How Much Does A $50,000 Life Insurance Policy Cost With No Exam?
Sometimes you just need a small life insurance policy that will cover your final expenses and burial.
However, it seems like getting a small policy is just as tricky and time consuming as getting a more extensive policy.
But what if I told you:
That it is super easy to get a $50000 term life insurance policy with no exam and instant approval.
Today I am going to go over how much a $50,000 life insurance policy is going to cost, who needs that much life insurance and the best company to get it through as well as some sample quotes.
How Much Is A $50,000 Term Life Insurance Policy ?
A $50,000 life insurance policy costs around $7.63 per month for a 36 year old female in excellent health looking at a 10 year term and $9.21 per month for a male in excellent health looking for the same coverage. The term length you choose and your current health can also affect your rates.
Below are some sample $50,000 term life insurance rates with no exam required:
Sample $50,000 Term Life Insurance No Exam Quotes
The below rates are based on a 36 year old male and female, both non-tobacco users and in excellent or preferred health.
$50,000 No Exam Term Life Insurance Rates For Women
Rates based on a $50,000 term policy for a 36 year old female non-smoker in preferred health.
$50,000 No Exam Term Life Insurance Rates For Men
Rates based on a $50,000 term policy for a 36 year old male non-smoker in preferred health.
I bet you are shocked at how cheap a $50,000 life insurance policy can be, especially the 30 year term option.
But guess what, a study conducted by Life Happens found that over 44% of people overestimate the cost of life insurance so you aren’t alone in thinking it was going to be more expensive.
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Who Needs A 50000 Life Insurance No Exam Policy?
While it might make sense to get $50,000 in coverage, everyone will have a different reason why they need any specific amount of coverage.
While $50,000 doesn’t go a long way when it comes to life insurance, it can be a huge cushion for someone if they have to deal with your final expenses.
Below is a list of people that probably should get a $50,000 term policy and there is no exam required:
College Students
When you are in college, most of your time is going to be spent on school work and maybe working a part-time, or full-time job.
You aren’t going to have a ton of expenses, and your only real debt will probably be student loans.
However, if you were to pass away today, your family is going to have to spend money to take care of your burial and final expenses.
The average funeral costs around $10,000, so there is no reason to put that financial burden on your parents.
If you are in college, getting this small policy can easily give your parents peace of mind.
Young Adults With No Dependents
Most people assume that they don’t need life insurance because they don’t have any dependents.
Well…
Guess again, if you pass away unexpectedly, someone still has to pay for your funeral and final expenses.
It doesn’t make sense to leave this financial burden to a friend or family members.
Because in 2019 you can get covered super fast and for less than buying one cup of coffee per day.
Adults Only Concerned With Final Expenses
If you have your finances in line but want to make sure your death doesn’t interfere with the money you leave behind, then you should probably get this type of policy.
It is also a great thing because it allows your family to have money while your estate goes through probate court (if it has to).
There is no better gift than cash sometimes.
Adults With No Debt
If you have paid off your mortgage, have no credit card debt and have paid off all of your vehicles, and funded your kid’s college, then you probably don’t need much life insurance.
A small $50 000 policy would work great for you and give your family the ability to grieve accordingly.
People Wanting The Most Affordable Rates
If the price is your primary concern, then getting $50,000 in coverage is the best option for you.
This is primarily because $50,000 in coverage is usually the lowest amount of coverage you can purchase when looking at life insurance.
With life insurance, the lower the death benefit or coverage amount, the lower the monthly premium will be.
If you want to be covered but keep your rates super low then $50k is where you want to stay.
Underwriting Process For $50K Term Life Insurance Policy With No Medical Exam
There is nothing worse than waiting for something you have already purchased, but it happens all the time when you buy life insurance through the traditional route.
With a no exam policy, you would be able to purchase $50,000 in life insurance almost instantly if you are approved.
We have a product that allows you to get a quote, apply, get approved, and pay for your coverage in under 5 minutes.
There are three reasons this can happen:
No Exam
It sounds silly, but yes, not having to take an exam is the best reason to go with a no exam option.
The no physical option cuts about 2 weeks off of your waiting time when it comes to life insurance.
3 Major Reports Pulled
Your proof of insurability is only going to be determined by 3 major reports that are pulled.
MIB Report – This report is all about your history of applying for life insurance.
If you have applied for coverage, recently this report will show which company you applied with and the outcome of the application.
Prescription Drug Report – This report is going to show what prescriptions you have had filled in the last 7 years.
It is used to confirm the answers on your application basically.
If you say you don’t take medicine for diabetes, but your prescription report shows you take metformin, that raises a red flag.
Motor Vehicle Report – This report is run to make sure you don’t have any type of suspended licenses, DUI’s or DWI’s.
A majority of the top term life companies will not offer you life insurance if you have a suspended license because of one of the above reasons.
Real-Time Underwriting
The no exam process also takes you through real-time underwriting, this means that your application for approval is being underwritten while you are completing it.
The questions will change depending on how you answer them, and at the end of the application, a decision will be given of either approved or not approved.
If you are approved, you will be able to choose your final coverage amount and rate and pay for your policy for instant coverage.
No Exam Life Insurance by state.
What Can A $50,000 Term Life Insurance Policy Cover?
You are probably wondering… Ok, I have coverage, but what can it cover if something happens to me, well I have a list below:
This is just a short list, but there are an unlimited amount of things that someone can pay for with a $50,000 lump sum policy.
We even asked over 30 personal finance experts how surviving spouses can invest their life insurance proceeds.
Just be sure to leave the money to someone that will be responsible with the funds.
The Best Company For No Exam $50k Life Insurance
While there are several no exam life insurance companies to choose from, we haven’t found any better than Bestow, Haven Life, and Fabric.
These three companies have all but mastered the process of no exam life insurance. Check out our quick overview of them below:
Available For Ages:
18 to 60 Years Old
Coverage Amounts:
$50,000 to $1,500,000
20 Year $250,000 Quote:
$17.50/month
Check out our Bestow life review
Available For Ages:
18 to 65 Years Old
Coverage Amounts:
$50,000 to $3,000,000
20 Year $250,000 Quote:
$18.90/month
Check out our Haven life review
Available For Ages:
21 to 60 Years Old
Coverage Amounts:
$100,000 to $1,000,000
20 Year $250,000 Quote:
$20.39/month
Check out our Fabric life review
If we had to choose out of the above 3 we would go with Bestow, this is because they can cover you faster than any product on the market.
You can go from quote to covered in under 5 minutes and there is absolutely no exam. Want to learn more about them? Check out our full Bestow life insurance review.
How To Get Covered For A $50,000 Life Insurance Policy Today?
The best way to get covered for a 50000 life insurance policy with no exam is to click on any of the buttons above or to get started with instant coverage from Bestow.
They have one of the fastest life insurance application processes and are backed by a Top A rated insurance company.
Don’t wait around for life insurance coverage, it’s always most important to protect your family’s financial future.
Frequently Asked Questions
How much life insurance can you get without an exam?
Insurance companies limit you to around 30 times your annual income. However, you can get up to $1.5 Million in life insurance without an exam if you qualify.
What is the best no exam life insurance?
Bestow is our top pick for best no medical life insurance because of their instant policy approvals and easy online application. There is absolutely no medical exam and you can go from quote to covered in 5 minutes.
How do I get life insurance without a medical exam?
The fastest way to get life insurance without a medical exam is to apply online through Simply Insurance, we represent all of the top carriers for instant issue life insurance.
How much is a $50000 life insurance policy?
A $50,000 life insurance policy costs around $7.63 per month for a 36 year old female in excellent health looking at a 10 year term and $9.21 per month for a male in excellent health looking for the same coverage.
