Here at Well Kept Wallet, we’re firm believers that having a life insurance policy is a critical component to any solid financial plan.
Unless you’re financially independent to the point where you’re self-insured (i.e. you’ve got enough money in cash and investments that your loved ones would be able to be financially sound should you die), life insurance is a must have.
Finding the right life insurance policy can be an overwhelming task, especially if you are older or if you currently suffer from pre-existing medical conditions such as Diabetes or Heart Disease.
Since insurance companies work to minimize risk, they are often unwilling to sell life insurance policies to people who carry a higher risk of collecting the cash payout from the policy.
Many insurance companies require medical exams as a part of obtaining a life insurance policy in order to help companies minimize risk and ensure potential policyholders won’t be cashing out on insurance benefits anytime soon.
However, there are some life insurance companies that don’t require prospective policyholders to have a medical exam.
Below we’ve compiled a list of some of the more prominent no medical exam life insurance companies, along with other valuable information you should know before you purchase a life insurance policy to protect your family and loved ones.
19 of the Top No Medical Exam Life Insurance Companies
Here is a list detailing some of the information about some of the bigger, more well-known life insurance companies that specialize in no medical exam policies.
Know that some of the companies, although they don’t require up-front medical exams, may ask some questions about your health at the time of application, or may occasionally require that applicants get medical exams under certain circumstances.
1. Haven Life
Haven Life offers a no medical exam policy called InstantTerm. InstantTerm applicants answer some personal questions about their health at the time of application, and then Haven analyzes that information to make an approval decision.
In some cases, a medical exam may be needed to finalize coverage, but because the application is not completely free of medical questions and there is some medical analysis based on the information you provide, you generally won’t find the astronomically high rates with Haven that you do with many no medical exam companies.
Haven Life’s no medical exam insurance policy is issued by Massachusetts Mutual Life Insurance Company, which has earned the A.M. Best’s highest rating of A++.
Ethos looks to make getting life insurance as simple as possible for individuals and families. In fact, their no medical exam coverage policy application can be approved in as little as ten minutes.
Currently licensed and operating in 45 states, Ethos was started by roommates at Stanford Business School.
Their goal was to provide simple, affordable and straightforward traditional and no medical exam life insurance options for people and families.
Ethos life insurance policies are guaranteed by insurance giant Assurity, so you know you can count on them to deliver what they promise.
3. John Hancock
John Hancock has been in the insurance business for over 150 years. They offer ten, fifteen and twenty-year term life insurance policies.
With John Hancock you can be approved for up to $1 million in coverage if you qualify. This is one of the highest benefit payouts in the no medical exam insurance industry.
While there’s no medical exam required, they do ask to have just a few health questions answered during the application process.
After applying online you’ll have your approval decision in as little as three to five days.
4. Principal Financial Group
While many no medical exam companies only offer smaller policies up to $250,000, Principal Financial Group is yet other company offering up to $1 million in coverage for qualified applicants.
With their Principal Accelerated Underwriting program, you can eliminate long waits and scheduling conflicts with paramedical professionals.
Lengthy exams and blood tests are not required for applicants, and you can get your approval results within 48 hours.
By analyzing your application information and checking other factors such as your driving history, Principal Financial Group can often get most of the information they need to make an informed underwriting decision.
Assurity offers term and whole life insurance policies and has been in business for over 100 years.
Their Non-Med Term 350 policy offers life insurance policies up to $350,000 for people age 18-65 without any medical exam needed.
The company does offer whole life policies with no medical exam necessary, but you will be required to answer a few specific questions on your current health condition in order to be considered for those policies.
Fidelity Life, established in 1896, offers a variety of different life insurance policies and plans based on your individual needs.
As far as no medical exam policies with Fidelity they offer a policy called the RAPIDecision Express.
Their RAPIDecision Express policy offers between $25,000 and $250,000 in term life insurance (ten, fifteen, twenty or thirty year terms) policies with no medical exam needed. You will need to answer a few questions for policy approval.
Fidelity also offers a couple of small no medical exam whole life policies with coverage up to $30,000. These policies, however, are meant to cover final expenses and won’t do much for protecting your family financially for the long term.
Sagicor has been in the insurance business for over 175 years. They offer life insurance policies with payouts ranging from $25,000 up to $500,000 – much higher than many other no medical exam companies offer.
Sagicor has a reputation for having an easy application process and a quick approval turnaround time. They have a rating of A- (considered “excellent”) with A.M. Best and have a long-held history of providing customers with quality service and products.
Many times applicants can have their approval results in less than thirty minutes when choosing to apply for a no medical exam policy product.
Transamerica has been providing life insurance policies to individuals and families since the early 1900s.
They currently offer no medical exam life insurance policies up to $249,999. While that’s not among the highest policy amounts we share here, Transamerica is well known for its excellent service.
They hold an A+ rating with A.M. Best, and have a reputation for working hard to keep customers happy.
Transamerica proudly serves over twenty million families and individuals with life insurance and other financial products.
9. Banner Life
Banner Life Insurance is a part of the Legal and General America Company Insurance.
Founded in 1836, they have offices in North America, Europe and Asia. Banner offers term life insurance policies for ten, fifteen, twenty, twenty-five and thirty year terms.
They offer no medical exam policies for up to $500,000 – one of the highest available – however applicants are required to be between twenty and fifty years of age to qualify for these policies.
So while their approved age range is rather strict, their policy amounts are quite generous.
Americo Life Insurance Company is a well-established life insurance company with a rating of “A” (excellent) with A.M. Best.
They’re also one of the largest privately held, independent insurance groups in the United States.
Americo offers term life insurance policies with no medical exam required for twenty or thirty year terms.
The plan amount for the policy pays up to $250,000. Americo has been in business for over one hundred years and is one of the most recognized insurance companies on the market today.
11. Mutual of Omaha
If you’re over forty you probably remember the Mutual of Omaha Insurance commercials from days gone by.
Mutual of Omaha has been around for over one-hundred years, with their first articles of incorporation being filed in 1909 under the name of Mutual Benefit Health & Accident Association.
The company offers both term and whole life no medical exam life insurance policies. You can apply online to get a no medical exam policy of between $25,000 and $100,000 if you are between the ages of thirty and seventy-four.
If you want more coverage than that, or if you are outside of the required age ranges, you have the option to submit an application with the help of an insurance agent via a link on the company web site.
With the Mutual of Omaha policy you will be required to answer a few medical questions on your application.
12. Phoenix Life
Phoenix Life Insurance Company is one of the oldest insurance companies on our list. Founded in 1851, Phoenix is certainly a pioneer in the insurance industry.
The company’s Safe Harbor Term Life Express Policy is a no medical exam insurance policy with a rapid underwriting process that will get you an approval result quickly.
Another great benefit of this policy is that it comes with the ability to add on extra insurance riders, such as chronic illness, critical illness and terminal illness riders.
Obviously, adding those extra riders will increase the rates a policyholder pays, but it’s nice knowing they’re available if a client chooses to carry them on top of the basic term life policy.
Foresters is yet another life insurance company with a long-standing history of service and an “A” (excellent) rating from A.M. Best.
Based in Canada but providing life insurance policies to people in the U.S. as well, Foresters was founded in 1874.
The company’s most prominent no medical exam insurance policy is the Your Term level term life insurance policy. You can get this policy in a ten, fifteen, twenty, twenty-five or thirty-year term.
Applicants ages eighteen to eighty years of age are eligible, and you can be approved for a policy value of up to $400,000.
For approved applicants, additional riders may be included such as a Common Carrier Accidental Death rider, Family Health Benefit rider, or Accelerated Death Benefit rider.
You may have heard of Gerber Life Insurance. Along with its “A” (excellent) rating from A.M. Best, Gerber Life Insurance has a reputation for providing life insurance policies for adults and young people alike.
Gerber Life has a couple of different options for no medical exam life insurance. The first is a very basic coverage plan (from $5,000 up to $25,000) for people ages fifty to eighty. As acceptance for this policy is guaranteed, it’s called the Guaranteed Life Insurance Policy.
There are no questions asked with this smaller no medical exam policy – you just get it and go.
Gerber also has some additional, more comprehensive no medical exam policies that offer up to $150,000 in benefits both on the term side and on the whole life side. You can find out more about those policies by clicking on the link to Gerber above.
15. American National
American National Life Insurance Company offers a variety of no medical exam policies that range in benefit amounts from $25,000 up to $250,000.
Along with holding an “A” rating from A.M. Best, American National boasts a super-fast approval time – less than fifteen minutes.
This is another company that has been in business for over one hundred years (they started in 1905) and is committed to providing quality life insurance products for the long haul.
MetLife is another well-known life insurance carrier with a long history of assisting people in finding insurance policies. Their no medical exam policy, MetLife Rapid Term Life Insurance, offers coverage of up to $500,000 and terms of ten, fifteen, twenty, twenty-five, or thirty years.
You can apply online or by phone for this policy, and the MetLife web site says you’ll have an answer the same day. Although this is a no medical exam policy, you will have to answer some health questions during the application process so that the company can better determine your rate.
17. National Western
National Western Life Insurance Company has an “A” rating by A.M. Best and is located in Colorado. As far as no medical exam policies are concerned, they offer three different options for term insurance as well as three different options for whole life policies.
You can get a term policy for ten, fifteen, twenty or thirty years with the term policy choices. National Western offers coverage amounts ranging from $25,000 to $250,000. To be eligible you have to be between the ages of twenty and sixty-five.
National offers many choices as far as no medical exam coverage goes, however be sure to check rates to ensure they’re competitive with some of the other companies we list here.
18. Minnesota Life
Minnesota Life, an affiliate of Securian, has a no medical exam life insurance policy called the Advantage Elite Select Life Express Issue policy. Coverage amounts on this policy vary from $50,000 to $249,999.
While the company doesn’t require a medical exam, it will look at your driving record and potentially request medical records as well. You need to be between sixteen and sixty-five years of age in order to be eligible for this policy.
You may find rates higher with Minnesota Life than you do with some of the other policies we share here. For that reason comparison shopping is very important.
19. New York Life
New York Life‘s Simplified Term Life Insurance policy offers no medical exam coverage of up to $100,000 ($10,000 is the minimum) for people between the ages of thirty and seventy-four.
This particular policy is an Annual Renewal Term policy, which means that you’ll probably have premium increases during the life of the policy. Premium prices with New York Life are higher than average, which again prompts the suggestion to be mindful of the different rates the varying companies offer and to do some thorough comparison shopping before deciding on which company you’ll buy from.
It’s worth repeating that because of the high risk involved for insurance carriers who choose to carry these types of no medical exam policies, the policies are often more expensive than a traditional life insurance policy that requires a medical exam.
Given your individual situation you may want to take the time to see if you can qualify for a policy that requires an exam first. If you know that you won’t qualify for a traditional life insurance policy, however, there are a wide variety of options here when it comes to companies that issue no exam coverage.
Do your due diligence as suggested above in order to find the right product and company for your life insurance needs.
How is ‘No Medical Exam Life Insurance’ Different?
As we talked about above, many life insurance companies require applicants to obtain a physical examination by a medical professional before the life insurance policy will be approved by the company’s underwriting team.
The process of getting that physical examination for a life insurance policy has become pretty streamlined in today’s world, however it still takes time on the part of the insurance company and the potential policyholder and can result in concrete reasons for policy denial.
It’s common for life insurance companies to schedule a paramedical professional to come right to your home to conduct a fairly non-intrusive medical exam as a part of your policy approval.
When the paramedical professional arrives at your home, they’ll take down basic personal information such as your name, address, social security number and birthdate.
They’ll likely check your height and weight, as well as your blood pressure. In most cases, they’ll take a urine sample and blood sample as well.
Other types of examinations may be conducted based on the life insurance company’s exam policies.
After the paramedical professional is finished with the exam, he or she sends the information collected in for analysis and any lab results are sent to the life insurance company you’ve applied to.
The results of the analysis can determine whether or not you’re approved, and also what your monthly or annual premium costs will be for the life insurance policy you wish to carry.
While generally healthy people can usually find a company that will charge a reasonable premium rate for a policy, people who are elderly or are suffering from major health conditions will often be charged much higher premiums.
Often times people in these higher risk groups are denied coverage altogether.
No Medical Exam Life Insurance Can Make Getting a Life Insurance Policy Easier
However, companies that don’t require a medical exam for potential policyholders can help eliminate the potential for getting denied coverage based on health conditions, age or other factors.
No medical exam life insurance policies also come with beneficial time and convenience factors.
A life insurance company not requiring a medical exam can potentially get you approved for a policy in a shorter time period as they’re not waiting on paramedical professionals to connect with potential clients.
They’re also not waiting on medical results that may influence their underwriting experts. As such, no medical exam life insurance policies can be approved in as little as ten to fifteen minutes depending on the application process and underwriting rules of the company you are applying to.
If you have been considering getting life insurance coverage but are concerned about being approved based on your age or pre-existing medical conditions, you may want to look further into insurance companies that don’t require a medical examination for potential policyholders.
Before you apply however, there is other information you should know about life insurance policies in general.
Important Components to a Traditional or No Medical Exam Life Insurance Policy
Anytime you’re looking into getting life insurance you’ll want to consider three important factors before choosing a company to sign with.
Here’s the deal: not all insurance companies are the same. Although there are some main similarities from one to another, they all have different rules, regulations, costs and business tactics.
As you shop for life insurance for yourself and your family, it’s important to focus first on three of the primary consideration factors:
- Benefit amounts
- Premium costs
- Insurance company assessments
Every person considering a life insurance policy needs a different amount of coverage and will want to take some time to figure out how much that amount is.
As you work to decide how much life insurance you need, you’ll want to consider current and future income needs.
For example, a single person who has no plans to get married or have children won’t need as much life insurance coverage as a person who is married and has children.
Whereas a single person who plans on remaining single will likely only need a policy big enough to cover burial expenses, a person who is married with a family will want to consider buying enough coverage for his or her family to be able to maintain their current lifestyle and pay for any extras they may need in the future.
There is a general rule in the personal finance world that says twenty times your annual expenses in coverage is a good target amount to start with when deciding how much life insurance coverage you need.
So, for instance, let’s say the monthly expenses for your family of five are $5000 per month. You’d start there, and add a twenty percent buffer for future inflation and additional non-planned expenses.
This means your target income from your life insurance policy would be $6000 per month. Annually, that adds up to $72,000 per year for covering expenses.
Next, you’ll take that annual expense calculation of $72,000 and times it by twenty. That adds up to $1,440,000 in insurance benefits you would need in order to cover your family’s expenses over the next twenty years.
If you have young children and want to include extra money to cover college, wedding or other expenses, you may want to consider increasing your policy benefit amounts to pay something toward those costs for each of your children as well.
The 20x your annual expenses rule is just a suggestion, however. You may decide you need more or less coverage based on a number of other factors. Some of those factors may include:
- How much money you have in savings. If you’ve got a substantial amount of cash in your emergency fund and other non-retirement investments, you may be able to get by with less life insurance coverage.
- How much debt you’re carrying. If you have debt payments such as a mortgage payment, student loan payment, car payment or other consumer debt, you’ll want to make sure you have enough in life insurance benefits to ensure those payments can be sustained. If you have little or no debt, you may not need as much coverage.
Premium costs associated with a life insurance policy are important because you’ll want to know:
- Whether the cost of the premiums fit into your current budget
- How competitive each company’s rate is compared to another
After all, why pay more than you need to for insurance or anything else? When shopping around for life insurance it can be helpful to make a list of each company you talk with and what their premium costs are for the amount of coverage you’ve determined you need based on the exercise in the previous paragraph.
It’s important to be aware that no medical exam life insurance policies are going to be more expensive that those that require a medical exam. You could pay two, three or even four times more in premiums for a no exam policy.
If that information makes you cringe, you may want to consider at least trying to get approved with a traditional life insurance company that requires a medical exam first.
If you don’t get approved for traditional life insurance policy coverage you can move forward with a no medical exam company.
Just be sure to call several of the companies on your list as premiums will vary. One company’s premium costs may differ drastically from another company’s premium rates.
Insurance Company Assessments
Now that you’ve determined your needed benefit amounts and checked around with companies on their premium rates, you’ve probably narrowed down your list a bit and have a clearer idea of which insurance companies you want to further consider.
So, the next step is to research and assess each company’s reputation. You can start by checking out the Better Business Bureau’s reporting record for each company you’re considering.
While the BBB shouldn’t be your main source of research, it can help you get an idea of the types and number of complaints filed against each company and how each company handles complaints filed against it.
If a company works to get consumer complaints resolved instead of ignoring those complaints that will tell you something about their business ethics and whether or not they have a commitment to a high level of customer service and satisfaction.
There are also a few companies that exist for the purpose of rating insurance companies and their reputation. Four of the main companies that perform this function are Standard and Poor’s, Fitch, Moody’s and A.M. Best.
By visiting the web sites of the four most popular insurance ratings providers, you can find out more detailed information about the life insurance companies you’re considering doing business with.
Next, we’ll talk about another important topic: whether you should choose whole life insurance or term life insurance.
What’s the Difference Between Term and Whole Life Insurance?
Life insurance companies generally offer two types of life insurance: term insurance or whole life insurance.
Term insurance generally lasts for a given number of years and then expires. The typical term life insurance policy will range between ten years and thirty years.
As a policyholder, you’ll often have a choice about whether to choose a ten, fifteen, twenty, twenty-five or thirty-year term. The twenty-year term seems to be the most common, however.
Term life insurance has cheaper premiums than whole life insurance because the risk for the insurance company carrying the policy is lower.
Also, term life insurance policies generally don’t carry an accruing cash value. You simply pay your premiums for the specific number of years of the term you agreed to when you signed the policy, and when that term is up the policy cancels.
Whole Life Insurance
Whole Life Insurance is exactly that: it lasts for the life of the policyholder. As mentioned above, the premiums for whole life insurance are higher, simply because the insurance company knows they’ll be paying out at some point.
Most whole life insurance policies carry some type of cash value accumulation the longer you carry them, but the cash value of the policy is pretty slow growing.
Some insurance agents may work to sell you a whole life insurance policy as an investment being it accrues a cash value over time, however your rate of return on such an “investment” will be very minimal.
How Do I Know if I Should Choose Term or Whole Life Insurance?
This is a great question. Since the goal of life insurance is to provide for your family’s financial needs in the event of your passing, a question you should ask yourself before you purchase a life insurance policy is “How do I want my financial future to look?”
If your plan is to live paycheck-to-paycheck for much of your life and you have no interest in building the kind of wealth that will help you become self-insured, a whole life policy may be worth looking into.
However, if you have a financial plan in place that is set to move you toward financial independence, and you expect to have a solid financial picture in twenty years or so, the more affordable term insurance policies will likely be a better choice for you.
Also, it’s important to remember that as you get older your expenses will likely decrease. Your house will eventually get paid off, and your kids will grow up and move out on their own.
As your expenses decrease, so your need for life insurance may also decrease. At the very least you could move into a policy with a lower benefit payout that has cheaper rates.
Ultimately, what type of policy you get – whether term or whole life – and what benefit amount you choose is up to you.
Just be sure you are taking into account all of your family’s current and future needs as you make your life insurance decisions.
Having adequate life insurance policies is a big deal. It’s important to work to be sure your family is protected and provided for from a financial standpoint should something unexpected happen.
Although the subject isn’t fun to talk about, getting sufficient life insurance coverage is an important part of any successful financial plan.
If you want more information on obtaining life insurance, you can click the links above to each of the available companies, or you can meet in person with an insurance agent who specializes in life insurance policy issues.
However, before you meet with an agent, be sure you are familiar with the different types of policies and companies available for life insurance benefits.
Since not all insurance companies are the same, you may even want to meet with more than one insurance agent before you make a decision on the type of policy and the benefit amount you decide on.
A certified financial planner may also be able to help you decide more about what types of life insurance terms and policy amounts you need.
Have you ever thought about or made a life insurance policy? Are you working toward being self-insured?