Ask a hundred people if they want cheap life insurance and everyone raises their hand. Then ask that same hundred people if they’re ready to take a life insurance exam; crickets. Let’s talk about best no exam life insurance.
Most insurance professionals agree that to get the lowest insurance rates possible, the applicant needs to undergo a life insurance medical exam.
While that’s true in many cases, it’s not true in all cases. Here’s the reason why.
If you are like a lot of individuals who prefer not to undergo a life insurance exam, no matter your reason, you can get very competitive rates through various highly-rated insurance companies.
And the good news is it’s quick, easy, and affordable.
Types of No Exam Life Insurance Policies
When we discuss no medical exam life insurance, we are talking about the underwriting process and not the type of life insurance.
With access to 21st Century technology, many life insurance companies are embracing innovative technology that allows the company to underwrite an insurance applicant and then issue a policy faster than ever before.
Using various underwriting concepts, insurance companies can offer no medical exam life insurance and still feel comfortable they are taking on the risks (applicants) that will allow them to make a profit.
Accelerated Underwriting
The accelerated underwriting process is becoming the most popular underwriting method for offering affordable life insurance without a medical exam requirement.
It’s important to note, however, that accelerated underwriting is not for every applicant out there who prefers not to have a medical exam. The applicants who generally qualify for this type of underwriting are typically very healthy and as such, the insurance company doesn’t feel it necessary to require a medical exam.
To qualify for accelerated underwriting, the applicant must meet the following conditions:
- Be in excellent health
- Never have been treated for heart disease, diabetes, cancer, or other severe illnesses
- Need less than $1 million in coverage
- Taking no more than one prescribed medication
- Have a credit score of 740 and above
- No major driving violations and less than 3 tickets in the last 3 years
Best No Medical Exam Life Insurance Companies – Accelerated Underwriting
| Insurance Company | Product | Eligible Ages | Death Benefit |
|---|---|---|---|
| American National | Xpress Plus | 20 to 50 | $1000,000 – 1,000,000 |
| Banner Life | OPTerm | 20 to 50 | $100,000 – $1,000,000 |
| Lincoln National | TermAccel | 18 to 60 | $100,000 – $1,000,000 |
| North American | WriteAway | 18 to 60 | $100,000 – $1,000,000 |
| Principal | Term | 1 608 to | $100,000 – $1,000,000 |
| Protective | Classic Choice Term | 18 to 60 | $50,000 – $1,000,000 |
| Sagicor | Sage Term | 18 to 60 | $100,000 – $500,000 |
Simplified Issue
Simplified Issue underwriting is for applicants who are in average to excellent health. If an applicant presents with some health conditions that are not considered life-threatening, most companies will require an APS from the doctor treating the condition.
For certain health conditions, some companies may require a medical exam to avoid declining the application. Because simplified underwriting is more liberal than accelerated underwriting, more applicants will qualify for coverage than accelerated underwriting.
To qualify for simplified issue underwriting, applicants must meet the following conditions:
- Be in average or better health
- Never have been treated for heart disease, immune disorders, or stroke in the previous 7 years.
- Need less than $1 million in coverage
- Taking no more than three prescribed medications
- Have a credit score of 600 or better
- No major driving violations (DUI/DWI) and less than 3 tickets in the last 3 years
Best No Medical Exam Life Insurance Companies – Simplified Issue
| Insurance Company | Product | Eligible Ages | Death Benefit |
|---|---|---|---|
| American National | Signature Term | 18 to 60 | $100,000 – $500,000 |
| American Amicable | Term Made Simple | 18 to 75 | $50,000 – $400,000 |
| North American | Lifevue | 16 to 60 | $50,000 – $500,000 |
| Sagicor | Sage Term | 18 to 65 | $50,000 – $500,000 |
| SBLI | Level Term | 18 to 60 | $100,000 – $500,000 |
| Transamerica | Trendsetter LB | 18 to 80 | $50,000 – $250,000 |
Instant Issue
With instant issue underwriting (also known as express issue), the underwriter will typically approve the application or decline it almost immediately.
Rather than requiring a medical exam, the underwriter will consider the applicant’s answers on the application along with a MIB report, Prescription Drug report, and Motor Vehicle report that can be retrieved almost instantly.
To qualify for an instant issue policy, the applicant must meet the following conditions:
- Be in average health (medical conditions well-managed are acceptable)
- Never have been treated for heart disease, immune disorders, or stroke in the previous 5 years.
- Need less than $1 million in coverage
- Taking no more than four prescribed medications
- No DUI/DWI violations in the past 5 years and less than 3 tickets in the last 3 years
Best No Medical Exam Life Insurance Companies – Instant Issue Policies
| Insurance Company | Product | Eligible Ages | Death Benefit |
|---|---|---|---|
| Fidelity Life | Rapid Decision | 18 to 65 | $50,000 – $100,000 |
| Foresters | Your Term | 18 to 80 | $50,000 – $400,000 |
| Minnesota Life | Express Issue | 16 to 55 | $100,000 – $249,999 |
| Transamerica | Simplified Issue | 18 to 60 | $25,000 – $249,999 |
Group Term
Group Term Life Insurance is typically purchased through an employer or an association like AARP, National Association for the Self Employed, or Nation Education Association.
Certainly, the biggest advantage of owning group term insurance is that there is virtually no medical underwriting. Any person who qualifies through an employer or association can purchase group term as long as they’re not in a nursing home or hospice, and not receiving full-time medical care.
The drawbacks with group term are that the coverage amounts are limited and the policies generally renew every five years.
To qualify for an instant issue policy, the applicant must meet the following conditions:
- Not be in a medical facility or require full-time medical care
- Belong to an association or work for an employer that offers group term
- Need no more than $50,000 in coverage
Best No Medical Exam Life Insurance Companies – Group Term Policies
Companies that offer Group Term insurance for employers and associations generally accommodate the needs of the employer or association rather than publish guidelines for the public to review.
Life Insurance companies that offer Group Term Life Insurance are:
- New York Life
- Prudential Life
- MetLife
- LifeShield
- 5 Star Life Insurance Company
How Much More Does No Exam Life Insurance Cost?
When it comes to life insurance pricing, the risk always determines rates. It used to be if you wanted to bypass the life insurance medical exam, an applicant would pay higher rates because the lack of medical information increased the risk in the eyes of an underwriter.
With new technology, however, insurance underwriters can get a clear picture of an applicant’s health, especially when the applicant has previously applied for life or health insurance.
The risk data is out there and the underwriters know where to look for it. Between new technology and a very competitive marketplace, individuals who are shopping for no exam life insurance will be pleasantly surprised when they find that no exam life insurance rates are about the same as fully underwritten insurance rates, especially when the applicant is very healthy.
Here’s an example of no medical exam life insurance rates compared with fully-underwritten life insurance rates. These rates are based on a very healthy male non-smoker shopping for a 20-year $500,000 Term policy:
$500,000 20-year Term – Male Non-smoker
| Age of Applicant | Rates with Exam | No Exam Rates |
|---|---|---|
| 25 | $18.98 | $19.53 |
| 30 | $19.30 | $19.87 |
| 35 | $21.25 | $22.68 |
| 40 | $29.34 | $31.30 |
| 45 | $47.69 | $48.58 |
| 50 | $72.30 | $80.91 |
| 55 | $114.83 | $151.09 |
| 60 | $199.06 | $274.74 |
Please Note: All rates listed above are rate indications and subject to further underwriting.
This chart illustrates quite plainly that no medical exam life insurance costs just a little more than fully-underwritten life insurance until age 50. For accurate rates for your actual age, please use our instant term insurance form on the right side of the page (at the top on mobile).
Here’s an example of no medical exam life insurance rates compared with fully-underwritten life insurance rates. These rates are based on a very healthy female non-smoker shopping for a 20-year $500,000 Term policy:
$500,000 20-Year Term – Female Non-Smoker
| Age of Applicant | Rates with Exam | No Exam Rates |
|---|---|---|
| 25 | $15.91 | $16.32 |
| 30 | $16.52 | $17.05 |
| 35 | $18.08 | $19.00 |
| 40 | $25.28 | $24.48 |
| 45 | $36.91 | $38.46 |
| 50 | $54.39 | $60.41 |
| 55 | $83.77 | $93.13 |
| 60 | $137.57 | $165.73 |
Please Note: All rates listed above are rate indications and subject to further underwriting.
Who Typically Chooses No Exam Life Insurance?
People who choose no exam life insurance generally do so for a variety of reasons:
- The convenience of not having an unknown person in their home or workplace
- Consider a life insurance exam as an invasion of privacy
- Prefer not to have a stranger touching them or asking questions about their health
- Prefer to have an insurance policy issued quickly (for a variety of reasons)
- Are aware that no exam policies are priced almost the same as fully-underwritten policies
- The ability to complete the entire insurance purchase transaction online
There are also many people who may not want certain health conditions disclosed and feel that not having no exam life insurance will help them keep those conditions private and “off the record.” (we disagree with this reasoniing, as we always recommend full disclosure with insurance underwriters).
Best No Exam Life Insurance Companies for 2020-2021
Because of innovative technology, more and more life insurance companies are entering the no medical exam life insurance marketplace.
This is a very positive trend for consumers because the more players in the marketplace translate into more competition which translates to lower rates for consumers.
We consider the following insurance companies to be the best for consumers in 2020 and 2021. The companies are listed in no particular order.
Assurity Life Insurance Company
| Company Description | Founded in 2007, Assurity was formed after the merging of several companies that date back to the late 1800s. They have earned an “Excellent” rating from A.M. Best and have become a major contender in the life insurance marketplace. |
| Policy Types – Approval Times | Assurity offers Simplified Issue Term with policy terms of 10, 15, 20, 30-years. |
| Eligibility & Coverage Limits | Eligible applicant ages ar 18 to 65 with maximum coverage limits of $350,000. |
| Best Suited For: | Assurity no exam term is best suited for applicants over age 60 who are healthy and need at least $50,000 in coverage. |
American National (ANICO)
| Company Description | ANICO, established in 1905, currently maintains an “A Excellent” rating from A.M. Best and has a reputation for liberal underwriting guidelines when compared to other insurers. |
| Policy Types – Approval Times | ANICO offers a simplified issue Term product with available terms of 10, 15, 20, and 30-years along with an Annual Renewable product. |
| Eligibility & Coverage Limits | Eligible applicants are 20 to 60-years old with coverage limits up to $500,000. |
| Best Suited For: | ANICO no exam term life insurance is very competitive for individuals not in excellent health. |
Foresters Life Insurance Company
| Company Description | Foresters is one of the few fraternal life insurance companies that is very competitive in the no exam term insurance market and a leading contender for final expense insurance for seniors. |
| Policy Types – Approval Times | Foresters offers no medical exam Term policies for 10, 15, 20, 25, and 30-years. Foresters Term policies are convertible and come with a handful of optional riders. |
| Eligibility & Coverage Limits | Foresters provides non-medical term with coverage amounts of $20,000 to $400,000 and fully-underwritten term policies from $100,000 to $10 million. |
| Best Suited For: | Foresters is considered a go-to company for applicants who want quick issue no medical life insurance. |
Banner Life
| Company Description | Banner Life is a subsidiary company of Legal & General which is in the top 10 largest insurance companies worldwide. Banner continues to enjoy its A+ (Superior) rating from A.M. Best. |
| Policy Types – Approval Times | Banner offers simplified term life insurance with policy terms of 10, 15, 20, 25, 30, 35, and 40-years. |
| Eligibility & Coverage Limits | Eligible Ages and Coverage Limits 20 to 40 $100,000 to $1 million 41 to 45 $100,000 to $750,000 46 to 50 $100,000 to $500,000 |
| Best Suited For: | Banner Life is best suited for applicants in average health or better. Applicants in are in good health and under will typically find Banner is the best option for no exam life insurance. |
Lincoln Financial
| Company Description | Founded in the early 1900s, Lincoln Financial is an A+ (Superior) rated company that is ranked in the Fortune 250 list of companies. |
| Policy Types – Approval Times | Lincoln is one of the few companies that offer no exam term life insurance with approval times within two weeks of completing a telephone interview. |
| Eligibility & Coverage Limits | An eligible applicant for no exam term must be under age 60 and coverage limits are $1 million. |
| Best Suited For: | Lincoln is a great solution for applicants who are in very good health and need a lot of coverage. They will also accept tobacco users who do not smoke cigarettes. |
Principal Life
| Company Description | Principal is a well-known name among consumers and has been offering quality insurance products for 135 years. They are a Fortune 500 Company and one of the first insurers to offer no medical exam term insurance with coverage up to $1 million. |
| Policy Types – Approval Times | Principal offers accelerated underwriting term insurance with approvals within days after a telephone interview is completed. |
| Eligibility & Coverage Limits | Eligible applicants are 18 to 60-years-old. Coverage amounts available from $50,000 to $1 million. |
| Best Suited For: | Applicants in very good health will qualify for very low rates and approval within 24 hours. This product is a great solution for applicants who want low-cost term insurance and need it quickly. |
Protective Life Insurance Company
| Company Description | Established in 1907, Protective Life is an A+ (Superior) rated insurance company considered to be a go-to company for affordably priced no exam term life insurance. |
| Policy Types – Approval Times | Protective offers its PLUS Term Product in every state but except New York. Since this is a no medical exam product, approvals are generally offered in days rather than weeks. |
| Eligibility & Coverage Limits | Age eligibility determines coverage limits: 18 to 45 years-old – $100,000 to $1 million 46 to 60 years-old – $100,000 to $500,000 |
| Best Suited For: | PLUS Term is best suited for applicants who are in above-average health, are looking for low-cost term insurance, and need a policy issued quickly. |
Prudential
| Company Description | Founded in 1875, Prudential Financial companies serve individual and institutional customers worldwide and include The Prudential Insurance Company of America, one of the largest life insurance companies in the U.S. The company maintains an A+ (Superior) rating with A.M. Best rating services. |
| Policy Types – Approval Times | Prudential offers its Simply Term product which allows qualified applicants to skip a medical exam and receive policy approval within a few days of the application. This product is only sold online directly to the consumer. |
| Eligibility & Coverage Limits | Eligible issue ages are 18 to 50 with coverage amounts of $50,000 to $500,000. |
| Best Suited For: | Prudential’s PLUS term policy is best suited for healthy applicants who need up to $500,000 in coverage very quickly. It is an essential solution for applicants who need quick and affordable coverage to cover an SBA loan or satisfy a divorce decree. |
Sagicor Life Insurance Company
| Company Description | Sagicor has developed a solid reputation because of its financial stability. That reputation is based on Sagicor’s excellent financial prudence over the years. Established in 1840, Sagicor, formally Barbados Mutual Life, enjoys high ratings from each of the national rating services. |
| Policy Types – Approval Times | Sagicor offers its Sage Term product using accelerated underwriting and generally offers an underwriting decision the day of application |
| Eligibility & Coverage Limits | Eligible applicant ages and coverage limits are: 18 to 45 – $50,000 to $1 million 46 to 55 – $50,000 to $750,000 56 to 65 – $50,000 to $500,000 |
| Best Suited For: | With very liberal underwriting standards, Sagicor is an optimal solution for applicants who are in average or below-average health and have high-risk occupations. |
SBLI – Savings Bank Mutual Life Insurance of Massachusetts
| Company Description | SBLI is known for its founder, Louis Brandeis, who established the company in 1907 and later became Chief Justice of the United States Supreme Court. The company enjoys its rating of A (Excellent) from A.M. Best and A+ from the Better Business Bureau. |
| Policy Types – Approval Times | SBLI uses Accelerated Underwriting to deliver super competitive rates and approvals within 2 weeks of application. |
| Eligibility & Coverage Limits | Eligible applicant ages are 18 to 60-years-old with coverage amounts up to $500,000. |
| Best Suited For: | SBLI is a go-to insurance carrier for agents and applicants because of its liberal underwriting and level term policies for up to 30-years. |
United of Omaha
| Company Description | With roots dating back to 1909, United of Omaha Life Insurance Company, as part of the Mutual of Omaha Life Insurance Company, provides life insurance and annuity products across the United States. The company maintains excellent financial ratings from A.M. Best, Standard & Poor’s, and Moody’s Investors Service. |
| Policy Types – Approval Times | United offers Term Life Express, a simplified issue term product with policy terms of 10, 15, 20, and 30-years. Policies can be issued within a few days rather than weeks. |
| Eligibility & Coverage Limits | Eligible issue ages are 18 to 65 with coverage amounts of $25,000 to $300,000. |
| Best Suited For: | United of Omaha’s Term Life Express product is especially attractive for applicants with average or better health and for smokers who are unable to find no exam term elsewhere at affordable rates. |
How to Apply for No Exam Life Insurance
Applying for no exam life insurance is similar to applying for fully-underwritten life insurance except for the life insurance medical exam that can slow down the underwriting process for all parties involved.
When an insurance company requires a medical exam, they will also likely ask for attending physician statements from any doctor who has treated you for an illness in the last 3 to 5 years.
Between the medical exam and physician record requests, approvals generally take a few months rather than weeks or even days.
Here are the steps to take for applying for no exam life insurance:
Get a Quote from an Independent Agent
An independent life insurance agency like LifeInsure.com will have access to all the major highly-rated insurance companies. This allows your independent agent to shop your quote with multiple carriers simultaneously. It’s a quick and easy process and is no cost to you.
Compare Quotes and Submit an Application
When you fill out and submit a quote on the LifeInsure.com website, you will be presented with a list of companies we represent who are willing to offer the life insurance policy you have selected based on the profile information you provided.
We recommend that you complete the non-sensitive policy information and then submit your request to us on our website. One of our insurance professionals will contact you shortly afterward to help complete the application and answer any questions you may have about coverage or rates.
Confirm and Sign
After completing the insurance application, our office will send the necessary application documents to you electronically for you to review and sign. We’ll then become your advocate in the application and underwriting process and assist if there are any “bumps-in-the-road” during the underwriting process.
Receive and Review Your Policy Contract
Once your application has been approved by the underwriter, the company will offer you a policy contract for your review and signature.
Sign and Send your Initial Payment
If you are satisfied after reviewing the policy contract, you will electronically sign the contract and submit your initial payment for binding coverage.
Please note: You will have 30 days to review the contract and once you receive the policy, you’ll have a 30-day free look period to decide to keep the policy or return it for a full refund of your initial premium.
No Exam Life Insurance Policy Riders
Life insurance riders are optional coverages that can broaden your insurance coverage and provide living benefits. Riders allow applicants to customize their insurance coverage to meet their needs and circumstances.
Although we are discussing insurance riders near the end of the insurance purchase process, your independent agent will bring them up during the policy process.
The most popular riders for no exam life insurance are:
| Optional Rider | Coverage Provided |
| Accelerated Death Benefit | Typically available at no additional charge, the accelerated death benefit rider provides for the company to advance the insured a portion of the death benefit if diagnosed with a covered terminal or critical illness. |
| Accidental Death Benefit | Commonly referred to as “double indemnity,” the accidental death benefit rider allows the insured to increase the death benefit if the insured dies as the result of an accident. |
| Waiver of Premium | The waiver of premium rider provides for the insurance company to waive all premium payments if the named insured becomes disabled and cannot work. |
| Term Conversion | With this rider, the insured has the ability to convert all or part of their existing life insurance policy to a permanent form, such as whole life or universal life insurance. Some companies will include this rider in the core coverage of the policy |
The number of available riders varies from company to company. All terms and conditions of any rider(s) purchased will be contained in the insurance contract.
No Exam Life Insurance FAQs
Does life insurance cost more if you don’t take a medical exam?
Possibly, but not nearly as much as it used to. Now that insurance companies have innovative technology that allows them to properly measure the risk of each applicant, no exam life insurance rates are not significantly higher, if at all. than a policy where an exam is required.
Is there a maximum coverage amount with no exam life insurance?
Our research indicates that a $1 million dollar limit is the highest coverage amount available in the marketplace today.
What is the Medical Information Bureau
The Medical Information Bureau (MIB) is a national database for member companies to retrieve health information reports on insurance applicants. A company cannot access this information without applicant consent and an applicant has the right to challenge the information contained in the database.
Is it cheaper to buy no exam life insurance directly from the company?
We have always found that the insurance rates offered directly to consumers by the company are the same as the rates offered by independent agents. There are a few companies that will only sell certain types of policies directly to the consumer and thereby preventing the applicant from receiving advice from an experienced and reputable independent agent.
Need Help Choosing the Right Policy for Your Needs?
Richard Reich
CEO – Licensed Agent
In my 20+ years as an independent life and disability insurance broker, I have personally assisted thousands of clients with their life and disability insurance needs. Being independent, I represent many highly-rated insurance companies and, because I am not beholden to any one insurance company, my focus is to find the right company and policy for each individual client. I believe that when people shop for insurance (or anything else, for that matter) on the Internet, they are looking for a simple, non-intrusive, non-pressure method of doing so. I strive to treat my prospective clients with the utmost respect and I believe an educated prospect can make the right decision without sales pressure. Please feel free to contact me at your convenience.
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