$1,000,000 of Life Insurance with No Medical Exam
That is not a typo. Through Principal Financial’s Accelerated Underwriting Program, you can get up to $1,000,000 of coverage with no medical exam if you qualify. The program is available for all of Principal’s life insurance products and is perfect for applicants who are in good health and would like to potentially avoid taking a paramedical exam. Even if you don’t qualify, you might still be able to get preferred rates. Here’s how it works.
How Do You Qualify?
Principal has created a checklist of qualifications that are used as a guideline to determine if an applicant would be a good candidate for the Accelerated Underwriting Program. The checklist is simply a list of qualifying questions that you can go through with the help of your agent. If you answer ‘No’ to any of the qualifying questions, you will not qualify for accelerated underwriting. Some of the questions include:
Stated blood pressure is less than 140/85.
Total cholesterol is less than 220, and cholesterol/HDL ratio is less than 5.0.
No parent or sibling death from cardiovascular disease, stroke or diabetes prior to age 60.
No parent or sibling death from breast, colon, ovarian or prostate cancer prior to age 60.
No history of DUI or reckless driving within five years, or more than two moving violations in the past three years.
No history of bankruptcy in the past five years.
No history of felony conviction in the past five years.
These are some of the qualifying questions that you will have to answer. Your agent can help you determine if the accelerated underwriting program is good a fit for you.
You will not qualify for accelerated underwriting if you have certain medical issues. Here is a list of some of the medical issues that will disqualify you from accelerated underwriting:
- Diabetes
- Crohn’s Disease
- COPD
- Heart Disease
- Drug Abuse and/or Treatment
- Bipolar Disorder
- Stroke/Transient Ischemic Attack (TIA)
- Multiple Sclerosis (MS)
This is just a a small example of some of the medical issues that will disqualify you from accelerated underwriting.
Remember, you should be in very good health before you think about using Principal Financial’s Accelerated Underwriting Program.
Application Process
The application process is simple and con be completed in 3 steps.
- Fill out “Part A” and “Part C” of the life insurance application for the Principal product that you choose.
- Complete a phone interview or a TeleApp which lasts about 15-20 minutes. During the phone interview, you be will asked all of the relevant health questions needed to make an underwriting decision.
- The information from your TeleApp interview is given to Principal’s underwriting team and analyzed along with your Medical Information Bureau records, Motor Vehicle Report and prescription database history.
If approved, you will be given a ‘Super Preferred’ or ‘Preferred’ rating. Some decisions come back in as soon as 48 hours. If you are not approved through the accelerated underwriting process, it does not mean that you will be declined for coverage. It simply means that a paramedical exam will have to be scheduled plus any additional requirements. You may still even qualify for a preferred rating.
Program Highlights
- Available to applicants between the ages of 18-60
- Face amounts of $50,000 to $1,000,000
- Products covered are Term (10-, 15-, 20-, 30- Year) Universal Life (UL), Indexed UL, Variable UL, Survivorship UL
- Some decisions in as little as 48 hours
- Somewhat liberal build chart (height/weight)
- Available for those who qualify at ‘Super Preferred’ or ‘Preferred Ratings’
- Roughly 50-60% of applicants are approved through the Accelerated Underwriting Program
- Rates for the Principal Financial’s Accelerated Underwriting Program are the same as its fully underwritten coverage
How Much is Coverage?
One major advantage to Principal Financial’s Accelerated Underwriting Program is that it offers the same rates as its fully underwritten coverage if you qualify. This means you can have the lower cost of fully underwritten rates without having to take a medical exam. Some other companies that offer accelerated underwriting programs will only allow you to qualify for ‘Standard’ rates at best even if you are in excellent health. Below are monthly rates for non-smoker male and female applicants that are age 40 and rated “Super Preferred”. Rates as of 5/2/2016
Male Rates
| Coverage Duration | $250,000 | $500,000 | $1,000,000 |
|---|---|---|---|
| 15 Years | $15.71 | $24.85 | $41.13 |
| 20 Years | $19.25 | $31.94 | $56.00 |
| 30 Years | $31.59 | $56.61 | $105.88 |
Female Rates
| Coverage Duration | $250,000 | $500,000 | $1,000,000 |
|---|---|---|---|
| 15 Years | $14.66 | $22.75 | $37.45 |
| 20 Years | $17.06 | $27.56 | $47.25 |
| 30 Years | $26.16 | $45.76 | $84.18 |
Is Principal Financial’s Accelerated Underwriting Program Right for You?
This process is not to be confused with products that use simplified underwriting. You pay more for those type of products because the medical questions are very limited. Those products also limit your coverage amounts. Principal’s Accelerated Underwriting program is a great option if you are in very good health and would like to potentially avoid a paramedical exam. There are no extra charges if you are approved under the Accelerated Underwriting Program and the rates are very competitive compared to other traditional term products. For an insurance product that offers accelerated underwriting process, the underwriting requirements are actually quite liberal. You should use an independent agent who has access to Principal’s products and can walk you through the questionnaire to see if you are a candidate for the Accelerated Underwriting Program. If you are interested in more information about this product, we would be happy to help you. We have access to over 40 insurance companies, including Principal Financial, and will use all of our resources to get you the best coverage option available. Please feel free to give us a call at (888) 687-9444 or email us at info@archstoneagency.com if you have any questions.
About Us
Archstone Insurance Services, LLC is an independent agency that shops over 40 of the top life insurance carriers to provide huge savings on life insurance coverage for our clients. We are happy to answer any questions you might have about any of the insurance products we offer, your planning needs or your existing coverage. Feel free to call us directly at (888) 687-9444 or email us at info@archstoneagency.com. You can also visit our website at www.archstoneinsurance.com.
