Minnesota Life – No Exam Insurance Review

Written by Ty Stewart - Last Updated May 30, 2018

Shortcut: To compare no exam quotes, please use the form on the left. They will be displayed instantly. For more info on the Minnesota Life no medical product, see below.


Quick Summary: Minnesota Life's no exam offering is strong for those with certain health conditions such as asthma or depression. Pricing for policies under 100K is competitive. Otherwise, there are better options most our clients.


Don't want to take a medical exam? We don't blame you. We have put together the #1 resource for no medical exam life insurance. Here you can easily compare the top companies and see their pros and cons in one place. Any questions, reach out to us for help. It's what we do.

About the Company

For over 80 years, Minnesota Life Insurance company has been providing insurance services. Parent company Securian has over 15 million customers across the United States and Canada.

Minnesota Life Insurance

Industry rating services give the company very high marks for financial stability including an A+ (Superior) from A.M Best and an A+ from Standard and Poor's (Strong). The financial strength gives policy owners peace of mind that the company will be solvent many years into the future and be able to meet its obligations in paying out death claims.

Minnesota Life offers a full range of life insurance products including term, whole, universal, indexed, and more.

About the Policy

Product Name

Advantage Elite Select Life Express Issue

Coverage

$50,000 to $249,999

ISSUE AGE

18 to 65

TERM LENGTH

5, 10, 15, 20, 30 years

Product Name

Advantage Elite Select Life Express Issue

COVERAGE

$50,000 to $249,999

ISSUE AGE

18 to 65

TeRM LENGTH

5, 10, 15, 20, 30 years

Underwriting Process

Minnesota Life allows electronic applications and will process most of them digitally without the need for medical records review or a telephone interview. These things may be required depending on the specifics of your file and health history.

What they will check:

  • check
    Medical Information Bureau - past life insurance approvals and denials
  • check
    MVR - Motor Vehicle Report - your driving history
  • check
    Rx database - record of any prescriptions you've taken

Decision Time

Most decisions will come in a few days. If doctors records are needed (rare) then this may extend the timeline significantly as underwriting will need to wait for your physician's office to comply. 

Pros

Good for some niche health issues that other carriers are tougher on.

Guaranteed renewable up to age 95 without new underwriting.

Low rates for smaller policies under 100K face amount.

Cons

Maximum death benefit of $250,000.

No riders are automatically included in the base policy

Maximum issue age is 55 years old, very low.

Only offer up to Standard health class without taking the physical exam.

Extras and Options

Minnesota Life keeps their base policy very bare bones with no riders included unless you pay for them.

Can be added with an additional cost:

  • Accelerated Death Benefit Agreement (ABA)
  • Family Term Agreement-Children
  • Waiver of Premium Agreement for Disability (WPD)

May be converted to permanent insurance without proof of insurability within the first 5 years for 5,10, and 15-year term policies. May be done within the first 10 years for 20 and 30-year policies.

The Extended Conversion Agreement adds about 3% uplift to the base premium and allows the conversion period to be extended for the full term of the policy or until age 75, whichever is first.

Cost

Pricing for Minnesota Life's no medical product is competitive under 100K but middle of the road otherwise.

Sample No Exam Rates - Minnesota Life - Advantage Elite Select Life Express Issue

38-year-old male at Standard health class - pricing listed is per month

Death Benefit

10 Year

20 Year

30 Year

$100,000

$13

$19

$27

$175,000

$20

$30

$44

$250,000

$21

$32

$61

38-year-old female at Standard health class - pricing listed is per month

Death Benefit

10 Year

20 Year

30 Year

$100,000

$12

$15

$22

$100,000

$16

$21

$32

$200,000

$18

$27

$46

Finding the Best No Medical Exam Term Life Coverage

During your search for good no exam coverage, the Minnesota Life Insurance Company's express issue product could be one to consider.

Or is it?

These days there are many good, strong companies offering no exam policies. You'll want to research the strength of the company, the cost of premiums, underwriting sweet spots, and policy extras. There is no one size fits all so the best policy for you may be totally different than the next guy or gal. You really do need to do your homework.

 The best way to do this is to work with an independent agency that is:

  • 1
    Unbiased and not obligated to any particular life insurance company.
  • 2
    Has access to all the top no exam products as well as some niche products for certain people/situations.
  • 3
    Is a specialist in the no exam area.
  1. Unbiased and not obligated to any particular life insurance company.
  2. ​Has access to all the top no exam products as well as some niche products for certain people/situations.
  3. Is a specialist in the no exam area.
Helping with life insurance approvals-Climbers helping each other to climb the mountain

You're in luck:) 

We do all the above and more. If you'd like to have a no pressure talk about options, please contact us or fill out the quote request form on this site.

About Ty Stewart
Ty Stewart is the founder of SimpleLifeInsure. He is an independent life insurance agent that works for his clients nationwide to secure affordable coverage while making the process simple. There is never any cost to use his services.

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