Minnesota Life – No Exam Insurance Review
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.
Skip the Exam
See our in-depth guide about life insurance without the medical exam. Compare more than 20 of the top companies and policies. Find out which is right for you today.
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.
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:
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:
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:
No Pressure. No Cost.
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.
