Once upon a time companies like HSBC Household Life Insurance sold up to $500,000 in term life coverage online without requiring a medical exam.
You could apply and get a decision about your coverage immediately, which was especially helpful to applicants with diabetes or other medical conditions that complicate term life coverage.
However, no exam life is a specialty product and it won’t provide the best and most affordable coverage for everyone. Younger and healthier applicants will typically save a significant amount of money and unlock larger coverage amounts with a traditional, medically underwritten, term life policy.
Despite not offering many traditional life insurance options, HSBC remains one of the world’s leading banking and financial companies offering ideal term life coverage for policyholders and their families.
Along with walking through HSBC’s term life offerings, a handful of no-exam life alternatives are broken down for those interested in this form of insurance.
Serving more than 39 million customers in over 66 countries and territories, the internationally acclaimed bank was established in Hong Kong in 1865 to finance trade agreements between Europe and Asia.
For over 150 years, HSBC has aimed to help businesses, economies, and communities prosper, influencing developed and emerging markets while connecting clients to unparalled opportunities.
Even through revolutions and economic crises, HSBC’s unique corporate character has shown through, shaping and molding the company into the global institution we recognize today.
HSBC’s company structure is strategically divided into four global business compartments: Retail Banking and Wealth Management, Commercial Banking, Global Banking and Markets, and Global Private Banking.
The financial organization also maintains at least 200,000 shareholders in 130 countries and territories and boasts share listings on the New York Stock Exchange and UK’s London Stock Exchange, among others.
Along with a strong focus on promoting sustainable growth and improving shareholder returns, HSBC actively believes in making a lasting impact through supporting and strengthening communities.
In 2018 alone, the company allocated $105 million to deserving charities and non-profits, and employees world-wide documented 264,000 volunteer hours.
HSBC’s global identity is flourishing, and their financial rankings are just as impressive.
HSBC of the USA has been evaluated by some of the most respected and trusted financial rating agencies in the industry.
Depending on the agency, these rankings measure financial strength and solvency, among other relevant factors.
The company’s financial ratings include the following:
- Fitch: AA-
- Moody’s Investors Service: Aa3
- Standard & Poor’s: AA-
These ratings expose HSBC of the USA’s promising financial outlook and celebrate the company’s financial stability throughout the years.
Life Insurance Products
Making sure loved ones are financially protected is one of the main reasons customers purchase life insurance policies.
Unlike other life insurance companies offering a suite of life insurance products, though, HSBC’s sole life insurance offerings include term life and long-term care coverage.
For those needing more permanent life insurance options, such as whole, variable, or universal, seeking out other reliable insurance carriers may be your best bet.
Nonetheless, HSBC has put together an attractive term life package for individuals wanting to invest in affordable, short-term coverage.
As with all term life policies, HSBC’s term life package is a temporary form of life insurance only providing coverage within a specific time frame.
This type of life insurance is also more affordable than more permanent forms of insurance, such as whole or universal.
A guaranteed death benefit is included with term life, but cash value accumulation is not available.
Also, term life policies will eventually expire unless you renew your policy. Permanent life insurance policies are more feasible for covering final expenses.
The most attractive features of HSBC’s term life are listed below:
- Affordable Policy: This term policy is considered one of HSBC’s most affordable insurance options.
- Variety of Term Lengths: 10, 15, 20, or 20-years term lengths are available.
- Flexible Payment Options: Premium payments can be paid annually, semi-annually, or monthly.
- Rider Enhancements: A variety of riders are available to supplement a client’s base insurance policy.
- Guaranteed Death Benefit: A death benefit is guaranteed and payable to any named beneficiaries.
HSBC promises no surprises, too. For the entire length of the policy, premiums will never increase, benefits will never decrease, and changes in health won’t translate into policy cancellation.
It’s important to also note the less attractive features of HSBC’s term life product, such as no loan possibilities and no survival benefits being payable.
If you choose to cancel your coverage, customers must do so within 15 days of the policy’s inception.
No Exam Life Insurance Alternatives
If you do need no exam coverage, an independent life insurance agent in your area can help you find the right no exam life coverage for you and your family’s needs.
We also work with no medical exam life insurance on a daily basis, so we stay familiar with the current market’s offerings.
Other companies, such as Fidelity Life and American National, are offering top-notch, no-exam life insurance packages.
You can secure coverage online without a medical exam, but you may need a smaller, guaranteed, or simplified life policy to make it happen. These policies don’t usually offer the same coverage and flexibility of a term policy, but they do have other advantages.
Some of the best no medical exam choices available on the market are listed below:
Fidelity Life Insurance
Fidelity Life’s “Rapid Decision Express” offers coverage up to $250,000 in simplified issue term coverage with no medical exam required. The maximum coverage allowed could be as low as $25,000, depending on your age.
Policy terms will also vary depending on age. Fidelity Life offers 10-, 15-, 20-, or 30-year options, along with whole, senior term, and final expense policies through its Rapid Decision program.
Fidelity Life checks your MIB (Medical Information Bureau) report, pharmacy report, and your state Department of Motor Vehicle records. Coverage decisions are typically made within 48 hours.
Read more about Fidelity Life Insurance on our company review page.
Assurity Life Insurance
Assurity’s “Non-Med Term 350” offers a similar policy to Fidelity Life’s with no-exam coverage up to $350,000.
Your age will help determine maximum coverage amount, which ranges from $50,000 to $350,000, along with your maximum term limit (10-, 15-, 20-, and 30-year terms).
Their application includes specific, yet easy questions to answer about your medical history.
Assurity Life will also check your MIB, pharmacy, and driving records. If you haven’t seen a doctor in the past five years, and you’re 55 or older, Assurity will not approve your application.
Assurity’s response time is typically within 48 hours.
Sagicor Life Insurance
Sagicor Life Insurance has grown into a big name for no-exam policies recently, partly because its policies can extend up to $399,999.
Sagicor’s preferred class for no-exam policies allows applicants with better health to find a middle ground: coverage that’s more affordable yet still accessible without the blood test.
The company still offers a standard class for other no-exam policies since it compares well with other similar policies.
Along with this added flexibility, we like Sagicor’s quick decision-making process. Typically, applicants can not only apply online for coverage, but can also know within a day whether they’ll be covered and the coverage amount.
Phoenix Life Insurance Co.’s Safe Harbor term policy can not only issue up to $400,000 without a medical exam, but also includes a great add-on feature: claiming up to 95 percent of the death benefit if you’re diagnosed with a critical illness.
Premiums for a Safe Harbor policy tend to be higher across the board compared to other companies.
Younger applicants can get up to a 30-year term with $400,000 in coverage. Policies can be as low as a 10-year term with $25,000 in coverage.
Independent ratings agencies, such as A.M. Best, have given Phoenix Life lower ratings over the past couple years. Even with over 150 years experience as a solid performer, we recommend reviewing these ratings before buying a policy.
Foresters issues up to $400,000 in no-exam term coverage through its Your Term program, and some applicants know within 15 minutes of applying online whether they qualify for coverage.
Foresters will check your MIB, DMV, and pharmacy files in real time as you apply, and you can get accelerated death benefits included in the policy.
The company will decide whether you qualify without seeking more information from a physician or flagging your application for further investigation by a separate underwriting process.
Foresters is one of a few companies offering a 25-year term policy. The company also offers 10-, 15-, 20-, and 30-year policies.
Non-smokers up to age 65 may find their best rates for no-exam insurance through American National’s Signature Term Express program, receiving up to $250,000 in coverage in either 10-, 15-, 20-, or 30-year terms.
If they don’t approve your application right away, they may seek more information from your physician within a couple of days.
Depending on how long it takes your doctor to respond, this process can give your application a better chance for approval.
Is No-Exam Insurance Right for You?
Let’s be clear: a young applicant in good health can almost always get the best rates through undergoing a medical exam. However, getting no-exam life insurance because it is more convenient or because you are afraid of needles can be a costly choice.
Not only are premiums much higher for no-exam policies, but coverage levels also remain lower. The $400,000 policies mentioned in this post tend to be exceptions in the no-exam market.
At the same time, a healthy applicant in his or her 40s could still qualify for $2 million in medically underwritten coverage requiring a medical exam.
But, there are many applicants who need a no-exam policy because their age or health would make a medically underwritten policy cost prohibitive.
Companies on this list and others do a great job offering solid coverage for customers and their families.
The Bottom Line
We are happy to help find the right no-exam policy for you. If you really need $500,000 in coverage, we may even be able to find a way to combine two different policies.
It doesn’t matter if you go directly to the life insurance company or contact us directly, we all use the same published rates.
For those needing more affordable, short-term coverage, HSBC’s term life insurance may be the perfect fit for you and your family’s needs.
This company also offers other relevant financial services, such as personal and online banking, home loans, investing options, and retirement solutions.
If you’re interested in looking at rates for HSBC or any of the companies mentioned above, please don’t hesitate to call us or fill out our request form.