Life insurance should be a part of everybody’s plan. If you’ve been avoiding buying a life insurance policy because you don’t want to go through the annoying, sometimes difficult, tests required, I’ve got good news for you: plenty of insurance providers offer no exam policies!
No medical exam life insurance is exactly what it sounds like: a life insurance policy, without the exams. That means no needles, no tests, and no stress.
This article will tell you everything you need to know about no medical exam insurance, including the 15 best companies offering no medical exam insurance policies you can buy right now.
Best No Medical Exam Life Insurance Companies
Now that you have a better idea of what no exam insurance is and how it works, let’s get down to the details.
1. Haven Life
NO EXAM COVERAGE LIMIT
From $100,000 to $1,000,000 without a medical exam.
Simple and fast process with a higher than average coverage.
On the top of the list is Haven Life, which scores an A++ rating with AM Best (that’s their highest possible rating).
People love Haven Life for their accessible insurance policies, and it’s easy to see why: you can get coverage of up to $1,000,000 without any medical exams. To access those high-coverage policies, you will have to go through an application process so they can determine your risk based on your age, lifestyle, background, etc.
A standard minimum coverage for a no exam applicant is around $100, 000. You can buy policies for a term of 10, 15, or 20 years. If you’re under 50, you have an option for 30 years.
2. Principal Financial Group
Principal Financial Group is another one of the most highly rated insurance companies offering no medical exam policies. They have an A+ rating with AM Best, and can provide coverage between $50,000 and $1,000,000.
The only catch to Principal’s no exam policy is that you have to pass certain requirements. If you can answer ‘no’ to a series of health-related questions in the application process, you’re good to go. Otherwise, you will need medical exams.
Another A+ rated insurance group, Bestow offers incredibly low premiums on their insurance plans without medical exams.
You can get coverage of up to $1,000,000 through their policies with terms of 10 or 20 years, and premiums as low as $8 per month.
The only reason you might not have heard of Bestow before is that they’re fairly new – founded in 2017. Despite being new to the insurance game, Bestow is receiving great ratings, and could be an awesome choice if you’re looking for a no exam life insurance policy.
4. Mutual of Omaha
One insurance company you probably have heard of before is Mutual of Omaha. They’re one of the highest-rated companies for traditional insurance plans, but they offer accessible no exam policies, too.
With Mutual of Omaha, you can choose a 15, 20, or 30-year term for your policy. Without exams, they offer coverage between $25,000 and $300,000.
5. Lincoln Financial
Another well-established insurance company, Lincoln Financial has an A+ rating with AM Best. They offer coverage between $100,000 and $1,000,000 for their no exam policies.
The best thing about buying insurance with Lincoln Financial is that the entire application process can be done online. In most cases, you’ll be accepted for coverage within 48 hours. Applicants between the ages of 18 and 60 can get covered with no medical exams.
Transamerica’s no exam life insurance policies are highly accessible for people of all ages. They have an A rating with AM Best, and are well-reviewed by tons of other companies.
Through Transamerica, you can get coverage between $25,000 and $249,000 without taking any exams. The only downside is that the application process can take a little longer than with other companies – sometimes up to several weeks.
7. Banner Life
If you’re between the ages of 20 and 50, you can apply for exam-free life insurance with Banner Life. Coverage ranges from $100,000 to $500,000 – if you’re looking for higher coverage amounts with this company, you will have to undergo exams.
They offer a variety of policies with term lengths between 10 and 30 years.
8. Gerber Life
Believe it or not, Gerber is more than just a baby food brand. They also offer no exam insurance policies for children and adults. With an A rating from AM Best, they’re trusted by families all over the country.
Accessible no exam coverage starts at $25,000 and maxes out at $150,000. With low monthly premiums, this is a great insurance company for people of any age.
Assurity is a newer insurance company, founded in 2007 by a merger of several other groups. They offer no medical exam life insurance policies for anyone under 55.
Without exams, coverage through Assurity starts at $50,000, and can be as high as $350,000.
SBLI is another A-rated company that offers full coverage without exams. You can apply if you’re between the ages of 18 and 60. The process generally takes a few days, but there are no tests or needles involved.
Coverage with SBLI ranges from $100,000 to $500,000. You can choose your term length, between 10 and 30 years.
11. Protective Life
Protective Life is another top-rated company for no exam insurance policies. They have an A+ rating, and offer a range of accessible, low-cost policies.
If you’re between 18 and 45, you can qualify for coverage of up to $1,000,000. Between 46 and 60, coverage caps out at $500,000. The application process is fast, and applicants with excellent health can skip the phone interview to get accepted faster.
12. American National
American National is known for offering super low monthly premiums on their no exam insurance policies.
With this company, you can get coverage between $50,000 and $250,000 without any medical exams. However, it’s important to note that there’s no guarantee you won’t need exams until after you apply.
When you submit your electronic application, you’ll receive more information – some people will be accepted right away, and others may need to submit medical records.
13. Penn Mutual
Penn Mutual offers the highest no exam life insurance coverage out of any of the companies on this list: it can range as high as $2,500,000. They have an A+ rating with AM Best, and keep their premium costs fairly low, considering how high coverage can be.
Not everyone will be eligible for the highest coverage amounts with Penn Mutual, especially if you have a pre-existing medical condition. If you’re between 20 and 65, you can apply by completing an over-the-phone interview.
If you want an easy application process for your life insurance, Sagicor is a great company. Their application is entirely online, and there are no medical exams required. Coverage ranges between $50,000 and $1,000,000.
The only downside to Sagicor is that the longest term length they offer is 20 years – you can’t get a 30-year policy with this company.
Foresters offers no exam coverage of up to $400,000. To apply, you may have to submit information like your DMV history and prescription records, but there are no medical exams.
This company has been around since 1874, and has an A rating from AM Best, so you can trust them to offer fair, accessible life insurance policies.
Choosing the best no exam life insurance policy for you
Like the idea of life insurance without the medical exams? You have plenty of options – all you have to do is pick the company and policy that suits you best.
Before you apply, be sure to read some ratings and reviews of the company so you know what to expect. Then, consider your priorities. Whether you’re looking for an easy application process, a low monthly premium, or the best possible coverage, the right plan for you is out there.
There are tons of advantages to buying a life insurance policy that doesn’t require medical exams. It’s easier, less stressful, and can be much more accessible for someone with a pre-existing medical condition. And you can still get great coverage!
Remember, life insurance should be a part of everyone’s plan. Without the exams, you can buy your policy easily, and have peace of mind for years.
What is no exam insurance?
No medical exam insurance allows you to buy an insurance plan without undergoing any medical tests. The concept sounds great – but before you get too excited, let’s consider what that really means.
For most life insurance policies, the purpose of medical exams is to determine how much of a risk you are to the insurance company. So, someone who is lower risk (someone in excellent health) can generally get lower monthly premiums by going through the exams.
That said, there are plenty of benefits to skipping the medical exams. For one thing, they can be a strain, both mentally and physically – not to mention time-consuming.
For another, people with a pre-existing health condition won’t have to worry about being denied life insurance on the grounds of their medical exams.
So, there are benefits and drawbacks to going with a no exam policy. If you think it’s the right choice for you, your next step is to find the best type of plan for your situation.
Types of no exam life insurance policies
No exam life insurance isn’t just one type of policy. In fact, there are 6 distinct types of life insurance policies you can buy that allow you to skip the tests. Some are a little easier to get than others, and some offer higher coverage for more steps.
I should also note – these policy types might go by different names and have slightly different features with each insurance provider.
1. Simplified Issue Term Life
Simplified Issue Term Life insurance is a policy designed to provide adequate coverage for the buyer, without making the application process too complicated. Instead of asking tons of questions and requiring medical exams, the insurance provider determines your risk factor based on statistics about your age and sex. It’s quick and easy, and you can gain coverage of up to $100,000 for a set term.
2. Simplified Issue Whole Life
Similar to Simplified Issue Term Life, these types of policies make the application process simple and accessible. The only difference is that Simplified Issue Whole Life policies cover you for your entire life, not just for a set term.
3. Guaranteed Issue
This is the easiest type of life insurance policy to obtain, but also offers pretty minimal coverage. There are no medical exams and no application questionnaire. Most applicants are accepted right away. The downside is that you probably won’t get more than a $25,000 coverage.
4. Graded Death Benefit
“Death Benefit” means that if the policy holder dies while the policy is still active, the insurance provider will pay out a pre-determined sum. “Graded” means that sum is lower in the first few years after the policy is signed, and gets higher over time.
5. Level Death Benefit Whole Life
In this type of insurance plan, the death benefit sum remains the same throughout the policy holder’s life, regardless of their health or age.
6. Rapid Decision Senior Life
“Rapid Decision” policies are designed to be accepted quickly, without any medical exams or an extensive application process. This type of policy is available to seniors (with most companies, that means people aged 50-85), and can range in coverage, up to $150,000.
Do you need a blood test for no medical exam insurance?
Of course, specific requirements for insurance policies will vary from company to company.
But for the most part – no! No medical exam means there are no needles required at any stage, so you shouldn’t have to worry about taking a blood test.
What kind of coverage can you get without a medical exam?
No exam insurance policies don’t necessarily come with less coverage than standard policies. The easier to access policies, such as Guaranteed Issue, do come with lower coverage – sometimes around $5,000.
However, it’s also possible to be insured for over $150,000 or even up to $1,000,000. It all depends on your insurance company and the exact type of policy you buy.
Remember, for more complete coverage, it’s totally possible to buy more than one life insurance policy.