Life Insurance WITHOUT Exams, Labs, Hassles
A highly rated mutual life insurer now offers younger super healthy individual and business applicants to apply for up to $5M life insurance without exam or labs! Information is collected via an easy, secure, online process, making the application process faster and easier than ever. For clients uncomfortable with electronic applications, paper applications and a telephone interview are available. Our industry’s leading cash-out indemnity long-term care rider is available via this program; 1035s are allowed to exchange older policies without such rider into a more modern policy design.
- Have you had clients who chose not to apply for life insurance because of the hassle factor?
- Have you had clients who are so afraid of needles they did not apply for insurance?
- Have you had business clients who chose not to fund key-person or buy-sell coverage because of the hassle?
- Do you have clients with existing cash value policies without cash-out LTC benefits who would benefit from this additional feature?
Beyond this specific opportunity, several other life insurers now make it easier for individuals to acquire significant life insurance without the need for traditional underwriting requirements. These programs are designed for prospective applicants whom a life insurer would consider an ideal client:
- Young, super healthy; highest acceptance rates are for applicants in their 20s & 30s, early 40s
- US Citizen or permanent resident with a Social Security number
- Driver’s license with clean driving record
- No private aviation, sky sports, SCUBA, mountain climbing, motor racing of any kind, or other risky hobbies
- Minimal alcohol use, occasional marijuana use may be acceptable, absent self-medicating use for mood disorders
- Well managed stable blood pressure, cholesterol, minimal anxiety, seasonal asthma, mild stable depression for several year may be acceptable
- No concurrent or more serious chronic medical conditions: moderate – severe anxiety, asthma, cancer, depression, diabetes, heart disease, PTSD
- No recent insurance application at another carrier that resulted in a rated or declined policy
Successful outcomes can often be attained within days for super healthy young prospects without known medical conditions or evidence of risky behavior. Insurers will collect confidential information similar to what is required of traditional applications, but exams and labs can be avoided if favorable answers to underwriting questions can be confirmed via pharmaceutical screen, MVR history, ID, MIB, etc. Should information become available that requires additional detail, the insurer may ask for quick check medical that includes build, blood pressure, and possibly blood and urine. Certain answers on the application, or third party evidence, may require a case to be referred to full traditional underwriting with medical records.
Can you think of healthy applicants who previously chose not to proceed with an application because of a fear of needles or the overall hassle factor? If so, reach out to your CPS Advantage representative or send an email to firstname.lastname@example.org. Let’s use the info you already have and explore which of the simplified underwriting programs might work to your client’s advantage.