier: Information received from public records, driving history, and credit history
Issue Ages: 0-65
Face Amounts: Up to $249,999
Products: Term Life, Whole Life and Universal Life
Xpress Plus Underwriting
Is a new, no medical exam program recently rolled out by ANICO for people ages 18 to 60, who are looking for higher coverage amounts of life insurance. The same underwriting criteria is used for this program as in the Xpress program but for higher policy amounts:
Face Amounts: Ages 18-50: $250,000 – $1,000,000
Ages 51-60: Face Amounts: $250,000 – $500,000
Products: Term Life, Whole Life and Universal Life Insurance
If you are going the no exam route, most people will automatically get standard rates. However, if you are in excellent health and take no medications, you could qualify for preferred rates. For 30 or 45 minutes of your time, it is well worth the effort of applying for life insurance without an exam.
Other underwriting categories are: Standard Tobacco, Standard Non-Tobacco, and Substandard. If you have preexisting health conditions such as diabetes or if you smoke, you can still get approved but with substandard rates and of course higher premiums.
For seniors who can’t qualify for a fully underwritten policy due to poor health, whole life is available for ages 50 – 80 without an exam from $2,500 – $25,000 of coverage. America National also stands out for allowing up to 100% of your death benefit to be accelerated in case of a terminal illness.
American National Life Insurance Products
Like most other insurance companies, ANICO offers a whole array of insurance products to meet the needs of just about every customer.
4. Indexed Universal
5. Variable Universal
ANICO Term Life
Term life insurance is the least expensive type of insurance option and is appropriate for people looking for the most amount of coverage at the lowest price.
Term life is the easiest product to understand. Coverage is in effect for a fixed term or period of time. When the term is over, your coverage ends. Term options are available from 10 years to 35 years. The death benefit is level and so is the price you pay for the entire term of the policy.
Unlike term insurance, which is temporary coverage, whole life is permanent coverage and never ends as long as you pay your premiums.
Whole life is also more expensive but comes with an investment feature (cash value) that builds value in the policy. Over time, the cash value can be used to pay your premiums or even subsidize your retirement. However, any cash withdrawn from the policy will reduce the death benefit. Whole life can be a powerful investment tool if the policy is designed properly. Or, it can be just a policy that will last your whole life.
Universal Life is similar to whole life but allows the customer flexible premium options. Premium payments are applied to a guaranteed interest-bearing account or cash value account. The account grows tax-deferred and can be accessed anytime by the owner. The cash value belongs to the policy owner, who may withdraw or borrow against it as provided by the terms of the policy.
Index Universal Life
Indexed Universal Life (IUL) is a life insurance policy where the premiums are invested in stock market indexes such as the S&P 500, Nasdaq 1000 and more. IUL works very much like universal life with the exception that the cash value account is linked to the performance of an underlying stock market index. This type of policy is perfect for the person who is looking for higher returns than a fixed interest account.
The cash value account can grow with the stock market within contractual limits called “Caps,” but the account can never go down. The policyholder will never receive the full growth of the stock market but it is a cost-effective life insurance plan with upside potential and downside protection.
Variable Universal Life
This life insurance policy is for people who want to invest in the stock market and are not adverse to risk. VUL has flexible premiums that are invested in mutual fund sub accounts. The face amount and cash value can go up or down based on the performance of the stock market. There are no guarantees and the policy can go to zero.
Just like the other universal life products, VUL can offer permanent protection in a favorable stock market environment.
No Medical Exam Life Insurance in New York
It’s worth mentioning that if you have been trying to find a no exam life insurance policy in New York, you probably know by now, it’s not an easy task. ANICO NY is one of the few companies that offers no exam policies and is licensed to do business in New York.
If you would like to discuss your no medical exam life insurance options, call us at 914-633-1717. We’ll provide you with more than one quote and explain your options. We look forward to working with you and helping you get the best coverage possible.