In this article, we will be discussing the top 10 no exam life insurance companies who are easy to deal with and will provide you with policies that best suits your needs and budget.
With a no exam life insurance policy, you will be able to have access to the financial protection you need, regardless of any medical conditions. With seemingly countless life insurance providers to choose from, it can be difficult to know where to begin your search. The company that makes the most sense for you will depend on your personal preferences and current financial needs.
In this post, we will briefly review some of the best no exam life insurance companies that are currently available. By taking the time to do your research and compare your options, you will be in a much better position to find your ideal policy.
What Is a No Exam Life Insurance Policy?
There are multiple different types of life insurance policies available. Each of these policies is designed to cater to a very specific set of circumstances. During the underwriting process—where companies decide how much a policy will cost—there is usually a medical exam and an extensive questionnaire. However, for individuals with certain medical conditions, finding a policy that allows them to skip the medical exam may be in their best interest. These policies are typically much easier to qualify for and, though they may not always offer an equal level of death benefits, many no exam life insurance policies can still be accessed for a very reasonable monthly premium.
Types of no exam life insurance include simplified issue, guaranteed issue, graded death benefits, and final expense insurance. By working with an independent life insurance agent or website, you can better understand which policy might make the most sense for your unique financial situation.
Top Ten No Exam Life Insurance Companies
Here are some of the best no exam life insurance companies that are currently available:
1. Mutual of Omaha
Mutual of Omaha offers several no exam policies including term life express, guaranteed universal life express, and living promise whole life. The company is rated A+ by A.M. Best. Riders include disability income, waiver of premium, and accidental death.
2. Gerber Life Insurance Company
Gerber has become one of the most well-known names in the life insurance industry. The company offers a guaranteed issue policy that does not require any medical exam or even any health questions. The death benefits for this policy range between $5,000 and $25,000.
Another great option for your list of no exam life insurance companies. Sagicor currently offers a term life policy and a “no lapse” universal life policy. Approval for these policies often takes place in less than one hour. The term policy extends up to $500,000, and the universal policy extends up to $400,000.
4. Fidelity Life
Fidelity Life’s Rapid Decision Express policy offers approvals within 24 hours. Depending on which plan you choose, you can have access to up to $35,000 in death benefits. Riders include the common carrier and accidental death.
Assurity has an A- rating from A. M. Best. The NonMed Term 350 policy offers approval by the end of the week as well as $50,000 to $350,000 in available death benefits. You will also have access to riders such as conversion option and critical illness.
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6. American Amicable
American Amicable has a strong reputation in the life insurance industry and also has an A rating from A.M. Best. The company can offer approval within the first three days for term policies up to $250,000. Additionally, there are some situations where the premium may be waived.
7. Foresters Financial
Foresters Financial also has an A rating from A.M. Best. The PlanRight Whole Life policy is a simplified issue life policy designed for individuals age 50 to 85. The policy ranges from $2,000 to $35,000 worth of coverage.
Phoenix’s Safe Harbor Term Life Express offers policyholders up to $400,000 worth of coverage. The approval period takes about 24 hours and also offers riders for chronic illness, terminal illness, and critical illness.
Transamerica Life Insurance Company has earned an incredible A+ rating from A.M. Best. Their Trendsetter Super policy takes 7-10 days for approval and offers between $25,000 and $249,999 worth of coverage. Riders include accident indemnity and waiver of premium.
Principal life insurance company has also managed to earn an A+ rating from A. M. Best. The accelerated underwriting process usually takes less than one day. If you qualify, there will be no medical exam required, and you will have access to up to $1,000,000 worth of coverage.
Clearly, there are many excellent no exam life insurance companies and policies to choose from. Contrary to the old days where you almost always needed perfect health to qualify, individuals who are older or are experiencing various medical conditions still have many great options available. By taking the time to compare each of the companies mentioned in this article (as well as others), you can get the financial security you need for an affordable monthly rate.