No Exam Life Insurance at New York Life
Quick Summary: Unless you are looking for annually renewable term insurance, you can do better than New York Life for a no medical option. The application process is very easy and simple.The premiums are expensive and the coverage limits are low.
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About the Company
New York Life is one of the largest mutual life insurance companies in the United States. In business since 1845, it's one of the first names many people think of when life insurance comes to mind.
It doesn't get much stronger from a financial standpoint when it comes to credit ratings. A++ from A.M. Best is absolute highest grade given and not many companies achieve it. Standard and Poor's gives New York Life at AA+ which is also excellent.
The New York Life Foundation has provided over $240 million in charitable contributions since being founded in 1979.
Product offerings include convertible term life that is annually renewable as well as level-premium term policies. They also offer a range of whole life products, annuities, and long-term care insurance.
About the Policy
Product Name
Simplified Term Life Insurance
Coverage
$10,000 to $100,000
ISSUE AGE
30 to 74
TERM LENGTH
Annually Renewable (ART) up to age 80
Product Name
Simplified Term Life Insurance
COVERAGE
$10,000 to $100,000
ISSUE AGE
30 to 74
TeRM LENGTH
Annually Renewable (ART) up to age 80
Underwriting Process
New York Life has a very simple application process for their no exam product including 3 questions and some electronic records checks.
What they will check:
3 Questions:
A "NO" answer to any of the below questions is an automatic decline for no exam coverage. Most applicants can then choose if they wish to go through full underwriting.
- 1In the past 2 years, have you had treatment or medication for or been diagnosed by a doctor as having heart trouble, stroke, cancer, lung disease, diabetes requiring insulin, drug or alcohol abuse, liver or kidney disease, AIDS, AIDS Related Complex or immune system disorder?
- 2In the past 2 years, for any condition, have you been admitted to or confined in a hospital, nursing home, extended care or special treatment facility?
- 3In the past 3 months, have you been advised by a doctor or had treatment, medication or diagnostic tests of any type? (Note: You are not required to report any HIV or negative AIDS tests.)
Decision Time
For a product that has digital underwriting and a simple application, New York Life is a little slow on the decisions compared to other companies. Approvals or denials can take over 2 weeks in many cases.
Pros
Exceptional ratings for financial strength on the company level.
Convertible to permanent insurance up to age 80.
Simple application - just 3 questions.
Issues new policies up to age 74.
Cons
Maximum death benefit of $100,000 is low.
High priced premium compared to other no exam companies.
Application decisions are not instant.
No riders available.
Extras and Options
New York Life does not offer riders or options on their simplified issue term life insurance product.
Included at no charge, this policy may be converted to permanent insurance up through the policy anniversary after the insureds 80th birthday. No proof of insurability is required at time of conversion.
Cost
New York Life's no medical exam offering does not have term lengths. You have the option to renew each year. The premium will be set based on age at the time of policy issue. Premiums will increase every 5 years according to the below schedule.
Sample No Medical Exam Rates - New York Life - Simplified Term Life Insurance
Women
Men
Tips for Finding the Best No Exam Life Insurance
Researching and contacting multiple companies is not something many people have time for. Not to mention the 10+ different sales people you'll have following up and pestering you!
but there is a better way...
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.
