So you’re looking into no exam life insurance and want to know the best companies? Well, you’re not alone. Most people would skip the life insurance medical exam if given the chance.
But, here’s the catch: Even if you’re healthy, No Exam Life Insurance can cost you 30% to 50% more than a policy that requires a medical exam.
So, which no exam companies have the lowest rates? Who is the fastest?
Top 10 No Exam Life Insurance Policies
Here’s our list of the top companies that offer life insurance without a medical exam:
- American National
- Fidelity Life
- Haven Life
- North American
- Coverage Amounts: $50,000 – $1,000,000
- Age Ranges: 0 – 60
- Term Lengths: 5, 10, 15, 20, 30
- Rate Classes Offered: All Rate Classes
American National has been around since 1905 and has an (A) rating by both AM Best and Standard & Poors. One of the best benefits of this policy is the Accelerated Death benefit included at no additional cost. This benefit is designed to pay out a discounted portion of the death benefits if you are diagnosed with a life-changing illness.
It has three living benefits which are:
Terminal Illness – A life expectancy of 12 to 24 months.
Chronic Illness – An insured being unable to perform two out of six activities of daily living.
Critical Illness – Some of the critical illnesses covered by this policy would include: heart attack, stroke, cancer, blindness, and other debilitating conditions.
This additional rider is great because you never know when any of the above situations can happen, and not all of them are going to cause you to lose your life. However, they all come with financial burdens.
- Coverage Amounts: $50,000 – $250,000
- Age Ranges: 18 – 65
- Term Lengths: 10, 15, 20, 30
- Rate Classes Offered: Standard
- RAPIDecision Express Product
Fidelity Life has been around since 1896 with the focus of giving everyday middle Americans the peace-of-mind that comes with life insurance ownership, and they currently hold an A- (Excellent) rating from AM Best.
Fidelity Life has invested heavily in the technology arena for its products, which brought them to the RAPIDecisionSM Express product. This product is web-based and allows for a fast, hassle-free purchase experience. You only have two possible outcomes with this product – approval or decline – based on a Standard health rating.
Along with their RAPIDecisionSM Express product, they also have a Rapid App application that allows you to be covered instantly or in as little as a few days. The best thing about this product is that there are no exams, no tests, no waiting periods, or processing delays.
Issuance depends only on the answers to a few health questions.
- Coverage Amounts: $100,000 – $1,000,000
- Age Ranges: 18 – 64
- Term Lengths: 10, 15, 20, 30
- Rate Classes Offered: Preferred, Standard Plus, Standard
Haven Life is a new entry into the field of life insurance; however, they are backed by MassMutual. MassMutual has been around since 1851 and has a solid financial backing and an A++ (Superior) rating from AM Best.
What makes Haven Life so great is their innovative and consumer-facing quote system. Not only can you get a quote online, but you can also submit your application and apply for life insurance online with no exam and without an agent.
You will also be able to get an immediate decision as to the outcome of your policy, whether you are approved, declined, or need to take a medical exam.
Haven Life is the carrier for you if you want the best rates, limited agent interaction, an immediate decision, a Real Rate, and coverage up to $1,000,000.
- Coverage Amounts: $50,000 – $400,000
- Age Ranges: 18 – 80
- Term Lengths: 10, 15, 20, 25, 30
- Rate Classes Offered: Standard, Standard Tobacco
Foresters have been in business since 1874 and have an AM Best rating of A (Excellent). Foresters is one of the few carriers offering a 25-year term length option, which makes their Your Term product very appealing when it comes to the length of coverage options.
Foresters also offer the Accelerated Death benefit option with no additional fee. The accelerated death benefit is another plus when it comes to the Your Term product from Foresters.
If you are in the range of a higher health risk, Foresters will also be an excellent option for you.
- Coverage Amounts: $50,000 – $500,000
- Age Ranges: 18 – 50
- Term Lengths: 15, 20, 30
- Rate Classes Offered: Standard
North American has been around since 1886 and has an A+ (Superior) rating from AM Best. North American prides themselves on having one of the fastest application approval times.
They state that with their LifeVue product, “you can typically get coverage in less time than a lunch out with friends, or your child’s soccer practice.”
North American’s claim might be bold. However, with the removal of an exam and a simplified application and approval process, North American really can get you covered through a simple phone call.
If you need fast coverage, a simple application, and little to no underwriting done on your policy, North American will be the best option for you.
- Coverage Amounts: $24,000 – $400,000
- Age Ranges: 18 – 80
- Term Lengths: 10, 15, 20, 30
- Rate Classes Offered: Standard, Table Rating
Phoenix Life has been around since 1851 and has a B (Fair) Rating from AM Best. A quick fun fact is that Phoenix Life insured President Abraham Lincoln in 1865. This is just a testament to their longevity and the trust they have obtained over time.
Phoenix Life was the first to bring many insights into the life insurance industry, like the longevity of women’s lives over men or the harmful effects of tobacco use.
There is also an Accelerated Death Benefit which covers Critical, Chronic, and Terminal Illness.
- Coverage Amounts: $50,000 – $1,000,000
- Age Ranges: 20 – 75
- Term Lengths: 10, 15, 20, 30
- Rate Classes Offered: Super Preferred, Preferred, Super Standard, Standard, Sub-Standard
Principal Life was founded in 1879 and has an A- (Excellent) rating with AM Best and are members of the FORTUNE 500®.
This product will be best for people in good health who want a fast approval process, but don’t mind a longer application process.
The way their process works is that you must complete an application that can be done electronically with an agent. You must then complete the second part of the application, which is a phone interview. This can be completed immediately or pushed out to a later date.
The underwriter reviews the results from the telephone interview, Motor Vehicle Report, Prescription database check, and Medical Information Bureau report.
If you pass the initial phase of the application process, this means no medical exam is required.
Roughly 50-60% of applicants in good health are approved without having to take a medical exam.
- Coverage Amounts: $25,000 – $500,000
- Age Ranges: 18 – 65
- Term Lengths: 10, 15, 20
- Rate Classes Offered: Preferred, Standard, Table Rating
- Approval Time: 1 Hour
Even though you probably have never heard of Sagicor Life, they have been around since 1840. This is great when you think about longevity, reliability, and if an insurance company will be around when you or your family need them most.
If their name seems a bit odd, don’t worry, it has a meaning. “Sage” meaning wise and “Cor” stands for heart or judgment. It’s based on their philosophy of wisdom with heart.
It also helps that Sagicor has an AM Best rating of A- and one of the fastest underwriting processes around called Accelewriting®.
- Fast Online Application
- Underwritten by Assurity
- Quick Pay Outs
Ethos is one of the newer life insurance companies and is quickly making a name for itself with its quick on-line process that can be finished in less than 10 minutes.
Ethos offers many flexible policies at a low monthly rate. They are also quick to pay out claims to the family when someone passes away and within 10 days.
While relatively new, they are underwritten by Assurity Life Insurance Company which has been around for more than 100 years.
- Coverage Amount: Up to $1 Million
- Term Lenths: 2, 10, 20
- Approval time: 10 minutes!
Bestow is another top life insurance provider that doesn’t require a medical exam or any blood tests.
Their application is all online and you can find out if you are eligible for coverage in 10 minutes.
Bestow offers affordable term policies up to $1,000,000 for individuals from 21 to 54 years old. Their policies are offered in 2, 10 and 20 year terms.
Types of No Exam Life Insurance
Traditionally, life insurance requires a medical exam to qualify for a policy. However, there is a way for you to obtain life insurance with no medical exam. Let’s take a look over the types of no medical exam life insurance:
The simplified issue option for obtaining a non-medical life insurance policy is going to be your most expensive option, but also your fastest way of getting covered.
The reason these policies are the most expensive is that they require the lowest level of underwriting to get your approval. Since the insurers aren’t getting the full picture of your health, they are going to charge more for the coverage.
Simplified issue products usually only give you two underwriting outcomes, which are Approved or Declined. This product will not require an APS or Medical Records and almost never requires a telephone interview.
You are usually able to get either an Instant Approval or Approval within two days.
When it comes to obtaining term life insurance quotes with no medical exam, qualifying for a guaranteed issue policy is relatively easy.
Your medical records will not be requested, which will result in higher premiums. However, if you have a pre-existing condition or other health issues, this may be the best option for you.
Because life insurance companies take on a lot of risk with no exam policies, they typically cap the death benefit at about $500,000.
If you need more than that, you should first consider a traditional life insurance policy.
But, if you don’t need a lot of coverage, no exam life insurance might be something to consider.
Now that you have a better understanding of the different types of no exam life insurance products, let’s go over their Pros and Cons.
Advantages of No Exam Life Insurance
There are advantages to getting a no exam life insurance policy for some individuals, let’s look over the pros:
Avoid Getting Denied for Coverage
I can give you plenty of examples of people applying for coverage and getting denied due to a condition they didn’t know they had.
There are also instances of people getting approved for a rate that could be $30 to $50 more per month than they expected.
Getting life insurance with no medical exam is the best way to avoid this whole process and get covered immediately.
Remove the Exam Roadblock
This might seem like a no-brainer, but if you need life insurance, we sincerely want you to get it, and don’t care whether you take an exam or not.
Sometimes, exams become roadblocks, and that’s NOT ok if it’s going to stop people from getting their families protected.
Avoiding the exam can change your whole buying experience when it comes to life insurance, especially if you are always on the move with work or daily living tasks.
The medical exam process is one of the root issues making life insurance hard to buy and causing people not to move forward.
Short & Simple Application
One of the most significant improvements that no exam life insurance has brought to the forefront is quicker and more straightforward applications.
Having an application that sometimes is only one page long or that can be completed in less than 20 minutes is a great benefit to have, and it simplifies everything.
If you’re concerned about privacy, look into no-exam life insurance. In today’s world, there is little privacy. Sometimes it feels like we’re handing out personal information every 5 minutes.
I get it – some people really don’t like sharing sensitive information about themselves.
With a traditional life insurance policy, you will have to answer a slew of questions about your lifestyle, family history, and health.
If you think this is too much of an invasion of privacy, then no exam life insurance may be for you.
Faster Approval Times
The two most substantial benefits of getting a life insurance policy not requiring a medical exam are speed and convenience.
It’s easy to see that the no exam life insurance options are the best route to go if you are looking for speed.
On average, it will take you about 56 days to get an answer on a fully underwritten life insurance policy.
The no exam option is going to be a bit faster with average approval times of anywhere from 5 days up to 19 days if your medical records are required.
The simplified issue option is going to be the fastest way to go.
With approval speeds of 15 to 20 minutes, there is little-to-no underwriting.
No Exam is Easier To Qualify For
One of the other benefits of getting life insurance with no medical exam is that it may be easier to get approved for coverage.
For example, let’s say you need to lose a few pounds, or your cholesterol needs some work. Not all medical conditions worsen over time. In fact, there are some medical conditions that get better. Over time, those things can improve.
If they’re bad right now, you’ll still get dinged with a higher rate. There are no allowances for the variable nature of these maladies.
So, in the meantime, a no exam life insurance policy can get you the coverage you need. Once your health progresses, you can replace it with a cheaper traditional policy.
Some Carriers Allow Direct Online Signup
Several new companies are breaking the mold of the life insurance buying process and now allow you to complete your application by yourself all online.
These companies have been started mostly by millennials and have the financial backing of massive and older insurance carriers.
This whole process is new and focuses on a group of customers who give popular online retailers, like Amazon and Baidu, a constant flow of business.
Disadvantages of No Exam Life Insurance
There are always going to be some disadvantages, let’s take a look at some of the cons of no medical:
No Exam Policies are More Expensive
Probably the biggest problem with buying life insurance without a medical exam is the cost.
At many ages and policy amounts, it can cost 10% to 20% more (or higher).
That’s often the most significant factor for people weighing the pros and cons of no exam life insurance.
Now, here’s the thing:
I just ran a quote on myself today for a 20-year, $250,000 policy for a healthy, nonsmoking, 38-year-old male.
I could go through the exam process and buy a traditionally underwritten policy for as little as $16 per month.
Would you believe I could get the same plan right around $19 per month if I wanted the life insurance with no medical exam required option?
Three bucks per month aren’t much, but it does represent a 19% increase.
There is always a bit of buyer’s remorse when you purchase anything; however, most of the time those concerns are taken care of once you receive the product or service.
The problem with life insurance is that when you buy it fast, you will start fearing you didn’t get the best rate or that you didn’t get the right product. Making these quick buying decisions causes you to look around more, get more phone calls from agents, and sometimes to even cancel the policy before you receive it in the mail.
The thing about life insurance is that the rates are fixed, and there isn’t anyone online or offline who can give you a better price for the same carrier. If you get quoted for Sagicor Life at $50.00/month, there is no other agent who can quote you a better rate for the same amount of coverage, and the same holds true for any carrier.
Either way, it’s an issue I see in the no exam space.
No Exam Underwriting
With no medical exam coverage, you still have to go through underwriting.
The worst mistake you can make is to think that because there’s no exam, you’re easily going to get approved for a policy.
What you don’t know is just because there’s no exam doesn’t mean the insurance company doesn’t perform due diligence.
They perform this due diligence with four reports:
Medical Information Bureau (MIB Report)
The first and most crucial report insurance carriers will pull is a MIB report. Life insurance companies report to the Medical Information Bureau whenever one of their applicants has any health impairment, tobacco use, hazardous travel or activities, and so on.
This means that basically anything that could be a detriment to your life expectancy could show up on this medical report.
Think of it as a credit report but for your health.
All of the life insurance companies are members of this Medical Information Bureau. They all report to it and they all share with each other. If there is something on this report that isn’t favorable for your health history, you might find yourself paying a higher rate or getting declined.
They perform this search to prevent insurance fraud.
This way you can’t get denied for a policy today due to cocaine use and then tomorrow go take out a policy with a no exam company and just tell them that you’ve never used drugs.
Prescription Drug Report (Intelliscript)
The second way life insurance companies will assess your risk class and consider you for approval is through what’s called a pharmacy report, or Prescription Drug Report. This is a list of all the medications you take and have taken.
The insurance company can see which medicines you currently take, and how often you fill the prescriptions.
For example, if you take Metformin or Insulin, they’re going to know you have diabetes.
If you take Coumadin, they’re going to know you probably have had a problem, such as a stroke or blood clotting.
The point is they’re going to find out about serious medical conditions by merely pulling this pharmacy report.
So, don’t think you can apply for a no-exam policy and hide any pre-existing conditions.
Attending Physician’s Statement (APS)
The third thing they may pull, but not all the time, is your medical records. This is commonly referred to as an APS in the insurance industry.
If they find a reason to look deeper into your medical history, they may order your medical records from your attending physician.
In that case, the process you hoped would be completed in less than a week could take several weeks instead. Some doctor’s offices can send them out quickly, in a week or two I’ve seen, but some of them can take several weeks.
Motor Vehicle Report (MVR)
The fourth item of consideration is your motor vehicle report, abbreviated MVR. This will indicate if you’ve had a DUI in the past few years, reckless driving violations, speeding tickets, and so on.
Just because you’ve had a couple of tickets does not mean you’ll get declined, but if you’ve had a recent DUI, it could lead to a decline. Or, if you’ve had multiple speeding tickets, that could also lead to a decline.
Most insurance policies that payout are due to accidental death and most unintentional deaths happen in vehicles.
If you have an extremely dangerous driving record as indicated by multiple speeding infractions, you’d better believe that you’re at risk of getting your application declined.
Who Needs Life Insurance with No Medical Exam?
Here are three common reasons why someone might consider a no exam policy:
A Life Insurance Divorce Decree
One reason you might need to get life insurance quickly is to cover some legal obligation, such as what might be mandated in a divorce decree.
In many divorce settlements, one spouse owes alimony payments to the other, which would cease upon his or her death.
To combat that, they must have life insurance on themselves to protect those payments if they were to pass away.
You’ve Been Declined for Life Insurance in the Past
If you have had your application for life insurance denied in the past when completing an exam, a no exam life insurance policy may be best for you.
The one saving grace about no exam life insurance policies is that they have more lenient underwriting requirements.
You may be able to get covered with higher premiums for a condition that can get you declined with another carrier.
In these situations, it’s always best to reach out to an agent and go over your specific case.
You Need To Secure A Business Loan
I frequently get calls from people who need coverage in force to protect a business loan, such as an SBA loan.
Many lenders require life insurance from people going through the lending process to protect the loan.
If you don’t have four to six weeks to get a traditionally underwritten policy in place, then a no exam life insurance policy will work best for you.
Getting a business loan approval is a great reason to take out a policy without an exam.
Which No Exam Option Is Best For You?
Be honest and ask yourself if it’s worth spending thousands of dollars more over the term of your life insurance policy to avoid going to the doctor.
If you can honestly say no exam is worthwhile due to one of the above-mentioned circumstances, then go ahead with purchasing a no exam life insurance policy.
The most important thing is that you get coverage for you and your family.
If you still can’t decide, then the better alternative is to call us at 888-603-2876 and discuss your health history with us.
We can probably get you insured, even if you’re not in the best of health or if you have a health history that is not so great.*While we make every effort to keep our site updated, please be aware that "timely" information on this page, such as quote estimates, or pertinent details about companies, may only be accurate as of its last edit day. Huntley Wealth & Insurance Services and its representatives do not give legal or tax advice. Please consult your own legal or tax adviser.