Life insurance with no medical exam has been growing in popularity. And if you’re a busy New Yorker it probably looks like an attractive policy considering there is quicker underwriting and no medical exam required. However, the downside is not all companies offer no exam coverage in New York. The reason is simple: regulation. So let’s break down the carriers that still offer no exam coverage for those residing in the Big Apple.
In short, there really is only one company that is willing to offer you their no exam product in the state of New York and that company is…
American National Life Insurance – Simplified Issue
Companies like Sagicor, Fidelity, and Assurity do not offer any of their no exam products in New York. Luckily American National provides that solution, but, like any no exam company, it comes with certain limits to policy benefits.
Capped Coverage – American National caps their coverage at $250,000. If you need more coverage you would have to opt for a medical exam plan for the rest of the coverage amount.
Underwriting – while there is no medical exam there are still medical questions and a look into your medical history. It’s not as strict in its health qualifications as most no medical exam companies, but it is still a little harder to qualify for than a typical term life insurance plan. However American National has a pretty lenient underwriting for a no exam company if you’re a smoker, diabetic, or have other medical conditions, there is a possibility you can still get approved.
Policy Types – the policy type that this company offers is a term life insurance policy for 10 to 20 years. There is no permanent no exam life insurance option.
Approval Times – the approval can take up to 30 days depending on processing. This is usually the case in New York because it only allows for paper applications for this state. Most states allow electronic applications, which is a standard for this carrier. This is still faster than an up to the 8-week process for an exam term policy.
The product itself is the ANICO Signature Term Express policy. To compare quotes for American National simply use our no medical exam life insurance quoter here.
Quick Plan Highlights:
The signature term plan with American National is one of the most benefit rich term plans around.
Fixed Rate – If you get a 10 or 20-year term the rate will be fixed for the duration of the term and will not increase.
Conversion Privilege – Anytime during your term policy or prior to age 70 whichever comes first you have the ability to convert your policy to a whole life or universal life. The best part is that it is a guaranteed approval regardless of your health or circumstances.
Living Benefits – Most term plans come with a terminal illness rider which means that if you have a life expectancy of 12 months or less you can access the death benefit while you’re still alive. Well, American National Signature Term comes with a terminal, critical and chronic illness riders at no extra charge. This provides an additional layer of protection besides life insurance that you can utilize if there is ever a need.
Another Alternative
While American National is the no exam carrier that offers no exam in New York for their simplified issue product, there is another company that is willing to offer “accelerated underwriting” to healthy individuals. Principal Life Insurance offers their traditional term life insurance product with no exam to super healthy individuals for up to $1,000,000 of coverage. If your health records are squeaky clean and your health checks out, you can skip the exam and get their exam product, without having to take one. And recently more companies are offering an accelerated option to healthy individuals. Most recently Banner Life has added this option up to $500,000 of term life insurance.
That about does it for Simplified Issue policies in New York, but these types of policies for healthier individuals looking for no exam life insurance. This means that the life insurance companies still look into your medical records to qualify you. However, if you’re in poor health and having a hard time getting approved for a policy you may be looking for a guaranteed issue with no exam life insurance plan. And the company that offers that in New York is…
Gerber Life Insurance – Guaranteed Issue
Gerber Life Insurance company offers their guaranteed issue life insurance product in the state of New York. That means no medical exam and no questions asked. However, as with any guaranteed issue plan, there are limits as well.
The cap on coverage is $25,000 with a 2 year waiting period for payout. That means if you die in the first two years of owning the policy your beneficiaries would not get the full $25,000. Instead, they would receive all of the premiums paid with 10% interest. Anything past two years results in a $25,000 payout. This policy is a permanent Whole Life Insurance policy to age 100 with fixed premiums throughout the length of the policy. One page application, guaranteed acceptance.
To see quotes for that product use your Guaranteed Issue quote engine here.
Start Here
If you’re looking for life insurance coverage in New York let InsureChance guide you. We’re an independent agency that is licensed to do business in New York and through the United States. We represent over 60 life insurance companies and shop on your behalf to get you the best rate, at no extra cost to you! We also provide lifetime support to all our clients so you’ll never have to wait on the phone with insurance companies. Give us a call at 888-492-1967 or hit the chat button below if you have any questions. Welcome to InsureChance!
