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No Medical Exam Life Insurance

Headshot of Ty Stewart for no medical exam

I created this massive 27,427 word guide to be the most in-depth resource that exists for getting life insurance without a medical exam. This resource draws upon: my extensive professional experience of seeking coverage for clients, relationships with industry professionals and underwriters, and a detailed study analyzing thousands of rates across all carriers and different types of people.

In the insurance realm, things change fast and information can quickly become outdated.  I’ll continue to update this guide so you always have the most current and accurate information available – so that you can make informed decisions in protecting your loved ones.

-Ty Stewart  calendar icon  Last updated May 26, 2017

The truth: Few people know exactly what the lab results will show – and taking a medical exam when applying for life insurance can cost you more money, if you don’t know what you are doing.No exam life insurance - no need to get poked

More truth: You’re busy. You likely see scheduling a medical exam as a HUGE hassle to fit into your already crammed schedule (not to mention the fact that being poked with needles sounds less than appealing).

Why it’s scary: Many people put off the process of life insurance for another day, week or month. You may be among the 38% who have delayed getting coverage for your loved ones. Then a tragedy strikes and it’s too late.

Think that it can’t happen to you? It’s human nature to feel indestructible – yet we’ll all pass, one day. So if you haven’t thought about it applying to you, then you may need to think again.

The answer often lies in ‘No Medical Exam’ life insurance policies

They aren’t suitable for everyone…

But… they ARE a great option today for MANY people.

The insurance industry continues to evolve and non-med policies are at the forefront of this evolution.

How recent changes in the no exam life insurance marketplace benefit life insurance shoppers
No Medical Exam Life Insurance Policies – the Bottom Line

  • No exam choices and options are increasing

  • Competition is driving the price of premiums down

  • Coverage amounts for non-med policies are rising

  • Underwriting approvals are getting faster

  • All of which is great news for you – the life insurance shopper!

Find the Best No Exam Policy for Your Needs in Two Simple Steps:

  1. Become informed – Read the resources in this guide. They’ve been put together based upon extensive research and much experience. There is NOTHING out there that comes close to this guide for educating consumers about the ever-changing, no-medical-exam life insurance landscape.
  2. Choose a trusted, specialist independent broker – One who specializes in non-med policies. Life insurance rates are fixed by law. You save nothing by going directly to the big multi-million/billion dollar insurance company. You just don’t have anyone on your side representing you!

Best No Exam Life Insurance Companies and Policies

Best no physical exam life insurance companies and policies
Below we have reviewed 20+ different companies offering life insurance policies that do not require a medical examination. Each review includes company specific details on:

  • Product and policy information
  • Our advice
  • Pros and Cons
  • Underwriting and approval process
  • Conversion options for permanent policies
  • Riders and policy customization options
  • Sample rates
  • Company financial information
  • Company contact information and background

Companies and policies may be sorted and filtered based on your own needs and requirements. You may also filter to see Simple Life Insure’s favorite no exam companies.

We are NOT compensated in any way for selecting these companies. They are currently the carriers that we are placing the highest percentage of our clients with as they are strong in multiple areas.

Click buttons below to filter based on your needs

I want no exam life insurance companies that have:


  1. Low premiums
  2. Fast approval
  3. Lenient underwriting
  4. Good conversion options
  5. Good riders and policy customizations

I want coverage in the amount of:


  1. Under $100,000
  2. $101,000 to $400,000
  3. $401,000+

Show only Simple Life Insure's favorite no exam companies:


  1. Yes
  2. No

American National Insurance Company (ANICO)

Low premiums Lenient underwriting Good conversion options Good riders and policy customizations Under $100,000 $101,000 to $400,000 Simple Life Insure's Favorite

Product Name: Signature Term ExpressAmerican National insurance company logo
Product Type: Term insurance
Term Length (years): 10, 15, 20, 30, annually renewable term
Coverage Amounts: $50,000 to $250,000
Issue Ages: 18 to 65

LightbulbOur Advice: American National is definitely a company to consider for a non-med policy. Strong financial backing with over 100 years of existence. Lots of options to customize your plan. Competitive rates for the Standard health class. Good conversion options to permanent policies.

Pros: 

  • Cheap rates for many age brackets
  • Very good rider options
  • Fast approval process for those in good health
  • Lenient underwriting for certain health issues

Cons:

  • Preferred rates classes not available even if in excellent health.
  • If doctors records are requested, underwriting process will be longer than other non-med carriers
  • Low maximum death benefit

Underwriting and Approval Process

  • Electronic application submission available

Underwriting will ALWAYS look at:

  • MVR - Motor vehicle report (driving record)
  • RX - Prescription database check (what drugs you have taken)
  • MIB - Medical insurance bureau (previous life insurance denials/approvals)

Underwriting MAY look at:

  • Doctor's records -This will depend on health and age of the applicant
  • Telephone interview - Dependent on health issues that may require more information

yellow wall clock, several minutes before 12Fastest Decision: 48 hours

Slowest Decision: Up to 30 days if medical records are requested


Conversion to Permanent Insurance

Conversion options (included at NO cost):

Convert to a permanent policy anytime during policy term up to a maximum age of 65. If your policy is purchased between the age of 60 and 65, a minimum of 5 years conversion period will still be granted.

Future converted permanent policies will NOT require additional underwriting. Your new premium will be based on previous health class and current age at the time of conversion. You are still eligible for this conversion EVEN if you have become very sick or experienced a serious decline in health.

A conversion credit equal to one year’s premium payments will be put towards the conversion if done within the first 5 years of policy being issued.


Riders to Customize Your Policy

Available riders included at NO additional cost:

In any of the below events, the insured may take benefits in advance, known as accelerated benefits or "living benefits". They are payouts before a death occurs.

  1. Terminal illness – life expectancy of fewer than 24 months, depending on state limitations
  2. Chronic illness – insured unable to perform 2 out of 6 activities of daily living
  3. Critical illness – insured diagnosed with any of a list of 16 critical illnesses

The death benefit will be reduced by the amount of living benefits received.

Available riders WITH additional cost:

Children’s Term Rider

Covers each child in the household until expiration when they reach age 25. Coverage may then be converted to a permanent policy without evidence of insurability.

Disability Waiver of Premium

If you become disabled, the insurance company will pay your premiums for as long as the disability lasts. Your policy remains in force.


Sample No Exam Life Insurance Quotes-American National

40-year-old male at Standard health class - pricing per month

Coverage Amount10 year20 Year30 year
$50,000$14.21$17.02$20.61
$100,000$14.26$19.35$28.94
$200,000$23.33$33.52$52.70

35-year-old female at Standard health class - pricing per month

Coverage Amount10 year20 Year30 year
$50,000$10.37$12.74$16.03
$100,000$10.80$14.43$18.14
$200,000$16.42$23.67$31.10

Company Info

A.M. Best rating: A-American National insurance company logo

S&P Rating: A

BBB: A+

Address:

One Moody Plaza
Galveston, TX 77550-7947

Phone: (800) 899-6806

About:

"American National Insurance Company was founded in 1905 by William L. Moody, Jr. and is headquartered in Galveston, Texas. The Company has multiple subsidiaries, and has operations in Springfield, Missouri; Glenmont, New York; League City, Texas; and San Antonio, Texas.

Throughout the company’s history, the Moody family members have maintained an active role in the direction of the company. Strong management and prudent reinvestment in the company’s growth have made the company a major provider of insurance and annuities.

American National offers a broad variety of life insurance, retirement annuities, accident and health insurance, pension plan products and services, credit insurance, and property/casualty insurance for personal lines, agribusiness, and targeted commercial exposures. Products are distributed through career agents, independent marketing organizations and multiple line exclusive agents as well as direct distribution channels.

American National’s mission is to be the company of choice for insurance and other financial products and services while maintaining superior financial strength."


Assurity Life Insurance Company

Fast approval Good conversion options Good riders and policy customizations Under $100,000 $101,000 to $400,000

Product Name: LifeScape NonMed Term 350Assurity life insurance company logo
Product Type: Term insurance
Term Length (years): 10, 15, 20, 30
Coverage Amounts: $50,000 to $350,000
Issue Ages: 18 to 65

LightbulbOur Advice: A major player in the non-med arena, Assurity has a long and strong financial standing. A well-rounded product that includes a little of everything with a wide variety of customization options. Rates can be higher for certain health classes but very competitive in others.

Pros: 

  • Typically fast underwriting decisions
  • Good rates for smokers
  • Preferred health class available for people in excellent health

Cons:

  • Rates more expensive than other no exam policies

Underwriting and Approval Process

  • Electronic application submission available

Underwriting will ALWAYS look at:

  • MVR - Motor vehicle report
  • RX - Prescription database check
  • MIB - Medical insurance bureau (previous life insurance denials/approvals)

Underwriting MAY look at:

  • Doctor's records -This will depend on health and age of the applicant.
  • Telephone interview - If discrepancies turn up between the application and MVR/RX/MIB checks, a telephone interview may be requested. Certain medical issues may also require a phone interview but the majority of applications will be processed fully automated.

Over the age of 55 cannot be approved for this policy if you have not seen a doctor in the last 5 years.

yellow wall clock, several minutes before 12Fastest Decision: 48 hours

Slowest Decision: Up to 21 days if phone interview and/or medical records are required.


Conversion to Permanent Insurance

Conversion options (included at NO cost):

Convert to a permanent policy with Assurity at the EARLIER of the following timelines:

  • 1 year prior to the end of a 10 year term
  • 2 years prior to the end of a 15, 20, or 30-year term
  • Policy anniversary after insured 65th birthday

If the same coverage amount is maintained at conversion time, a credit will be applied equal to the premium paid during the first policy year. Conversion rate will be pro-rated for partial conversions.

Future conversion is made without health questions and regardless of current health status. Rates will be based upon current age at the time of conversion.


Riders to Customize Your Policy

Available riders included at NO additional cost:

Accelerated Benefits Rider (Living Benefit)

Option to accelerate payment of life insurance proceeds for an insured that has been diagnosed as terminally ill or confined to a nursing home permanently. Eligible proceeds are based on a percentage of policy face amount with a maximum of $250,000.

The death benefit will be reduced by the amount of living benefits received.

Available riders WITH additional cost:

  • Other Insured Term Rider - Term life coverage on another person with an insurable interest, often a spouse.
  • Disability Waiver of Premium Rider – If you become disabled, your premiums are paid.
  • Monthly Disability Income Rider – Pays a monthly benefit if you become totally
    disabled due to a covered sickness or accident. Also available on the other insured.
  • Accident-Only Disability Income Rider – Pays a monthly benefit if you become totally
    disabled due to an accident. Also available on the other insured.
  • Critical Illness Rider – Pays a lump-sum benefit if the insured is diagnosed with a
    specified critical illness.

Assurity's Critical Illness Rider does NOT decrease the death benefit like many companies. 

  • Children’s Term Insurance Rider – Term coverage for all children in the family up to age 25. Option to convert to a permanent policy with guaranteed insurability regardless of health up to age 25.
  • Return of Premium Rider - Will refund some or all of the premiums paid at the end of the term. Only applicable to 20 and 30-year term plans.

Sample No Exam Life Insurance Rates-Assurity

40-year-old male at Standard Plus health class – pricing per month

Coverage Amount10 year15 year20 Year30 year
$100,000$27.93$32.89$39.41$51.76
$200,000$49.76$59.68$72.73$97.44
$300,000$71.60$86.48$106.05$143.11

35-year-old female at Standard Plus health class – pricing per month

Coverage Amount10 year15 year20 Year30 year
$100,000$15.40$17.31$20.10$26.53
$200,000$24.71$28.54$34.10$46.98
$300,000$34.02$39.76$48.11$67.43

Company Info

A.M. Best rating: A- Assurity life insurance company logo

S&P Rating: Not rated

BBB: A+

Address:

PO Box 82533
Lincoln, NE 68501-2533

Phone: (402) 476-6500

About:

"Assurity has long lived our mission of helping people through difficult times, with a heritage dating back to 1890. We provide life insurance, disability and critical illness insurance, and voluntary employment benefits through independent brokers nationwide. Our unrelenting commitment to financial strength and stability has consistently earned us excellent industry ratings."


Fidelity Life Association

Fast approval

Product Name: Rapid Decision ExpressFidelity life insurance company logo
Product Type: Term
Term Length (years): 10, 15, 20, 30
Coverage Amounts: $25,000 to $250,000
Issue Ages: 18-65

LightbulbOur Advice: Fidelity is a well-known name and big player in the no exam game. An "A" rated company who excels in extremely fast underwriting decisions. Pricing is typically a little higher than comparable policies with other companies. Worth taking a look but we don't place a high percentage of clients with Fidelity.

Pros: 

  • Very fast approvals, most done in 24 hours
  • Guaranteed renewable on a yearly basis after initial term up through age 95

Cons:

  • Priced higher some other non-med companies
  • Underwriting can be strict on certain issues and conditions
  • Highest health class available is Standard 

Underwriting and Approval Process

  • Electronic application submission available

Underwriting will ALWAYS look at:

  • MVR - Motor vehicle report (driving record)
  • RX - Prescription database check (history of drugs taken)
  • MIB - Medical insurance bureau (previous life insurance denials/approvals)

Underwriting MAY look at:

  • Doctor's records - very rarely
  • Telephone interview - very rarely

yellow wall clock, several minutes before 12Fastest Decision24 hours

Slowest Decision: 72 hours (longer in rare cases where medical records are required)


Conversion to Permanent Insurance

Conversion options (included at NO cost):

Non-med term policies can be converted to a permanent plan anytime during first 10 years of the policy or up to age 65, whichever comes first. Conversion to a permanent plan can be done regardless of health and without the need for any additional underwriting or medical exam.


Riders to Customize Your Policy

Available riders included at NO additional cost:

Accelerated Death Benefit 

Allows for living benefits to be taken up to 50% of the overall death benefit. Insured must be diagnosed as having a life expectancy under 12 months. This rider cannot be used until year 3 of the policy being in force.

The death benefit will be reduced by the amount of living benefits received.

Available riders WITH additional cost:

Dependent Child Rider

Up to $25,000 in coverage for all children in the household. Eligible children are up to 18 years of age. Child rider expires once the child reaches age 23 or the primary insured reaches age 65, whichever comes first.

 Accidental Death Benefit 

This rider pays an additional benefit in the event of accidental death. The rider is available at issue, ages 20 through 65. The benefit amount is equal to the face amount of the policy. Rider expires at age 80. Accidental death benefits $25,000 to $250,000 are available.


Sample No Medical Exam Life Insurance Quotes - Fidelity

40-year-old male at Standard health class - pricing per month

Coverage Amount10 year20 Year30 year
$50,000$21.92$22.45$34.23
$100,000$25.32$35.32$60.64
$250,000$52.20$77.21$140.51

35-year-old female at Standard health class - pricing per month

Coverage Amount10 year20 Year30 year
$50,000$21.62$22.14$23.92
$100,000$19.31$23.40$32.45
$250,000$37.19$47.42$70.04

Company Info

A.M. Best rating: A- (Excellent)Fidelity life insurance company logo

S&P Rating: A+

BBB: A

Address:

8700 W. Bryn Mawr Ave, Ste. 900S
Chicago, Illinois 60631

Phone: (630) 522-0392

About:

"Fidelity Life is one of the few companies in the industry that focuses on assisting everyday Middle Americans experience the peace-of-mind that comes with life insurance ownership. In fact, we were founded in 1896 for that express purpose.

At Fidelity Life, we understand the daily competing economic pressures experienced by many American families. As a result, using patented technology and innovative products, we concentrate all of our energy on offering policies that are valuable and affordable. The approach allows our customers to start fulfilling their basic needs for financial protection in order to:

Maintain a family’s standard of living
Pay ongoing family debts
Fund children’s educations
Pay for final expenses
Leave the family a financial legacy"


Foresters

Good conversion options Good riders and policy customizations Under $100,000 $101,000 to $400,000

Product Name: Life First ExpressForesters insurance company logo
Product Type: Term insurance
Term Length (years): 20, 25, 30
Coverage Amounts: $50,000 to $250,000. Above age 55, maximum is $150,000
Issue Ages: 18 to 65

LightbulbOur Advice: Foresters standard non-med policy doesn't stand out amongst the field. It is a decent product, and a good fit for some, but most people do find better. Their final expense product, (Plan Right) is more popular and a good choice for those wanting smaller coverage amounts past age 65.

Pros: 

  • Conversion option to permanent policy
  • Good selection of rider options
  • Offers one of the only 25-year term options for no exam policies

Cons:

  • More expensive than comparable policies with other companies
  • Standard health class is the highest available
  • No 10 or 15-year term options available

Underwriting and Approval Process

  • Electronic application submission available

Underwriting will ALWAYS look at:

  • MVR - Motor vehicle report (your driving record)
  • RX - Prescription database check (what drugs you have been prescribed)
  • MIB - Medical insurance bureau (previous life insurance denials/approvals)

Underwriting MAY look at:

  • Doctor's records -Can be requested by the underwriter in some cases.
  • Telephone interview - Dependent on health issues that may require more information.

yellow wall clock, several minutes before 12Fastest Decision: 2 weeks

Slowest Decision: 30 days


Conversion to Permanent Insurance

Conversion options (included at NO cost):

The policy owner may convert to a permanent life insurance policy without evidence of insurability at conversion time.

The conversion period is the earlier of:

  • End of initial term minus 5 years
  • Policy anniversary in year after insured reaches age 65

Riders to Customize Your Policy

Available riders included at NO additional cost:

Common Carrier Accidental Death Rider:

Provides for additional death benefit up to two times the base coverage with a maximum of $300,000. This rider applies in the case of a death that occurs within 180 days  of accidental injury while a fare paying passenger on a train, plane, or bus.

Family Health Benefit Rider:

Pays living benefits to the insured and their immediate family to cover health expenses resulting from a natural disaster such as tornadoes, hurricanes, and earthquakes.

Accelerated Death Benefit Rider:

A portion of the death benefit can be taken early while the insured is still living. Qualifying conditions are classified as certain chronic, terminal, and critical illnesses.

The death benefit will be reduced by the amount of living benefits received.

Available riders WITH additional cost:

Accidental Death Benefit Rider:

Additional death benefit paid in the event of death due to accidental bodily injury.

Children's Term Rider:

Between $10,000 and $25,000 of level term coverage for all eligible children in the household. Ability to convert to a new permanent policy up to child's 25th birthday without proving evidence of insurability.

Disability Income Rider:

Available for accident only or accident and illness. Will pay a monthly income when insured becomes disabled. Insured must have been actively employed when the disability began. Income payment may continue up to 2 years.

Waiver of Premium Rider:

Pays your life insurance premiums in the event of a disability that has made the insured unable to work.


Sample No Exam Term Life Insurance Quotes - Foresters

40-year-old male at Standard health class - pricing per month

Coverage Amount20 year25 Year30 year
$50,000$19.34$24.41$27.43
$100,000$32.55$42.70$48.74
$250,000$72.19$97.56$112.66

35-year-old female at Standard health class - pricing per month

Coverage Amount20 year25 Year30 year
$50,000$14.48$16.14$18.33
$100,000$22.84$26.16$30.54
$250,000$47.91$56.22$67.16

Company Info

A.M. Best rating: AForesters insurance company logo

S&P Rating: N/A

BBB: A+

Address:

PO Box 179
Buffalo, NY 14201

Phone: 800-828-1540

About:

"Foresters Financial is an international financial services provider with a unique history that began in 1874 when we set out to provide access to life insurance for average, working families. More than 140 years later, we provide savings, life insurance, investment and retirement solutions that help families achieve long-term financial health and well-being.

Throughout our history, we have been at the forefront of several milestones in the North American life insurance landscape, often pioneering trends that would later become commonplace. One of our first leaders, Dr. Oronhyatekha, was one of Canada’s first Native doctors to include western medicine in his practice. A man ahead of his time, Dr. Oronhyatekha championed the rights of women, children, and minorities. He also insisted on admitting women as full members of the organization and providing benefits to the orphans of Foresters members.

Today, more than three million customers and members1 in the United States, Canada and the United Kingdom benefit from the foundation of experience, expertise and reliability we have built over two centuries. During this time, we have remained steadfast in our commitment to help improve family well-being and each year, we invest millions to support causes that enrich the lives of families and communities."


MetLife

Fast approval Lenient underwriting

Product Name: MetLife Simplified Issue Term InsuranceMetLife insurance company logo
Product Type: Term insurance
Term Length (years): Annually renewable up to age 90
Coverage Amounts: $10,000 to $100,000
Issue Ages: 18 to 70

LightbulbOur Advice: Despite being one of the big names in the life insurance industry, MetLife's no medical exam policy leaves much to be desired and you probably can do better. A few nice and unique benefits for certain situations but overall this policy doesn't stand up well to competitors.

Pros: 

  • Very fast approval, usually same day
  • Available up to age 70 which is higher than most non-med products
  • Fast and simple application process with minimal questions

Cons:

  • Low maximum coverage amount
  • Priced higher than comparable policies with other carriers
  • Lack of customization options
  • Rates rise every 5 years, cannot lock them in for longer

Underwriting and Approval Process

  • Electronic application submission available

Underwriting will ALWAYS look at:

  • MIB - Medical insurance bureau (previous life insurance denials/approvals)

The application will consist of 3 questions:

  1. Are you disabled or confined to a nursing home?
  2. Have you ever tested positive for HIV?
  3. In the past 2 years, have you ever been treated for? (a number of conditions)

Answering "Yes" to any of the above questions will be an automatic decline.

yellow wall clock, several minutes before 12Fastest Decision: Same day

Slowest Decision: 24 hours


Conversion to Permanent Insurance

No conversion options are available with this policy


Riders to Customize Your Policy

Available riders included at NO additional cost:

No riders are included automatically with this policy.

Available riders WITH additional cost:

Accidental Death Benefit

Will pay two times the face amount of coverage in the event of an accidental death.


Sample No Medical Exam Life Insurance Rates - MetLife

MetLife offers $1 for first month and then is on a set schedule to rise every 5 years. It is NOT like many of the other level term no exam products where your rate is locked in for 10/20/30 years.

MetLife no medical exam rate table for men and women
Source: Metlife.com

Company Info

A.M. Best rating: A+MetLife insurance company logo

S&P Rating: AA-

BBB: B+

Address:

1095 Ave. of the Americas
New York City, NY 10036

Phone: (212) 578-2211

About:

"For 140 years, MetLife has been insuring the lives of the people who depend on us.  Our success is based on our long history of social responsibility, strong leadership, sound investments, and innovative products and services."


Mutual of Omaha

Good conversion options Good riders and policy customizations Under $100,000 $101,000 to $400,000

Product Name: Term Life ExpressMutual of Omaha insurance company logo
Product Type: Term insurance
Term Length (years): 15, 20, 30
Coverage Amounts: $25,000 to $400,000
Issue Ages: 18 to 65

LightbulbOur Advice: Very stable and highly rated insurance carrier. Mutual of Omaha's non-med policy has some nice benefits including an optional renewability provision that goes all the way through age 100. Included riders are among the best for no medical exam policies. Premiums are middle of the road vs other carriers.

Pros: 

  • $400,000 max coverage is higher than average
  • Renewability option without evidence of insurability up to age 100
  • Excellent rider options for policy customization

Cons:

  • Approval time is longer than several other carriers
  • Highest health class available is Standard even if in excellent health
  • Underwriting is on the strict side vs other non-med carriers

Underwriting and Approval Process

  • Electronic application submission available

Underwriting will ALWAYS look at:

  • MVR - Motor vehicle report (your driving record)
  • RX - Prescription database check (history of any drugs you have been prescribed)
  • MIB - Medical insurance bureau (previous life insurance denials/approvals)

Underwriting MAY look at:

  • Doctor's records - Maybe ordered at the discretion of the underwriter

yellow wall clock, several minutes before 12Fastest Decision1 week

Slowest Decision: 3 weeks


Conversion to Permanent Insurance

Conversion options (included at NO cost):

Option to convert to a permanent policy regardless of health without the need to prove insurability.

Conversion may be done after policy year 2 but must be before the earlier of:

  • End of the initial level term period
  • Policy anniversary after the insured has reached 70 years of age

Riders to Customize Your Policy

Available riders included at NO additional cost:

Accelerated Death Benefit Rider

Provides for a lump-sum benefit payout with proof that the insured has a life expectancy of 24 months or less. The benefit amount is equal to 92 percent of the death benefit. Once the benefit is paid, the policy is terminated.

Waiver of Premium for Unemployment Protection

If the insured becomes unemployed, the premiums will be waived for 6 months. The policy must be in force for 24 months before this can be used. Proof of unemployment is required and waiver may only be used once.

Residential Damage Rider

If the primary residence of the insured experiences damage of $25,000 or more, the premium for the policy is waived for a 6 month period. Policy remains fully in force.

Common Carrier Death Benefit Provision

If the insured dies in an accident while a passenger on a train, airplane, or bus, the beneficiary will receive an additional benefit payment. The extra payout will be double the death benefit of the policy up to a maximum of $250,000.

Available riders WITH additional cost:

Disability Income Rider

If the insured becomes disabled, a monthly disability income payment will be made up to a maximum of $3,000 per month.


Sample No Medical Exam Term Life Insurance Quotes - Mutual of Omaha

40-year-old male at Standard health class - pricing per month

Coverage Amount10 year20 Year30 year
$100,000$28.57$34.89$45.30
$200,000$51.80$64.44$85.26
$300,000$75.03$93.98$125.22

35-year-old female at Standard health class - pricing per month

Coverage Amount10 year20 Year30 year
$100,000$18.51$23.14$29.73
$200,000$31.68$40.94$54.11
$300,000$44.86$58.74$78.50

Company Info

A.M. Best rating: A+Mutual of Omaha insurance company logo

S&P Rating: AA-

BBB: A+

Address:

Mutual of Omaha Plaza
Omaha, Nebraska 68175

Phone: (800) 228-7104

About:

"Our Mission: We help our customers protect what they care about and achieve their financial goals.

Our Vision: For every customer...a financial future imagined, planned and secured.

Our Values: Mutual of Omaha’s values are the attributes, behaviors, and beliefs that connect Mutual associates with a common vision."


National Western Life Insurance Company

Fast approval Good riders and policy customizations Under $100,000 $101,000 to $400,000

Product Name: NWL Rapid IssueNational Western Life Insurance Company logo
Product Type: Term
Term Length (years): 10, 15, 20, 30
Coverage Amounts: $25,000 to $250,000
Issue Ages: 20 to 65

LightbulbOur Advice: National Western has a well rounded no medical exam product with very fast approvals.  Pricing overall is higher than average in the marketplace. The ability to annually renew without providing proof of insurability up to age 95 is higher than many carriers.

 

Pros: 

  • One of the only carriers who will not request medical records no matter what
  • Annually renewable up to age 95
  • Good rider options to customize policy

Cons:

  • $250,000 max coverage is on the low end
  • Conversion option costs extra

Underwriting and Approval Process

  • Electronic application submission available

Underwriting will ALWAYS look at:

  • MVR - Motor vehicle report (your driving history)
  • RX - Prescription database check (record of the drugs you've taken from pharmacies)
  • MIB - Medical insurance bureau (previous life insurance denials/approvals)

One of the few companies that will never request medical records

yellow wall clock, several minutes before 12Fastest Decision: Same day

Slowest Decision: A few days


Conversion to Permanent Insurance

Conversion options (included WITH additional cost):

Convert to any permanent policy before the end of level term period or age 65, whichever comes first.

During the first 5 policy years, a credit will be applied at conversion time towards the new policy. No evidence of insurability is required at conversion time unless additional riders and benefits are being added. Premiums will increase if you elect to have this provision included in the policy, whether or not you actually end up exercising it.


Riders to Customize Your Policy

Available riders included at NO additional cost:

Accelerated Death Benefit for Critical Illness 

If diagnosed with a terminal illness and expected to live less than 24 months, this provision allows for a portion of the death benefit to be taken while the insured is still living.

Accelerated Death Benefit for Chronic Illness

This provision provides accelerated living benefits if the insured is diagnosed with a chronic illness. A chronic illness is a condition resulting in being permanently unable to perform at least 2 of the 6 activities of daily living without the assistance of another.

Accelerated Death Benefit for Terminal Illness

The insured can take accelerated benefits if diagnosed with a critical illness. Critical illness includes a condition resulting from heart attack, stroke, life-threatening cancer, kidney failure, major organ transplant, ALS (Lou Gehrig’s disease), paralysis, major multi-system trauma, AIDS, severe central nervous system disease, loss of limbs, Alzheimer’s, Dementia, or heart surgery.

For all 3 of the living benefits riders, the maximum accelerated benefit amount is no more than 90% of the face amount.

The death benefit will be reduced by the amount of living benefits received.

Available riders WITH additional cost:

Waiver of Premium Disability Benefit Rider

Optional rider that pays monthly premiums if the insured becomes disabled.

Accidental Death Benefit Rider

Optional rider that pays an additional death benefit should the insured die from an accidental death. The maximum death benefit paid to the beneficiary is the lesser of $500,000 or 2 times the face amount.

Children’s Term Life Insurance Rider

Available for ages 20-55 at the time of policy issue. Provides $5,000 to $20,000 of level term insurance for all children in the household between 15 days and 18 years of age. Coverage for the children remains in effect to age 25 of the child or 65 of the insured.

The coverage on the child may be converted to a new permanent policy before the age of 25 of the child. This does NOT require evidence of insurability for the child.

Other Insured Term Rider

Optional benefit rider that provides term coverage in the event of the death of another named insured. This is often a spouse but does not have to be. Must be a minimum of $100,000 in coverage but cannot exceed the face amount of the base policy.


Sample No Exam Life Insurance Quotes - National Western

42-year-old male at Standard health class - pricing per month

Coverage Amount10 year20 Year30 year
$50,000$21.15$26.37$34.02
$100,000$26.55$36.99$52.29
$200,000$43.20$64.08$94.68

36-year-old female at Standard health class - pricing per month

Coverage Amount10 year20 Year30 year
$50,000$16.92$19.80$22.86
$100,000$18.09$23.85$29.97
$200,000$26.28$37.80$50.04

Company Info

A.M. Best rating: ANational Western Life Insurance Company logo

S&P Rating: A

BBB: A+

Address:

850 East Anderson Lane
Austin, TX 78752-1602

Phone: (512) 836-1010

About:

"National Western Life Insurance Company is chartered by the State of Colorado and a wholly owned subsidiary of National Western Life Group, Inc. National Western’s domestic operations extend to forty-nine states, the District of Columbia and four U.S. territories. The Company is also licensed in Haiti and accepts applications at its Home Office in Austin, Texas from – and issues policies to – non-U.S. residents. National Western operations extend globally to domestic and foreign markets. Our mission is to provide high-quality insurance products on a global basis to meet the financial security needs of well-defined market segments. We provide professional and friendly service to our policyholders and agents and are responsive to the needs of our employees, shareholders, and the community."


Transamerica

Lenient underwriting Good conversion options Good riders and policy customizations Under $100,000 $101,000 to $400,000

Product Name: Trendsetter Living Benefits (LB)Transamerica insurance company logo
Product Type: Term
Term Length (years): 10, 15, 20, 25, 30
Coverage Amounts: $25,000 to $249,999
Issue Ages: 18 to 60

LightbulbOur Advice: A very well known company that consistently has a low amount of consumer complaints. Transamerica's non-med policy is middle of the pack for cost, but does include some nice living benefits in the base policy. Some leniency for certain health issues. Worth exploring as an option for many people. If you are in excellent health, you can likely do better.

Pros: 

  • Excellent riders and customization options
  • Lenient underwriting for specific moderate health issues

Cons:

  • Highest health rate class available is Standard.
  • Underwriting time is on the long side
  • Maximum coverage of $250,000 is a lower than many other non-med carriers

Underwriting and Approval Process

  • Electronic application submission available

Underwriting will ALWAYS look at:

  • RX - Prescription database check (Pharmacy report showing which drugs you've taken)
  • MVR - Motor vehicle report (Driving record)
  • MIB - Medical insurance bureau (previous life insurance denials/approvals)

Underwriting MAY look at:

  • Doctor's records -Transamerica will review these in most cases
  • Telephone interview - At the discretion of the underwriter

yellow wall clock, several minutes before 12Fastest Decision: 1 week

Slowest Decision: 30 days


Conversion to Permanent Insurance

Conversion options (included at NO cost):

Policy can be converted to permanent insurance before the EARLIER of:

  • End of initial level term period
  • 70th birthday of the insured

Proof of insurability is not required so this can be done regardless of health issues that may have developed.


Riders to Customize Your Policy

Available riders included at NO additional cost:

Includes 3 living benefits which come standard with all Trendsetter LB policies.

Chronic Illness Accelerated Death Benefits

If the insured is determined to be unable to perform 2 of the 6 daily living activities for a period of 90 or more consecutive days, they may take accelerated benefits.

Maximum living benefits are 24% of the policy face amount each year. Overall maximum is the lesser of 90% of face amount or $500,000.

Critical Illness Accelerated Death Benefits

Enables the policyholder to accelerate death benefits if it is determined they have suffered a critical health condition.

The maximum living benefit available to be taken with this rider is the LESSER of 90% of the face amount or $500,000.

Chart for living benefits on TransAmerica Trendsetter LB insurance policy
Source: Transamerica.com
 

Terminal Illness Accelerated Death Benefits

If the insured is diagnosed with a terminal illness and given less than 12 months to live, accelerated benefits may be taken as a lump sum in advance of death.

The maximum benefit amount that can be accelerated is the LESSER of 100% of the face amount of the policy or $500,000.

The death benefit will be reduced by the amount of living benefits received.

Income Protection Option (IPO)

Not technically a rider but rather a settlement option. The Income Protection Option provides choices in how you structure the death benefit. The payout can be set up as a guaranteed monthly income stream with optional initial and final lump sum payouts. Changes can be made to the structure up until the death of the insured.

Available riders WITH additional cost:

  • Waiver of Premium (WP) - Pays your premium in the event of a qualifying total disability.
  • Children’s Insurance (CIR) - Adds a small term insurance policy on to a child in the household. Can be converted to a permanent policy later without proof of insurability. The coverage for the initial term expires on the child's 25th birthday.
  • Accidental Indemnity (AI) - The policy beneficiary will receive an additional death benefit if the insured dies as a result of an accidental bodily injury.
  • Monthly Disability Income (MDI) - Provides a monthly income for the insured for up to 2 years when they become totally disabled with a qualifying injury or illness.

Sample No Exam Life Insurance Premiums - TransAmerica

43-year-old male at Standard health class - pricing per month

Coverage Amount10 year20 Year30 year
$50,000$17.12$21.85$28.86
$150,000$30.20$44.13$66.19
$250,000$48.59$71.82$107.89

39-year-old female at Standard health class - pricing per month

Coverage Amount10 year20 Year30 year
$50,000$12.09$16.26$21.04
$150,000$23.10$30.97$38.45
$250,000$36.77$49.88$62.67

Company Info

A.M. Best rating: A+Transamerica insurance company logo

S&P Rating: AA-

BBB: A+

Address:

4333 Edgewood Rd. NE
Cedar Rapids, IA 52499

Phone: (319) 355-8511

About:

"The companies of Transamerica offer a wide array of innovative financial services and products with a common purpose. Regardless of the distribution method, our mission is to help individuals, families, and businesses build, protect, and preserve their hard-earned assets. With more than a century of experience, we have built our reputation on solid management, sound decisions, and consumer confidence.

The Transamerica companies are members of the AEGON Group, a multinational insurance organization headquartered in The Hague, The Netherlands. AEGON is one of the world's leading life insurance and financial services organizations."


Sagicor

Fast approval Good conversion options Under $100,000 $101,000 to $400,000 $401,000+ Simple Life Insure's Favorite

Product Name: Sage TermSagicor no physical exam insurance company logo
Product Type: Term
Term Length (years): 10, 15, 20
Coverage Amounts: $50,000 to $500,000
Issue Ages: 18 to 65

LightbulbOur Advice: Sagicor is a must consider for those seeking a good no medical exam policy. Extremely fast approvals, high coverage limits, and top health classes available. The Sage product has made a mark in the industry and is extremely popular due to price, features, and simplicity of approval process.

Pros: 

  • Fully digital underwriting with most approvals in minutes
  • Health classes up to Preferred available, good for those in excellent health
  • 500K coverage limit is among the highest available for non-med policies

Cons:

  • Underwriting can be a little strict on certain medical conditions or some prescriptions
  • 30-year term length not available

Underwriting and Approval Process

  • Electronic application submission available

Underwriting ALWAYS look at:

  • MVR - Motor vehicle report (your driving history)
  • RX - Prescription database check (Pharmacy report that shows what drugs you have been prescribed)
  • MIB - Medical insurance bureau (previous life insurance denials/approvals)

One of the few carriers that will never look at medical records or do a telephone interview for an e-application. A paper application will require the phone interview.

yellow wall clock, several minutes before 12Fastest Decision60 seconds

Slowest Decision: 3 days


Conversion to Permanent Insurance

Conversion options (included at NO cost):

Option to convert to a permanent policy before the policy anniversary after the insured's 70th birthday. No evidence of insurability is needed at conversion time.


Riders to Customize Your Policy

Available riders included at NO additional cost:

Accelerated Benefit Insurance Rider

Helps to cover the costs of nursing home care or medical expenses. Accelerated benefits can be taken if the insured is diagnosed with a terminal condition or confined to a nursing home facility.

Maximum benefit received is the LESSER of 50% of death benefit or $300,000

The death benefit will be reduced by the amount of living benefits received.

Available riders WITH additional cost:

Children's Term Rider

Optional rider provides term life insurance coverage for any children in the household age 15 days to 19 years old. The children's term coverage remains in force until age 25 or marriage, whichever comes first.

Children's term rider includes the option to convert to a permanent life insurance policy for up to 5 times the original face amount on the child. The conversion to a new policy can be done regardless of the child's health at conversion time.

Accidental Death Benefit Rider

The additional death benefit will be paid to the beneficiaries if the insured dies as a result of an accident. The maximum additional benefit amount is the LESSER of the amount of the base policy or $250,000.

Waiver of Premium Rider

Optional rider that waives your premium payments if the insured becomes totally disabled. Premiums will be covered as long as the total disability continues. If the insured is no longer disabled, premium payments must be resumed to keep the policy active and in force.

The waiver of premium rider is available for new policies ages 16-55. It automatically terminates at age 65.


Sample No Medical Life Insurance Quotes - Sagicor

40-year-old male at Preferred health class - pricing per month

Coverage Amount10 year15 Year20 year
$100,000$15.15$18.03$21.64
$300,000$31.91$38.98$48.74
$500,000$48.98$60.77$77.03

35-year-old female at Preferred health class - pricing per month

Coverage Amount10 year15 Year20 year
$100,000$11.44$12.74$15.01
$300,000$21.43$23.10$30.21
$500,000$31.51$34.30$46.15

Company Info

A.M. Best rating: A-Sagicor no physical exam insurance company logo

S&P Rating: NA

BBB: A+

Address:

4343 N Scottsdale Rd. Ste. 300
Scottsdale, AZ 85251

Phone: (480) 425-5100

About:

"Sagicor Life Insurance Company is a full-service life insurance company with almost 60 years of experience providing quality and value to our policyholders. We offer a wide range of life and annuity products to address the needs of our communities at every stage of life. Our life products include term, whole life, and universal life options. Our annuities range from immediate options to those that address long-term needs.

We operate in 44 states and the District of Columbia and our products are provided through approximately 4,000 independent and career producers. Sagicor is rated "A-" (Excellent) by A.M. Best Company and has total assets of over $930 million. We are currently ranked as one of the top 175 largest life insurance companies in the United States (by total assets). In addition to its financial strength, Sagicor is known for innovative products and systems. We are continually looking for ways to create the future.

Sagicor Life Insurance Company is proud to have joined the Sagicor Financial Corporation family in 2005. Sagicor Financial is one of the oldest insurance groups in the Americas, founded in 1840, it operates in 22 countries. Sagicor Financial has approximately $5.5 billion in assets and has been a leader in its communities for over 170 years."


Principal

Low premiums Fast approval Good conversion options Under $100,000 $101,000 to $400,000 $401,000+ Simple Life Insure's Favorite

Product Name: Principal Life InsurancePrincipal insurance company logo
Product Type: Term, Universal, Permanent
Term Length (years): 10, 15, 20, 30
Coverage Amounts: $50,000 to $1,000,000
Issue Ages: 18 to 60

LightbulbOur Advice: Principal doesn't have a separate no physical exam policy. What they have done is allow for those in excellent health (Preferred and Preferred Plus) to go through their Accelerated Underwriting Program which does not require a medical exam. Those that don't qualify for the top health classes will need to submit to an exam to be approved by the Principal Financial Group.

For those in excellent health, it's certainly worth a look. Principal will give up to $1,000,000 in coverage for their non-medical exam underwriting. This is by FAR more than any other carrier out there.

The premiums are very competitive in many age and coverage bands. Unlike most carriers, Principal does NOT charge extra to account for the additional risk of not taking an exam.

Pros: 

  • Fast underwriting with most decisions in a few days
  • Highest death benefit limit in the industry for policies without a paramedical exam
  • Rates are the same as fully underwritten policies with exams

Cons:

  • Not available unless you are in excellent health

Underwriting and Approval Process

  • Electronic application submission available

Underwriting will ALWAYS look at:

  • MVR - Motor vehicle report (driving record history)
  • RX - Prescription database check (report that shows what drugs you have picked up at pharmacies)
  • MIB - Medical insurance bureau (previous life insurance denials/approvals)
  • Telephone interview

Underwriting MAY look at:

  • Doctor's records -This will depend on the specific health of the applicant.

Principal's 3-Step Underwriting Process

  1. Application questionnaire - A list of qualification questions will determine whether you are eligible for the Accelerated Underwriting Program or not. Answering "Yes" to any of these questions will mean you need to go the traditional underwriting route.
  2. Telephone interview - If you qualified from step 1, you'll proceed to a 15-minute telephone interview with additional questions on your health and lifestyle.
  3. Underwriting review and decision - You will either be approved at Preferred or Preferred Best or be kicked over for additional underwriting which may include a paramedical exam and will likely end up in a health class below Preferred.

yellow wall clock, several minutes before 12Fastest Decision48 hours

Slowest Decision: up to 4 weeks if you do not qualify for the Accelerated Underwriting Program.


Conversion to Permanent Insurance

Conversion options (included at NO cost):

All of Principal's term products may be converted to a variety of permanent policies without having to prove evidence of insurability.

Conversions may be done up to the earlier of:

  • End of initial level premium term
  • Age 70.5

Riders to Customize Your Policy

Available riders included at NO additional cost:

No riders are included automatically with the base policy. This helps keep the premiums down and allows policy owners to add only things they really want, at a cost.

Available riders WITH additional cost:

Children Term Insurance

Eligible household children can be added to a policy at with their own term insurance coverage between $5,000 and $25,000.

Children will have the option to convert this policy to a permanent policy from The Principal Group. No evidence of insurability is necessary at the time of conversion.

Waiver of Premium 

Optional rider which waives the premium for as long as the insured is completely disabled, subject to rider limitations.

Accelerated Benefits

Insured can obtain up to 75% of the death benefit while still living if diagnosed with a terminal illness.

The death benefit will be reduced by the amount of living benefits received.


Sample No Medical Exam Life Insurance Quotes - Principal 

43-year-old male at Preferred health class - pricing per month

Coverage Amount10 year20 Year30 year
$250,000$20.13$29.84$48.64
$500,000$33.69$53.11$90.72
$1,000,000$55.68$96.52$169.05

36-year-old female at Preferred health class - pricing per month

Coverage Amount10 year20 Year30 year
$250,000$13.31$17.01$23.94
$500,000$20.05$27.46$41.33
$1,000,000$28.77$45.08$74.91

Company Info

A.M. Best rating: A+Principal insurance company logo

S&P Rating: A+

BBB: A+

Address:

711 High Street
Des Moines, IA 50392-0001

Phone: (800) 986-3343

About:

"Our expertise spans the globe, but we’re bound by one common purpose: to give you the financial tools, resources and information you need to live your best life.

Whether you’re looking to secure your own retirement or your clients’, we’ll work with you to find strategies that are right for you to help you meet your specific, long-term portfolio goals.

  • Retirement plans: #1 provider of Defined Benefit retirement plans1, #1 recordkeeper of Employee Stock Ownership Plans, and #1 provider of Nonqualified Deferred Compensation plans
  • Insurance: The #4 non-medical carrier
  • Mutual funds: #4 manager of target-date lifecycle mutual funds in the U.S.
  • Workplace culture: Top of category for Best Place to Work in Money Management, Best Place to Work in Information Technology, and One of America's Best Employers
  • Company ethics: One of the World's Most Ethical Companies9 and #3 Greenest CRE Company

We have $547.7 billion11 in assets under management, and you can trust us to manage your money, too. Join our 19.2 million customers worldwide, whom we serve through a national (U.S.) network of financial professionals and a diverse family of companies with offices in 18 countries."


Minnesota Life (Securian)

Low premiums Lenient underwriting Under $100,000 $101,000 to $400,000

Product Name: Advantage Elite Select Life Express IssueMinnesota life insurance company logo
Product Type: Term
Term Length (years): 5, 10, 15, 20, 30
Coverage Amounts: $50,000 to $249,999
Issue Ages: 16 to 55

LightbulbOur Advice: Unless you have a health condition that Minnesota Life specializes in such as depression or asthma, you can probably do better when shopping for no medical exam life insurance. Low maximum coverage amounts and one of the lowest maximum issue ages (55) are a couple of the reasons most shoppers end up elsewhere. Premiums are priced aggressively for lower coverage amounts (under 100k)

Pros:

  • Renewable on an annual basis up through age 95
  • Several niche health issues that Minnesota Life is lenient with
  • Very low premiums for under 100k in death benefit, hard to beat

Cons:

  • $250,000 max coverage is low
  • Maximum issue age of 55 is one of the lowest in the industry
  • No riders included in base policy
  • Highest health class offered is Standard

Underwriting and Approval Process

  • Electronic application submission available

Underwriting will ALWAYS look at:

  • MVR - Motor vehicle report (driving record-DUI, speeding tickets, etc)
  • RX - Prescription database check (history of drugs prescribed)
  • MIB - Medical insurance bureau (previous life insurance denials/approvals)

Underwriting MAY look at:

  • Doctor's records - It is rare that medical records will be requested and is NOT part of the normal underwriting process.
  • Telephone interview - Dependent on health issues that may require more information.

yellow wall clock, several minutes before 12Fastest Decision: 3 days

Slowest Decision: 2 weeks


Conversion to Permanent Insurance

Conversion options (included at NO cost):

Minnesota Life allows for the term policy to be converted to a permanent policy without proof of insurability. For what is included in the base policy, this must be done within:

  • 5 years for 5/10/15 year term policies
  • 10 years for 20/30 year policies

If converted within the first 5 years, a credit equal to the entire first year's premium paid will be applied towards the new policy.

Conversion options (included WITH cost):

You have the option to add the Extended Conversion Agreement at the time of policy purchase. This allows the conversion period to be extended for the full period of the policy or until age 75.

The Extended Conversion Agreement adds around 3% more cost to the base premium.


Riders to Customize Your Policy

Available riders included at NO additional cost:

Minnesota Life does not include any riders in the base policy. Instead, they have chosen to let customers add exactly what they need a la carte.

Available riders WITH additional cost:

Accelerated Death Benefit Agreement (ABA)

This optional rider will give the option to take accelerated benefits if the insured has a life expectancy of 12 months of less resulting from a terminal illness or accident. The maximum living benefits that can be taken early is 75% of the policy face amount.

The death benefit will be reduced by the amount of living benefits received.

Family Term Agreement-Children

Similar to other child riders, this option provides for level term coverage for all children in the household, born/unborn, stepchild, or adopted. Age of eligibility is 14 days through 17 years. Coverage with the rider may stay in effect until the policy anniversary after the child's 25th birthday.

Child policies may be converted to a permanent policy up until age 25. Newly converted policy can be no more than 5x the original base amount of the children term policy.

Waiver of Premium Agreement for Disability (WPD)

Waiver of Premium rider provides for the payment of policy premiums in the event of a total disability. The disability must be a result of an accidental injury or disease the prevents the insured from performing employment duties. The WPD rider is valid up to age 60 of the insured.


Sample No Medical Exam Life Insurance Premiums

38-year-old male at Standard health class - pricing per month

Coverage Amount10 year20 Year30 year
$100,000$13.46$18.74$27.02
$175,000$20.26$29.50$43.98
$250,000$21.12$32.12$60.94

38-year-old female at Standard health class - pricing per month

Coverage Amount10 year20 Year30 year
$100,000$12.06$15.49$22.09
$150,000$15.88$21.03$31.86
$250,000$17.60$27.06$45.76

Company Info - Minnesota Life

A.M. Best rating: A+Minnesota life insurance company logo

S&P Rating: A+

BBB: A-

Address:

400 Robert St. N.
St. Paul, MN 55101

Phone: (651) 665-3500

About:

"We help people and businesses achieve financial security for the long run.

Securian takes a long-term approach to insurance, investment, and retirement solutions through our affiliates, including Minnesota Life – a respected presence in the insurance and financial services industry for more than a century."


New York Life

Lenient underwriting Good conversion options Under $100,000

Product Name: Simplified Term Life InsuranceNew York Life Insurance company logo
Product Type: Term
Term Length (years): Annually renewable up to age 80
Coverage Amounts: $10,000 to $100,000
Issue Ages: 30 to 74

LightbulbOur Advice: New York Life is an extremely well-known company but for no exam coverage, you can probably do better. The strength of their company is tough to beat so if that is a big concern, they are worth looking at. The simplified issue term coverage is an ART (Annually Renewable Term) that increases each in every 5 years. The high price of premiums and low maximum coverage amount do not make it a very popular choice in the no medical exam arena.

Pros: 

  • Issued up to age 74 which is higher than most other non-med carriers
  • Top ratings by all the major agencies show the strength and solvency of the company
  • Simple application process with only 3 questions
  • Able to convert to permanent policy up to age 80, higher than most

Cons:

  • Very low maximum coverage amount of $100,000
  • Premiums pricing is very high compared to other non-med carriers
  • Approval process is long for no exam coverage

Underwriting and Approval Process

  • Electronic application submission available

Underwriting will ALWAYS look at:

  • MVR - Motor vehicle report (your driving history)
  • RX - Prescription database check (shows what prescription drugs you've taken)
  • MIB - Medical insurance bureau (previous life insurance denials/approvals)

Underwriting MAY look at:

  • Doctor's records - Will sometimes be ordered depending on age of applicant

3 question application:

You will be asked the below 3 questions. Answering "No" to any of them is a likely decline for no exam coverage. You will still have the option to go through the regular underwriting process.

  1. In the past 2 years, have you had treatment or medication for or been diagnosed by a doctor as having heart trouble, stroke, cancer, lung disease, diabetes requiring insulin, drug or alcohol abuse, liver or kidney disease, AIDS, AIDS Related Complex or immune system disorder?
  2. In the past 2 years, for any condition, have you been admitted to or confined in a hospital, nursing home, extended care or special treatment facility?
  3. In the past 3 months, have you been advised by a doctor or had treatment, medication or diagnostic tests of any type? (Note: You are not required to report any HIV or negative AIDS tests.)

yellow wall clock, several minutes before 12Fastest Decision: 2 weeks

Slowest Decision: 4 weeks


Conversion to Permanent Insurance

Conversion options (included at NO cost):

New York Life allows this policy to be converted up until the policy anniversary following the 80th birthday of the insured. This is a little higher than competing non-med products.

The policy may be converted without any proof of insurability and regardless of any health conditions you may have developed.


Riders to Customize Your Policy

New York Life does NOT offer any riders with their simplified issue term insurance.


Sample No Exam Life Insurance Quotes - New York Life

New York Life's no exam policy does NOT have set term lengths. It is annually renewable following the below rate schedule. Your initial premium will be based on your age at the time of policy issue. Your premiums increase as you enter a new 5 year age band. (pricing below per month)

Women

Life insurance premium chart for New York life no exam policy - Women's rates

Men

New York Life insurance company no exam rate table for men

 Source: www.nylexpress.com

Company Info

A.M. Best rating: A++New York Life Insurance company logo

S&P Rating: AA+

BBB: B+

Address:

51 Madison Ave.
New York, NY 10100

Phone: (212) 576-7000

About:

"New York Life’s mission is to provide financial security and peace of mind through our insurance, annuity and investment products and services.

By continuing to be a mutual company, we are uniquely aligned with our customers. By maintaining superior financial strength, we protect their future. By acting with integrity and humanity, we earn their trust and loyalty.

Every decision we make, every action we take has one overriding purpose: To be here when our customers need us.

That is why we call ourselves The Company You Keep."


The Cincinnati Life Insurance Company

Low premiums Lenient underwriting Good conversion options Under $100,000

Product Name: LifeHorizons TermsetterCincinnati life insurance company logo
Product Type: Term
Term Length (years): 10, 15, 20, 25, 30
Coverage Amounts: $25,000 to $99,999
Issue Ages: 18 to 60

LightbulbOur Advice: Cincinnati Life Insurance company continually receives praise and awards for their commitment to customer service and ethical practices. This is reflected in their A+ rating from the Better Business Bureau.

Death benefit maximums are lower than most companies but if you need under $100,000 in coverage, their pricing is excellent at the Standard health class.

Pros:

  • Aggressively priced rates for under $100,000 in coverage, some of the best around
  • One of a few companies that consider tobacco chewers as non-smokers.
  • Often praised for superior customer service

Cons:

  • Low maximum death benefit
  • Long approval and decision times
  • Standard health class is highest available
  • Non-med only available to age 60

Underwriting and Approval Process

  • Electronic application submission available

Underwriting will ALWAYS look at:

  • MVR - Motor vehicle report (driving record)
  • RX - Prescription database check (pharmacy report showing drugs you've taken)
  • MIB - Medical insurance bureau (previous life insurance denials/approvals)
  • Doctor's records

Underwriting MAY look at:

  • Telephone interview - Rarely. If needed to clarify a specific health issue from your records.

yellow wall clock, several minutes before 12Fastest Decision: 2 weeks

Slowest Decision: 8 weeks


Conversion to Permanent Insurance

Conversion options (included at NO cost):

Cinncinatti Life allows you to convert to a permanent policy before the age of 70. No further proof of insurability is needed at conversion time.


Riders to Customize Your Policy

Available riders included at NO additional cost:

Accelerated Death Benefit Rider

Included rider allows for living benefits to be taken when the insured is diagnosed with a terminal illness and given less than 24 months to live. Many companies require 12 months or less to live so this is a nice addition.

You may take up to 50% of the death benefit or a maximum of $250,000.

The death benefit will be reduced by the amount of living benefits received.

Available riders WITH additional cost:

Children's Insurance Rider

Optional rider gives term insurance coverage for all children in the household (both current and future) under one rider payment. Coverage on the children lasts up until age 25 and has a maximum amount of $20,000.

Waiver of Premium Rider

If the insured becomes completely disabled for 4 consecutive months, this rider will make their premium payments keeping the policy active and in force.

Accidental Death Benefit Rider

The additional death benefit will be paid to the beneficiary if the insured dies from an accident.


Sample No Exam Life Insurance Rates - Cincinnati Life

40-year-old male at Standard health class - pricing per month

Coverage Amount10 year20 Year30 year
$25,000$9.42$10.78$13.84
$50,000$12.23$14.96$21.08
$75,000$15.05$19.14$28.31

40-year-old female at Standard health class - pricing per month

Coverage Amount10 year20 Year30 year
$25,000$8.93$9.86$11.95
$50,000$11.26$13.11$17.29
$75,000$13.60$16.37$22.64

Company Info

A.M. Best rating: ACincinnati life insurance company logo

S&P Rating: A+

BBB: A+

Address:

6200 S. Gilmore Road
Fairfield, OH 45014-5141

Phone: (513) 870-2000

About:

" In 1950, four independent insurance agents formed The Cincinnati Insurance Company. Their dedication and commitment to the independent agency system remains our mission as we keep agents at the center of our identity.

We believe that locally based agents have the relationships in their communities that lead to satisfied, loyal policyholders. We complement the service you receive from your local agent by employing local field representatives who are supported by associates at our headquarters in Fairfield, Ohio. These empowered field representatives take action to respond to agents and policyholders quickly and personally.

Our parent company, Cincinnati Financial Corporation, operates through a family of insurance and financial services subsidiaries including The Cincinnati Insurance Company which itself has four insurance subsidiaries. Together, The Cincinnati Insurance Company and its subsidiaries are among the nation's top 25 property casualty insurer groups, based on 2015 net written premiums. Four independent insurance financial strength rating agencies acknowledge our ability to meet financial obligations to policyholders.

We believe it's important to act ethically, treating people the way we would want to be treated. In recognition of those efforts, Cincinnati Financial Corporation ranks among America's 50 Most Trustworthy Financial Companies in 2015. This Marks the fifth consecutive time Forbes has recognized Cincinnati Financial for trustworthiness.

Our financial strength, stability, and ethical approach allow us to better serve agents, help people recover financially after losses and build value for shareholders."


Banner Life

Low premiums Fast approval Good conversion options Under $100,000 $101,000 to $400,000 $401,000+

Product Name:  Banner OPTermBanner Life Insurance company logo
Product Type: Term insurance
Term Length (years): 10, 15, 20, 25, 30
Coverage Amounts: $100,000 to $500,000
Issue Ages: 20 to 50

LightbulbOur Advice: Banner is known for some of the most competitive rates in the market. In May 2016, they began offering their standard OPTerm products without a medical exam for the top 3 health classes with their APPcelerate program. This was designed to give quicker approvals to qualified applicants.

However, this is NOT a stated non-medical exam policy, it just might be for certain people depending on what the underwriters say.

Pros: 

  • Some of the lowest rates in the industry for many ages and health classes.
  • Quick approval process

Cons:

  • May need to take a medical exam. Will not know until you are in the process.
  • Low maximum age of 50 for new policies.
  • Only available for Preferred Plus, Preferred, and Standard Plus health ratings.

Underwriting and Approval Process

  • Electronic application submission available

Underwriting will ALWAYS look at:

  • MVR - Motor vehicle report (driving history showing DUI, reckless driving, etc)
  • RX - Prescription database check (will show any drugs you have been prescribed)
  • MIB - Medical insurance bureau (previous life insurance denials/approvals)

Underwriting MAY look at:

  • Medical exam - A good percentage of applicants will need to take an exam.
  • Doctor's records -This will depend on health and age of the applicant.
  • Telephone interview - Dependent on health issues that may require more information.

yellow wall clock, several minutes before 12Fastest Decisiona few hours (if no exam required)

Slowest Decision: 6 weeks (if medical exam and full underwriting required)


Conversion to Permanent Insurance

Conversion options (included at NO cost):

May be converted to a permanent policy for the entire initial guaranteed level term period or up to age 70, whichever comes earlier.

Evidence of insurability is NOT required at time of conversion.


Riders to Customize Your Policy

Available riders included at NO additional cost:

Accelerated Death Benefit

An accelerated death benefit is payable if the insured is diagnosed with a qualifying terminal illness. Benefit payments are the lesser of $500,000 or 75% of the policy's primary death benefit.

If accelerated benefits are taken, these are considered a loan with interest.

The death benefit will be reduced by the amount of living benefits received.

Available riders WITH additional cost:

Waiver of Premium

Banner will waive all premiums if the insured becomes totally disabled. In order to take advantage of this waiver, the following conditions must be met:

  1. Proof is provided of total disability
  2. Total disability must exist for a minimum of 6 months

Additional Term Riders

Additional term riders are a way of providing more coverage for set amount of time. This is also sometimes known as "laddering" of policies. In this case, you do not need a separate policy but rather attach an additional term rider(s) for the needed coverage.

For example: On a base 20-year term, you might add a 10-year term rider to provide extra coverage while your children are in college. After 10 years, the rider ends and you continue on with the remaining time left on the base policy.

Children's Rider

Provides a small amount of life insurance coverage to the children in the household. One single rider will cover all eligible children up to the EARLIER of:

  • Child's 25th birthday
  • Insured's 65th birthday
  • Policy termination

Sample No Exam Term Life Insurance Quotes - Banner Life

38-year-old male at Preferred health class - pricing per month

Coverage Amount10 year20 Year30 year
$100,000$11.64$12.51$18.90
$250,000$15.75$20.45$31.47
$500,000$24.94$34.94$56.37

38-year-old female at Preferred health class - pricing per month

Coverage Amount10 year20 Year30 year
$100,000$8.50$11.11$15.31
$250,000$12.69$18.08$26.43
$500,000$19.69$30.12$46.29

Company Info

A.M. Best rating: A+Banner Life Insurance company logo

S&P Rating: AA-

BBB: A+

Address:

3275 Bennett Creek Avenue
Frederick, Maryland 21704

Phone: (301) 279-4800

About:

"In 1836, six respected lawyers met in a London coffee house where life insurance was the topic of discussion. They decided to form an association under the chairmanship of John Adams which was eventually named Legal & General Life Assurance Society. Those founders had the same attitudes toward innovation and risk taking as those which characterize the Legal & General Group today. The financial skills of those six lawyers laid the foundation for L&G’s worldwide business.

With its headquarters still in London, Legal & General has expanded its presence outside of the United Kingdom. It has operations in the United States, France, the Netherlands, India and the Gulf. Legal & General is a leading provider of risk, savings and investment management products in the UK. Its long history not only gives it credibility but it demonstrates the company's experience in every kind of economic climate. It currently has over 10 million customers for its life insurance, pensions, investments and general insurance plans."


SBLI

Low premiums Fast approval Lenient underwriting Good conversion options Under $100,000 $101,000 to $400,000 $401,000+ Simple Life Insure's Favorite

Product Name:  Guaranteed Level Premium TermSBLI no exam life insurance company logo
Product Type: Term Insurance
Term Length (years): 10, 15, 20, 25, 30
Coverage Amounts: $100,000 to $500,000
Issue Ages: 18 to 60

LightbulbOur Advice: In June of 2016, SBLI made some serious improvements to their no exam offerings. They now boast some of the lowest no exam premiums with the full range of health classes and high coverage amounts.

SBLI is definitely a top no exam company that should be strongly considered.

Pros: 

  • All health classes available
  • Low premiums, very competitive against other no exam companies
  • Fast approval process

Cons:

  • Maximum application age of 60 is lower than competitors

Underwriting and Approval Process

  • Electronic application submission available

Underwriting will ALWAYS look at:

  • MVR - Motor vehicle report (driving record history)
  • RX - Prescription database check (aka Pharmacy Report)
  • MIB - Medical insurance bureau (previous life insurance denials/approvals)
  • FCRA - Fair Credit Reporting Agency (credit bureau)

Underwriting MAY look at:

  • Doctor's records -This will depend on health and age of the applicant.
  • Telephone interview - Dependent on health issues that may require more information.

yellow wall clock, several minutes before 12Fastest Decision1 day

Slowest Decision: Up to 30 days if medical records need to be ordered and reviewed.


Conversion to Permanent Insurance

Conversion options (included at NO cost):

No exam policies can be converted to a level premium whole life or a universal life policy before the earlier of age 70 or end of the initial level term period.

No new proof of insurability is required at the conversion time.


Riders to Customize Your Policy

Available riders included at NO additional cost:

Accelerated Death Benefits

If the insured is diagnosed with a terminal illness, a portion of the death benefit may be accessed early.

The death benefit will be reduced by the amount of living benefits received.

Available riders WITH additional cost:

Children's Level Term Rider

Up to $25,000 of coverage for all eligible children in the household. Currently priced around $6 per month. One rider payment will cover multiple children.

Waiver of Premium

Coverage will be continued without having to pay premiums if the insured becomes totally disabled.


Sample No Medical Exam Term Life Insurance Quotes - SBLI 

42-year-old male at Standard Plus health class - pricing per month

Coverage Amount10 year20 Year30 year
$150,000$19.43$29.71$45.88
$350,000$33.03$48.89$82.14
$500,000$39.88$65.32$111.03

39-year-old female at Standard Plus health class - pricing per month

Coverage Amount10 year20 Year30 year
$150,000$15.05$21.62$30.12
$350,000$24.40$34.79$50.03
$500,000$26.88$42.92$66.39

Company Info

A.M. Best rating: A+SBLI no exam life insurance company logo

S&P Rating: A-

BBB: A+

Address:

One Linscott Road
Woburn, MA 01801

Phone: (781) 938-3500

About:

"SBLI (Savings Bank Life Insurance) was founded in 1907 by future Supreme Court Chief Justice Louis Brandeis. Through savings banks, Brandeis wanted to give families a low-cost, trustworthy alternative for life insurance at a time of distrust in the insurance industry. While SBLI has grown into one of the nation’s leading life insurance companies, Brandeis’ founding mission remains: to offer affordable, dependable life insurance to all who need it.

Affordable

SBLI has always offered some of the lowest rates in the country. In fact, you could save hundreds of dollars with us versus other insurers over the length of your policy.

Dependable

Thanks to a responsible investment approach and efficient business practices, SBLI has earned impressive ratings for financial strength, so policyholders know we will be there when their families need us most.

No Nonsense

Protecting your family with life insurance is one of your most important financial decisions. That doesn’t mean it should be difficult. We pride ourselves on making life insurance easy by removing the nonsense and confusing jargon from the purchase process."


Phoenix Life Insurance Company - Safe Harbor Term Life Express

Fast approval Lenient underwriting Good conversion options Good riders and policy customizations Under $100,000 $101,000 to $400,000

Product Name:  Safe Harbor Term Life ExpressPhoenix life insurance company logo
Product Type: Term insurance
Term Length (years): 10, 15, 20, 30
Coverage Amounts: $25,000 to $400,000
Issue Ages: 18 to 80

LightbulbOur Advice: Phoenix life insurance company does have a B rating which we typically don't recommend. However, there are some unique strengths about their no medical exam offerings that make it worth considering. The included riders are excellent and the underwriting is on the lenient side of things.

If you need more than $50,000 in coverage, we suggest considering the other Safe Harbor no exam product. The rates are substantially lower and in return you only have to agree to your medical records being reviewed.

Pros: 

  • Can apply up to age 80 for 100k in coverage
  • Lenient underwriting for some medical conditions
  • Excellent included riders in base policy, some of the best on the market
  • Living benefits riders pay up to 95% of base policy, higher than most companies

Cons:

  • B rated life insurance company
  • Standard and Standard Tobacco are highest health classes available.
  • Cost is high for many age brackets

Underwriting and Approval Process

  • Electronic application submission available

Underwriting will ALWAYS look at:

  • MVR - Motor vehicle report (driving history including speeding tickets)
  • RX - Prescription database check (record of any prescription drugs you took)
  • MIB - Medical insurance bureau (previous life insurance denials/approvals)

Underwriting MAY look at:

  • Nothing else. You are either approved or denied, all electronically and within minutes.

yellow wall clock, several minutes before 12Fastest Decisionminutes

Slowest Decision: minutes


Conversion to Permanent Insurance

Conversion options (included at NO cost):

Convertible to a permanent policy at same underwriting class without having to prove health. Full and partial conversions are permitted.

The amount of time allowed to convert your policy will depend upon the length of the initial term purchased.

  • 10-Year Term: Convertible in the first 5 policy years
  • 15-Year Term: Convertible in the first 7 policy years
  • 20-Year Term: Convertible in the first 10 policy years
  • 30-Year Term: Convertible in the first 10 policy years

Riders to Customize Your Policy

Available riders included at NO additional cost:

Critical Illness Rider

If insured experiences or is diagnosed with any of the following conditions, may take up to 95% of policy amount as living benefits. The minimum acceleration amount is $5,000.

  • Heart attack
  • Stroke
  • Cancer
  • Kidney failure
  • Major organ transplant
  • ALS

Chronic Illness Rider

If unable to perform at least 2 of the 6 activities of daily living, insured may take living benefits up to 95% of the policy face amount. The impairment must last longer than 90 days to qualify. The insured may take this election more than once but no more than one time in a calendar year.

Terminal Illness Rider

Insured must be diagnosed as terminally ill with a life expectancy of less than 12 months. May take livings benefits up to 95% of policy face amount.

The death benefit will be reduced by the amount of living benefits received.

Unemployment Rider

Automatically included for issue ages 18-60. The unemployment rider will pay 6 months of premium if the insured becomes unemployed for at least 4 weeks.

The rider must be elected within 90 days of qualification. Must be receiving state or federal unemployment benefits to qualify. This is a one-time election.

Available riders WITH additional cost:

Accidental Death Benefit Rider

The beneficiary will receive additional death benefit should the insured die from a covered accident. Rider must be elected at time of issue.

Must be under age 65 at time of issue to take this rider. Automatically terminates when insured reaches age 70.


Sample No Medical Exam Life Insurance Quotes - Phoenix

33-year-old male at Standard health class - pricing per month

Coverage Amount10 year20 Year30 year
$25,000$10.25$11.35$12.97
$40,000$12.67$14.43$17.02
$50,000$14.28$16.48$19.72

33-year-old female at Standard health class - pricing per month

Coverage Amount10 year20 Year30 year
$25,000$9.43$10.83$12.45
$40,000$11.36$13.60$16.19
$50,000$12.64$15.45$18.68

Company Info

A.M. Best rating: BPhoenix life insurance company logo

S&P Rating: B+

BBB: A+

Address:

One American Row
PO Box 5056
Hartford, CT 06102-5056

Phone: 1-800-628-1936

About:

"Founded in 1851, The Phoenix Companies, Inc. offers annuities and life insurance designed to meet income and protection needs of families and individuals planning for or living in retirement. Our products are available primarily through independent agents and financial professionals.

Phoenix is a wholly owned subsidiary of Nassau Re. Our corporate headquarters are in Hartford, Connecticut, and we have a customer service center in East Greenbush, New York."


5 Star Life Insurance Company

Fast approval Lenient underwriting Under $100,000 $101,000 to $400,000 Simple Life Insure's Favorite

Product Name:  5 Star Life Insurance - Family Protection Plan 5Star life insurance company logo
Product Type: Term insurance to age 100
Term Length (years): Term to 100 (you do not select a term length)
Coverage Amounts: $10,000 to $150,000
Issue Ages: 18 to 70

LightbulbOur Advice: A unique product in the no exam market, 5 Star offers approval if you can say "No" to 7 questions. There are no other medical records or electronic database checks.

You will pay a little more for this lenient underwriting but the premiums are guaranteed level up to age 100. Approval is immediate but the maximum coverage amount is low. For certain people, this is definitely one to consider.

Pros: 

  • Rate guaranteed not to rise up to age 100
  • 7 questions for application, no additional underwriting or record checks
  • Immediate approval
  • Smokers do not pay higher rates

Cons:

  • Coverage limit of $150,000
  • Higher premiums initially although locked in until age 100

Underwriting and Approval Process

  • Electronic application submission available

7 questions on the application. Must answer "No" to all of them. No additional underwriting.

  • Has Applicant ever applied for and been rejected for life insurance?
  • Has Applicant been hospitalized in the past 90 days?
  • Has 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)?

In the past 5 years, has 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.

yellow wall clock, several minutes before 12Fastest DecisionImmediate

Slowest Decision: Immediate


Conversion to Permanent Insurance

The 5 Star Family Protection Plan does NOT offer a conversion to a permanent policy however it is already sort of a hybrid. As long as you pay the premiums, you are guaranteed to have coverage up to age 100 and your premiums will never rise.


Riders to Customize Your Policy

Available riders included at NO additional cost:

Terminal Illness Rider

Insured may receive up to 30% of the policy death benefit in a lump sum while still living. This is paid out with the diagnosis of a terminal condition that results in an expected lifespan of fewer than 12 months.

The death benefit will be reduced by the amount of living benefits received.

Available riders WITH additional cost:

Spousal Coverage

Ability to add your spouse for additional coverage under the same policy. Spouse must be able to answer same 7 medical questions.

Child and Grandchild coverage

Smaller policies up to $20,000 available for children and grandchildren.


Sample No Exam Life Insurance Quotes - 5 Star

A few important things to understand about the 5 Star no exam rates:

  1. Premiums are the same for men and women.
  2. Premiums are the same whether you use tobacco products or not.
  3. The premiums are guaranteed not to rise up to age 100. The rate you pay the entire time is based on the age you applied, is does NOT increase.
  4. The coverage amount can decrease after 10 years if there is a higher than expected mortality within the group. Thus far, 5 Star has NEVER had to decrease coverage. The structure of the rate table is built in such a way that 5 Star does not expect to decrease coverage in the future.
  5. Your exact rate can be seen using our no medical exam quote tool.
Age on
Application
Date
$50,000$100,000$150,000
21$18.46$32.58$46.71
24$18.46$32.58$46.71
27$18.79$33.25$47.71
30$20.63$36.92$53.21
33$23.54$42.75$61.96
36$27.54$50.75$73.96
39$32.71$61.08$89.46
42$39.54$74.75$109.96
45$47.79$91.25$134.71
48$56.96$109.58$162.21
51$68.25$132.17$196.08
54$84.63$164.92$245.21
57$105.25$206.17$307.08
60$128.08$251.83$375.58
63$154.29$304.25$454.21
66$188.83$373.33$557.83
70$262.67$521.00$779.33

Company Info

A.M. Best rating: A-5Star life insurance company logo

S&P Rating: Not applicable

BBB: A

Address:

909 N Washington St
Alexandria, VA 22314

Phone: (877) 940-7200

About:

"5Star Life Insurance Company (5Star Life), a related enterprise of the Armed Forces Benefit Association (AFBA), is a growing 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. Insurance is sold by 5Star Life contracted independent brokers/producers committed to offering insurance products customized to fit the needs of their clients.

Unlike many large companies in the life insurance industry, 5Star Life does not try to be everything to all people. You can feel comfortable you are working with a niche player with years of experience and happy to be focused on a few target markets with products and services designed around the needs of those markets.

You can be assured of our financial stability and know we will be here to keep our promise and pay claims when the time comes. Our corporate strategy focuses on ensuring measured, profitable growth that enables us to be sustainable over the long term. 5Star Life is rated A- Excellent by A.M. Best* and among life insurance companies our size and scope, we are one of the highest rated. According to a 2016 Independent Comparative Report, 5Star Life exceeds life insurance industry averages in liquidity ratio, net premiums to capital, capital and surplus to liabilities, percent of investment portfolio rated investment grade.**

Founded in 1996, today 5Star Life insures over 800,000 lives with $41.8B insurance in force. We strive to provide a flexible business model that enables us to serve the needs of our diverse clientele — an insurance advisor to individuals and organizations, and a valued partner to brokers.

AFBA was established in 1947 with the support of the General of the Army, Dwight D. Eisenhower, to ease the strain on military members and their families during wartime. At that time, service members could not purchase life insurance that would pay a death benefit if the member was killed in a war zone.

From its first offices in the basement of the Pentagon, and for nearly 70 years, AFBA has served the Armed Forces in times of war and peace. Serving those who serve this great nation."


John Hancock SmartProtect Term with Vitality

Fast approval Good conversion options $101,000 to $400,000 $401,000+

Product Name:  SmartProtect Term with VitalityJohn Hancock no exam insurance company logo
Product Type: Term insurance
Term Length (years): 10, 15, 20
Coverage Amounts: $100,000 to $1,000,000
Issue Ages: 20 to 60

LightbulbOur Advice: A product unlike any currently on the market. It requires the insured to be an active participant in their health AFTER getting insured to maintain and achieve lower premiums. By living a healthy life and doing things like getting a flu shot, you accumulate points that can lower your rates.

The initial price of the coverage is on the high side but John Hancock is a very well known name in the industry. The $1,000,000 coverage maximum is 1 of only 2 companies offering this much without taking a medical exam.

Pros: 

  • High coverage limit of $1,000,000
  • Fast underwriting process
  • Allows insured to earn points to get lower rates

Cons:

  • Must be in excellent health to be approved
  • Priced higher than competitive no exam options

Underwriting and Approval Process

  • Electronic application submission available

Underwriting will ALWAYS look at:

  • MVR - Motor vehicle report (driving record-DUI, reckless driving, speeding tickets, etc)
  • RX - Prescription database check (shows any drugs you have been prescribed)
  • MIB - Medical insurance bureau (previous life insurance denials/approvals)

Underwriting MAY look at:

  • Doctor's records -Dependent on health of insured applying

yellow wall clock, several minutes before 12Fastest Decision2 days

Slowest Decision: 1 week


Conversion to Permanent Insurance

Conversion options (included at NO cost):

Allows for conversion to a John Hancock permanent policy after the 1st policy anniversary but no later than the 10th policy anniversary.


Riders to Customize Your Policy

Available riders WITH additional cost:

Accelerated Benefit Rider:

If the insured is diagnosed with a terminal illness, a percentage of the death benefit can be taken early, while still living.

The death benefit will be reduced by the amount of living benefits received.


Sample No Exam Term Life Insurance Quotes - John Hancock

The John Hancock Vitality term has a few moving parts and as such, is not available in our quoting tool and is difficult to provide accurate sample rates.

The premium you will pay is based upon the level in the program you obtain, Bronze, Silver, Gold, Platinum. Those that earn points and stick with the program can move up to Platinum level which means the best (lowest) possible rates. You can also, however, be moved down in levels if you do not stick with the program. This brings a rate increase down.

Contact our office to discuss this program further and receive a custom quote.


Company Info

A.M. Best rating: A+John Hancock no exam insurance company logo

S&P Rating: AA -

BBB: A+

Address:

197 Clarendon Street
Boston, MA 02116

Phone: (617) 572-6000

About:

"With a proud history of more than 150 years, John Hancock empowers people to feel confident about the future by providing innovative insurance products that protect their loved ones, grow their savings, and preserve their wealth.

John Hancock:

  • Provides solutions to more than 3.5 million policyholders
  • Delivers on its promises with over $2.3 billion in claims paid annually
  • Has financial strength ratings that are among the highest in the industry
  • Offers a wide range of products through an extensive network of agents, brokers and financial planners across the U.S."

American Amicable

Lenient underwriting Good conversion options Good riders and policy customizations Under $100,000 $101,000 to $400,000 Simple Life Insure's Favorite

Product Name: Term Made SimpleAmerican Amicable insurance company logo
Product Type: Term insurance
Term Length (years): 10, 15, 20, 30
Coverage Amounts: $50,000 to $400,000
Issue Ages: 18 to 75

LightbulbOur Advice: A well-rounded product worth considering. Contains excellent living benefits and ability to renew up to age 95 which is higher than most policies. Conversion rights up to age 75 also higher than many. There are cheaper options out there but American Amicable does offer some very nice value for your money in their no exam product.

Pros: 

  • Renewable up to age 95
  • Excellent riders and policy customizations

Cons:

  • Priced a little higher than other non-med companies
  • Standard is the highest health class offerred

Underwriting and Approval Process

  • Electronic application submission available

Underwriting will ALWAYS look at:

  • MVR - Motor vehicle report (how safe a driver are you?)
  • RX - Prescription database check (what prescription drugs have you taken?)
  • MIB - Medical insurance bureau (previous life insurance denials/approvals)

Underwriting MAY look at:

  • Doctor's records -This will depend on health and age of the applicant.
  • Telephone interview - Dependent on health issues that may require more information.

yellow wall clock, several minutes before 12Fastest DecisionSeveral days

Slowest Decision: 15 days


Conversion to Permanent Insurance

Conversion options (included at NO cost):

May be converted to a permanent plan on or before the EARLIER of:

  • Initial term expiry date
  • Policy anniversary after insured turns age 75
  • Within 5 years from the policy date if after age 75 birthday

New evidence of insurability will NOT be required to convert. The face amount of the new policy may not exceed the face amount of the original policy.


Riders to Customize Your Policy

Available riders included at NO additional cost:

Terminal Illness Accelerated Benefit Rider

Receive up to 100% of the policy face amount if you are diagnosed as terminally ill with a life expectancy less than 12-24 months (depending on state of residence)

Accelerated Benefits Rider - Confined Care

If confined to a nursing homes at 30 days after the policy is issued, can receive a monthly benefit. The monthly benefit is 2.5% of the face amount up to a maximum of $5,000 per month.

Chronic Illness Accelerated Benefit Rider

This rider provides for the ability to accelerate a portion of the death benefit early. A certified physician must declare that you are unable to perform at least 2 of the 6 activities of daily living (ADL's).

Available riders WITH additional cost:

Accidental Death Benefit

Provides additional death benefit amount to the beneficiary if the insured dies from an accidental cause.

Accelerated Living Benefit Rider

If diagnosed with a qualifying critical illness, death benefits may be accelerated and used while living.  This benefit has options to be purchased at 25%, 50%, or 100% acceleration of the base policy face amount. Living benefits may not exceed $100,000.

The death benefit will be reduced by the amount of living benefits received.

Children's Insurance Agreement

Provides for up to $15,000 of insurance coverage for each child in the household. Coverage remains in effect up to age 25 of the child at which point it may be converted into a new individual policy. The new policy can be up to 5 times the initial rider coverage without the need to proof insurability.

Total Disability Benefit Rider

This rider can provide income protection during a period of disability. Can pay up to $1,500 in monthly benefits for a maximum of 2 years.

Waiver of Premium Rider

The insurance company will waive your premiums if you become totally and permanently disabled. Allows for coverage to remain in force during the time of disability when you may have trouble paying the premium.

Waiver of Premium Rider for Unemployment Rider

American Amicable will waive your premium payments for the base policy and all riders for up to 6 months if you become unemployed. Unemployment must last for 4 weeks before you become eligible to use this rider.


Sample No Medical Exam Life Insurance Quotes 

42-year-old male at Standard health class - pricing per month

Coverage Amount10 year20 Year30 year
$100,000$21.96$30.24$40.59
$250,000$43.65$65.25$90.23
$400,000$66.06$100.62$140.58

38-year-old female at Standard health class - pricing per month

Coverage Amount10 year20 Year30 year
$100,000$15.93$18.72$25.02
$250,000$27.45$37.13$52.20
$400,000$40.14$55.62$79.74

Company Info

A.M. Best rating: AAmerican Amicable insurance company logo

S&P Rating: N/A

BBB: A+

Address:

425 Austin Avenue
Waco, TX 76701

Phone: 800-736-7311

About:

"Tracing its roots back to 1910, American-Amicable Life Insurance Company of Texas is a progressive special markets insurer. The Company offers innovative life insurance and annuity products developed to target the individual needs of protection, wealth creation, and estate preservation.

The Company continues to grow and prosper and has consistently maintained a solid financial position. American-Amicable Life Insurance Company of Texas is a part of the American-Amicable Group, which was acquired by Industrial Alliance Insurance and Financial Services, Inc. in 2010.

 Historically anchored on a foundation of financial integrity, responsible management, and a strong commitment to every policyholder, American-Amicable Life Insurance Company of Texas looks to the future with great enthusiasm."


Phoenix Life Insurance Company - Safe Harbor Term Low Band

Fast approval Lenient underwriting Good conversion options Good riders and policy customizations Under $100,000 $101,000 to $400,000 $401,000+ Simple Life Insure's Favorite

Product Name:  Safe Harbor Term Low BandPhoenix life insurance company logo
Product Type: Term insurance
Term Length (years): 10, 15, 20, 30
Coverage Amounts: $50,000 to $500,000
Issue Ages: 18 to 80

LightbulbOur Advice: This is 1 of 2 non-med products that Safe Harbor offers. Their products have excellent included riders as living benefits. They are a B-rated company unlike the majority we deal with.

If having the security of being able to access most of the death benefit should you suffer a critical illness is important, then Safe Harbor is one to consider. Pricing is excellent for some ages and coverage amounts and expensive for others.

Pros: 

  • Coverage available for applicants up to 80 years old
  • Lenient underwriting
  • Included living benefits among the best in the market
  • Will offer substandard table ratings for those with medical issues
  • Under 100k in coverage has very attractive pricing

Cons:

  • B-rated insurance company
  • Over 100k in coverage is priced high

Underwriting and Approval Process

  • Electronic application submission available

Underwriting will ALWAYS look at:

  • MVR - Motor vehicle report (shows driving infractions like DWI and speeding tickets)
  • RX - Prescription database check (pharmacy history of prescribed drugs)
  • MIB - Medical insurance bureau (previous life insurance denials/approvals)

Underwriting MAY look at:

  • Doctor's records - An APS may be ordered depending on the health history of the applicant

yellow wall clock, several minutes before 12Fastest Decisionminutes

Slowest Decision: 1 week


Conversion to Permanent Insurance

Conversion options (included at NO cost):

Convertible to a permanent policy at same underwriting class without having to prove health. Full and partial conversions are permitted.

The amount of time allowed to convert your policy will depend on the length of the initial term purchased.

  • 10-Year Term: Convertible in the first 5 policy years
  • 15-Year Term: Convertible in the first 7 policy years
  • 20-Year Term: Convertible in the first 10 policy years
  • 30-Year Term: Convertible in the first 10 policy years

Riders to Customize Your Policy

Available riders included at NO additional cost:

Critical Illness Rider

If insured experiences or is diagnosed with any of the following conditions, may take up to 95% of policy amount as living benefits. The minimum acceleration amount is $5,000.

  • Heart attack
  • Stroke
  • Cancer
  • Kidney failure
  • Major organ transplant
  • ALS

Chronic Illness Rider

If unable to perform at least 2 of the 6 activities of daily living, insured may take living benefits up to 95% of the policy face amount. The impairment must last longer than 90 days to qualify. The insured may take this election more than once but no more than one time in a calendar year.

Terminal Illness Rider

Insured must be diagnosed as terminally ill with a life expectancy of fewer than 12 months or less. May take livings benefits up to 95% of policy face amount.

The death benefit will be reduced by the amount of living benefits received.

Unemployment Rider

Automatically included for issue ages 18-60. The unemployment rider will pay 6 months of premium if the insured becomes unemployed for at least 4 weeks.

The rider must be elected within 90 days of qualification. Must be receiving state or federal unemployment benefits to qualify. This is a one-time election.

Available riders WITH additional cost:

Accidental Death Benefit Rider

The beneficiary will receive additional death benefit should the insured die from a covered accident. Rider must be elected at time of issue.

Must be under age 65 at the time of issue to take this rider. Automatically terminates when insured reaches age 70.


Sample No Exam Life Insurance Premiums - Phoenix

43-year-old male at Standard health class - pricing per month

Coverage Amount10 year20 Year30 year
$150,000$28.74$42.72$64.98
$300,000$51.26$79.22$123.75
$500,000$81.29$127.90$202.11

43-year-old female at Standard health class - pricing per month

Coverage Amount10 year20 Year30 year
$150,000$24.85$34.43$49.19
$300,000$43.50$62.65$92.17
$500,000$68.35$100.28$149.47

Company Info

A.M. Best rating: BPhoenix life insurance company logo

S&P Rating: B+

BBB: A+

Address:

One American Row
PO Box 5056
Hartford, CT 06102-5056

Phone: 1-800-628-1936

About:

"Founded in 1851, The Phoenix Companies, Inc. offers annuities and life insurance designed to meet income and protection needs of families and individuals planning for or living in retirement. Our products are available primarily through independent agents and financial professionals.

Phoenix is a wholly owned subsidiary of Nassau Re. Our corporate headquarters are in Hartford, Connecticut, and we have a customer service center in East Greenbush, New York."



11 Reasons to Consider a No Exam Life Insurance Policy

11 Reasons to Consider a No Exam Life Insurance Policy

You don't need ALL of the below to apply to you.

But if ANY of these 11 situations sound familiar, you will want to at least consider a no medical exam life insurance policy.

  1. You need coverage in place fastReasons why skipping the medical exam for your life insurance policy makes sense
  2. You haven't seen the doctor in a while
  3. You are afraid of needles, blood, and/or doctors
  4. You are young and healthy
  5. You are just too busy to schedule a medical exam
  6. You have a dangerous job or hobby
  7. You are OK with paying a little more in premiums
  8. You don't need a very large dollar amount of insurance coverage
  9. You are a student or unemployed
  10. You have a high-risk health condition
  11. You are considered "too old" for traditional policies

 

1) You need coverage in place fast

The traditional life insurance underwriting process takes 6-8 weeks on average.

There are several reasons you may not be able to wait that long:

Don't want to wait to protect your loved ones

You don't need any other excuse. Some people just feel more comfortable knowing things are done quickly and taken care of.

Securing an SBA loan

Most SBA loans require the borrower to have a life insurance policy in place before the loan can be funded. If you have a loan already in process or will be applying soon, a non-med policy will satisfy this requirement quickly.

Divorce decree

A divorce settlement will sometimes require one spouse to have life insurance in place on themselves with the former spouse as the beneficiary. Often times the proof of insurance coverage must be given before the divorce is considered final.

Depending on the state of the relationship, this is not something people want to wait around on. A no exam policy can be in place within days and allow the divorce to be finalized without delay.

Income stream advance

If you are selling/assigning the rights to a pension or other structured settlement income stream, the factoring company or purchaser will often require the seller to have a life insurance policy on themselves with the purchaser as the beneficiary. This protects the purchaser from loss if the seller dies before all the assigned payments are made.

Leaving on vacation

Some of our clients are leaving town soon on a vacation but need coverage fast. Scheduling a medical exam and filling out forms just won't work in time before leaving.

What is the quickest no exam coverage available?

If speed is your #1 concern, there are companies that can have you approved in a few short days. These are the fastest in the industry currently.

  • Sagicor - 15 minutes to 24 hoursfastest approval times for no exam life insurance companies
  • Metlife - within 24 hours
  • National Life Group - Same day to 72 hours
  • Fidelity Life - 24 to 72 hours
  • Sagicor - 10 minutes to 24 hours
  • Principal - 48 hours if qualify for AUP program
  • Phoenix Life Insurance Company - immediate/same day
  • 5 Star - immediate

In addition to these simplified issue policies, most guaranteed issue and graded death benefit policies can be approved very quickly. See our comparison to learn which type is best for you.


2) You haven't seen the doctor in a while

This one is very important.

It can greatly impact the rates you pay or even be the difference between an approval and a denial of life insurance.

If you have not been to the doctor for more than 2 years, you MUST seriously consider applying for a no exam policy first. Often times people applying for life insurance will THINK they are in excellent health yet be unaware of recent changes that don't show up until the lab results from a paramedical come back.

Even if your last check up gave you a perfectly clean bill of health, how do you know for sure things haven't changed a bit?

A small change in what is on your medical exam results can mean higher life insurance rates

The answer: You don't

Here is how things work...

A small change for the worse in any of the levels that are checked on a medical exam can mean higher rates. You may THINK you are still in excellent health but since you haven't been to the doctor in a few years, any of the following may have changed:

You could also show a little bit of extra protein in your urine. This can be normal and fluctuates. But it can also be a sign of kidney disease. This is a possible denial of your application or best case, you are paying higher premiums to account for the risk.

So if your levels and health were in good standing a few years ago, why take the chance? For a non-med policy, you are only judged on the most recent information in your records.

To make matters worse

Life insurance companies subscribe to a service called the MIB (Medical Information Bureau). Think of this as a credit bureau for insurance carriers. It was designed to minimize fraud and increase efficiency.

The MIB maintains health and application data on individuals. This is shared with other member insurance companies. Now that you have taken the exam, that information is on record and will be shared on future insurance applications.

Insiders Tip: If you have not been to the doctor in a while, apply for no exam coverage first. After you are approved, you can go through the full underwriting process if you want to try and get a better/lower rate.

If your lab results on the medical exam show something that results in a higher rate, you don't have to accept that policy. You simply keep the non-med one.

BUT...if your exam shows no concerns, and you are still in perfect health, you can always keep that one and cancel the no exam policy.

You can't go back in time if you do it the other way. Once that information about your health is stored in the MIB, it will be available to every other life insurance carrier.

3) You are afraid of needles, blood, and/or doctors

You are not alone.

Trypanophobia may sound funny but it's a real thing affecting 20% of people. The fear of needles not only causes anxiety but causes many people to put off or avoid routine medical procedures. If this is you, a life insurance policy with no physical.

Hemophobia affects about 3% of the adult population. The reactions can range from fear and anxiety to fainting. With a non-med policy, you will NOT have to see any blood.

White Coat Syndrome is the fear of being in a hospital or seeing a doctor. Nobody really enjoys going to the doctor but for around 20% of people, it can cause high levels of stress, fear, and anxiety. Those experiencing white coat syndrome will routinely avoid and delay necessary appointments.

Not only is this an uncomfortable experience for these people, but the trauma it causes them can raise blood pressure levels temporarily. If you are taking a medical exam for the purpose of obtaining life insurance, higher than normal blood pressure readings are NOT a good thing.

Blood pressure levels are one of the top reasons that life insurance applicants receive offers for a lower health class than they were expecting.

What is the answer then?

Consider skipping the medical exam and look into life insurance policies that don't require it.


4) You are young and healthy

You don't HAVE to be young and completely healthy to choose a no exam life insurance policy. These days the options are plentiful for many types of people.

You don't HAVE to be young and completely healthy to choose a no exam life insurance policy

However, if you ARE young and healthy, it is one of many reasons you may want to consider it strongly.

Let me tell you why....

When a life insurance carrier issues a non-med policy, they do so with less information on you than if you were to submit to take a full physical and traditional underwriting period. The statistics say that young people are generally healthier than older people. To account for this additional risk, the premiums for all people increase as we age, no matter the type of policy you are seeking.

Since there is less info available when going the non-med route, the gap between traditional and no exam policies is smaller for those of a younger age.

Let's compare:

The below rates are the lowest available at the Standard health class on a 10-year term.

This illustrates the difference for both a 35-year-old male and a 60-year-old male.

$100,000$200,000
Traditional policy (with medical exam) 35 yrs old$10.49/mo$16.01/mo
No exam policy - 35 yrs old$11.58/mo$17.97/mo
Price difference$1.11/mo$1.96/mo
Traditional policy (with medical exam) 60 yrs old$50.60/mo$96.33/mo
No exam policy - 60 yrs old$54.69/mo$104.20/mo
Price difference$4.09/mo$7.87/mo

5) You are just too busy to schedule a medical exam

You also like convenience, and who doesn't?

Applying for non-med life insurance is MUCH simpler than traditional, fully underwritten policies.

With traditional life insurance, you will need to schedule a time for a paramedical exam. If you are like most people, time is a precious commodity and juggling work, family, friends, etc is all you have time for. Constantly delaying the medical exam is one of the top reasons people don't end up getting the coverage and protection they need.

I hate seeing this.

You've already made the decision you need insurance. Get it done and off your plate, so you don't have to worry about it any longer.

You will also never be as young and healthy as you are today. Rates rise for everyone as we age. Putting things off for another 2 months could mean you are considered 1 year older. You will now pay higher rates across the entire term of insurance you purchase.

In addition to the scheduling aspect, it is suggested that you eat clean and healthy for a couple days prior to the exam. In the 8 hours right before, you should ideally fast. This will allow the natural levels in your body to regulate and not spike abnormally high.

Hint: This would be bad for your application.

Quite simply, you just may not want to deal with all that. Well.... then a no medical exam policy may be very interesting to you

Once you apply, you just sit back and wait for the decision. This can be in as little as a few minutes depending on which insurance company you apply with.


 

6) You have a dangerous job or hobby

Traditional life insurance underwriters will ask questions about your occupation and any potentially risky hobbies such as:

skydiving can affect rates on your no exam life insurance policy

If there is increased risk, you will pay more, sometimes MUCH more depending on the activity and the frequency.

Good news! Some medical exam policies also do NOT ask about your lifestyle, avocations, or job. If they don't ask about it, you can't be penalized (have to pay more).

Each insurance company has their own underwriting guidelines and disclaimers. Please consult a knowledgeable independent insurance broker to determine which company is right for you.


7) You are OK with paying a little more in premiums

If price is your #1 concern, you will always find a lower rate by taking the medical exam.

We do still suggest considering a non-med policy first to secure coverage quickly and then applying for the traditional policy afterward to see if you can do better.

In return for the convenience of the no exam process, insurers do need to charge a little more to account for the extra risk they are taking on. The great news is that today, the cost difference is not nearly what it used to be.

Some insurance companies even offer the EXACT same rates for exam vs no exam policies in certain health classes.

How much more will no exam coverage cost?

This is going to depend on your age, coverage amount needed, and health class. Below are a few examples:


Example #1

Male age 40 in perfect health applying for a 20-year term and $200,000 in coverage.

Lowest no exam policy price available - $16.71 per month

Lowest exam policy price available - $16.71 per month

Difference = $0


Example #2

Female age 50 in average health applying for a 10-year term and $250,000 in coverage.

Lowest no exam policy price available - $37.17 per month

Lowest exam policy price available - $40.53 per month

Difference = $3.36 per month - 9% higher


Example #3

Male age 55 in average health applying for a 10-year term and $500,000 in coverage.

Lowest no exam policy price available - $135.56 per month

Lowest exam policy price available - $142.93 per month

Difference = $7.37 per month - 5% higher


Rates mentioned are subject to change and may not be available to everyone depending on your state of residence and specific health history. Consult a trusted independent broker for up-to-date rates.

Receive a free quote using our tool or get in touch with us to help.


8) You don't need a very large dollar amount of insurance coverage

If you are seeking close to $1 million in coverage or more, non-med policies may not be a good fit. Principal life insurance company will offer up to $1 million in no exam coverage but you must be in excellent health so it's not for everyone.

The highest coverage limits for most no exam policies is $500,000.

You can, however, stack policies from multiple non-med policies with different companies to get higher coverage. There is nothing wrong with doing this.

Work with your independent broker to figure out what is the most cost-effective plan to meet your specific needs.


9) You are a student or unemployed

Your current income is amongst the many questions asked on a typical life insurance application.

Why?

  1. Insurance companies need to be able to justify the amount of coverage you are applying for. If you make $50,000 per year and request a 10 million dollar policy, it doesn't make sense and they can't approve it.
  2. They are a business like any other. If you can't pay the premiums, they would rather not undertake the upfront costs to put your policy in place if it is likely to lapse soon for non-payment of premiums.

Depending on the particular company, your lack of a current income may be an issue with getting approval. People have been flat out denied despite being in excellent health.

The scaled down and simplified application process for non-medical policies will typically NOT be concerned with your income level for most coverage amounts.


10) You have a high-risk health condition

If you have been diagnosed with a high-risk health condition and/or denied previously for traditional life insurance, a certain type of no exam policy may be right for you.

illustration showing high risk medical conditions that have trouble getting life insurance approval

Hooray! You can still get life insurance.

Under the no exam umbrella, there are 2 types of policies that are designed for those who would otherwise be uninsurable. Guaranteed Issue and Graded Death Benefit.

Guaranteed Issue

Is just what it sounds like, you cannot be declined no matter what. No questions are asked. You fill out the application, make your payment and have a policy in place very quickly.

There are, however, low limits on coverage amounts, high premium costs, and a waiting period (usually 2 or 3 years) before the coverage would actually kick in. Basically, if you die in the first 2-3 years, they will return the premiums paid + interest. After the waiting period, the full death benefit will be paid out.

Graded Death Benefit 

Is a "cousin" of Guaranteed Issue. There are a few questions that will be asked. As long as you can answer "NO" to those questions, you are approved. These are questions like:

"Have you been declared terminally ill?"

While still expensive, the premiums will be lower than Guaranteed Issue because you "passed" those few questions. The difference here is that the death benefit will be phased in over the first 2-3 years.

For example, you might see something like this....

  • Year 1 - Death benefit = 25% of policy face amount
  • Year 2 - Death benefit = 50% of policy face amount
  • Year 3 and beyond - Full death benefit paid out

Bottom line: There are always coverage options but they have limitations and/or cost more. Later in this guide, we go into more detail on how to choose which type of no exam policy is right for you.

If you are confused or have questions, we can walk you through it in a quick and easy chat. Just contact us for help.


11) You are considered "too old" for traditional policies

It should not be a shock that generally speaking, people are more unhealthy as they age. For this reason, life insurance carriers charge more if you are older.

There comes a point where most traditional policies will no longer offer insurance. It varies by company but this is typically around 70 years old.

What if I still need life insurance past 70 years old?

There is a type of no exam policy known as Final Expense life insurance. It can also sometimes be referred to as "burial insurance".

These are smaller, whole life policies that are typically intended to cover funeral and other final expenses. There are insurance companies that offer final expense insurance options all the way up through age 89.


Which is Right For Me? The 4 Types of No Exam Life Insurance Policies

Explaining the different types of no exam life insurance policies available  

There are 4 main types of life insurance policies that fall under the "no exam" umbrella.

None of them require a medical exam. However, they are very different from each other and each type fills a specific need.

These policy types are:
  1. Simplified Issue
  2. Guaranteed Issue (also known as Guaranteed Acceptance)
  3. Graded Death Benefit
  4. Final/Burial Expense

1) Simplified Issue

Simplified issue is term life insurance that has been made easier and "simplified". The application, underwriting, and approval process are designed to be much quicker and less painful.

red sign showing simple and complicated options for life insurance without taking an exam

This type of policy has been increasing in popularity and availability over the last few years. Simplified issue term policies are typically exactly the same as their "take the exam" counterparts, you just don't take the medical exam.

How it works:

Insurance carriers permit the easier underwriting process for certain health classes and up to certain coverage limits. There IS still underwriting. You may pay slightly higher costs for the privilege of skipping the exam.

What they check:

  • (Medical Information Bureau) - A database service that records health information from previous life insurance applications.
  • Rx database (Pharmacy Report) - Prescription database telling what medications you have taken.
  • MVR (Motor Vehicle Records) - Your driving record with history of moving violations, DUI/DWI, reckless driving, etc

Depending on the insurance company and the individual applicant, they may issue a decision immediately. Sometimes within minutes.

Other companies will want to do a phone interview and/or request medical records from your doctor to review. You may see this referred to as an APS (Attending Physician Statement).

This lengthens the process but will still be much faster than a traditional policy where you have to schedule and take the medical exam. Then wait for lab results to be analyzed.

Is a good fit for:

  • People in at least average health
  • People needing coverage amounts greater than $50,000

2) Guaranteed Issue 

Everyone is approved. Like the name says, it's guaranteed. Fill out the application, make your first payment, and you are approved for a life insurance policy.

Sounds pretty awesome?

You will pay for this. The premiums are much higher than all other types of life insurance. Since the insurance company literally knows NOTHING about you, they need to charge a much higher rate to takeGuaranteed approval on a no medical exam life insurance policy means higher premiums on the much higher risk.

The rate you pay will be based on your age, gender, and state of residence. Everyone is lumped together and there are no health classes since no health information is known.

How it works:

In addition to the higher premium costs, there is a waiting period. This is typically 2 years. What this means is that if you die in the first 2 years, your beneficiary does NOT receive the death benefit payout.

With ZERO questions or underwriting, the insurer needs a little extra buffer or else you could purchase this policy on your death bed with just days to live. You make 1 premium payment, pass on, and then they are supposed to pay out thousands of $$?

Um no, I don't think so. 

That would never work for a business that is trying to be profitable.

If the insured does die within that waiting period, all premiums that were paid in plus interest are given to the beneficiary.

If the insured dies AFTER the waiting period, the full death benefit is paid as agreed.

What they check:

Nothing. It's guaranteed. There are no health questions.

You must be in a certain age bracket, typically up to age 85 although this can vary depending on which company you apply with.

Is a good fit for: 

  • People that have a serious medical condition that prevents them from getting any other kind of life insurance.
  • People that need a short-term bridge of insurance until they can qualify for a less expensive policy. Examples include waiting for more time to pass after recovery from a heart surgery, serious stroke, or cancer.
  • People that don't need more than $25,000 in coverage.
orange warning sign Always look into Final Expense and Graded Death policies before settling on Guaranteed Issue. If you are able to answer and pass a few health questions, you will get a lower rate.

Guaranteed Issue should be saved as the last resort when you can't qualify for anything else. A good independent broker can help guide you through the options. Contact our office with any questions.


3) Graded Death Benefit

Graded Death Benefit insurance is very similar to  Guaranteed Issue (GI) insurance and often times interchanged.

There are a few significant differences:

A) Some health questions

Typically a graded death benefit policy will have as few as 3-4 questions or as many as 10-12 questions depending on the insurance carrier. In order to be approved, you must "pass" all these questions by answering "No".

Common questions may include:

  • "Do you have AIDS or HIV?"
  • "Are you currently residing in a hospital, hospice or long-term care facility?"
  • "Have you been diagnosed with a terminal illness?"
green money iconEvery company will have slightly different questions. The secret to finding the lowest rate is applying at the one that fits YOUR unique situation.

You want the company that has as many questions that you can say "Yes" to. But without any that disqualify you. We understand the details of each company and their questionnaires. We are able to steer our clients to the lowest rates, EVERY time.

B) Phased in death benefit 

Instead of a complete waiting period that must be exhausted before any death benefits are paid, a graded policy might go something like this:

  • Death in year 1 = 25% of death benefit paid
  • Death in year 2 = 50% of death benefit paid
  • Death in year 3 and beyond = 100% of death benefit paid

Some companies may have 3 years of graded benefits before the full benefit is eligible in year 4.

C) Less expensive

Graded death benefit policies are still very expensive compared to traditional policies. They are however less expensive than guaranteed issue insurance because there are at least SOME health questions for qualification.

D) Higher coverage amount

Graded policies will have a slightly higher cap on coverage amounts than guaranteed issue. Typically $50,000 for Graded vs $25,000 for Guaranteed.


4) Final Expense Insurance

You may see this referred to as "Burial Insurance" or "Senior Life Insurance". They are the same thing.

Final expense insurance has a different coverage objective than all other traditional life insurance. Final expense insurance has a different coverage objective than all other traditional life insuranceRegular life insurance is designed to protect against an early or unexpected death. Final expense coverage is designed to cover the EXPECTED costs associated with death.

This coverage is intended to cover things such as:

  • Burial costs
  • Ceremony costs
  • Final medical bills
  • Small debts

The goal of a final expense policy is to prepare for passing with dignity prevent your loved ones from dealing with the burden of financial stress a death can bring.

The average total cost of a funeral is around $9,000.

How it works:

Final expense policies are small, permanent policies with guaranteed level premiums and a level death benefit.

This means 3 things:

  1. Your premium payment will not rise in the future.
  2. Your death benefit will remain the same.
  3. The policy does not expire. It is permanent and will pay out at death (provided the payments have been kept current).

Unlike Guaranteed Issue or Graded Death Benefit policies, there is typically NOT a waiting period for benefits to take full effect with regular, level final expense policies. If you were to die a week after the policy going into force, the full benefit would be paid out.

Benefits range from a few thousand up to a maximum of $50,000 with most insurance carriers, a few go as high as $100,000. Most final expense policies have a maximum age of issue of 80 to 85. There are however a few companies that will go up as high as 89 years old.

What they check:

  • MIB (Medical Information Bureau) - A database service that records health information from previous life insurance applications.
  • Rx database (Pharmacy Report) - Prescription database telling what medications you have taken.
  • Limited health questions - Must answer "No" to a series of questions about your health history.

Is a good fit for:

  • People who may have some health issues but nothing major
  • People in need of a small coverage amount intended to cover expenses related to their passing

There are 4 different types of no exam life insurance policies

There are 4 different types of no exam policies. These policy types serve different needs while allowing for people of all levels of health to obtain life insurance coverage.

If you need higher levels of coverage and are in at least average health, a simplified issue term plan is likely your best bet.

If you are preparing for your passing and want to cover associated costs, go with a final expense plan.

If you have some fairly serious health issues, look at graded death benefit first. If you can't qualify for a graded, then guaranteed issue is available.

Questions? We are happy to help. Life insurance is our specialty and passion. Any conversation with us is always done with no obligation or pressure. There is no fee to use our service.


No Exam vs Exam: A True Cost Comparison

Explaining the cost increase for no exam life insurance  
Note:

The below comparisons apply only to simplified issue no medical exam life insurance policies. If you are unsure which type of policy is right for you, see our section comparing non-med policy types. Contact us with any questions.

Yes, most people will pay a little more for the convenience of skipping the medical exam.

But I have some good news....

It's not nearly as much as you think if you apply at the right company.

The Wrong Way to Compare No Exam Life Insurance Pricing

There is some information floating around that portrays no exam coverage as MUCH higher than traditional policies. This is due to how it is incorrectly compared.

If you only compare same company vs same company, it can SEEM very expensive. Below we'll take a look at a few major insurance providers.

40-year-old male in average health (Standard health class) 20-year term policy for $250,000.

So yes, there are certainly some companies (big names too) that DO charge much higher rates for no exam life insurance.

The true cost difference between no exam and medical exam life insurance policies

Remember how we said this is NOT the proper way to compare?

 The True Cost Difference Between No Exam and Medical Exam Life Insurance Policies

The only way to truly understand the difference in price is to compare the best (lowest rate) no medical exam policies vs the best ones that DO require taking the traditional exam. These will usually NOT be from the same company.

We did a massive study analyzing thousands of rates across all carriers. What we have found is this:

No exam life insurance is NOT that much more expensive!

The table below shows the average increase in prices for no-exam vs exam life insurance policies for ages 28-60.

Health Rating% Increase RangeAverage % Increase
Preferred Plus Non-Smoker
0% to 9%4%
Preferred Non-Smoker
0% to 13%3%
Standard Plus Non-Smoker0% to 8%3%
Standard Non-Smoker4% to 18%8%
Preferred Smoker7% to 43%18%
Standard Smoker
9% to 27%16%

For reference, below is additional data from this study that includes specific examples.

Rates are all for 20-year level term policies for $250,000 in life insurance coverage. These are the best rates currently available. Rates subject to change. Please consult an independent broker for your custom insurance quote.

Preferred Plus Non-Smoker Health Class 

Preferred Non-Smoker Health Class

Standard Plus Non-Smoker Health Class

Standard Non-Smoker Health Class

Preferred Smoker Health Class

Standard Smoker Health Class

No exam life insurance rates do not cost as much as people think they do

No exam rates are not nearly as high as you may have been led to believe. Working with an independent broker who knows the landscape can help you accurately compare rates and policies that are best for your specific needs and situation.


3 Common Myths About Life Insurance Without the Medical Exam

3 common myths about buying no exam life insurance

Life insurance can be confusing. With that confusion comes common misconceptions.

In talking with clients, we continually run into a few of the same myths:

3 common myths about life insurance without the medical exam
  1. No medical exam means everyone is approved
  2. The price for non-med policies is really high
  3. These are not full or "real" life insurance policies

Let's debunk them and explain....

1) Everyone Is Approved for No Exam Policies - Not True!

Part of this myth stems from the late night TV ads that literally say "everyone is approved".

Most of these ads are for Guaranteed Issue life insurance. This is a type of no exam insurance and it's true, everyone is approved for those policies. HOWEVER, these are but a small portion of the larger no exam umbrella of policies.

Guaranteed Issue policies are smaller (usually max $25,000) and much more expensive. They serve a specific need and are normally meant for those who can't qualify for other types of insurance.

See our comparison of the different types of no exam insurance to figure out what is best for you.

With the exception of these Guaranteed Issue policies, there is still underwriting for no exam life insurance. No exam does NOT = no underwriting.

Yes, you skip the medical exam but there are other things that will be looked at when processing your application. These may include:

  • MIB - Medical Information Bureau
  • MVR - Motor Vehicle Records
  • Rx - Prescription database
  • Possible request of your medical records from your doctor
  • Possible telephone interview

For coverage amounts over $50,000, you must be in decent health to be approved. The majority of these policies don't go lower than the Standard health class which is considered average health.

There is still underwriting for no medical exam policies

While it's true that everyone is approved for some of these policies, you'll need to determine which type is right for you. Most of them do still have underwriting. It is much quicker and does not require undergoing a medical exam.


2) The Price for Non-Med Policies Is Really High - Not True!

This USED to be true, but no longer is.

Lots of the articles and information on this topic are outdated and have not been updated. This continues to perpetuate the myth.

The price for no medical exam life insurance policies is really high - NOT TRUE

The advancements in underwriting and increased competition among life insurance carriers have brought the price of no exam life insurance coverage down significantly in the past few years.

Yes, certain types of non-med coverage such as Guaranteed Issue, are much more expensive. This is because there is no underwriting and anyone is approved.

However...for no exam policies that are simplified issue term insurance, with underwriting, the cost comparison may surprise you.

To be clear: If the price is your #1 concern, you will still find the cheapest rates by going through the full underwriting process and taking the medical exam.

There are now companies that offer the EXACT same rates for no exam insurance as they do for their traditional, fully underwritten policies. This, however, is only for certain health classes.

The more common comparison now has non-medical life insurance only 5% to 20% more expensive. We have done a detailed breakdown in an earlier section of this guide.

Bottom line: No exam life insurance is not as expensive as it used to be

This myth is old news and doesn't reflect the current state of the industry. Many no medical exam policies are only now a little more expensive. It pays to at least take a look at your options and then decide.


3) These Are Not Full Or "Real" Life Insurance Policies - Not True!

We hear this concern often from clients. A medical exam has been part of life insurance for so long that people have a hard time believing you can skip the exam and still get actual or full life insurance coverage. Yes, you can.

Due to the simplified nature, these policies may not have all the available options, bells, and whistles of some other policies. However, at their core, they are absolutely still life insurance policies that pay a death benefit if the insured dies.

life insurance warning - orange warning signAlways consult your trusted life insurance professional and make sure you understand the terms of any coverage you purchase.

Part of the confusion that perpetuates this myth is a type of insurance called Accidental Death and Dismemberment (AD&D). This is life insurance that ONLY pays out if the insured dies in an accident. It will also often pay benefits in the event of a lost limb.

Many life insurance policies have an option to include this as a rider alongside the main policy. This will double or triple the death benefit in the case of accidental death.

However...if you only have an Accidental Death and Dismemberment policy, your beneficiary will NOT receive a dime if you die from natural causes.

Most no medical exam life insurance policies are regular and full policies

You can get true and full life insurance without having to take a medical exam. Please make sure you understand exactly what you are applying for and consult a professional to answer questions.


No Exam Underwriting Process

no exam underwriting process

This section will discuss what to expect in the underwriting process for each type of no exam life insurance.

    1. Simplified Issue
    2. Graded Death Benefit
    3. Guaranteed Issue
    4. Final Expense
If you still need help determining which is right for you, please see our detailed comparison section including charts and everything you will need. Any questions, give us a call or an email.

Simplified Issue

Individual carriers will vary in their underwriting requirements and process. For detailed specifics on each company, please see our individual company profiles including the ability to sort based on your needs and preferences.

Generally speaking, simplified issue life insurance without a medical exam will consist of all or some of the following underwriting steps.

1) Medical Questionnaire

Your application for life insurance will consist of specific questions about your medical history and sometimes that of your family. Since these policies do not rely on the results of a paramedical examination, expect the questionnaire to be rather detailed at many companies.

orange warning signAlways be truthful. Just because there is no medical exam doesn't mean they won't check and verify your information. Through the use of electronic underwriting technology, they WILL be verifying your answers.

If the information you provided is found to be false at a later date, the company can cancel your policy for misrepresentation or fraud. Worst case scenario may result in the insurance company denying a death claim for your loved ones.

"Misrepresentation means that you omitted something that is pertinent to the risk, such as you had cancer and you didn't tell the insurance company," Pokorski says.

"Fraud is more of a contractual attempt to defraud the company. If the death claim occurs within that two-year period, the company may choose to rescind the policy and not pay the claim"

-Dr. Robert Pokorski, chief medical strategist for The Hartford's Individual Life Insurance Division in Woodbury, MN.

The majority of these medical questionnaires can be completed online at the time of application.

2) MIB Database Searchmedical records in the MIB database will be checked during electronic underwriting

MIB stands for the Medical Information Bureau. This is a non-profit cooperative exchange in existence since 1902.

Information from previous insurance applications is stored in the MIB database and used as a cross-reference for future applications. This allows underwriters to quickly be made aware of errors, omissions, and misrepresentations made on insurance applications.

Think of the MIB as a kind of credit bureau for insurance companies. They share information in this system and all benefit from the data and protection it affords them. Any medical history from your previous life or health insurance applications will live in this database. Information uncovered by previous underwriters will also likely be stored here.

A quick MIB check during no exam underwriting allows them to verify if there is additional information that was omitted from the medical questionnaire you submitted. If there is, that will bring on additional questions to get the record straight so the underwriter can make an accurate decision on the application.

3) Rx Database Search

Also known as the "pharmacy database". This electronic check is usually done quickly. Any prescriptions for medications you had filled will be stored in this database.

Prescriptions you currently take or have taken in the past tell a lot about the state of your health. Therefore, they are of significant interest to a life insurance underwriter.

The Rx check will quickly verify the information you submitted on your application. If you said you stopped taking medication for high blood pressure 3 years ago yet the database shows you picked up some last week, expect some red flags to be raised. More questions will likely be coming your way.

4) Motor Vehicle Record

Another electronic database check. The MVR checks your driving record and history.

Underwriters will be looking for major violations such DUI/DWI, reckless driving, and suspensions. They will also be interested in excessive moving violations such as speeding tickets or running red lights.

A poor driving record has been proven statistically to be an indicator of a shortened life expectancy. This is why life insurance underwriters are very interested in how you handle the wheel.

yellow lightbulb icon For many applicants, the no exam underwriting process will be over at this point. A decision can be issued same day and sometimes within minutes depending on the company you apply at.

 

5) Medical Records Review

Depending on the insurance carrier or the individual applicant, a review of medical records may be required, even for a non-med policy.

If a review of your APS (Attending Physician's Statement) is requested, this is NOT necessarily a bad thing. It may just be required to verify or clear up something that allows the underwriter to proceed with your application.

6) Telephone Interviewno-exam-telephone-operator-interview

The telephone interview is also dependent on the particular insurance company and the individual applicant.

If any inconsistencies turn up between the application information and the electronic database checks, the underwriters will need to clarify. The telephone interview can do this.

A typical telephone interview will take 15-20 minutes.

7) Underwriting decision

Once the underwriting process is complete, you will receive one of 3 outcomes:

      1. Approval for life insurance without taking a medical exam at 1 of 6 health classes.
      2. A request to take the medical exam. This is rare in non-med applications. It some cases, there may be certain medical histories that end up requiring an actual exam to be taken. You will have the option to go through with the exam or consult with your independent broker to look at other options.
      3. Denial. There can be many reasons for denials in life insurance applications but they do NOT mean you cannot get insurance coverage. You will need to consider other companies and policy types.

Graded Death Benefit

It's hard to even call this underwriting but there is still a quick "process".

A graded death benefit policy will normally have just a few questions. They call these "knockout" questions. You must pass and answer "NO" to all of them or your application will be "knocked out" and denied.

These questions are intended to figure out if someone is very close to passing away or has a  high probability of dying soon.

Many graded policies will have only 3-4 questions but some will go as high as 10-12. More questions is NOT always a bad thing. If the insurance company knows a little more about you, they feel safer and take on less risk. If they take on less risk, your rates will be lower.

Of course, more questions MAY be a bad thing if they discuss a medical condition you have. A knowledgeable independent broker can help you pick the right company for your situation.

Some of the typical questions include:

  • "Do you have AIDS or HIV?"
  • "Have you been diagnosed with a terminal illness?"
  • "Are you currently residing in a hospital, hospice or long-term care facility?"
Graded death benefits policies have a series of questions you must answer If you can answer "NO" to a handful of questions, you are approved for a Graded Death Benefit policy without taking a medical examination.If you have to answer "YES" to any of the questions, your application is denied. Your best option for life insurance will then be a Guaranteed Issue policy where everyone is approved without any questions.

Guaranteed Issue

The underwriting process is pretty simple because there isn't one.

True and actual Guaranteed Issue life insurance is just that, "guaranteed". There are NO qualifying health questions or a review of your medical history. If you are within the required age limits, you are approved once you make your first premium payment.

This can be done because:

  • The premiums are much higher
  • The coverage limits low
  • 2-3 year waiting period before the death benefits kick in

Final Expense 

Final expense underwriting is pretty quick and simple. It is more stringent than Graded Death Benefit or Guaranteed Issue but MUCH more lenient than Simplified Issue.

Most carriers will go through 3-4 steps. These can happen as quickly as 1 day.

1) Medical QuestionnaireMedical questionnaire sample underwriting questions for no exam life insurance policies

On the application, there will be a series of questions pertaining to your health history. If you answer "No" to any of the questions, you may be directed to a Graded Benefit policy.

Below are sample underwriting questions from several major final expense life insurance providers:

      1. Are you currently hospitalized, bedridden, residing in a nursing home or long-term care facility?
      2. Are you currently waiting for an organ transplant?
      3. Do you have a terminal illness?
      4. In the past 2 years have you been diagnosed with, treated for, advised to receive treatment for cancer?
      5. In the past 2 years have you had or been treated for a heart attack, angina (chest pain), stroke (CVA), transient ischemic attack (TIA), aneurysm, circulatory or blood disorder, heart surgery including bypass or irregular heart rhythm such as atrial fibrillation?
      6. In the past 12 months of you used any illegal drugs or been treated for drug abuse?
      7. Have you ever tested positive for the antibodies to the AIDS (HIV) virus or been medically diagnosed with or received treatment for HIV, Acquired Immune Deficiency Syndrome (AIDS) or AIDS Related Complex (ARC)?
      8. In the past 12 months have you used oxygen to assist in breathing due to a disease or disorder, received kidney dialysis or been diagnosed with, been treated for or advised to receive treatment for kidney failure due to a disease or disorder?
      9. Have you ever been diagnosed with, been treated for or advised to receive treatment for Parkinson’s disease, multiple sclerosis, chronic obstructive pulmonary disease (COPD) including emphysema, chronic asthma, black lung or other chronic respiratory disease?
      10. In the past 5 years, have you been diagnosed with, been treated for, or advised to receive treatment for any mental disorder such as manic or clinical depression, schizophrenia, bipolar disease or post-traumatic stress syndrome?
Underwriting questions and criteria will vary from carrier to carrier. Please consult an independent broker to determine the right company for your specific medical history and situation.

2) MIB Database Search

In the absence of a medical exam, most Final Expense carriers will perform a MIB check. This is the database where information from past insurance applications with other companies is stored.

By sharing this data with other insurance companies, underwriters can quickly spot possible errors and omissions on an application and do further investigation when necessary. The MIB check is done electronically and can be done within a few minutes time.

3) Rx Database 

The prescription database check will tell underwriters what medications an applicant has taken in the past or is currently taking. The drugs you take tell a lot about your health.

This report pulls information from all pharmacies that fulfill prescriptions. The Rx check is done electronically and is extremely fast. Underwriters will want to verify the information on your application about what medications you have taken.

 4) Phone Interview (only with some companies)

Depending on where you apply, some insurance companies will need to do a brief phone interview. This is often only to verify information from your medical questionnaire. If there are any discrepancies that showed up in the electronic MIB or Rx reports, expect to answer questions about these during a phone interview.


Life insurance with no medical exam still does have underwritingThere is still underwriting with no exam life insurance policies. Of the 4 major types of non-med coverage, the underwriting difficulty follows the below order, from easiest to hardest.
      1. Guaranteed Issue (most lenient)
      2. Graded Death Benefit
      3. Final Expense
      4. Simplified Issue (most strict)

Not surprisingly, the cost of premiums goes exactly the opposite way. All of these policy types have their place in the insurance marketplace. Consult a knowledgeable independent broker to figure out what is best for your and your family. 

We are very familiar and experienced with all types of no exam policies. We would be happy to have a no pressure conversation about options with you.


When It Makes Sense to Take the Medical Exam

Situations where you should take the medical exam for life insurance

Let's explore a few situations when it makes sense to take the medical exam:

  1. You regularly smoke cigarettes or use tobacco products
  2. You have a complex or unique medical history
  3. You have a health condition that is considered "high-risk"
  4. The lowest priced premiums are your #1 concern
  5. You are absolutely sure that you are in perfect health

Even if...

you fall under one of the above, you still may want to consider getting a no exam policy first. The risk is low and there is a lot to gain. The no medical policy will go into effect much quicker. Afterward, if you so choose, you can shop around for the absolute lowest rate and see what you qualify for. During this time, you'll be covered.

If you take the exam first, and it uncovers something in your health that you didn't know about, you can't go back. That information is now part of your MIB record. This can prevent you from getting that excellent health rating and corresponding low premium at anywhere you try to apply at. Any questions? Contact us for help.

1) Regular Smoker or Tobacco User

In our study comparing hundreds of no exam vs exam rates, smokers had the greatest price increase. The average tobacco user will pay 17% higher premiums for no medical exam coverage.

It's no secret that smoking leads to health concerns. Without the up to date information that a paramedical exam can provide, insurance companies will err on the side of caution. The extra buffer in premiums allows them to absorb that risk.

To be clear: The 17% average price increase assumes the same health class result. If there is something else that turns up from the medical exam and drops you down a health class, all bets are off.

Preferred Smoker rates on a no exam policy will be cheaper than Standard Plus Smoker (1 level down) on a policy where you go through with the examination.

2) Complex or Unique Medical HistoryIf your medical history contains a condition or history that requires lots of explanation, going through with a medical exam may get you a better rate on your life insurance policy

If your medical history contains a condition or history that requires lots of explanation, going through with a medical exam may be a better fit.

Insurance underwriting is based on data and probabilities. The larger the data set, the more comfortable they feel in taking on risks. You may be in average or above average health yet have a rare condition or set of circumstances that explain your particular medical history.

The traditional full underwriting process including medical exam allows you to "prove" your actual level of health. The extra information helps the underwriters assign an appropriate health rating and make a fair offer of life insurance.

3) High-Risk Health Issues

Most no medical exam companies only offer Standard as the lowest health rating. If you have a condition such as very high blood pressure, history of a stroke, severe asthma, or any other of the many conditions that can be considered "high-risk", you will likely not qualify for the Standard class.

This does NOT mean you can't be approved.

It just means that a simplified issue no exam policy isn't an option for you. Full underwriting with a medical exam will allow the sub-standard table ratings to be offered.

If you can't qualify anywhere at sub-standard rates, then it's back to the no exam side of things with a graded, guaranteed, or final expense policy.

Need help understanding the different 4 types of no-exam policies? See our comparison breakdown or reach out to us.

4) Paying the Lowest Premium Is Your #1 Concern

In a detailed study, we broke down the true cost difference for no exam insurance. (Hint, it's not nearly as much as you may think).

However, if you are in need of paying the absolute lowest rates, taking the medical exam will be the answer for most people.

The reason is simple, the more the insurance company knows about you, the less risk they assume. The less risk they assume, the lower your premiums can be.

5) Confident That You Are in a Perfect Health

Many people THINK they are. But are surprised by the lab results. If you are absolutely sure that your health is A+, then going through with the exam will save you a little money as mentioned above in #4.

The risk is that your blood work comes back from the lab a little less "perfect" than you expected. A minor change in something like blood pressure or cholesterol levels can bump you down a full health class and result in considerably higher premiums.

green money iconWe've said this before but it's so important that worth repeating. If you get coverage in place quickly with a no exam policy, you can then take your time and do a fully underwritten process with medical exam if you want to try to qualify for a cheaper rate.

But if...

you take the risk and have blood work done first, it's now in your records. These records are checked in the Medical Information Bureau on any future life insurance applications by all companies. You won't be able to have a "do-over". The Preferred Plus health rating and corresponding really inexpensive premium payment, are no longer possible.


5 Things to Watch out for When Shopping for No Exam Life Insurance

Watch out for these 5 things when shopping for no medical exam life insurance

These topics don't get much discussion when it comes to no medical exam insurance but they ARE still important.

Below we'll discuss some common pitfalls to watch out for and how these relate specifically to shopping for no exam life insurance.

5 things to watch out for when shopping for no exam life insurance
  1. Conversion options
  2. Riders
  3. Company ratings
  4. Accidental death coverage
  5. Guaranteed issue confusion

1) Conversion Options

With any term life insurance product, you will want to understand your conversion options upfront. No medical exam policies are no different.

Even if you have ZERO interest in a permanent or whole life policy, having the ability to convert to one at a later date is a valuable benefit.

The vast majority of conversions don't require new evidence of insurability. This is important. If you purchase a 15-year term policy now, while in good health, do you really know what your health picture will be like 15 years down the road? Probably not.

During the 15-year initial term, you could develop a condition that causes you to pay much higher rates next time around, or worse, not be insurable for any coverage except the expensive guaranteed issue policies.

So even if you don't care for permanent policies, think of the conversion option as a kind of "insurance on your life insurance". Should something develop for the worse in your medical picture, you are protected from losing your life insurance.

Many simplified issue policies that don't require a medical exam will, in fact, still have conversion options. Many are included in the base price of the premium. Some require an additional fee to have that right.

Make sure you understand the details of any policy before you apply.

2) Riders

Riders are options to customize the base policy to fit your needs. Although typically not as plentiful, they DO still exist on no exam life insurance.

There are many different types of riders in existence. Some might be a good fit for you, and many will just inflate the cost of your premium payment. If you want to learn more, see our guide for a detailed breakdown of the many rider types.

Some riders will be automatically included in the non-med policy and are nice extras to have. Others come at an additional cost. Our section on the top companies and policies for no medical life insurance will go into more detail on the riders offered by individual companies.

orange warning signJust because a rider is included for "free" doesn't mean it's actually free. This is likely reflected in the cost of the base premium.

Our advice: Always look at the rider options but only add what you really need. Do NOT choose your policy or insurance company solely based on riders. They are "extras" and not the main course.

3) Company Ratings

Whether it's a multi-million dollar whole life policy or a $50,000 quick no exam policy, you want to know your insurance company is going to be around to pay out the death claim should something happen to you.

Check credit ratings on life insurance policy companiesAgencies such as Moodys, A.M Best, Fitch, and Standard & Poors maintain credit ratings on most of the major insurance companies. A.M Best is the most widely respected when talking specifically about insurance carriers.

The higher the rating, the better. Typically, we will only advise our clients to consider insurance companies with an A.M. Best rating of at least A-.

Our breakdown of the top no exam companies provides information on A.M. Best, Standard & Poors, as well as Better Business Bureau ratings so you can understand the number of customer complaints if that is important to you.

4) Accidental Death Coverage

This can be confusing.

There are policies that only pay a death benefit in the event of an accidental death. These are not true or full life insurance policies. There are also some products that offer a "hybrid" policy where a portion of the death benefit is "true" life insurance and the rest is accidental death coverage.

orange warning signIt's easy to be attracted to the low rates these companies advertise but please be careful and understand exactly what you are buying.

Many no exam policies will offer an additional death benefit to be paid in the event of an accidental death. This is above and beyond the normal face amount that pays out for death from any cause. Typically this will be attached to the policy as a rider.

5) Guaranteed Issue Confusion

Life insurance with no medical exam, no questions, and everyone is approved right away.

that sounds amazing, right?

All those things are in fact true. What they don't make clear up front sometimes, are 3 very important things.

  1. High cost - Guaranteed Issue life insurance is the most expensive policy type by far.
  2. Low coverage cap - Most companies only offer up to $25,000 in death benefits.
  3. Waiting period - If you die in the first 2-3 years, your beneficiaries do NOT receive the full death benefit. Instead, they get all premiums that were paid into the policy returned, plus some interest.

Guaranteed issue life insurance does have its place.

But it should only be considered once all other options have been exhausted. Depending on your medical situation, you may be able to answer a few questions and be approved for a Graded Benefit policy. This will save you lots of money.$$

No exam policies do have riders, options, customizations, and conversion privileges just the same as fully underwritten policies.

No medical exam policies are still actual life insurance policies. Many do have options for customization and conversion privileges. 

It's in your best interest to understand everything that is included when choosing a no medical exam insurance company and policy type. 

Any questions? Consult a professional independent agent who lives and breathes this stuff.


Frequently Asked Questions

Frequentley asked questions about no exam insurance

What is the oldest age to apply for a no exam policy?

New York Life and Phoenix Life Insurance company will both accept applications up to age 80. Final Expense policies can go as high as 89

What is the highest death benefit available for a non-med policy?

Principal and John Hancock both offer 1 million without taking an exam if you are in excellent health and qualify for Preferred rate class. Sagicor, SBLI, and Phoenix Life all go up to 500k at lower health classes.

Can I combine no exam policies from different companies?

Yes, policies from different companies can be stacked to get a higher coverage amount. Separate applications and underwriting reviews will be required.

Do I have to disclose a risky hobby or job on the application?

Only if they ask about it. Discuss your specific situation with an independent agent so you apply at the right company.

Is no exam life insurance available in my state?

Yes, there are no exam policies offered in all 50 states and the District of Columbia. Certain insurance companies may not do business in some states. New York, in particular, has less no exam options.

How much more does it cost for a no medical exam policy?

Anywhere from 0% to 43% higher. We will typically provide our clients both options so they can decide. For more info, see our detailed cost comparison.

Is Guaranteed Issue life insurance really guaranteed?

Yes. As long as you fall in the age range, everyone is approved. The high cost, low coverage amount, and waiting periods for death benefits allow this to be possible. This should always be a last resort after you have worked with your independent broker to discuss options.

What happens if I die during the waiting period for benefits on a Guaranteed Issue or Graded policy?

Any premiums paid will be returned and given to the beneficiary. Most companies will also add some amount of interest on top of the returned premiums.

Can whole life insurance be purchased without taking a medical exam?

Yes. Many companies now offer small whole life policies that do not require a medical exam. The above guide focuses mainly on term life no exam policies but many of these same insurers have whole life options too. Contact us to discuss this if interested.

Many no exam term policies also offer the right to convert to a permanent product down the road. In the company profiles section of this guide, we have detailed the conversion options and you can filter specifically for strong conversion options if this is important to you.

Is there still underwriting and medical questions for no exam policies?

Yes. The other parts of the underwriting process are very important with no exam policies since the company can't rely on the lab results. An in-depth explanation including exactly what is checked can be seen in our earlier section on the no exam underwriting process.

What is the fastest no exam coverage available?

5 Star life and Phoenix life insurance company offer immediate decisions on certain products. Sagicor and Fidelity can approve same day and usually within 72 hours. MetLife can do approvals in 1-2 days.

What health classes are available on policies that don't require a medical exam?

Many insurance carriers will only offer up to the Standard health class on their no exam products. Sagicor and SBLI will offer Preferred rate classes for those in excellent health. Principal will ONLY offer Preferred.

Can I do the application myself?

Most of the companies require an agent to submit the application with you. This is for your protection and does not cost you anything. Life insurance rates are fixed by law so nothing is saved by applying directly with the insurance carrier even if they allow it.

Additional Resources: Life Insurance With No Medical Exam

About Simple Life Insure

Ty Stewart is the founder of SimpleLifeInsure. He is an independent life insurance agent that works for his clients nationwide to secure affordable coverage while making the process simple. There is never any cost to use his services.

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