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Principal's No-Exam up to $1 million term life insurance

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  • Principal's No-Exam up to $1 million term life insurance

    Hi all,

    I'm considering applying for Principal's no-exam, up to $1 million, 30 year term life-insurance, since I have white-coat syndrome and the nerves of the exam would likely cause my blood pressure to skyrocket (as they always do when I'm at the doctor's). I have no other medical problems and other than the white coat syndrome, I'm in good health and don't take any medication and don't smoke.

    Has anyone gone through Principal's accelerated underwriting process? How do they verify that I don't have any other medical conditions (which I don't), do they send verification forms to the primary doc?

    I want to get a $3 million policy eventually, so would it be worth it just going through a standard physical exam for a $3 million policy and taking the BP hit, which would likely knock me down to standard rates, or get the 1 million policy without an exam and a separate 2 million policy with an exam?

  • #2
    I use their Accelerated Underwriting program "all the time". Their rates are among the lowest cost term life and all that is needed is a telephone interview and prescription drug check.

    If you have a personal physician that you have seen, medical records can potentiall be requested.

    You should definitely do this first and subsequently purchase an additional $2,000,000 if you feel there is a chance that you won't qualify for the best underwriting classification otherwise.
    Lawrence B. Keller, CFP, CLU, ChFC, RHU, LUTCF


    • #3
      The Principal Life program is not automatically "no-exam".   Process works like this:

      You will first submit an application with the carrier and they will conduct a phone interview. In addition to the interview, they use their data sources like MIB, Prescription check, etc to determine if you are approved using accelerated underwriting. If not approved, they will then instruct the agent to order a medical exam. They will also request medical records from your doctor if they need it.  It now becomes a fully underwritten application.  I have a guide/cheatsheet I can send you if you email me.  I don't see a way to post it on the forum as an attachment. It has a series of questions which will help you determine your eligibility for the accelerated underwriting without the exam.

      In addition to Principal, a few other companies have started "non-med" programs.  John Hancock will go up to $1M with just an application.  No exams and no phone interviews are required.  If you are not approved, they close your case.  They do not need an exam like Principal does.

      Minnesota Life will also be launching a program similar to Principal for up to $1M.  I think it's starting this month.

      And there are a few other companies which will go to $500K without an exam -

      SBLI - All their policies under $500K are done with a phone interview only. Lincoln and Banner also offer options which can be non-med.

      IMPORTANT: NOT All options are available in every state.  So, availability depends on where you live.