Earlier this year Metlife announced that they will offer a simplified issue term life insurance plan. Simplified issue is a life insurance plan that doesn’t require a medical examination. The reason behind their decision to offer a non med option was to provide an easier entry for people who don’t have life insurance. This has been a growing trend within the last few years. But we are not here to talk about that, let’s see how their product holds up against other companies who offer no exam life insurance plans.
Metlife simplified issue plan is offered through their direct channel, so the only way to get it is by calling them directly. You can get life insurance from $10k to $100k if you are between ages of 18 to 70. The best part is you can get approved as fast as the same day by answering a few questions over the phone with one of their agents. They’re also one of the biggest life insurance companies that is very reputable with strong brand recognition.
Metlife has great traditional life insurance plans and special niches they have for certain applicants. However if you are looking for a non med option there are better choices out there. The cap on the maximum coverage is $100,000. We have companies offering coverage amounts from $50,000 to $400,000 with complete online submission and no medical exam required. Getting approved the same day is a great benefit but not exclusive to Metlife, since Sagicor Life offers instant approvals and Fidelity guarantees a decision no later than 48 hours.
For comparison reasons I have ran quotes with Metlife and our top no exam companies. The result is that every single company from Sagicor to Fidelity had better rates for the same exact coverage Metlife offered. Your results may vary but you want to make sure to compare. So when it comes down to the coverage amount and pricing you are better off getting coverage elsewhere unless you only want to work with Metlife. Now I will be the first one to tell you that Metlife is one of my favorite companies and we submit a lot of business with them for their traditional plans. But they have a lot of work to do if they want to compete in the simplified issue club.
When shopping for no exam life insurance, it’s important to do comparison shopping to see what each company will offer based on your age, health and coverage type. The only way to do that is to work with an independent broker(I recommend InsureChance) especially since the rates are fixed by the law. At InsureChance we work with over 60 top A-rated companies and pride ourself in being experts with no exam life insurance. I think the MetLife no exam offer will improve in the near future but for now is best for you to run compare no exam life insurance quotes and find the best plan. If you don’t agree we can duke it out by using our comment arena below.
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