If you’re looking for no medical exam life insurance in NY, you’ve probably realized by now that it’s not going to be easy. The truth is, there very few companies that offer no exam life insurance in the state of New York. To make matters worse, there is a lot of misinformation out there.
No medical exam life insurance is one of the fastest growing segments in the insurance industry and there is not much of a mystery why this product is becoming so popular. Why take an exam for life insurance if you can skip the medical and get approved without the hassle?
If you live in Ohio, Arizona, California or just about anywhere else in the United States, you can get a no exam life policy approved in a matter of a few days, but here in New York, it’s almost impossible to find a company that offers life insurance without a medical exam.
The reason for this is simple: Regulation. New York State makes it very difficult for insurance companies to get new products approved. But there are a handful of companies (see chart) that have made it through New York’s stringent requirements and offer no medical exam policies.
New York No Exam Life Insurance Companies – as of 12/30/2016:
- American National
- American Benefits Association
- Gerber Life
- New York Life
There are three types of no medical exam policies:
Simplified Issue Life Insurance – Simplified issue is an excellent fit for people in good health who wish to avoid a lengthy application process or the need for a medical exam. To qualify for this product, the applicant cannot have serious health conditions, such as diabetes, heart disease or cancer. The application process simply requires answers to a series of health-related questions.
Guaranteed Issue Life Insurance – Also known as a guaranteed acceptance policy, does not require any health questions to be answered or a medical exam. Coverage is available for anyone who applies. Coverage is limited but there is one application and guaranteed acceptance.
Graded Death Benefit Life Insurance – Graded death benefit insurance is for people with serious health issues and can’t get a policy anywhere. The application usually involves a few health-related questions, but no medical exam is required. Usually during the first two years of coverage, full policy benefits are limited.
No Medical Exam Life Insurance Companies In NY
American National Insurance Company (ANICO)
10, 20 year term insurance
$50,000 to $250,000 coverage available without exam
Whole Life Insurance
$5,000 to $75,000 coverage without an exam
Issue Ages: 18 – 65
While there is no medical exam, there are still medical questions to answer. ANICO’s application is simple to complete and their underwriting process is very easy going. If you have pre-existing medical issues, diabetes or if you smoke, you could still get approved.
Approval Time: The approval process could take as long as 30 days due to the fact that New York requires paper applications, unlike other states that allow electronic applications.
Ameritas Jet Issue Life Insurance
$100,000 to $200,000 Whole Life Insurance without a medical exam
Issue Ages: 18-45
Riders Available: Waiver of Premium, Total Disability Waiver, Accelerated Death Benefit, Paid-Up Option
Ameritas offers their Jet Issue whole life program and although there is no exam, there is an application with medical questions. They also require a Tele-underwriting phone interview to confirm the questions answered on their application.
Approval Time: The application could be approved in 4 days. The underwriting classes are: Preferred Non Tobacco, Standard Non Tobacco and Standard Tobacco.
Gerber Life Insurance – Guaranteed Issue Program
$5,000 to $50,000 Whole life insurance with no medical exam
Issue Ages: 14 days to 18 years of age
Guaranteed Issue Whole Life For Adults
$5,000 to $25,000
Issue Ages: 50 – 80
Gerber Life Insurance company offers a guaranteed issue life insurance product in the state of New York. There is no medical exam and there are no medical questions to be answered. However, as with any guaranteed issue plan, there are coverage limits.
Gerber offers a Graded Death Benefit Policy with a 2-year waiting period for payout. This means that if you die in the first two years of the policy, your beneficiaries will not get the full $25,000 death benefit. They will receive the premium paid plus 10% interest.
Approval Time: The policy could be approved in 1 – 2 weeks
MetLife Guaranteed Acceptance Whole Life Insurance
$2,500 to $25,000 No Exam Whole Life Insurance
Issue Ages: 45-85
Metlife offers a Guaranteed Acceptance policy which is also known as a Final Expense Policy. There is a phone interview or an online application to complete but there are no medical questions to be answered. You cannot be turned down.
Like the Gerber Life policy, this is a Graded Death Policy. It builds cash value and its premiums never increase. Final Expense Whole Life cannot be cancelled during the life of the policyholder as long as the premiums are paid. MetLife Graded Death polices have a limited death benefit during the first two years except if the owner dies by an accident.
Approval Time: Approval within 48 hours
New York Life Simplified Term Life Insurance
$10,000 to $150,000 Term life insurance. No medical or lab work, just health information
Issue Ages: 30 – 75 up to $150,000
Age: 75- 79 up to $100,000
New York Life offers a Term life insurance policy without a medical exam. But they require the most background medical history than any other company being reviewed here. The company will obtain medical information from your doctor, DMV and the Medical Information Bureau (MIB). The term life policy is a 5 year “banded” policy which means premiums increase as you enter each new five-year age band and will be based on the current rates at that time.
Approval Time: Up to 30 days or longer since they do a more detailed health history review.
American Benefits Association
ABA is a National Membership Association of individuals, groups and businesses that can purchase term life insurance without a medical exam. Face amounts are available from $10,000 to $150,000. This is a group insurance program that anyone can have access by simply joining the association and purchasing the insurance amount they want to buy. To enroll and learn more visit their website: American Benefits Association or call: 914-633-1717
ABA’s Supplemental Group Term Life Plan is insured by 5 Star Insurance Company:
- Guaranteed Issued Group Term Life coverage in increments from $10,000 – $150,000
- Spousal coverage and child coverage available
- NO Doctors or Para-Med Exam
- NO Medical Questions
Sample Term life Rates for ages 40 to 44
$10,000 Term Life Insurance – $4.34 per Month
$20,000 Term Life Insurance – $8.68 per month
$30,000 Term Life Insurance – $12.02 per month
$40,000 Term Life Insurance – $17.36 per month
$50,000 Term Life Insurance – $21.70 per month
$70,000 Term Life Insurance – $30.38 per month
$100,000 Term Life Insurance – $43.40 per month
$120,000 Term Life Insurance – $52.08 per month
$150,000 Term Life Insurance – $65.10 per month
To qualify for membership and coverage you must be an ACTIVE ABA Member, employed and work a minimum of 30 hours per week. W-2 or 1099 self-employed individuals can also qualify for enrollment. Members can also add up to $300,000 Simplified Issue with medical underwriting.
We’re Here To Help
If you’re looking for no exam life insurance in NY we can help. We’re an independent agency that is licensed to do business with all these companies and many more. We represent over 30 life insurance companies and shop on your behalf to get you the best rate, at no extra cost to you! Give us a call at 914-633-1717 or contact us if you have any questions.