No medical exam life insurance is a type of life insurance coverage that does not require an applicant to undergo a medical examination as a part of what is called the “underwriting process” in insurance parlance. Typically, most life insurance applicants are required to undergo a paramedical examination. That paramedical testing includes in-depth health questions, blood, and urine samples. Lab results are tested for various health conditions— high cholesterol, diabetes, or other medical issues that insurance carriers could consider to be risky to your longevity. Applicants with these types of chronic or serious health issues may not qualify at all for what is referred to as “medically underwritten” life insurance coverage or be placed in a more expensive rate class. However, without having to take a medical exam, qualification for coverage can be easier, and quicker. But that ease of approval can come at a price. Rates can be quite a bit higher than a fully underwritten life insurance policy.
- Relatively easy to qualify for
- Reasonable monthly premiums
- Builds cash value
- Can help cover major expenses that occur later in life
- Relatively limited coverage amounts
- Premiums paid can sometimes exceed total benefits
- You may be able to get better coverage elsewhere
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Because more and more clients are requesting “no medical exam” life insurance policies, LifeQuote decided to represent some of the top-rated no medical exam companies that can get you approved online for life insurance, in some cases within hours, as compared to the typical fully underwritten life insurance policies that can take weeks to process.
Many of you demand the convenience, ease, and speed of this type of term life insurance coverage. But it may not be for everybody. Let’s review the key components of no exam life insurance policy so you can decide if you’re a good candidate.
If you’re in excellent health, you’re in good shape; you will most likely qualify. But if you’re monitoring any health issue (even common things such as elevated cholesterol or blood pressure), success can vary. There is a difference among these companies. With the so-called “simplified issue” policy, there are some health questions that the applicant must answer in order to be considered for the policy. The answers that the applicant provides will help the insurance company determine the premium amount to charge for the coverage. With a true no medical exam policy— also referred to as a “guaranteed issue policy,” there may be no health questions on the application. Each company has their own specific underwriting guidelines and accept or reject your application based on those guidelines. The amount of health questions varies among carriers of the simplified issue, no exam life insurance— from a handful of questions, to close to a dozen. Here are some typical questions:
- Have you been diagnosed with a terminal illness?
- Do you smoke or use any form of tobacco?
- Have you been diagnosed with HIV or AIDS?
- Do you take any prescription medications, for what?
- Any history of cancer, stroke or heart issues?
- Any felonies, bankruptcies or hazardous activities?
The best way to qualify for no exam life insurance is to be open and honest with our independent life insurance agents about your health situation and let them compare the underwriting guidelines of the no exam life insurance or simplified issue life insurance companies.
A no medical exam policy will typically cost more – sometimes up to four times more than traditional underwritten term policies because of the added risk that the insurance carrier is taking on by insuring you.
The simplified issue insurance products may be less expensive so it pays to shop around to compare rates for your particular circumstances.
No Exam Life Insurance Providers - Comparison Chart
|Assurity Life||18-65||$350,000||Highly Rated|
|Banner Life||20-50||$500,000||Quick Turnaround|
|Principal Financial Group||18-60||$1,000,000||Difficult to Qualify For|
|Sagicor||18-65||$500,000||Guaranteed Level Premium Term|
No Medical Exam Life Insurance Companies
With more than a century of providing life insurance coverage and an AM Best Company rating of A, excellent, Assurity Life Insurance Company is a front runner when it comes to their no exam products. A top seller is:
Non-Med Term 350 – Available to clients aged 18- 65, up to $350,000 in coverage.
Banner Life Insurance Company offers competitive no exam options in their accelerated underwriting products for up to $500,000 in coverage for clients ages 20-50 years old. Qualifying applicants can be approved by the next business day, with the same quick turnaround for policy activation.
The Principal Financial Group no medical exam term life insurance offers one of the highest coverage amounts in the industry, up to $1million available for individuals. They offer competitive pricing on their no exam life insurance products. The company created an accelerated underwriting program for its no medical life insurance policy that cuts down the length of process time and you may get an approval in 2 days or less.
To qualify, an applicant must fill out an application, followed by a phone interview that is then evaluated by an underwriter. If the client doesn’t meet the criteria (about half of healthy applicants are approved), they will be referred for an exam.
With strong financial ratings of A- and quick and easy underwriting, this company offers three rate classes for clients ages 18-65 seeking no medical exam policies with up to $500,000K coverage.
- Table Rated
Sagicor is known for its fast approval times, in as little as minutes, and even offers no exam term life coverage for diabetics.
Savings Bank Life Insurance is another leader in the no exam market with its new accelerated underwriting product. The company’s innovative, Guaranteed Level Premium Term, offers term lengths of up to 30 years, with up to $500,000 in coverage for applicants aged 18-60 years old.