No-Exam Life Insurance from Sproutt Life Insurance- Ultimate Guide
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In this article, we’ll go over everything you need to know about no-exam life insurance from Sproutt in 2023. We’ll explain exactly what is no-exam life insurance- Sproutt Life Insurance, provide you Spoutt’s no-exam life insurance rates by age chart and more…
By the time you finish this article you’ll be an expert on all things no-exam life insurance- Sproutt Life Insurance. Let’s get started…
Table of contents
- What Is No-Exam Life Insurance Sproutt Life Insurance?
- How Does No-Exam Life Insurance from Sproutt Life Insurance Work?
- Is Sproutt Life Insurance A Insurance Company?
- Who Underwrites and Services Sproutt’s No-Exam Life Insurance Policy?
- Is SBLI A Good Life Insurance Company?
- No-Exam Sproutt Life Insurance- Policy At A Glance
- Sproutt No-Exam Life Insurance Policy Details
- Sproutt Life Insurance- No-Exam Life Insurance Rates by Age Chart: 20-30 Years Old
- Sproutt Life Insurance- No-Exam Life Insurance Rates by Age Chart: 35-45 Years Old
- Sproutt Life Insurance- No-Exam Life Insurance Rates by Age Chart: 50-54 Years Old
- Sproutt Instant No-Exam Term Life Insurance Quotes
- Sproutt Instant No-Exam Term Life Insurance Quote Results
- Sproutt Life Insurance Application Approval Screen
- Sproutt No-Exam Life Insurance Payment Options
- Review The Policy And E-Sign To Activate Coverage
- Are There Any Exclusions?
- No-Exam Sproutt Life Insurance Underwriting Eligibility
- Accelerated Death Benefit Rider
- Bottom Line
- Instant Quotes
What Is No-Exam Life Insurance Sproutt Life Insurance?
No-exam instant-issue life insurance from Sproutt Life Insurance is a streamlined way to purchase a level (fixed) term life insurance policy instantly online. The digital application process takes about twelve minutes from start to finish and can be completed on your desktop, smartphone or tablet.
If approved, you then decide on your final coverage amount and term length. Once you provide payment information, read over the policy and e-sign the policy will go into effect. You are covered for 100% of the death benefit immediately.
How Does No-Exam Life Insurance from Sproutt Life Insurance Work?
The no-exam life insurance from Sproutt Life Insurance works by using a proprietary automated underwriting process to provide an instant-decision and final rate upon completing the application.
The insurance company, SBLI uses your application answers and views several informational databases which include: MIB (Medical Information Bureau, MVR (Motor Vehicle Report), Prescription database, FCRA public data analytics score to provide an instant-decision and final rate.
Is Sproutt Life Insurance A Insurance Company?
No. Sproutt Life Insurance is an insurance broker and a insurtech company. Their no-exam instant issue policy is underwritten by the insurer, Savings Bank Life Insurance Company (SBLI).
Who Underwrites and Services Sproutt’s No-Exam Life Insurance Policy?
The instant-issue no-exam term life insurance policy from Sproutt Life Insurance is underwritten and serviced by Savings Bank Life Insurance Company (SBLI). SBLI is the insurance company that pays out the claims.
Is SBLI A Good Life Insurance Company?
Yes. SBLI is one of the largest term life insurance companies in the United States. SBLI was founded in 1907, is ‘A’ Excellent rated by A.M. Best and has never failed to pay a legitimate claim since the company was founded over 110 years ago.
No-Exam Sproutt Life Insurance- Policy At A Glance
Below are the specifications for Sproutt’s instant-issue no-exam life insurance policy.
- Issue Ages: 18-55
- Coverage: $25k-$1 million
- Terms: 10, 15, 20-year level term
- Health Classes: Preferred Plus, Preferred, Standard Plus, Standard
- Policy Type: Level (fixed) term life insurance
- Insurer: SBLI (Savings Bank Life Insurance Company)
- Rating: A Excellent financial rating from A.M. Best (SBLI)
- Medical Exam: Never
- Telephone Interview: Never
- Medical Records Request for Application: Never
- Approval Time: About 12 minutes
- Cancellation Penalty: None, can cancel anytime without a penalty
- Riders: Accelerated benefit rider included at no-cost
- Legitimate Claims Paid: 100% (SBLI)
Sproutt No-Exam Life Insurance Policy Details
|Sproutt No-Exam||About Chart|
|Financial rating||‘A’ Excellent by A.M. Best (SBLI)|
|Pay out ratio||100% of legitimate claims paid out (SBLI) since 1908|
|Trustpilot rating||4.8 out of 5|
|Coverage amount||$25k – $1 million|
|Terms available||10, 15 and 20 years|
|Rates||Fixed for the term|
|Cancellation policy||Can cancel anytime without a penalty|
|Payment methods||Credit card, debit card, checking or savings account|
|Payment options||Monthly, quarterly, semi-annual or annually|
|Telephone underwriting interview||No|
|BMI||Up to 42|
|Medical records request||No|
|Speak to an agent||No|
|Accelerated death benefit rider||Yes (no-cost)|
|Exclusions||Two-year inconsolably clause if you were dishonest on your application and a two-year suicide clause|
|Coverage starts||Immediately after payment information is provided, policy review and e-signature is completed|
|Free look period||20 days|
|Premiums||Range from $7 month to $250 month|
|Timeline||About 15 minutes from tentative quotes to an active policy|
Sproutt Life Insurance- No-Exam Life Insurance Rates by Age Chart: 20-30 Years Old
Below are the monthly rates (quotes) for no-exam life insurance for Sproutt Life Insurance term policy for ages 20-30 for: $100k, $250k, $500k and $1 million coverage amount for a 20-year level term.
Sproutt Life Insurance- No-Exam Life Insurance Rates by Age Chart: 35-45 Years Old
Below are the monthly rates (quotes) for no-exam life insurance for Sproutt Life Insurance term policy for ages 35-45 for: $100k, $250k, $500k and $1 million coverage amount for a 20-year level term.
Sproutt Life Insurance- No-Exam Life Insurance Rates by Age Chart: 50-54 Years Old
Below are the monthly rates (quotes) for no-exam life insurance for Sproutt Life Insurance term policy for ages 50-54 for: $50k, $100k, $250k and $500k coverage amount for a 10-year level term.
*Date of birth used for charts is June 15th. Build- 6’00” 180 lbs for male and 5’6” 150 lbs for female, very healthy, never smoked, very good credit, $75k annual income, no-medications in last two years.
Sproutt Instant No-Exam Term Life Insurance Quotes
Sproutt provides instant no-exam term life insurance quotes with a very easy-to-use interactive quoting engine. It asks several few health and life insurance questions to provide more accurate no-exam rate quotes. You do not need to provide any contact information to receive instant no-exam life insurance rate quotes from Sproutt.
Sproutt Instant No-Exam Term Life Insurance Quote Results
After you answer a few basic questions, Sproutt will let you know if you may be eligible for instant no-exam life insurance and what the tentative rates will be.
You will see: “Great news – you may be eligible for 100% online life insurance with no medical exam!”
You can click on the “Customize” button (as seen in the image below) to choose the exact coverage amount and policy length you are looking for. To start the online application, simply click on the green “Continue” button.
Sproutt Life Insurance Application Approval Screen
If approved, you can still modify your final coverage amount and term length before you activate the policy.
Sproutt No-Exam Life Insurance Payment Options
For the payment screen, you have the option of paying by credit or debit card or EFT out of a checking or savings account. You can choose monthly, quarterly, semi-annual or annual payment mode.
Review The Policy And E-Sign To Activate Coverage
Review your policy and e-sign to activate the coverage. Once you complete this step you will be covered for the full death benefit from day one.
Are There Any Exclusions?
The no-exam Sproutt Life Insurance policy has two exclusions: a two year suicide exclusion and and two year incontestability clause. These are the same two exclusions that every term life insurance policy has.
The two year incontesability period simply means the insurance company has the right to contest a claim if death occurs in the first two years of the policy Issue Date if there was material misstatements made on the application. Essentially, if you lied on your application and pass away in the first two years, the insurance company does not have to pay out the death benefit. This is why it’s very important to answer every question on the application honestly!
Also, the policy will not pay out if the cause of death was a suicide in the first two years of the policy.
No-Exam Sproutt Life Insurance Underwriting Eligibility
To be eligible for the instant-approval no-exam term life insurance policy from Sproutt you do need to be generally in good health and not have adverse credit, a drivers license suspension in the past five years or a felony in the past ten years. Also, at this time the no medical exam life insurance policy from Sproutt Life Insurance does not allow replacement of a current policy.
Below are the underwriting guidelines for no-exam life insurance policy from Sproutt
- Must be a U.S. Citizen or Green Card Holder
- Actively employed or a homemaker
- Not receiving disability benefits
- Students seeking an advanced degree such as a Masters is allowed
- Cannot be replacing a current policy (not counting group coverage from work)
- Cannot be active military (National Guard and Reserves are allowed)
- Cannot be planning on doing dangerous acivities in the next two years such as scuba diving below 100 ft, flying as a private pilot or mountain climbing)
- Cannot have been treated for alcohol or drug abuse in the past seven years
- Cannot have had a drivers license suspension in the past five years, i.e. DUI/DWI, reckless driving, etc.
- Cannot have been charged with a felony in the past ten years
- Cannot have serious health issues
- Cannot have had Covid in the last 30 days or currently under treatment for Covid
- Hospitalized in the past 12 months for a health issue
- Cannot have sleep apnea
- Cannot have financial issues such as a bankruptcy filing in the past 10 years, liens or judgments, collections, delinquent debt
The automated underwriting process makes the final decision and provides an instant-decision, and if approved the final rates.
Accelerated Death Benefit Rider
The no-exam life insurance policy from Sproutt underwritten by SBLI comes with a no-cost Accelerated Death Benefit Rider. This rider allows a portion of the Policy Benefit to be paid to you or your estate while you are alive if diagnosed with a terminal condition.
This money is sometimes used for medical expenses or for a bucket list.
The instant no-exam life insurance policy from Sproutt, underwritten by SBLI also comes with a free lifetime subscription to Life’s Mission Control, which is a highly-secure digital tool which can help you protect what’s most important to you and your loved ones.
The Life Mission Control service from LegacyShield allows you to:
- Store all of your documents, final wishes, family photos, videos and more
- Consolidate and view all of your financial accounts in one convenient dashboard
- Create documents for your estate plan, including a will, power of attorney, HIPPA authorization
- Estimate tax refunds and insurance and retirement information
Again, this is a free lifetime subscription from LegacyShield that is included with the policy and you can register once you activate your coverage.
As you can see, no-exam life insurance from Sproutt Life Insurance allows you to buy term life insurance online instantly. The partnership between Sproutt and the the “legacy life insurance company” SBLI, have made this possible by streamlining and expediting the term life insurance buying process.
The traditional way of buying life insurance, which can take several weeks or months, has been revolutionized to an entirely online application process which can be completed in just 12 minutes. The automated underwriting instantly checks several databases to provide an instant-decision and rate.
With Sproutt’s instant no-exam life insurance policy, there is no reason that anyone who qualifies should not have term life insurance coverage. The excuse of not having the time to go through the life insurance buying process is now obsolete! The whole process takes less than 15 minutes and provides an instant level term life insurance policy, same as if you had gone through the traditional underwriting process.
Receive instant no-exam rate quotes from Sproutt Life Insurance by clicking on the Get Started button below. Have a question about no-exam life insurance from Sproutt Life Insurance? Give us a call or send contact us and we answer all of your questions.
Is Sproutt Life Insurance legitimate?
Yes! Sproutt Life Insurance is a licensed insurance broker. They are A+ rated by the BBB and have a 4.8 rating from Trustpilot. The no-exam life insurance from Sproutt Life Insurance is underwritten by SBLI which is A (Excellent) rated by A.M. Best, has been in business since 1907 and has never failed to pay a legitimate claim in the company’s history.
Does no-exam life insurance from Sporutt have a waiting period?
No. The no-exam instant life insurance policy from Sproutt, underwritten by SBLI does not have a waiting period. Once the policy goes in force you are covered for 100% of the policy amount.
Does Sproutt no medical exam term life insurance policy have any exclusions?
Yes. Sproutt Life Insurance has the same two exclusions that all life insurance policies have. 1. A two-year suicide exclusion. This means if you commit suicide in the first two years the policy will not pay out. 2. During the first two years, the insurer, SBLI can contest a death benefit claim if there was misrepresentation (dishonest) on the application.
Does applying with no-exam life insurance from Sproutt affect my credit score?
No. The underwriting process uses a public data score, which is a soft credit check, i.e. doesn’t affect your credit score.
Is there a conversion option?
No. When the term is over the policy expires.
What is Sproutt’s no-exam life insurance rating?
The instant issue no-exam policy from Sproutt is underwritten by Savings Bank Life Insurance (SBLI). SBLI is A (Excellent) rated by A.M. Best, has been in business for over 110 years and has never failed to pay a legitimate claim.
Can I really buy life insurance online without a medical exam?
Yes. With Sproutt no-exam instant term life insurance the application is 100% online and if approved, you can have your policy in about 12 – minutes.
Is Sproutt no-exam life insurance a good deal?
Sproutt’s no-exam instant term life insurance policy through SBLI is a good deal for people who want a quick, convenient and no-hassle way of buying a term life insurance policy 100% online. Sproutt’s no-exam instant life insurance is great for those who: do not want to speak to an agent, do not want to do a medical exam, do not want to do a tele-med interview with the insurance company or want to wait for your doctor to send back your medical records for the underwriter to review and provide a final decision. The end result is the same policy (minus a conversion option) as if you went through the traditional process, but the monthly premium will typically be more since you are bypassing the other steps.
How do I do a collateral assignment for by SBA Loan with Sproutt no- exam life insurance?
Once the policy is in force, you simply call the carrier, SBLI to get the collateral assignment paperwork completed. There is no additional approval process.
How much does no-exam life insurance from Sproutt cost?
The no-exam term life insurance rates from Sproutt, underwritten by SBLI range from $7 month up to $200 or more depending on your age, gender, health, tobacco use, coverage amount and term. Sproutt’s maximum coverage amount for those 50 and over is $500k.