As the need for life insurance without examinations grows, it is important to be aware of the various possibilities accessible in the market.
In this blog post, we will discuss Prosperity PrimeTerm to 100 – a unique no-exam life insurance policy designed specifically for individuals over the age of 40 with serious health conditions.
This comprehensive guide will provide an overview of PrimeTerm to 100 and its key features such as graded death benefit model, age limitations and coverage amounts, simple application process, and comparison with traditional life insurance policies.
Additionally, we’ll explore who should consider opting for this innovative product.
By delving into these critical aspects of no-exam life insurance like PrimeTerm to 100, you can make informed decisions about your coverage needs while ensuring financial security for yourself and your loved ones.
Table of Contents:
- Prosperity PrimeTerm to 100 Overview
- Graded Death Benefit Model
- Age Limitations and Coverage Amounts
- Simple Application Process
- Comparing PrimeTerm to 100 with Other Life Insurance
- Who Should Consider PrimeTerm To 100?
- FAQs in Relation to No Exam Life Insurance
- Next Steps
Prosperity PrimeTerm to 100 Overview
The Prosperity Life Insurance Group offers a variety of insurance products tailored for the senior market, including the unique no-exam life insurance policy called PrimeTerm to 100.
This no-exam life insurance product is designed to be used as burial insurance. It is especially suitable for those who are 40 – 80 years old who have pre-existing medical issues which may disqualify them from conventional policies.
PrimeTerm 100 provides coverage up until age 100 without requiring any medical examination and has a simple application process.
- No-exam life insurance option: With Prosperity’s PrimeTerm to 100, seniors can obtain coverage without undergoing time-consuming and invasive medical exams that are often required by other insurers.
- Designed for those with serious health conditions: If you have been denied coverage from traditional life insurance due to severe health issues, this policy might be an ideal solution as it caters specifically to individuals in similar situations.
This innovative product offered by Prosperity Life Insurance Group ensures that seniors with significant health concerns still have access to financial protection for their loved ones.
By eliminating the need for a medical exam, applicants can secure peace of mind knowing they will leave behind some financial support regardless of their current state of health.
To better understand how this policy works and whether it’s suitable for your needs, let’s explore its features in more detail below:
Graded Death Benefit Model
PrimeTerm to 100 has a graded death benefit model, which means that if the policyholder passes away within the first two years of coverage, the beneficiaries will receive a limited death benefit.
However, after the two-year period, the full death benefit will be paid out to the beneficiaries through the 20th policy year.
Age Limitations and Coverage Amounts
PrimeTerm to 100 is available to individuals between the ages of 40 and 80. The coverage amounts range from $5,000 to a $30,000 burial policy, depending on the applicant’s age and health status.
Simple Application Process
The application process for PrimeTerm to 100 is simple and straightforward. Applicants are only required to answer a few health questions, and there is no medical exam required.
The underwriting process is quick, and coverage can be obtained within a matter of days. Seniors often find that this form of burial insurance is worth it because it is easy to purchase.
Comparison with Traditional Life Insurance Options
While traditional life insurance policies require a medical exam and full medical underwriting, PrimeTerm to 100 offers a simplified issue life insurance option.
This means that individuals with pre-existing health conditions, such as diabetes, or poor health can still obtain coverage, albeit with lower coverage limits and higher premiums.
However, for those who cannot qualify for traditional life insurance policies, PrimeTerm to 100 offers an excellent alternative for burial insurance for seniors.
Overall, Prosperity PrimeTerm to 100 is a sound option for seniors who have been denied coverage from traditional life insurance companies due to their health conditions.
It provides a simple and accessible way to obtain life insurance coverage without the need for a medical exam or full medical underwriting.
Graded Death Benefit Model
The Prosperity PrimeTerm to 100 policy utilizes a graded death benefit model, which offers a unique approach to providing financial protection for your loved ones.
This model ensures that beneficiaries receive some level of financial support, regardless of when or how the insured individual passes away.
One key feature of this graded death benefit is the full death benefit payout in case of accidental death. If the insured person dies as a result of an accidental injury, their beneficiaries will receive the entire face amount specified in the policy.
This can provide significant peace of mind, knowing that your family will be taken care of financially if you were to pass away unexpectedly due to an accident.
In other cases, where death occurs due to natural causes or illness, the payout amount depends on how long you have held your PrimeTerm to 100 policy.
The longer you maintain coverage, the higher percentage of your chosen face amount will be paid out upon passing:
- During Policy Year 1: Return premium plus 15% interest.
- During Policy Year 2: 30% of face amount for 40 – 74 year olds; 40% of face amount for 75 – 80 year olds.
- During Policy Year 3: 60% of face amount for 40 – 74 year olds; 70% of face amount for 75 – 80 year olds.
- During Policy Years 4 – 20: Full face amount.
- During Policy Years 21 – 100: Uniformly decreasing each year until policy expiration date at age 100, to 5% of the face amount in the year preceding expiration.
This structure provides different levels of financial security over time to meet burial insurance for elderly individuals’ needs, while still offering immediate benefits even during the early years within one’s contract term.
Thus, making PrimeTerm 100 a suitable choice among those who might otherwise struggle to find adequate life insurance options elsewhere given their health status limitations.
Age Limitations and Coverage Amounts
The coverage offered by PrimeTerm to 100 is limited in terms of age group eligibility and maximum coverage amounts. It is essential to understand these limitations before applying for this specific product, as they may impact your decision-making process.
Eligibility between Ages 40 and 80
To qualify for PrimeTerm to 100, applicants must be between 40 and 80 years old at the issue date.
This age range caters specifically to seniors who might have difficulty obtaining traditional life insurance due to their health conditions or advanced age.
If you fall within this demographic, PrimeTerm could be a suitable option for you.
Face Amounts Ranging from $5,000 – $30,000
The available face amounts for Prosperity’s PrimeTerm policy vary depending on state availability but generally range from $5,000 up to $30,000 in coverage.
While these limits may not provide as much financial protection as some traditional policies with higher coverage options, it still offers valuable peace of mind knowing that your loved ones will receive some support upon your passing to help pay for the price of a funeral.
- $5,000 burial policy – This minimum amount can help cover basic funeral expenses or other small end-of-life costs.
- $10,000 burial policy – A more substantial sum that can assist with paying off outstanding debts or providing a modest inheritance for beneficiaries.
- $20,000 burial policy – An even larger payout that could contribute towards significant medical bills or long-term care needs if necessary.
- $30,000 burial policy – The maximum available face amount provides greater financial protection and flexibility for your loved ones in the event of your passing.
It is crucial to carefully consider both age limitations and coverage amounts when evaluating if PrimeTerm to 100 is the right choice for you.
Be sure to compare different life insurance options before making a final decision, as there may be other policies better suited to your specific needs.
Key Takeaway: PrimeTerm to 100 is a life insurance product designed for seniors between the ages of 40 and 80 who may have difficulty obtaining traditional life insurance.
It’s important to consider both age limitations and coverage amounts when evaluating if this policy is right for you.
Simple Application Process
The application process for Prosperity’s PrimeTerm to 100 is straightforward and hassle-free, and is an excellent option for burial insurance for seniors.
This no-exam life insurance option simplifies the traditional life insurance medical exam requirements by only asking applicants to answer three basic health questions.
Three Basic Health Questions Required
Rather than undergoing a full medical underwriting or answering an extensive health questionnaire, applicants for PrimeTerm to 100 need only respond to three essential queries about their well-being.
These questions typically address common health issues that seniors may face, such as pre-existing conditions or chronic health problems.
You will be asked the following specific questions:
- Within the past two years, have you been confined to or have been advised by a licensed medial professional, to be admitted to a nursing home, hospice or extended care, special treatment facility, required use of oxygen, or needs assistance performing ADLs (activities of daily living)?
- Within the past two years, have you been diagnosed by a member of the medical profession with:
- any cancer (excluding Basal or Squamous cell skin cancer)
- heart attack
- heart surgery
- congestive heart failure
- Alzheimer’s disease or dementia
- major organ transplant surgery
- Have you been advised by a licensed medical professional that your life expectancy is less than 24 months?
You must be able to answer, “No” to those three questions.
By limiting the number of inquiries, Prosperity makes it easier for individuals with poor health histories to secure coverage.
Note – If you are unable to pass Prosperity’s three-health-question application, there are still options. For seniors with substantial health complications, look to guaranteed issue life insurance plans, in which zero health questions are asked.
Streamlined Process for Applicants
- No Medical Exam: Unlike many traditional life insurance policies, PrimeTerm to 100 does not require a medical examination. This feature allows those with serious illnesses or other complications who might otherwise be denied coverage through medically underwritten policies access vital protection without invasive tests.
- Faster Approval Times: The simplified issue nature of this product means that approval times are often quicker compared with fully-underwritten term life policies like those offered by companies such as Haven Life. Faster approvals allow beneficiaries peace of mind sooner knowing they have financial support in place should the worst happen.
- Easier Policy Maintenance: Once you’ve been approved for coverage, maintaining your PrimeTerm to 100 policy is simple. You’ll only need to answer the three health questions again if you decide to increase your coverage limits or make other significant changes.
Overall, Prosperity’s PrimeTerm to 100 offers a streamlined and accessible application process for seniors seeking life insurance without the hassle of medical exams or extensive questionnaires.
Comparing PrimeTerm to 100 with Other Life Insurance
Before applying for Prosperity’s PrimeTerm to 100, be sure explore traditional life insurance options thoroughly.
Some individuals may find they qualify for more comprehensive coverage at a lower cost through standard policies. It’s essential to evaluate the features of each policy before settling on a choice.
Assess eligibility for traditional life insurance
The first step in comparing your options is determining whether you are eligible for traditional life insurance. Many insurers provide diverse offerings that can suit different ages, health statuses, and financial requirements.
Speak with an experienced agent to determine which types of policies might be suitable based on your specific circumstances.
Compare costs and benefits
- Premiums: Compare the monthly or annual premiums required by both PrimeTerm 100 and traditional life insurance policies. While no-exam life insurance often has higher premiums due to increased risk factors, some applicants may still find better value in these plans depending on their unique situation.
- Coverage Amounts: Evaluate the face amounts offered by each policy type. Traditional policies typically provide higher coverage limits than no-exam options like PrimeTerm 100. However, those who cannot obtain such coverage should consider this alternative solution.
- Riders & Add-ons: Review any additional features available within each policy type – such as accidental death benefit riders or living benefits – that could enhance your coverage and provide extra peace of mind.
Other Burial Insurance Companies
Your unique needs should be the driving force in finding the best burial insurance option.
In addition to Prosperity’s PrimeTerm to 100, assess the following highly-rated burial insurance policies:
- SBLI Living Legacy
- American Amicable Senior Choice
- Corebridge (AIG) Guaranteed Issue Whole Life
- Guarantee Trust Life Heritage Plan
- Mutual of Omaha Living Promise
By comparing PrimeTerm to 100 with other life insurance options, you can make an informed decision about which product best meets your needs for financial protection.
Remember that each individual’s situation is different, so it’s essential to consult with a knowledgeable agent to ensure you’re making the right choice.
Key Takeaway: Before applying for Prosperity’s PrimeTerm to 100, it is important to assess eligibility and compare burial insurance cost and benefits with traditional life insurance policies.
By doing so, individuals can make an informed decision about which product best meets their needs for financial protection.
Who Should Consider PrimeTerm To 100?
If you are a senior over the age of 40 and have been denied coverage from traditional life insurance policies due to severe health conditions, Prosperity’s PrimeTerm to 100 may be an ideal option for you.
This no-exam life insurance product offers an alternative solution without requiring medical examinations while still providing financial protection up until age 100.
Ideal Option if Denied by Other Insurers
Burial insurance, like PrimeTerm to 100, is designed specifically for those who might not qualify for traditional life insurance due to their health status.
If other insurers have declined you due to health issues, this policy could provide the coverage required without overburdening your finances.
No Medical Exam Required
- Simplified application process: With only three basic health questions required during the application process after completing its first year, obtaining coverage through PrimeTerm to 100 is much more accessible than with standard policies that often require extensive medical exams and questionnaires.
- Faster approval times: Since there’s no need for a medical examination, applicants can typically expect quicker turnaround times when it comes to receiving approval and getting their policy in place.
- Inclusive eligibility criteria: The age range eligible for applying (between 40 and 80 years old) ensures that seniors with serious health concerns aren’t left out in the cold when seeking financial protection for themselves and their loved ones.
To determine whether Prosperity’s PrimeTerm to 100 is the right choice for you, it’s essential to compare your options for burial insurance for seniors and thoroughly explore traditional life insurance policies.
By doing so, you can make an informed decision about the best coverage solution for your unique situation.
FAQs in Relation to No Exam Life Insurance
What is the catch with no medical exam life insurance?
The main catch with no medical exam life insurance is that it often comes with higher premiums compared to traditional policies.
This is because insurers take on more risk without a full health assessment. Additionally, coverage amounts may be limited (e.g. $30,000 in coverage) and some policies have graded death benefits, meaning the payout increases over time.
Is burial life insurance worth it?
Often, burial life insurance is worth it for individuals who want quick coverage or have pre-existing conditions that make obtaining traditional policies difficult.
While premiums are typically higher, this type of policy provides peace of mind and financial protection for loved ones without going through an extensive underwriting process.
Can you get whole life insurance without an exam?
Yes, you can obtain whole life insurance without an exam through simplified issue or guaranteed issue plans. These options require minimal (or zero) health questions and provide lifetime coverage as long as premiums are paid.
However, they usually come with lower face amounts and higher costs than fully underwritten whole life policies. Typically, the maximum face amount seniors can purchase for a no-exam whole life policy is $50,000 in coverage.
Are no medical exam life insurance policies more expensive?
In general, no medical exam life insurance policies tend to be more expensive than their medically underwritten counterparts due to increased risk taken by insurers.
Without a comprehensive health evaluation, companies charge higher premiums to offset potential losses from covering applicants who might otherwise be deemed uninsurable or high-risk in traditional underwriting processes.
However, the cost of burial insurance is generally affordable and fits most seniors’ budgets. Keep in mind that some insurance is better than no insurance. Even a modest $10,000 burial policy can be beneficial for seniors looking to cover the cost of a funeral.
Prosperity PrimeTerm to 100 is an excellent option for seniors over the age of 40 who are looking for a no exam life insurance policy.
This policy is designed for those with serious health conditions and offers partial payouts depending on the duration held. The application process is simple, requiring only three basic health questions.
If you have been denied by other insurers or do not want to go through a medical exam, then Prosperity PrimeTerm to 100 may be the ideal option for you.
To learn more about Prosperity PrimeTerm to 100 and other no exam life insurance options, contact iSeniorBenefits.com today.