100,000 Term Life Insurance Rates and Options

by | General Life Insurance

100,000 Term Life Insurance Rates and Options – If you’ve decided to buy a $100,000 term life insurance policy it’s time to sift through all of your options so that you can choose the best option that suits both your budget and your unique needs. You might think that all $100,000 term life products are the same, but this could not be further from the truth.

100,000 Term Life Insurance Rates and Options


When it comes to term life insurance rates and options, you have many companies to choose from. There are major differences between products provided by A-rated companies and sub-par companies, and fully underwritten products and no-medical plans. If you want a basic consumer guide to buying the best term life insurance policy, read on and learn what you need to know before you start comparing price and policy options.

Should You Apply for a No-Medical Policy or a Fully Underwritten Policy?


As you start to look for life insurance quotes for a $100,000 term life insurance policy, you will notice that there are insurance companies that offer policies where no medical exam is required, and there are insurers who do require a medical exam before rating and approving your application for coverage. The first step of shopping for life insurance should be learning the difference between each type of plan.

Policies that do not require applicants to take a medical exam are more commonly referred to as no-medical exam policies, and they are designed for a unique demographic. While you would think that a no medical policy is a better choice than having an exam done, these plans are not always the best option for every applicant.

No medical policies typically come with higher premiums

Why are No Medical Exam life insurance policies more expensive? It’s because the insurer is taking on the risk of extending coverage to an applicant who may have unknown medical problems that have not yet been diagnosed. If you are young and in excellent health, you will receive low rates either way, but your rates will be a little lower if you complete the medical exam requirement.

For individuals who need their insurance issued quickly, are terrified of needles, or for applicants who are concerned about their weight or their vitals, choosing a no medical policy may be ideal. Having an exam can qualify you for Preferred and Super-Preferred rates, but there is a chance that the tests could uncover issues that will raise your premiums. Weigh the pros and the cons of each option, and you can figure out which type of policy is best for your own unique circumstances.

What to Do If You Have Pre-existing Medical Conditions


When you are applying for $100,000 term life insurance, you need to make sure that you understand how your pre-existing medical conditions can affect your chances of getting approved and your rates.

You should always be honest when you are filling out your life insurance application for coverage, and disclose any medical conditions that you have been diagnosed with.

When you submit your application for coverage, this application is underwritten and part of that process is reviewing your medical history. Even insurers that do not require you to take a medical exam will look at your medical records to see if you have been honest on your application. Full disclosure is key to avoiding denials.

If you have a medical condition like Type 2 Diabetes, you can apply for no medical policies, but it is in your best interest to apply for a fully-underwritten plan when you have Type 1 Diabetes or other serious medical conditions. By submitting to a medical exam, you can show the underwriters that you are managing your health and following your doctor’s orders to live a healthier life. Insurers offering fully-underwritten term life insurance tend to be more open to approving applicants who have disclosed medical conditions.

Which Companies Offer the Best No Medical Insurance Plans?


Not all insurance companies are created equal, and you need to take advice from an experienced life agent so that you do not buy policy from a subpar company. If you have decided to apply for no medical insurance, 2 companies stand out from the crowd: Fidelity and Transamerica.

While both companies offer traditional life, they also have convenient no medical exam life plans that are issued quickly. Fidelity approves no medical applications up to the age of 65, and will issue approved policies in 24 hours. Transamerica will review medical records, and issues approved policies within 2 to 4 weeks. Fidelity is great for people in excellent health, but Transamerica is more likely to accept you with a minor medical condition or with a DUI.
Take your time to compare underwriting requirements while you compare rates. Once you settle with a policy type, you can proceed and get quotes for a detailed comparison. Be a wise consumer, do your research, and feel confident with your choice. You can get quotes using our quote tool below or contact us at 888-411-1329.     

Michael Quinn

Michael Quinn is the founder of LifeInsuranceBlog. If you have specific questions or face challenges getting coverage. Please email or call me a call at 888-411-1329 - Either way, I'm happy to help you.

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