5 Star Life Insurance Term to 100 Review
If you’re looking for an alternative to a fully underwritten life insurance policy, 5 Star Life Insurance Term to 100 could be right for you. 5 Star Life insurance offers term life coverage that lasts to age 100 without a medical exam. In fact, there are only a handful of medical questions that need to be answered and approval is immediate. But before you consider the 5 Star Life Insurance Term to 100 policy, let us give you all of the details so you can make an informed decision. Here is our 5 Star Life Insurance Term to 100 Review.
About 5 Star Life Insurance Company
The 5 Star Life Insurance Company is a related enterprise of the Armed Forces Benefit Association (AFBA). The company is a provider of supplemental and voluntary life insurance to the worksite/group markets as well as a provider of individual life insurance to the senior markets. The company is rated A- by A.M. Best and insures over 800,000 lives with $41.8B insurance in force.
How Does 5 Star Life Insurance Term to 100 Work?
Most companies offer term life insurance policies that last 10, 20 or 30 years. The 5 Star Term to 100 policy offers term life coverage to age 100. The product is available for applicants ages 18-64. It offers coverage amounts from $10,000 to $150,000. You can also tailor your coverage amount specific to your monthly budget. The 5 Star Term to 100 product is worksite or group policy but we are part of small group of agents that is able to offer it to individuals.
What is the 5 Star Life Term to 100 Application Process?
The 5 Star application process is simple and convenient. If you qualify, your coverage will start immediately. You can submit a paper application the traditional way by filling it out and signing it or an application can be completed online with the help of your agent and signed using voice signature technology. The application only asks 7 health questions. You must answer ‘NO’ to all questions in order to qualify for coverage. The health questions are:
- Has any Applicant been diagnosed or treated by a member of the medical profession or tested positive for: Human Immunodeficiency Virus (HIV), Acquired Immune Deficiency Syndrome (AIDS), or AIDS Related Complex (Arc)?
- Has any Applicant ever applied for and been rejected for life insurance?
- Has any Applicant been hospitalized in the past 90 days?
In the past 5 years, has any Applicant been hospitalized for, been diagnosed or treated by a member of the medical profession or taken prescription medication for:
- Angina, heart attack, stroke, heart bypass surgery, angioplasty, coronary artery stenting, or coronary artery disease?
- Any form of cancer to include leukemia or Hodgkin’s Disease, (excluding non-invasive, non-melanoma skin cancer)
- Chronic obstructive pulmonary disease (COPD), emphysema, or any other chronic respiratory disorder, excluding asthma.
- Alcoholism or drug or alcohol abuse, cirrhosis of the liver, hepatitis, or any other disease of the liver.
That’s it. If you can answer ‘NO’ to all of these questions, you are approved. If you notice, there are no questions about your build, family history, tobacco use, driving record, risky hobbies or many of the other important health related questions asked on a fully underwritten policy.
Riders You Can Add to Your 5 Star Term to 100 Policy
Spousal Coverage – You can add a policy for your spouse.
Child or Grandchild Coverage – You can add coverage from children and grandchildren ages newborn through 23.
Terminal Illness Rider – The terminal illness rider comes standard on the 5 Star Term to 100 policy. This plan pays the insured 30% of the policy coverage amount in a lump sum upon the occurrence of a terminal condition that will result in a limited life span of less than 12 months.
How Much Does 5 Star Term to 100 Coverage Cost?
Although 5 Star Term to 100 Life insurance is a bit more expensive than traditional fully underwritten life insurance because of its more liberal underwriting requirements, it still offers an affordable option for many. Here are some examples of monthly rates for applicants at various ages.
Monthly Rates
| Age | $25,000 | $50,000 | $75,000 | $100,000 | $150,000 |
|---|---|---|---|---|---|
| 35 | $15.21 | $26.08 | $36.96 | $47.83 | $69.58 |
| 40 | $19.54 | $34.75 | $49.96 | $65.17 | $95.58 |
| 45 | $26.06 | $47.79 | $69.52 | $91.25 | $134.71 |
| 50 | $34.19 | $64.04 | $93.90 | $123.75 | $183.46 |
| 55 | $47.75 | $91.17 | $134.58 | $178.00 | $264.83 |
Advantages to the 5 Star Term to 100 Product
Lenient Underwriting – The biggest advantage to using the 5 Star Term to 100 Product is its lenient underwriting guidelines. There are no underwriting questions about your build, family history, tobacco use, driving record or prescriptions. The trade-off is higher premiums than traditional fully underwritten term life insurance, but for many applicants with medical issues it could be worth it.
The Company is Financially Stable – 5 Star is rated A- by A.M. Best. This rating is reserved for companies that A.M. Best feels have an “excellent ability to meet ongoing insurance obligations”.
Immediate Coverage – This is an excellent option if you are looking for coverage immediately. Once your application is submitted and you’ve signed your policy, you are covered. There is no waiting.
Disadvantages to the 5 Star Term to 100 Product
It is not Permanent or Final Expense Insurance – This type of coverage is simply term life insurance coverage that lasts until age 100. If you live to 100, it simply expires. This should not be looked at as permanent or final expense insurance and it does not build cash value.
Premiums are Guaranteed but Not Coverage Amounts – The 5 Star Term to 100 product offers guaranteed premiums to age 100. The coverage amount is structured to remain level to age 100 as well, however it can decrease after 10 years for the entire group if there’s unexpected mortality of the group. It’s important to note that 5 Star has never decreased coverage amounts on any of its products.
Coverage Amounts are Limited – Coverage amounts max out at $150,000 so this is not a viable option for those needing a large amount coverage.
5 Star Life Insurance Term to 100 Review
The 5 Star Term to 100 product is an excellent option for those who are unable to qualify for fully underwritten coverage. Unlike other non-medical products that have a waiting period for death benefits, 5 Star Term to 100 offers the full death benefit from day one. For those with health issues, this could be an excellent option. We can help you determine if 5 Star Term to 100 is right for you. Give us a call at 888-687-9444 or email us at info@archstoneagency.com
About Us
Archstone Insurance Services, LLC is an independent agency that shops over 40 of the top life insurance carriers to provide huge savings on life insurance coverage for our clients. We are happy to answer any questions you might have about any of the insurance products we offer, your planning needs or your existing coverage. Feel free to call us directly at (888) 687-9444 or email us at info@archstoneagency.com.
