Did you know you can buy up to $500,000 of life insurance in less than 20 minutes ever speaking to an agent?
Unlike other companies, Motorist Life offers term life insurance that can be purchased online, without an invasive medical exam or phone interview, in just a few minutes.
Keep reading and we’ll tell you everything you need to know about buying life insurance online before you apply. If you decide to apply, just enter your information in the form on top right of page to apply and get a decision in less than twenty minutes.
Quick Article Guide:
- Who Is Motorist Life Insurance Company?
- Term Life Insurance without an Interview, Exam, or Agent
- Policy Benefits and Features
- How to Purchase Life Insurance Online
- Life Insurance Quotes by Age and Gender
- What Should I Expect After I Submit my Application?
- How Do I Apply?
Motorist Life Insurance Company is an A- (Excellent) rated insurance provider that was initially founded in 1928 as Motorists Mutual. The company’s founder, Carl Crispin, created the company in Columbus, Ohio when he saw the need for affordable automobile insurance with “prompt service and fair claims.”
In 1965, Motorist Mutual founded the Motorist Life Insurance Company, which is currently offered by more than 14,000 independent life insurance agents in 16 different states. Motorist Life has approximately 100,000 clients and 6 billion dollars of life insurance in force.
According to AM Best, Motorist Life is financially stable and has an “excellent ability to meet their ongoing insurance obligations.” Most importantly, the Motorist Life Insurance Company has a proven track record of paying their death claims and have never failed to pay a valid claim.
Motorist Life specializes with term life insurance that provides guaranteed coverage and level rates for a fixed number of years. Term life insurance does not require any investing and it does not build a cash value; it offers pure protection, which makes it more affordable than other forms of life insurance coverage.
Term life insurance is defined by two parameters: the length of the policy, or the “term,” and the policy’s death benefit, or “face amount”.
Term – This is the number of years that your policy’s rates and coverage are guaranteed not to change. Most companies offer 10, 15, 20, 25, and 30-year terms.
Face Amount – This is the amount of money that will be paid to your policy’s beneficiary when you pass away. A beneficiary can be a person, business, organization, trust, or a charity.
Term insurance is often purchased by families and businesses to:
- Protect a Mortgage
- Secure the Family Breadwinner’s Income
- Provide Income a Replacement to a Spouse
- Leave Money Behind
- Settle Final Expenses and Debts
- Fund a Child or Grandchild’s College Tuition
- Provide Collateral for a Small Business Loan
- Protect from the Loss of a Key-Employee
- Fund a Buy-Sell Agreement
- Maximize a Pension
- Settle a Divorce Decree
There are many uses for term life insurance, but if you need life insurance for the rest of your life, term life insurance isn’t always the best option. Thankfully many companies including Motorists Life offer conversion options which allow you to convert your term policy into permanent or whole life insurance without reproving your insurability.
To learn more about converting your existing term life insurance policy into permanent coverage, please read our article, “Converting Your Term Life Insurance Into a Permanent Policy.”
Here are some of the features and benefits that set the Motorist Life Insurance Company apart from other no-exam term life insurance providers:
- Approval in 3 Minutes – After you complete your application, Motorist Life will provide you with a decision in three minutes or less.
- No Medical Exam – Unlike most term life insurance policies, no medical exam is required for an approval.
- No Phone Interviews – Motorists Life Insurance company does not require their applicants to complete a phone interview.
- Adjustable Coverage Amounts – As little as $25,000 or as much as $500,000 with increments of $25,000.
- Conversion Options – Policy can be converted into whole life insurance before term expires or until age 70.
- Annual Renewal Term – If you decide not to convert your term to whole life, you can also renew your policy each year until age 95.
- Accelerated Death Benefit – This “rider,” or free add-on, allows you to access your policy’s death benefit while you are still alive if diagnosed with a terminal illness.
Many no-exam term life insurances policies can take weeks to be approved. Some of the no-exam life insurance companies even take up to seven business days to mail you your policy after approval. With Motorists Life Insurance Company, your policy is approved and issued in just a few minutes, all online.
Are There Any Downsides to Motorists Life Insurance Company?
The potential downside to buying life insurance online from Motorists is that you may end up paying a few extra dollars each month than if you had completed an exam, especially if you have a few health issues. Skip to here to view actual monthly life insurance rates from Motorists Life.
In addition, the most term coverage you can qualify for is $500,000. If you need more than $500,000 of insurance, you’ll need to buy your policy from another company that may require an exam, or you can buy multiple life insurance polices from more than one company, which isn’t as convenient or as easy to manage as one policy.
Purchasing an insurance policy from Motorist Life only takes a few minutes, and it is as easy as filling out an application online. However, you must meet some criteria to to qualify for a no-exam term life insurance policy from them. We’ve listed their residency, health, and age requirements below.
As of August 2018, Motorist Life’s term insurance products are only available to residents of the following states:
- South Carolina
- West Virginia
Unfortunately, if you do not reside in one of these states, Motorist’s life insurance products are not available to you, but we may be able to offer you a no-exam life insurance policy from another highly-rated company. Please call us to speak with a licensed agent who can help. Toll-Free 855-247-9555.
HEALTH & LIFESTYLE
No-exam term life insurance is not the same as “guaranteed acceptance” life insurance, and some health or lifestyle issues present too great of a risk to an insurer. Here are some “knockout questions,” or questions that Motorists Life Insurance Company will ask you when you apply. Answering “yes” to any of these questions will cause your application to be declined.
- Have you applied for insurance in the last 12 months and been declined, rated, or issued “substandard,” or do you have any other pending applications for life insurance coverage with any company including Motorist Life Insurance Company?
If you have recently applied for life insurance and your policy was approved at “substandard” or table rate, or if your application was postponed or declined with any other life insurance company, do not apply with Motorists Life. Your application will be automatically declined.
- Has the client ever been diagnosed with or treated for any of the following?
- Crohn’s Disease
- Hepatitis C
- ALS, Multiple Sclerosis or Muscular Dystrophy
- Cerebral Palsy or Parkinson’s Disease
- AIDS, AIDS-related complex (ARC) or HIV
If you have ever been diagnosed or treated for any of these conditions, do not apply with Motorist Life. Your application will be automatically declined, but other options may be available. Please call us at 855-247-9555 to speak with a high-risk expert who can help.
- Within the last 10 years, has the client used, received treatment for, or been hospitalized for illegal drugs or alcohol?
Every life insurance company takes substance abuse very seriously, and with most insurers, a recent history of alcoholism, or illegal drug, use will cause your application to be declined. If you have used or been treated for illegal drugs or alcohol, do not apply with Motorist Life.
- Within the last seven years, has the client had a heart attack or stroke, diabetes or cancer?
Unfortunately, any of these health issues will cause your application to be declined by Motorists Life, but there are other highly-rated companies that may be more lenient. Our agency specializes with applicants who are a “high-risk” for life insurance and we represent more than 45 top-rated insurance providers.
- Within the last five years, has the client been convicted of a DWI, DUI or OUI?
If you have been charged with driving while intoxicated, driving under the influence, or operating under the influence in the last 5 years, do not apply with Motorist Life. Give us a call at 855-247-9555, we have access other providers that may be able to offer you affordable coverage.
How Does Motorist Life Insure Company Verify My Answers?
Anytime you apply for no-exam term life insurance, the insurer you apply with will electronically verify your application and medical records before approving your policy. Insurance companies rely on the MIB, or medical information bureau, which stores some of your medical history and the results of other life and health insurance applications.
No-exam term life insurance providers can also verify your prescription history for the last 5 years, attending physician statements, criminal records, and your motor vehicle report electronically in just a matter of seconds to verify your insurability.
As we get older, our options for longer term policies become more limited. With Motorist Life, after the age of 70, no-exam term life insurance is no longer available. Here are the age limits for each the term products they offer:
- Up to Age 48: 30-Year Terms Available
- Up to Age 65: 20-Year Terms Available
- Up to Age 70: 5 or 10-Year Terms Available
During the “term” of your policy, your rates cannot increase, and your coverage cannot decrease, regardless of any changes to your health. However, the longer your term is, the more expensive your policy will be. Continue to the next section for some sample monthly rates.
Below we’ve shared some sample rates from Motorist Life to help you estimate the cost of your policy. The monthly rates we’ve displayed are for a 20-term, but depending on your age, other term lengths may also be available.
Monthly Rates for A Non-Smoking Male in Excellent Health – 20 Year Term
*Displayed monthly rates are provided for illustrative purposes only and are accurate as of 08/01/2018.
Monthly Rates for A Non-Smoking Female in Excellent Health – 20 Year Term
*Displayed monthly rates are provided for illustrative purposes only and are accurate as of 08/01/2018.
For an accurate rate based on your health an age, please enter your information on the application form located on the top right of the page. If you’re not ready to apply or if you still have questions, you can also call us to speak with a licensed agent. Toll-Free: 855-247-9555.
When you apply for life insurance from Motorists Life Insurance company online, every part of the application process is automatic. After you complete your application and click “submit”, you will receive one of four responses to let you know the outcome of your application.
- Accepted: “Congratulations! You have been approved at our premiere rate!” This means your application was approved at the best rate class available.
- Accepted other than applied for: “Congratulations! You have been approved at our preferred rate!” The preferred rate is the second-best rate class available to applicants in “good” health for their age group.
- Application is in process: Roughly 10% of the applications submitted online require further review from a life insurance underwriter. In most cases, you’ll receive a response within 24 hours.
- If for some reason your application is declined, we can follow up with you to provide you with your next best option from another provider.
To apply for life insurance from Motorists Life and receive a decision in less than 20 minutes, please fill out the form on the top right of this page. The application will take you a few minutes to fill out and it will ask you a few questions about your health and lifestyle. You’ll also need to provide some personal information including your beneficiary, telephone number, and address.
If you are in good health, and you can honestly answer “no” to all the health questions in this article, your life insurance application should be approved in less than three minutes.
If you still have questions, or if you would like to learn more about your options for affordable life insurance, please give us a call. We work with more than 45 top-rated life insurance companies to make sure our clients are always matched with the best company for their needs.
You can also request a free instant quote online below to compare rates and coverage options from dozens of highly-rated life insurance providers in less than a minute. Toll-Free: 855-247-9555.
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