No Exam Life Insurance Quotes
There is no doubt that most Americans are taking advantage of purchasing goods and services in the digital age. More and more Americans can shop for virtually everything online and take advantage of the competition between providers of goods and services.
The ability to compare prices and reviews instantly has put shoppers in an advantageous position by eliminating the need for shopping by phone or in person across all industries, and shopping for life insurance is no different.
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Recent startups like PlumLife that partner with established highly-rated life insurance providers can direct consumers to the best source of life insurance products and make online purchases in a matter of minutes. In this article, we’ll drill down into PlumLife and provide you with a company review about products, pricing, and service.
About PlumLife
Founded in 2020, PlumLife is a life insurance marketing organization with headquarters in Berkeley Heights, New Jersey.
The management team has established a mission to offer the best life insurance shopping experience where consumers can find experienced insurance professionals and a digital application process in one place.
The company’s goal is to simplify the insurance shopping, underwriting, and purchasing process by embracing innovative technology that assists the company with offering competitive rates combined with a consumer-friendly application platform.
PlumLife’s CMO and Co-Founder, Rahim Rajpar, is focused on leading PlumLife to become the company that consumers can rely on to learn about, purchase, and depend on term life insurance that will be there for surviving loved ones and family members.
PlumLife Term Life Insurance
PlumLife offers Level Term Life insurance underwritten by The Savings Bank Mutual Life Insurance Company of Massachusetts (SBLI) and its agency services partnership with Hawthorne Solutions, LLC.
The PlumLIfe term products are guaranteed level premium for the policy period chosen by the applicant. Available policy periods are 10, 15, 20, 25, and 30 years. Eligibility requirements are as follows:
Face Amounts: Minimum $100,000 and Maximum $10 million
Issue Age Eligibility:
10-Year | 15-Year | 20-Year | 25-Year | 30-Year | |
Non-Nicotine | 18 – 74 | 18 – 65 | 18 – 60 | 18 – 55 | 18 – 50 |
Nicotine User | 18 – 70 | 18 – 60 | 18 – 55 | 18 – 50 | 18 – 45 |
All Term policies are renewable up to age 85.
Underwriting Requirements:
Accelerated – No Medical Exam | Face Amounts of $100k – $750k – Ages 18 – 60 |
Traditional – Medical Exam Required | Face Amounts more than $750k – All ages |
Payment Options:
Monthly, Quarterly, Semi-annually, and Annually
Conversion Option:
Policyholders have the option to convert their Term policies to a permanent policy (whole life or universal life) at any time prior to the end of the policy term or age 70. If selecting a universal life policy, the death benefit must be $100,000 or greater (not available in California).
Riders:
All term policies automatically include at no extra cost the Accelerated Death Benefit which provides for the insured to access a portion of the policy death benefit if diagnosed with a terminal illness.
PlumLife Term Insurance Rate Comprison
The rate comparison table provided below compares PlumLife term insurance with three other leading term insurance providers using the following applicant assumptions:
Face Amount: $500,000
Policy Term: 20-years
Female – Preferred Rating
| Age | PlumLIfe SBLI | AIG | Banner | Protective |
|---|---|---|---|---|
| 25 | $19.64 | $18.57 | $18.56 | $18.57 |
| 35 | $23.19 | $22.16 | $22.14 | $22.15 |
| 45 | $45.21 | $42.84 | $42.82 | $42.83 |
| 50 | $69.09 | $65.40 | $65.35 | $65.36 |
Face Amount: $500,000
Policy Term: 20-years
Male – Preferred Rating
| Age | PlumLIfe SBLI | AIG | Banner | Protective |
|---|---|---|---|---|
| 25 | $25.04 | $23.79 | $23.78 | $23.79 |
| 35 | $27.68 | $25.99 | $25.98 | $25.98 |
| 45 | $58.46 | $54.93 | $54.92 | $54.92 |
| 50 | $100.00 | $87.55 | $83.71 | $83.72 |
About The Savings Bank Mutual Life Insurance Company of Massachusetts (SBLI)
Since PlumLife has partnered with SBLI, it’s important to know that SBLI has the financial strength to meet its claims and operating responsibilities. This can be demonstrated to consumers by a quick review of SBLI’s ratings by the national rating services and its financial statement that is readily available on the SBLI website.
The highlights of SBLI’s financial statement provided for 2020 are:
- In-force life insurance: $184.1 billion
- Capital and Surplus (in millions): $187.0
- Insurance Reserves (in millions) $2,497.5
SBLI’s financial strength rating with A.M. Best is A (Excellent). The company’s NAIC complaint index code is .22 which is less than the average for the industry.
PlumLife Term Life Insurance Pros and Cons
Like with any other life insurance provider, life insurance shoppers should weigh the pros against the cons as part of their decision-making process as well as rates and coverage offered:
Pros:
- Offers no-exam term policies
- Quick comparisons with competitive companies online
- Policies are convertible up to age 70 or the end of the policy term
- All policies include the Accelerated Death Benefit Rider
- Expert agent advice and ongoing support
Cons:
- Term Life insurance is currently the only available product
- Rates are slightly higher than the top 3 term providers
The Bottom Line
LifeInsure.com is pleased to announce its partnership with PlumLife as we continue to search out new products and life insurance platforms that make purchasing life insurance quick, easy, and affordable.
No Exam Life Insurance Quotes
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