There are several life insurance companies that offer life insurance without requiring a medical exam. While it isn’t difficult to find an insurance company that offers no medical exam coverage, it is rare to find a life insurance company that offers no medical exam coverage of more than $250,000. This article will introduce you to Sagicor life insurance, which offers up to $400,000 of life insurance without requiring a medical exam (technically it is $399,999).
About Sagicor Life Insurance
Sagicor’s roots date back to 1840, and the company is one of the oldest insurance companies in America. The name Sagicor is made up of two words, “Sage”, meaning Wise, and “Cor” meaning Judgment. The company has a rating of “Excellent” from A.M Best, indicating that they are financially strong, and have over $1 Billion in assets.
Sagicor No Exam Life Insurance
Sagicor’s no exam life insurance is also called “Simplified Issue” life insurance. It is called simplified issue because the process of applying for and getting approved is simple. An Application is taken over the phone, and many people will be able to get a decision over the phone, while some will require a 48 hour waiting period to get a decision.
How a Decision is Made
Besides the responses on the life insurance application, Sagicor reviews three databases of information to make a decision on your policy. They use the Medical Information Bureau, which may contain information that you have previously given to an insurance company, a Pharmaceutical database of prescriptions you have been prescribed, called Intelliscript, and a copy of your Motor Vehicle Records. Together with the information on your application, this data gives Sagicor enough information to make a decision on your application without requiring a physical exam or reviewing your medical records.
Three Possible Health Ratings
While many no exam options only offer Standard rates, Sagicor offers 3 rate classes – Preferred, Standard, and Rated. Someone who is in excellent physical shape, and does not have any health conditions could qualify for a preferred rate, and in turn better pricing. On the other hand, someone with a health condition, for example type 2 diabetes, would not be declined, and would receive “rated” pricing. I will give an example of pricing so that you can see the difference between Preferred, Standard, and Rated. Policies are available up to age 65 with no exam. Let’s take a look at an example of pricing.
Sagicor No Medical Exam Pricing Example:
A 45 year old male applying for $250,000 for 20 year term life insurance would pay the following rates:
- Preferred: $40.28 per month
- Standard $68.40 per month
- Rated: $130.50 per month
- Preferred Tobacco $163.96 per month
- Standard Tobacco $219.24 per month
If you are looking for a no medical exam life insurance policy, especially greater than $250,000 of coverage, it would make sense to consider Sagicor Life Insurance.
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