I created this in-depth no medical exam life insurance guide because I know how confusing it is to compare term life insurance plans.
This resource draws upon my experience 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.
Things change fast and information can quickly become outdated.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.
No Exam Carrier Comparison Chart
|Company Name||How much does it cost?||How quick is the approval process?||How much coverage is available without an exam?||How financially strong is this company? (A.M. Best Rating)||Will they need to review my medical records?|
|$$$$||Instant - no waiting period||$10,000-$50,000||A-||No. Never.|
|$$||3 days up to 3 weeks if medical records required.||$50,000-$400,000||A||Sometimes. At discretion of underwriter.|
|$||48 hours up to 30 days if medical records required.||$50,000-$250,000||A||Sometimes. At discretion of underwriter.|
|$$$$||1 week up to 30 days if medical records required.||$50,000-$350,000||A-||Sometimes. At discretion of underwriter.|
|$$$||Within 24 hours||$25,000-$250,000||A-||No. Never.|
|$$||15 minutes||$50,000-$400,000||A||No. Never.|
|$$$||1-3 weeks||$25,000-$400,000||A+||Sometimes. At discretion of underwriter.|
|$$||Within 24 hours||$50,000-$400,000||A+||No. Never.|
|$$||Same day up to 3 weeks if medical records required.||$50,000-$500,000||B||Depends on policy choosen.|
|$||48 hours up to 4 weeks if medical records required.||$50,000-$1,000,000||A+||Sometimes. At discretion of underwriter.|
|$$||a few minutes||$50,000-$500,000||A||No. Never.|
|$||1 day up to 30 days if medical records required.||$100,000-$500,000||A+||Sometimes. At discretion of underwriter.|
|$$||7 days up to 30 days if medical records required.||$25,000-$249,999||A+||Sometimes. At discretion of underwriter.|
What Does "No Medical Exam" Really Mean?
There is still underwriting so it doesn't mean you can hide bad health.
Most of the process is done electronically, checking several different database records. This means the decisions are much quicker and nobody comes to your house with a needle to draw blood.
Many companies are now offering up to $500,000 coverage for no medical policies. If you need more than that, you can combine multiple policies, totally fine, and we see it all the time.
Compare quotes right here from 20+ different non-med insurance providers.
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.
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 right for everyone
BUT... they ARE a great option for MANY people today.
The insurance industry continues to evolve and non-med policies are at the forefront of this evolution.
- No exam choices and options are increasing
- Competition is driving the price of premiums down
- Coverage limits of non-med policies are going up
- Underwriting times and approvals are getting faster
- All of which is great news for you - the life insurance shopper!
Best No Exam Life Insurance Companies for 2018
How Does the No Medical Process Work?
The typical life insurance process involves a paramedical professional or "paramed" coming out to your home to perform a physical examination.
While there, they measure your blood pressure levels, check your cholesterol, record your height and weight, and collect a blood and urine sample.
There will also be detailed health questions about your medical history and any medications and supplements you take. This information will be sent to the underwriting department who compare it against their company guidelines.
You may also need to submit information about your employer, income, and salary to help determine just how much life insurance coverage you qualify for.
but without the exam...
Yes, there is still underwriting, but's faster and easier, this why these policies are often called "simplified issue".
They will run some electronic checks on your driving record, pharmacy (Rx) report, and the MIB, which is a consumer reporting agency that insurance companies share medical information within.
Who Should Buy Non-Med Life Policies?
The big three we see most often are:
1) Time - We are all busy and finding time to have the paramed out to do it just isn't convenient.
2) Fear of needles or blood - This is real and it's a major reason people delay putting a life insurance policy in place.
3) Need the coverage in force fast - with most life insurance companies, the no exam route will be much quicker.
The important reason people don't know about - You haven't been to the doctor in some time. If it's been more than 2 years your vital levels like cholesterol may have changed slightly for the worse which means you'll pay more.
We usually advise our clients to get a no exam policy in place first.
If you like, you can always go look for a fully underwritten policy afterward if you are willing to submit to the exam to try and save a few more bucks.
If you do it the other way around, there is no going back, those lab results are now part of your medical files and will be seen, even by non-medical underwriting.
How Much Does Term Life Insurance Cost When Skipping the Exam?
Probably not as much as you think.
You no longer have to pay a ton for the privilege of bypassing the medical exam. These days, good life insurance coverage from reputable companies can be found for pretty cheap.
In fact, some companies now offer the same rates as their fully underwritten products.
We did a pretty extensive study comparing thousands of rates to find how much more consumers pay for life insurance without the annoying exam. We found that for some, it's the same, not a penny more. On average it was 10-15% more expensive.
Frequently Asked Questions
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 medical 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.
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.
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 to the insurance carrier even if they allow it.
If you hadn't noticed by now, we are pretty passionate about no medical exam life insurance. We believe it will continue to grow and improve to the point where it's the standard.
If you'd like to have a no pressure chat about options for protecting your loved ones, check out some quotes on our site and enter your information so we can get in touch with you soon.