John Hancock No Exam Life Insurance – For more than 160 years, we have helped our partners build life insurance businesses and help their clients protect what matters most.
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John Hancock No Exam Life Insurance
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Option 1 (Improved Customer Support) Option 2 (Licensing and Compensation) Option 3 (National Sales and Marketing) Option 4 (New Business)
1. Consumers between the ages of 18 and 60 who apply for single life coverage up to $3 million are eligible for John Hancock ExpressTrack®, with the opportunity for certain applicants to get an ‘instant’ subscription decision. Policy issuance is not guaranteed because all life insurance purchases are subject to the completion of an application, including health issues, and underwriting approval. John Hancock will obtain additional information, including but not limited to medical records, to evaluate insurance applications; and after the policy is issued, identify any false statements in the application. ExpressTrack is not available in New York. Insurance policies and/or machines and related features may not be available in all states. Guaranteed product features depend on minimum premium requirements and the issuer’s ability to pay claims. Vitalitas is the provider of the John Hancock Vitality program in connection with policies issued by John Hancock. insurance products issued by: John Hancock Life Insurance Company (USA), Boston, MA 02116 (not licensed in New York) and John Hancock Life Insurance Company of New York, Valhalla, NY 10595. If you have a Galaxy Fold, Consider unfolding your phone or view in full screen to optimize your experience.
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Most or all of the products here are from our partners who compensate us. This is how we make money. But our editorial integrity ensures that our experts’ opinions are not influenced by compensation. Conditions may apply to offers listed on this page.
An important part of financial planning involves having enough life insurance coverage to cover the beneficiaries in the event of the policyholder’s death. Anyone with a health condition that may prevent them from taking out a policy may wonder if life insurance without a medical exam is worth it. For most people, the answer is yes. Here we do a quick review of the best no exam life insurance policies.
Circle the letter I. Our ratings are based on a 5-star scale. 5 stars equals the best. 4 stars are equally excellent. 3 stars are equally good. 2 stars equal to Adil. 1 star is Poor. We want your money to work better for you. That’s why our ratings lean toward deals that offer flexibility while keeping out-of-pocket costs low. = Good = Good = Good = Good = Poor
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Haven Life is backed and wholly owned by MassMutual, a company that has been around for over 160 years. While most insurers offer life term and whole life policies, Haven’s no-exam life insurance policy is only life term. However, the company’s term life insurance policies have some of the lowest rates in the industry.
For example, here are the rates for four different people, each in excellent health, looking for a 15-year policy with a death benefit of $500,000 (the maximum allowed by the policy of no exam Haven).
Although Ethos does not require a complete medical history, the company asks applicants to answer basic health questions. The maximum death benefit available without a medical examination is $1 million.
USAA Life Insurance is doing back for military members and their families by providing no-exam life insurance for those who fear they may not be able to pass a traditional medical exam. One thing that sets USAA apart from its competitors is the fact that the company will pay a death benefit even if the policyholder dies in battle. This is not typical of other insurances we see.
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EriExpress Life of Erie lets applicants find out if they’re approved for coverage up to $500,000 in minutes—15 minutes to be exact. Erie Family Life Insurance Company has an A rating from AM Best, a good indicator of a company’s financial health.
Although it is unusual for someone applying for life insurance without a medical exam to receive $3 million in coverage, it is possible with John Hancock. Insurers offer no-exam policies from $100,000 to $3 million. With an A+ financial strength rating from AM Best, Hancock is a great match for those looking for financial stability.
Medical examinations help insurance companies know how likely they are to pay life insurance claims soon. For life insurance companies, it’s all about risk. The higher the statistical risk of the claim, the higher the policy owner’s premium. No crystal ball can predict the future, but an examination gives insurers an idea of how healthy (or unhealthy) the person applying for life insurance is.
Like any other financial product, no medical exam life insurance has its pros and cons. Here are the bigger ones to watch out for.
John Hancock No Exam Life Insurance (up To $3,000,000!)
Because of the additional risk that an insurance company assumes by writing a non-examination policy, premiums are often more expensive than they would be for a medically underwritten policy of the same size. Again, how high depends on the type of policy.
For a $500,000 no-examination policy with a 20-year term, the typical cost for a 35-year-old non-smoker is $21 to $60 per month. The same policy with medical exam and medical subscription is probably $21 per month.
Warning: Insurance companies advertise the lowest premiums. The example above represents the ‘ideal’ applicant. In other words, few will be able to qualify for lower rates. When it comes to no-exam policies, it’s best to look at the rates at the higher end of the scale to get an idea of how much coverage will cost.
Some insurance companies only offer term life insurance policies, while others will only underwrite a no-examination policy if it is a permanent whole life policy. Learning the difference between term life insurance and whole life insurance can help a policy hunter make a better decision.
John Hancock Life Insurance Reviews
For people who are relatively healthy, giving the insurance company access to medical records and having a life insurance medical exam can lead to cheaper and sometimes cheaper life insurance options. Anyway, when a person needs insurance but has a medical condition that makes it difficult to pass a medical exam, the no-exam policy offers an alternative that can give them peace of mind.
Here are the rates for four different people with Haven Life, each in good health and looking for a 15-year policy with a death benefit of $500,000 (the maximum allowed by Haven’s no-exam policy).
Data source: Haven Life, rated by the author using good health and high credit criteria at the time of writing.
The table below gives an idea of the Ethos rate based on someone looking for a 15-year policy with a death benefit of $500,000.
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Data source: Ethos Life, rated by the author using excellent health and high credit criteria at the time of writing.
Dana George holds a degree in management and organizational development from Spring Arbor University. He has been writing and reporting on business and finance for over 25 years, and is still passionate about his work. Dana and her husband recently moved to Champaign, Illinois, home of the Fighting Illini. And while he found the color orange unflattering to most people, he thought they would enjoy Champaign immensely.
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Life Insurance Medical Exam: What It Is & How It Works
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