Life Insurance with No Questions Asked

December 15, 2022

• State Farm now offers life insurance with no medical history required. 

By Breanna Call, SVI Media

With funerals costing thousands of dollars, it’s important to have a financial plan in place. That’s where life insurance comes in. Unlike auto or home insurance, where we pay monthly premiums without knowing if we will ever cash in on our policies, life insurance is a policy we are guaranteed to cash in on. No one leaves this life without passing away. “This is a product that’s 100% foolproof,” says Randy Thompson from State Farm. “It’s going take care of you at some point, whether it’s three months from now or thirty years from now.”

“If we’re responsible and we care about people,” says Thompson, “we make sure that our obligations are taken care of before we leave this earth. Life insurance makes sure that there’s cash for the family once you’re gone, so that the debts are taken care of. . . . That gives them a little bit of relief while they’re still mourning.”

Unfortunately, life insurance was not available for those with pre-existing medical conditions or certain risky jobs. “These are things that prevent people from getting life insurance,” Thompson states. “It’s an automatic decline, and it’s really heartbreaking. Something happens to someone, and they die, their families are left mourning the loss of the breadwinner, but they’re now struggling with this huge mountain of debt with no ability to pay for it.” 

But as of October 24, that all changed. State Farm is now offering a new policy that allows individuals to obtain life insurance policies—no questions asked. This means, that no matter you occupation or medical history, you can have life insurance. You can ensure that your family is taken care of after your passing. However, to apply for this policy, you must be 45 to 80 years old. 

“What’s awesome about this [policy],” says Thompson, “is it’s something that’s not ever been done before. And we want especially our older crowd, people in their 60s and 70s and 80s, to be able to feel like, ‘Hey I’m not leaving my obligations to my children. I’m taking care of myself, and I’m not prevented from getting [life insurance]. I am creating an ‘IFundMe’ account rather than leaving it for others to have to create a ‘GoFundMe’ account.”

Another benefit to the policy is if you die in the first two years of purchasing the policy, you get all your money back plus a 5% interest return on your money. “It’s like a savings account with 5% interest, which is still way better than I can get at a bank,” says Thompson. And that interest accumulates tax free, so when you pass away, your family will receive a total sum of the life insurance amount, the monthly premiums you paid into it, and the amount accrued from the 5% interest rate. “Your family will get the death benefit plus the premium and a rate of return, so the policy always is growing,” explains Thompson.

This incredible new policy is already changing lives in the community. “The people that didn’t think they could get [life insurance] because they were too old or they were sick, they’re the ones that we get to help.” says Thompson, “We get to help an underserved market that really needs it, and [before], it couldn’t happen. I think it ought to give everybody a lot more confidence. There’s a product out there for everyone.”

Thompson continues: “I can’t tell you how many people the last two weeks have come in [saying], ‘my wife’s got a mass,’ or ‘I’ve got diabetes,’ or ‘I was diagnosed with cancer three years ago.’ We’re like, ‘line up, sign right here, we’ll get you taken care of.’”

To learn more about this industry-changing policy, reach out to Randy Thompson and his team at State Farm. You can contact them at (307) 886-5296. “We really love Star Valley,” says Thompson. “We’re serious about doing our job right, so come let us take care of you. . . . We’ll take all newcomers; everyone’s welcome here. We’re just so grateful for this little community we live in.”