No Exam Life Insurance
If you are in the market for a life insurance policy, you might be dreading the thought of a medical exam. Medical exams can be mentally (or even physically) painful.
Luckily, there are a whole host of insurance providers who are willing to insure you without requiring a medical exam.
It’s worth noting that your rates might be higher if you go this route – but if a medical exam isn’t something you will consider, it might be a viable option.
In This Article:
What is No Exam Life Insurance?
No medical exam life insurance is a policy that allows the individual purchasing a policy to not undergo the medical exam. That is right, no needles involved!
This may seem like a great option at first, but you need to know what this means for your premium. When you take the medical exam, it assesses how much risk you are to the insurance company.
If you are in good, great or even excellent health, you could get much lower monthly premiums. When you bypass this medical exam altogether, you lose your chance of getting those lower rates.
On the flip side, this genuinely could be the best option for some people. If you have a pre-existing health condition and have previously been declined life insurance due to your medical exam, a no exam life insurance policy could be just the thing for you.
How Much Life Insurance Can You Get Without a Medical Exam?
The amount of life insurance you can get without a medical exam varies based on the type of policy you have. If you have a guaranteed issue policy, for example, your coverage could be as little as $5,000.
The maximum for all types of no-exam policies is $1,000,000. Even then, it may be possible to obtain more than $1,000,000 in coverage because you are not necessarily limited to just one life insurance policy.
If you want more coverage, it is possible to apply for more than one plan. That is contingent upon approval from the life insurance provider, but it may be an option.
Types of No Exam Life Insurance
It’s important to note that there are six different types of no exam life insurance. Some are easier to get than others, but the ones that are easier to get usually offer less coverage.
There are some different terms you may hear for some of these types, as different life insurance companies sometimes use different terminology.
Guaranteed issue is the easiest type of no exam life insurance to obtain; it’s no coincidence that is also the least comprehensive. Not only are there no medical exams, but you won’t even have to complete a medical questionnaire, and approval can be instantaneous. However, due to this rather lax approval process, you usually won’t get more than $25,000 of coverage.
Graded Death Benefit
The “benefit” here refers to a death benefit. If you die while the policy is active, the insurance company will pay out a sum specified in the policy. The “graded” part of the name means that the death benefit will be lower if you pass away within the first few years of establishing the policy. This is to reduce the company’s risk, especially for terminally-ill clients. Remember that lower risk for the company usually means lower premiums.
Level Death Benefit Whole Life
Level death benefit whole life insurance serves as an alternative to a graded death benefit. The “level” word here means that the benefit paid out by the policy is the same regardless of when you die.
Simplified Issue Term Life
Simplified issue term life insurance is a type of policy that works to minimize the insurance provider’s risk without making the application process overly convoluted. Rather than overwhelming you with an endless barrage of questions, it uses a sophisticated calculation using statistics about your age and sex to determine how long you will live. As a result, they can offer better coverage without huge premiums. Up to $100,000 may be available under this type of policy.
Simplified Issue Whole Life
Simplified issue whole life is very similar to simplified issue term life. The cost calculations are going to be similar as well; the biggest difference is whole vs. term. With a whole life policy, coverage doesn’t lapse after a certain number of years but instead goes until the end of your life. These policies are usually more expensive than term life policies.
Rapid Decision Senior Life
As its name implies, Rapid Decision Senior Life is a policy intended for individuals who have already reached the later stages of life. For instance, Fidelity offers a policy for those aged 50 to 85. And, of course, “rapid decision” refers to the lack of medical exam requirements. Policy amounts typically range from $10,000 to $150,000, and the full benefit is paid out upon death.
Do You Need A Blood Test for Life Insurance with No Medical Exam?
No needles are necessary! You do not need a blood test for life insurance.
Blood tests are part of a physical exam; no medical exam life insurance policies do not require a blood test, a urine test, or any other type of test.
Who Has The Best No Exam Life Insurance?
It would be quite difficult to answer that question by naming a single insurance company. Every insurance company has its strengths, but none of them are perfect.
All of these companies have solid offerings. What it mostly depends upon is whether you’re able to qualify, whether or not the coverage amount is sufficient, whether or not you can get approved in time, etc.
Also, I prefer companies where the life insurance application can be completed online.
Best No Exam Life Insurance
Here are the 17 best providers of no exam life insurance:
- 🏆 Haven Life
- Mutual of Omaha
- Protective Life
- Banner Life
- Lincoln Financial
- Assurity Life
- Nassau RE
- American National
- Penn Mutual
No Exam coverage amounts: $100,000 to $1,000,000
Haven Life scores an A++ rating with AM Best – the highest rating possible. In addition, Haven Life offers up to $1,000,000 of term coverage without a medical exam, which is the maximum possible no-exam coverage.
However, it should be noted that to be eligible for the highest amounts of coverage, your policy will have to be underwritten. There is still no physical exam, but these policies take into consideration your age, lifestyle choices, and family history. Term lengths are 10, 15, 20 years, and those ages 50 and under have the option for a 30-year term.
LEARN MORE: Read my full Haven Life review.
Mutual of Omaha
No Exam coverage amounts: $25,000 – $300,000
Mutual of Omaha is up high because they are a name that, to many people, is synonymous with life insurance. Founded in Omaha, Nebraska, in 1940, Mutual of Omaha has an AM Best rating of A+.
Their no medical exam policy is a term life insurance policy spanning 15, 20, or 30 years.
LEARN MORE: Read my full Mutual of Omaha review.
Principal Financial Group
No Exam coverage amounts: $50,000 to $1,000,000
Another highly-rated company, Principal, was founded in 1879. They have an A+ rating with AM Best.
One key aspect of their application is there isn’t a separate no-exam process. If you answer “no” to a series of qualifying questions, you’ll be approved without needing an exam. Otherwise, they will require one.
LEARN MORE: Read my full Principal review for more in-depth coverage and to get a quote.
No Exam coverage amounts: $25,000 to $249,000
Transamerica was founded in 1928 and is based in Cedar Rapids, IA. Their AM Best rating is an A, and they receive similar marks from other rating agencies. There is a standard online application.
One downside to this no exam policy is that it can take longer than others, possibly several weeks.
LEARN MORE: Read my full Transamerica review for more in-depth coverage and to get a quote.
No Exam coverage amounts: up to $1 million
Bestow is rated highly by AM Best with an A+ rating. Their plans have terms of 10 and 20 years and start with premiums as low as $8/month. Since there is no physical, the life insurance application process is entirely online.
This company is based in Dallas and has only been around since 2017, but they receive strong ratings from all of the well-known agencies. Only term life insurance is available, and New York residents are unfortunately not eligible. Overall, Bestow offers attractive life insurance products that could be a good fit for you.
LEARN MORE: Read my full Bestow review for more in-depth coverage and to get a quote.
No Exam Coverage amounts: $100,000 to $500,000
SBLI has been around since 1907 and is based in Woburn, MA. They have an A rating from AM Best, and they cover people ages 18 to 60.
The application process is online and typically takes 5-10 days; in some cases, it could take longer. Term lengths are 10, 15, 20, 25, and 30 years.
Although this policy is not available for older applicants, it is nevertheless a solid offering.
LEARN MORE: Read my full SBLI review for more in-depth coverage and to get a quote.
No Exam coverage amounts: $100,000 to $1,000,000 for ages 18-45; $1,000 to $500,000 for ages 46-60
Protective life was established in 1907 and is based in Birmingham, AL. It has an excellent A+ rating from AM Best. You can skip the phone interview when applying for this policy if you qualify for accelerated underwriting. Also, clients aged 18-45 must have at least a “standard” risk profile, while those aged 46-60 must be “preferred” or better.
Although not everyone will be eligible, this is a good option for those who qualify.
LEARN MORE: Read my full Protective Life review.
No Exam coverage amounts: $100,000 to $500,000
Banner Life is a subsidiary of Legal & General, which was founded in 1836 and is based in Frederick, MD. Legal & General also has an A+ rating from AM Best.
Only applicants ages 20-50 will be eligible for no-exam life insurance with Banner Life; however, higher levels of coverage (up to $1,000,000) are available with a medical exam. Term lengths offered are 10, 15, 20, 25, and 30 years.
LEARN MORE: Read my full Banner Life review for more in-depth coverage and to get a quote.
No Exam coverage amounts: $50,000 to $1,000,000
Although well-established companies have already been mentioned here, Sagicor has been around for 175 years. This company currently holds a still-respectable A- rating with AM Best.
Their pricing is very reasonable, and the application process is entirely online. Term length, however, only goes up to 20 years.
No Exam coverage amounts: $100,000 to $1,000,000
Lincoln Financial was founded in 1905 and is based in Radnor, PA. They have a superb A+ rating from AM Best. Varying term lengths are available, including 10, 15, 20, and 30-year term life insurance options.
The application process is entirely online and could be completed in as little as 48 hours. Coverage is available without a medical exam for applicants aged 18 to 60.
LEARN MORE: Read my full Lincoln Financial review.
No Exam coverage amounts: $50,000 to $350,000
Assurity is a relatively new company that was formed in 2007, after several mergers. Although this “new” company hasn’t been around very long, the Lincoln, Nebraska-based companies that merged have been around for over 100 years.
To qualify for a no-exam policy with Assurity, you must be 55 or under.
No Exam coverage amounts: $25,000 to $500,000
Formerly known as Phoenix Insurance Company, this company became a subsidiary of Nassau RE in 2016. Originally established in 1851, its headquarters is in Hartford, CT. It does have a slightly lower AM Best rating at B+. Still, you can qualify for up to $500,000 of coverage in as little as 24 hours.
No Exam coverage amounts: $50,000 to $400,000
Foresters was founded in 1874, and their life insurance branch is based in Edison, NJ. Their A rating from AM Best lets you know this is a solid company.
They will use information from sources such as your motor vehicle report, and the prescription database to determine your no-exam eligibility. You will also have to answer a standard questionnaire.
No Exam coverage amounts: $25,000 to $250,000
Americo was founded in 1946 and is based in Kansas City, MO. They have an A rating from AM Best and have coverage available for people up to age 75.
This company’s no-exam policy has some excellent features, such as accidental death benefits and premium refund options. Terms are up to 30 years – overall, this company has some nice options.
No Exam coverage amounts: $50,000 to $250,000
Founded in 1905, this company is based in Galveston, TX, and scores an A rating from AM Best. After submitting your electronic questionnaire, you may be approved without even needing a medical records review. However, in some cases, that will be necessary. Costs are relatively low, though some companies do offer higher levels of coverage.
No Exam coverage amounts: $25,000 to $150,000
Chances are, you are familiar with this company because of the Gerber baby, but they also offer no-exam life insurance. Gerber is newer than some of the companies on this list; it was established in 1967, and its life insurance branch is based in Fremont, MI.
Gerber has an A rating from AM Best, and policies are offered for both adults and children.
No Exam coverage amounts: up to $2,500,000
Penn Mutual was founded in 1847 in Philadelphia PA and a stellar A+ rating from AM Best. You probably already noticed that the coverage amount Penn Mutual offers far surpasses anything else on this list. However, this level of coverage won’t be available for high-risk clients.
They also only cover people ages 20-65, and you must speak to them over the phone before they consider you.