Are you looking to purchase life insurance, but don’t want to get a medical exam to get coverage?
Traditionally, the medical exam is something which most life insurance companies require. But Sproutt does things differently. With Sprout, no exam is required to successfully apply for a life insurance policy.
In this article, we will talk more about what no exam life insurance is, why it is beneficial, and who should consider applying for coverage through Sproutt.
What is No Exam Life Insurance?
Defining life insurance without an exam is pretty simple, since it is described perfectly by its name.
If you apply for no exam life insurance, no medical examination of any type is necessary.
Benefits vs. Standard Life Insurance Policies
Here are a few reasons to consider taking out a no exam life insurance policy with Sproutt instead of a standard life insurance policy through another company:
- Getting a medical exam can be time-consuming, expensive and frustrating, especially if you are in a region where you might have to wait weeks for an appointment. With a no exam life insurance policy, you can skip past all of those hassles and get right to applying for your policy.
- Underwriting a life insurance policy which does not require a medical exam is a more rapid process then underwriting a traditional life insurance policy that does require such an exam.
- Qualifying for a life insurance policy which does not require a medical exam is easier than qualifying for one which does.
Why Choose Sproutt?
What is great about applying for no exam life insurance through Sproutt is that the company works with a network of insurance providers. Some of these include Allianz, Guardian, Lincoln Financial Group, John Hancock, Protective, Nationwide, and Penn Mutual.
So, when you submit your application, you can receive multiple quotes. That way, you can effortlessly shop for the best value in terms of price and coverage.
You do not need to leave the comfort of your home to complete the application process. You can do it entirely online using your desktop, laptop, tablet or smartphone. Sproutt offers you unrivaled convenience and ease.
Sproutt also prioritizes transparency and fairness. As the company explains, “As an insurance broker, we get paid a commission from the insurance company. To ensure objectivity, we set our employee compensation scheme in a way that makes them indifferent to which insurance company the customer selects; an advisor receives the same commission for all carriers.”
That means that the advisor you work with has no incentive to do anything other than consider your individual needs when helping you to select an insurance company and policy.
Whether you talk to an advisor or not is up to you. You can do the whole process online without speaking to a person if you prefer, or if you have questions, you can chat online or schedule a phone call.
The company operates throughout the United States, holding individual licenses for each state.
Who Should Consider a No Exam Life Insurance Policy With Sproutt?
No exam life insurance policies may fit a range of individuals and situations.
Here are some examples of scenarios where you might consider applying for this type of insurance policy:
- You are over age 60. Getting approved for a traditional life insurance policy which requires a medical exam can become more challenging after you reach the age of 60. You may find it easier to qualify for a no exam life insurance policy as a senior citizen.
- You work in hazardous conditions. Do you work in construction, deep sea fishing, or another job which routinely puts you in close proximity to danger? It will probably be easier for you to get approved for a no exam life insurance policy than a traditional policy.
- You have a chronic health problem. While certain health conditions may disqualify you from obtaining no exam life insurance, there are other chronic health conditions which may only prevent you from qualifying for traditional policies requiring an exam. If you have such a condition, you might be able to apply successfully for a no exam life insurance.
- You are getting divorced. If you are applying for life insurance for purposes related to a divorce in progress, no exam life insurance gives you the rapid approval you need to move as quickly through the divorce process as possible.
- You are launching a business. If you are on a tight time schedule to launch a business venture, the fast, streamlined process for applying for a no exam life insurance can help you get your business off the ground quickly and easily.
- Anytime you need approval within days. Whatever your situation, if what you need is fast, easy approval, term life insurance with no medical exam makes it possible.
Qualifying for No Exam Life Insurance
While you do not need to make an appointment for a medical exam to get no exam life insurance, you should note that you will only be eligible if you have been to a doctor within a reasonably recent timeframe.
If it has been a really long time, you will be considered too much of an unknown toward approval.
Additionally, there are some medical conditions which may prohibit you from taking out this type of life insurance policy (assuming you go with the simplified issue, rather than the guaranteed issue—see the next section). So, if those conditions are on your record, you may not be found eligible.
Your height, weight, and age will be assessed as well when considering your eligibility for a policy.
Additionally, those who have filed for bankruptcy may not qualify.
Types of No Exam Life Insurance Policies
If you are in good health and you want to save money, the type of no exam life insurance policy you should apply for is what is known as “simplified issue.”
You do not need a medical exam to qualify for this type of policy, but you may need to submit medical records. Additionally, the insurance company may have questions for you during a phone interview.
Graded Death Benefit
If you are not confident of your approval for a simplified issue, but you still want to maximize your coverage while minimizing your costs to whatever extent possible, you can consider applying for a graded death benefit policy.
You will need to answer some questions regarding your medical status, but you will not be asked to submit any medical records.
This type of policy is referred to as a “graded death benefit” policy because of how it pays out.
Basically, the longer you live after taking a policy, the more it will pay out.
So, for example, a policy might stipulate that it will pay 100% if you survive for three years. But if you only survive for two years, it might pay out only 50%, and if you only survive for one year or less, it might pay out only 25%.
If you are not concerned with higher costs associated with a life insurance policy and you simply want to get fast, guaranteed approval with as few questions as possible, you can apply for a “guaranteed issue” policy.
Because this type of policy has guaranteed approval, there are typically no questions asked. You do not need to submit medical records to prove your eligibility.
What If You Just Want a Policy to Pay for Funeral Expenses?
If you are on a tight budget, there is a fourth option available. If you simply want the cost of your funeral to be paid for, but are not looking to leave additional money to your heirs, you can apply for a “final expense” policy.
How Long Do Sproutt Policies Last?
A wide variety of term lengths are available, usually in increments of five years.
How Much Coverage Can You Apply For?
Most policies available through Sproutt provide coverage ranging from $1,000,000 to $5,000,000.
Although this is a lower range of potential coverage than what is possible with a traditional plan, for many people, it will be more than sufficient.
The amount that you qualify for depends on the type of policy you apply for, the information you provide, and factors involving your health.
How Do You Apply Online With Sproutt?
Now that you know more about the different types of no exam life insurance policies you can apply for, you might want to know a little bit more about the application process itself. Let’s go over how it works.
- Begin by navigating to the Sproutt website. Near the top of the homepage, you will see a box where you can enter in your zip code. Do so, and click on the green button next to it which says, “Get a Quote.”
- The next screen provides you with some useful information to help you fill out your application accurately for the best possible coverage (as of the time of this writing, that information is largely coronavirus-specific). Click on “Continue.”
- The following screens will take you through a simple series of questions. These involve matters like who you wish to leave money to, when you were born, whether you smoke, your height and weight, your credit rating, your income, and what you are looking for in a plan. Fill out the answers to each of these questions, and click “Continue.”
- Once you finish filling out the questions, the site will use your answers to check to see whether you are likely to qualify for a policy. You will be informed right away if you are eligible. You can then provide your contact information and schedule a time to talk with an advisor.
- You should receive a call within a few minutes. At that point, your advisor can help you to choose the no exam life insurance policy which is right for you.
Talking with an advisor on the phone is the default process at Sproutt. But as mentioned, there is a way to apply for insurance without talking to anyone.
Sproutt explains on their site, “Some people like doing everything online – we get that. With Sproutt’s digital platform, you can complete the application process online without speaking to an advisor. If you need help, you can always chat with an advisor or decide that you would like to schedule a call after all. That being said, it’s important to know that most insurance companies do require a phone interview once an application has been submitted. As your broker, there’s not much we can do about that except seek to make your experience as easy as possible.”
Apply Now for No Exam Life Insurance Through Sproutt
Now you know how fast and easy it is to apply for no exam life insurance online with Sproutt.
Don’t wait a moment longer to make sure that your loved ones are financially protected in case of your death. To apply for life insurance now without a medical exam, visit Sproutt.com now.