If you are familiar with the insurance process, you must know the requirements and one of them is a medical exam. However, Transamerica no exam life insurance is a type of policy that does not require any medical exam of an insured person.
But yes, if you are found anything hiding in the application, and you died because of a particular illness after, the insurance amount will be withheld from the beneficiaries.
Regardless of the no exam policy, you will be required to inform about any illness you have in the questionnaires. So, lying on your application will not help anyone. It will cause more damage.
How Does No Exam Life Insurance Work?
When you will ask about it and start digging into the details of the policy, you will find out that in many ways, it is like the regular life insurance policy. As you pay a premium for other life insurance, this has the same method of paying premiums against the life insurance protection. And as the name suggests; you won’t be attending any medical exams for it.
It may have its lows and highs as the company needs to qualify the risks to insure a person without a medical exam process. It is obvious because they don’t know anything about your health if there is no exam. So, mostly, they will cover it up by charging more premiums. Now, you know that it might be fast to get, but expensive.
Regardless of how it works, you may still need it. So, here we are going to go deeper into the information about Transamerica. From the types of it to the company and if it is worth it or not, you can find your answers.
Why No Exam Life Insurance Is Offered?
Something that always points out towards the convenience of the consumer is what they say it is about. So, it is the one reason for eliminating the medical exam. Another reason for a policy like this is to insurers save a lot of money. It reduces the medical exam cost and helps the companies in generating more business.
Types of Policies Issued as No Exam Life insurance
We know you are looking for details about no exam life insurance. Here are the three main types of no exam policies that you must know. Knowing about the advantages and disadvantages of each.
Simplified Issue Life insurance
This type of policy for no medical exam is simple, but you will have to answer a few handfuls of questions to qualify for it. It can be about the height weight, use of drugs and alcohol, etc. This will help the companies to draw a clear picture of your habits to cover their bases.
Some of the common questions are:
- Where are you living, such as home, facility care, or nursing home?
- Ever been tested for HIV or AIDS?
- Ever been diagnosed with Alzheimer’s or dementia?
- Any signs or diagnosis of a heart attack in the past 24 months?
- Have you been convicted of any felony or your driving license was canceled?
All the information has to be accurate as the companies track the data by using third-party sources.
The simplified issue of life insurance is expensive as the companies are unclear about the data, and they have to be cautious. If you are looking for anything quick, this is no less than a temptation.
However, you may still need to watch out for the budget plans. It is recommended to cover 2 or 3 times double of your annual salary.
Guaranteed Issue Life insurance
The name says you will apply and the insurance is guaranteed regardless of conditions. Well, it is not an easy case either. Moreover, it is expensive as you are not obliged to providing any medical exam. So, it is obvious that insuring you is quite risky for the companies.
Therefore, to reduce any damaging risks, they will want you to answer a few questions. You can also say that it’s small whole life insurance for the people at the age ranging from 50-85.
There is also a warning about this type of life insurance, and that is to live long and avoid dying soon. Yes, it is because their death benefits fall between $1,000 to a max of $25,000. And more shocking is that they don’t offer full death benefits in a couple of years. So, yes, live healthily and avoid dying so soon.
Group Life Insurance
This is the same insurance, but you don’t have to answer any questions either. However, this is offered by your company. Therefore, most premiums are paid by the company, not all. Mostly, this type of policy promises no fulfillment of covering completely.
So, the recommendation from the experts is to get insurance on your own. Otherwise, if you are getting it for free, go for the best deal. But do not forget to read the terms and conditions in detail.
Okay, we admit that there are mainly two types of no exam plans. The third one is merely an option for many people.
We have enough discussion on the policy and its types. Now, it is time to talk about Transamerica. The company is one of the iconic insurance providers out there. They started in 1904, and it was a bank.
However, time changes and they started setting up their roots only for the insurance policies. And yes, that is why you are here right now wondering about it and looking for the answers.
Features of TransAmerica No Exam Life Insurance
The usual companies may differ from TransAmerica because they deal differently. The highlights of a few features that might interest you are:
- Wait Time: the time for the approval of the application will take about a week.
- Age Limit: they issue no exam policies for the age ranges from 18-80 years old.
- Amount in the Policy: You can receive the amount of insurance ranging from 25,000 – $249,000.
- Policy Length: It can go from 10 to 30 years.
- Medical Exam: Well, it is obvious that there is no medical process to go through.
Meanwhile, and you are thinking about proceeding with the application, you need to learn about the riders of Transamerica too.
Are you thinking; what are the riders? Let’s talk about it…
What Do You Need to Know About the Riders?
Imagine that you are diagnosed with a chronic health condition, and you lose hope of getting any life insurance, including no-exam life insurance. Here come the riders introduced by TransAmerica.
So, the benefits it offers you with it are as follows:
Accelerated Death Benefit
Remember that the accelerated death benefit comes with no additional cost. Wondering how this works? Well, if you have a terminal illness, you can pay the expenses of it from your death benefits.
You can also add income protection. It will structure your death benefit into a monthly income for your family. It can go up to 25 years or depends on the way you manage.
Other riders include children’s insurance, disability income, waiver of premium, and accidental indemnity. They have their conditions, and you must ask about it before you finalize any of the types of policy for you.
No Exam Policy Purchasing Process with Transamerica
If you are buying and purchasing life insurance or even have a little understanding of it, you may know that companies have different processes. We are going to break down the steps followed by Transamerica for the no medical life insurance.
- Apply over the phone or online.
- Attend the phone interview.
- They will take the time to cross-check your records.
- The underwriter will review your application.
- Transamerica will take a final decision.
You cannot forget about the questionnaire. Even if you qualify for the insurance policy, there will be questions. It will be detailed about your recent health conditions and a lot more. This is for two reasons to cover the bases of the company and also to ensure that they are just walking right into a risk with a huge loss.
Then, the influence of the decision will be based on the answers to these questions. You cannot lie as they will check out the records through the databases connected with third-party sources.
Now comes the pricing of the no-exam policy. Before you go into the pricing rates by TransAmerica, answer the question; how much coverage do you need?
You may not find a perfect number that fits everyone. So, you need to decide by considering a few relevant factors about it.
- The debt you are leaving behind
- Any mortgage, bills, or due payments
- Salary and people dependent on the salary
Remember, the purpose of buying a life insurance policy is to protect your loved ones. So, please do not leave them behind with the huge debts to be paid. Makes sure that your policy is enough to cover all the unpaid expenses you are leaving behind.
Think it through and check if your children or spouse will be able to survive on the decided income or not. These are the common factors, and any person on the right side of their head will consider them before buying the insurance.
Moving on, you can only decide about it after knowing about the quotes. Quotes can vary, but you must compare them with other companies and keep all the benefits in mind before applying for a selected one.
We can provide you with a free quote instantly, click here.
How to Get the Best Premiums?
We talked about the steps earlier, and they were simple steps. Let’s get a complete insight into it and take you through the steps in detail, considering that you are applying for it through TransAmerica.
- Be clear about the requirements and the options you have, considering your income, health condition, etc.
- Secondly, be aware of the ways you can get the best premium rates for it.
When you are clear about your decision and looking to move forward, you must look deeper into the company and its ratings. Just go ahead asking the right questions and never let the concerns grow into you. Ask about them and let the agent make it clear for you under any circumstances.
To find the best premiums, you must plan two things:
Find a Partner:
You can find a partner despite Transamerica a perfect fit for you. Collaborating with an independent agent will help you through the process smoothly and faster.
Do Not Dive Into it Without Homework:
Do your research about the types of policies. Additionally, get all the personal information backed up with the evidence.
Does It Worth?
No exam policy seems to an exciting offer. However, is it worth it? Let’s face it; most people realize this policy when they fall ill. Do not be like one.
Consider buying life insurance at an early age or at least when you are starting a family life. The insurance with the medical exam can be a hassle for many, but the little inconvenience at a certain moment can offer you long-term benefits.
Otherwise, no exam policy is completely worth it as everyone wants their family to be protected after their demise. So, prepare and plan it out beforehand rather than leaving your loved ones with debts and unpaid dues for the rest of your life.
Yes, the major disadvantage is that they are highly expensive. But if you can afford them, you must not wait for long or anything to happen to apply for it. So, see the policy that suits you well and apply for it now!!
Pros and Cons of Transamerica No Exam Life insurance
Yes, we understand, and it is completely justified to think about the pros and cons of it. Whether you are buying it with Transamerica or any other company, you must write down the benefits and disadvantages of your good.
- TransAmerica is more competitive than other companies and reliable options for people.
- You have already learned about the riders.
- The company is flexible and favorable towards some medical conditions, and you may or may not find it with other companies.
- They are the company with an A+ rating. Also, the company is considerably stable financially.
- For no medical policies, the death benefits worth $249,999 is relatively low.
- It only goes up to standard health class.
How to Find the Right Policy?
While you are shopping for the right policy, you will come across many companies claiming to be the top choice and amazing benefits. It is still good to count the strengths of the company. Yes, Transamerica is no doubt the best one to go for; however, there is still a chance that you may do even better than this.
Hire an independent agent: They are beneficial as they don’t have any ties with the company. So, probably, they will offer you an honest opinion. Also, they have access to the kind of information that the company might just slide into the papers, and you will never know.
Still, the choice is always yours as you are the one to get any benefits or consequences from it. Just explore all your options before signing any contract.
No Medical Life insurance Works Better for Seniors
The whole time, we discussed life insurance for different ages. But there is one main thing to be discussed. Mostly, people opt for the life insurance plan for their children. However, some people also seek it for their elders.
If you consider the no exam life insurance and now you have the understanding about it too, you may notice that you may have seen that this can work better for the seniors.
Regardless of health, they can qualify for the insurance policy. You can defy the odds and avoid any alcoholic habits or others for that matter so that children will stay out of any debt obligations.
Another advantage is that it takes less time than any other life insurance plans. So, no waiting for approval.
Ultimately, life can be a roller coaster ride for many people. You can make it a simple one by eliminating some stressful matters. Leaving your loved one debt-free is surely one of them. So, be on time with your plans and help your loved ones even after your demise.