No Medical Exam Life Insurance | Get Instant Approval
No Medical Exam Life Insurance | Get Instant Approval
So, you’re on board with the idea of life insurance. You know it’s a crucial part of your financial safety net, you need to make sure your family is taken care of in case of the worst, and you know it’s the most affordable way to do that.
But about that medical exam…
It’s true that while applying for life insurance is easy, the medical exam can turn some people away. Whether it’s because it adds time to the process or they just don’t like the idea of a blood & urine test, the medical exam can be the biggest hurdle in getting life insurance coverage.
That’s where no-medical exam life insurance policies come in. Whether you’re getting a simplified issue policy or going through accelerated underwriting, you have options for skipping the medical exam altogether.
What is No Medical Exam Life Insurance?
Just as the name implies, no exam life insurance doesn’t require a medical exam. It also doesn’t require lab work or a lengthy application. Instead, this simplified form of underwriting typically allows you to apply for coverage by answering some basic health information questions. Based on your answers, you may be offered a life insurance policy if your answers fit the underwriting guidelines of the insurance company to which you are applying for coverage.
How Does No Medical Exam Life Insurance Work?
In many ways, a no exam policy works like a traditional life insurance policy:
- Once you’re approved for coverage, you pay your premium in exchange for the life insurance protection.
- If you die with the policy in force, your beneficiary would receive the coverage amount.
- Life insurance premiums are not tax deductible, but the payout is tax free.
Here are the main differences with No Medical Life Insurance:
- No Medical exam required – This is the main advantage. No Para-Med Nurse performs an exam which means no blood test, no urine test.
- It’s Quicker – Much quicker, we are looking at about 85% less time than traditional full underwriting. Agents complete the application by calling you on the telephone and you sign it electronically with an electronic signature. If approved, your policy can be in force in as little as 24-48 hours. It could take 4-8 weeks on an average for traditional underwriting to complete the application.
- Face Amounts are limited – Usually, the highest face amount will be limited to $500,000. If you need a higher face amount traditional Term will be the way to go.
- There are age limits – Sagicor Life policies, for example, are going to be available to people from ages 18-65 years old.
- It can cost more than traditional Term products – Depending on your age, the selected face amount, you may be paying more for a No Medical Exam Term life insurance policy. This is not always the case though. It pays to investigate these policies to see if they are right for you. When you apply for a No Medical Exam policy you are simply paying for the speed of approval time and added convenience. If it is worth paying a little more, then it is going to be a good choice for you.
12 Best No Medical Exam Life Insurance Companies
Banner Life ranks at the top of so many insurance company lists because the company excels at several kinds of life insurance.
For no exam coverage, Banner offers a larger face value amount at $500,000, and it consistently provides some of the best rates out there.
However, Banner Life accepts applications only from people age 20 to 50.
If you’re the right age, Banner Life could be the best choice for you.
Transamerica has decades of experience helping all kinds of applicants get quality life insurance at affordable rates.
All of four ratings agencies like Transamerica, and so do many of its customers: the company has few customer complaints.
What are the downsides? Transamerica caps coverage at $249,999, so if you’re looking for a higher level of coverage, Transamerica may not be for you.
If you’re older, give Transamerica a close look. It has some of the best life insurance designed for seniors.
Mutual of Omaha provides a wider variety of no exam life insurance plans with rates that compare with other leading insurers.
Mutual of Omaha offers both term and whole life plans that you can buy without taking a medical exam.
The company’s term plans offer no exam coverage as high as $250,000.
Principal Financial Group
Most companies cap no exam life insurance plans at $250,000 which won’t provide enough protection for many people.
If you need more than $250,000 but also need a no exam policy, check with Principal Financial Group.
Principal can offer up to $1 million in coverage even without a medical exam. Additionally, you can get approval in as quickly as 48 hours.
While the no exam plans will be more expensive than medically underwritten coverage, Principal offers competitive rates for no exam coverage.
Gerber Life consistently earns high ratings from the third-party ratings agencies.
The company offers several no exam options, including term and whole life plans.
You can secure up to $150,000 in whole life, no exam simplified issue life insurance, but if you can’t get approval, Gerber also offers one of the simplest guaranteed issue policies on the market.
Anyone can get $25,000 in guaranteed issue coverage with no questions asked. Regardless of your health or any prior life insurance denials in your past, you should be able to get this coverage.
If you need coverage as quickly as possible, check with Fidelity Life. The company’s RAPIDecsion life insurance policies have streamlined the application process to make it as quick as possible.
Instead of having to wait several weeks to get approved for life insurance, you’ll be able to get insurance protection in as quickly as 48 hours.
Fidelity’s RAPIDecision Express policy allows applicants to bypass the medical exam and offers coverage from $25,000 to $250,000 depending on your age.
Fidelity offers term lengths or 10, 15, 20, and 30 years.
With more than 120 years in life insurance, Assurity is one of the oldest and most established companies on our list.
And it’s not all about age and experience. Assurity has earned a rating from AM Best.
Assurity’s “NonMed Term 350” life insurance policy allows anyone age 18 to 65 gets life insurance protection up to $350,000, which is $100,000 more than most companies can offer without a medical exam.
We can’t make a list of best no medical exam plans without including Sagicor. This company has proven itself as one of the best places to get life insurance without a medical exam.
Sagicor has only three rated classes which keep the underwriting processes simple and fast. You can buy coverage from $25,000 to $500,000 at competitive rates for no exam plans.
Along with simple underwriting comes a simple application process. Many applicants can complete the entire application in 30 minutes or less.
Applicants up to age 80 can get Phoenix Life’s Safe Harbor Term Life Express policy, and the company excels in its variety of riders which allow you to customize your plan.
When you’re buying no medical exam coverage, you can add riders such as:
- critical illness protection
- chronic illness protection
- an unemployment waiver of premium rider
- an option to convert the policy to another form of coverage.
These riders can help if you’re worried about how you’d deal with a long-term illness that keeps you from earning but doesn’t allow access to a life insurance death benefit.
Obviously, the more riders that you add, the more that you’re going to pay in monthly premiums.
Name recognition carries a lot of weight with insurance, but you can’t always depend on it. Foresters, for example, offers quality insurance even though you may not have heard of it.
Foresters have an A rating from AM Best which means it should be a reliable partner for your long-term life insurance needs.
The company’s most popular option is its PlanRight Whole Life Insurance policy. These plans are permanent coverage, which means you’d keep the coverage as long as you pay the premiums.
Foresters have one of the lowest premium rates schedules out there, but they do have some requirements that you’ll have to meet.
American National Life Insurance Company has excellent ratings and several plans you can compare. Their plans are:
- Freedom Term Life
- ValueGuard Whole Life
- Legacy Whole Life.
Each plan has various benefits and coverage limits that you can choose from. American National’s plans range from $25,000 to $250,000.
Additionally, the company has one of the fastest application processes you’ll find. You can complete the whole process and get coverage in as little as 15 minutes.
Last but not least on our list is Americo which offers term insurance coverage up to $250,000 for 20 to 30 years.
Americo’s strengths include its additional accidental death benefit. If you were to pass away from an accident, your family would get an extra 25 percent of your policy’s face value.
Americo also has a premium refund option. Like most return-of-premium riders, expect to pay more, and be sure to read the fine print. Most riders return premiums only at the end of the term and not if you stop paying premiums during the term.
The underwriting process is simple. It includes a short questionnaire.
Is a no-medical exam life insurance policy right for me?
There are a few situations that make no exam life insurance a perfect fit for customers. One of the most obvious cases is if you are in poor health or have any severe pre-existing health conditions. With most health conditions, they can cause a traditional life insurance policy rates to go through the roof, that isn’t necessarily the case with no exam life insurance policies.
The other situation is if you need life insurance quickly. A traditional life insurance policy can take weeks to purchase because of all the paperwork and medical hoops that you have to jump through. With no exam insurance, you can have a policy in a matter of hours.
Shopping for No Medical Exam Term life insurance can seem a little confusing but that is where the assistance of a good agent comes into play. There are a lot of variables to consider and you want to make sure that you’re always making the best choice.
Contact us today and we will answer all your questions over the phone, we’re here to help you.