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 2/28/2018:
- American National
- Gerber Life
- Lincoln Financial
- New York Life
- William Penn
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, 30 year term insurance
Ages 0 to 50 – $250,000 to $1,00,000 coverage available without exam
Ages 51 to 65 – $250,000 to $500,000 may require a medical exam
Whole Life Insurance
Ages 18 to 65 – $5,000 to $75,000 coverage without an exam
While there is no medical exam, there are still medical questions to answer. ANICO’s E-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.
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
Lincoln Financial – Life Elements Level Term Insurance
Ages 18 to 60 – up to $1,000,000 term insurance and all permanent life insurance such as whole life and universal life.
This company is a new comer to the no medical exam industry. Policies are issued through the LincExpress program which only requires a telephone interview. Insurance coverage is available to non-smokers and customers with no major medical issues, past bankruptcies or driving under the influence (DUI).
Approval Time: Could take up to 30 days
MetLife (Now BrightHouse Financial) – Premier Accumulator Universal Life
$100,000 to $1,000,000 No Exam Life Insurance
Issue Ages: 21-60
BrightHouse offers an “express order” life insurance policy that only requires a telephone interview and voice signature for U.S residents and non-smokers. Policies are issued within 2 to 7 business days.
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.
William Penn – Opterm Life Insurance
Guaranteed Level Term Insurance: 15,20,25,30 years.
Ages: 20 to 40 – $100,000 to $1,000,000
Ages: 41 to 45 – $100,000 to $750,000
Ages: 46 to 50 – $100,000 to $500,000
Ages: 20 to 50 – $100,000 to $500,000 – Opterm level term insurance for 10 years.
William Penn (NY only) and Banner Life -available in all other states – are the low price leaders for term life insurance. Statistics show that more than 84% of the time, William Penn or Banner Life will have the lowest term rates. So it is good to see these 2 companies finally enter the no medical exam arena.
Their “Appcelerate Program” is a simple application that is completed online or via a paper app submitted by our agents. A life insurance policy can be approved the SAME BUSINESS DAY. Policies are available to non-smokers and customers with no driving record incidents (dui, dwi, speeding tickets) or previous bankruptcies.
The program is not available in Connecticut, Alaska or Hawaii.
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.