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Having a life insurance policy is critical to any solid financial plan.
Are you financially independent to the point where you’re self-insured? In other words, do you have enough money that your loved ones could cover expenses should you die? if not, life insurance is a must have.
Finding the right life insurance policy can be overwhelming. More so if you are older or have pre-existing medical conditions. It can be tough getting approved if you have Diabetes or Heart Disease.
Insurance companies work to minimize risk. They are often unwilling to sell policies to people considered high risk.
However, there are some life insurance companies that don’t require prospective clients to have a medical exam.
We’ve compiled a list of some of the more prominent no medical exam life insurance companies. And we’ve included valuable information you should know before you purchase a life insurance policy.
Table of Contents
- Life Insurance Companies That Don’t Require A Medical Exam
- 1. Bestow
- 2. Haven Life
- 3. Ethos
- 4. John Hancock
- 5. JRC Insurance Group
- 6. Principal Financial Group
- 7. Assurity
- 8. Fidelity
- 9. Sagicor
- 10. Transamerica
- 11. Banner Life
- 12. Americo
- 13. Mutual of Omaha
- 14. Phoenix Life
- 15. Foresters
- 16. Gerber
- 17. American National
- 18. MetLife
- 19. National Western
- 20. Minnesota Life
- 21. New York Life
- How is ‘No Medical Exam Life Insurance’ Different?
- Getting a Life Insurance Policy is Now Easier
- Important Components to a Life Insurance Policy
- What’s the Difference Between Term and Whole Life Insurance?
- How Do I Know if I Should Choose Term or Whole Life Insurance?
Life Insurance Companies That Don’t Require A Medical Exam
Here is a list of some of the bigger, more well-known life insurance companies. All of these companies specialize in no medical exam policies.
These companies don’t require up-front medical exams. However, some may ask some questions about your health at the time of application. Or they may require that you get medical exams in certain cases.
Bestow was started by two dads who were discussing the challenges of obtaining solid life insurance policies – especially when the need is so great.
They felt many groups – including women – were under-served by life insurance companies, so they started Bestow.
Today, Bestow offers life insurance plans for as short as two-year terms – and as long as 20-year terms.
Bonus: None of the Bestow plans require medical exams. This makes buying life insurance easier than ever.
Just fill out your application online and get a quote in minutes.
2. Haven Life
Haven Life offers a no medical exam policy called InstantTerm. InstantTerm applicants answer some questions about their health at the time of application. After that, Haven analyzes that information to make an approval decision.
In some cases, a medical exam may be needed to finalize coverage. Again, the application does ask some medical questions. There is some medical analysis based on the information you provide. Because of this, you generally won’t find too high of rates with Haven. Their rates are lower than you’ll find with many no medical exam companies.
Haven Life’s no medical exam insurance policy is issued by Massachusetts Mutual Life Insurance Company. This company has earned the A.M. Best’s highest rating of A++.
Ethos looks to make getting life insurance simple for people and families. In fact, their no medical exam coverage policy is often approved in as little as ten minutes.
Roommates at Stanford Business School started Ethos. They’re licensed in 45 states as of this writing.
Their goal was to provide simple and affordable insurance policies. They have traditional and no medical exam life insurance options.
Ethos life insurance policies get backed by insurance giant Assurity. This way you know you can count on them to deliver what they promise.
4. 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 get approved for up to $1 million in coverage. Of course, you have to qualify first. This is one of the highest benefit payouts in the no medical exam insurance industry.
There’s no medical exam required. However, they do ask a few health questions on the application.
After applying online you’ll have your decision in as little as three days.
5. JRC Insurance Group
JRC Insurance makes comparing life insurance quotes easy. Their fee-free, online tool helps you compare 50 top-rate companies. Plus, their agents can help you narrow down choices even further. They’ll do this based on your specific needs.
In addition, if you have health issues the tool will compare your health profile to each company’s guidelines. This will help you see which ones you may still qualify for.
6. Principal Financial Group
Many no medical exam companies only offer smaller policies up to $250,000. However, Principal Financial Group offers up to $1 million in coverage. This is for qualified applicants, of course.
They use their Principal Accelerated Underwriting program for applicants. This program helps you eliminate long waits. In addition, there are no scheduling conflicts with paramedical professionals.
They don’t require lengthy exams and blood tests for applicants. And you can get your approval results within 48 hours.
Principal Financial Group will check other factors such as driving history. This allows them to get the information they need to make an informed underwriting decision.
Assurity offers term and whole life insurance policies. They’ve been in business for over 100 years.
Their Non-Med Term 350 policy offers life insurance policies up to $350,000. The policy covers people age 18-65 without any medical exam needed.
Note that you will need to answer questions on your current health condition. This is a requirement when you apply for their policies.
Fidelity Life opened in 1896. They offer a variety of policies based on your needs.
As far as no medical exam policies they offer a policy called the RAPIDecision Express.
Their RAPIDecision Express policy offers between $25,000 and $250,000 in term life insurance. You can get the policies in ten, fifteen, twenty or thirty year terms. There are no medical exams needed. However, you will need to answer a few questions for policy approval.
Fidelity also offers small no medical exam whole life policies. They offer coverage up to $30,000. These policies, however, are meant to cover final expenses. They won’t cover your family’s expenses 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. This is higher than many other no medical exam companies offer.
Sagicor has a reputation for having an easy application process. They have a quick approval turnaround time too. They have a rating of A- (considered “excellent”) with A.M. Best. In addition, they have a long-held history of providing good service.
Applicants can have their approval results in less than thirty minutes. However, this applies only when choosing a no medical exam policy product.
Transamerica has been writing life insurance policies for people since 1906.
They offer no medical exam life insurance policies up to $249,999. That’s not among the highest policy amounts we share here. However, Transamerica is well known for its excellent service.
They hold an A+ rating with A.M. Best. And they have a reputation for working hard to keep customers happy.
Transamerica serves over twenty million people. They offer life insurance and other financial products too.
11. 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 to thirty year terms.
They offer no medical exam policies for up to $500,000 – one of the highest available. However, applicants must 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 U.S.. Americo offers term life insurance policies with no medical exam required. You can buy policies with 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. They’re one of the most recognized insurance companies on the market today.
13. Mutual of Omaha
If you’re over forty you probably remember the Mutual of Omaha Insurance commercials.
Mutual of Omaha has been around for over one-hundred years. They opened in 1909 under the name of Mutual Benefit Health & Accident Association.
The company offers term and whole life no medical exam policies. You can apply online to get a policy of between $25,000 and $100,000. However, you have to be 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, the process is different. You have the option to submit an application with the help of an insurance agent. You’ll find a link on the company web site to do this.
With the Mutual of Omaha policy you will be required to answer a few medical questions on your application.
14. Phoenix Life
Phoenix Life Insurance Company is one of the oldest insurance companies on our list. Founded in 1851, Phoenix is a pioneer in the insurance industry.
The company’s Safe Harbor Term Life Express Policy is a no medical exam insurance policy. They have a rapid underwriting process too. The rapid process ensures you will get an approval result quickly.
One great benefit of this policy is that it comes with the ability to add on extra insurance riders. Some options include chronic illness, critical illness and terminal illness riders.
Obviously, adding those extra riders will increase the rates a client pays. However, it’s nice knowing they’re available if a client chooses to carry them.
Foresters is another life insurance company with a history of good service. They get an “A” (excellent) rating from A.M. Best.
Foresters opened in 1874. They’re based in Canada but provide life insurance policies to people in the U.S. too.
Their most prominent no medical exam 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. You can get a policy value of up to $400,000.
Approved applicants can purchase additional riders. Available riders include a Common Carrier Accidental Death rider. They have other riders available too.
You may have heard of Gerber Life Insurance. They have an “A” (excellent) rating from A.M. Best. And they provide policies for adults and young people alike.
Gerber Life has a few different options for no medical exam life insurance. The first is a basic coverage plan from $5,000 up to $25,000. This policy is for people ages fifty to eighty. This is a guaranteed policy. As such, it’s called the Guaranteed Life Insurance Policy.
There are no questions asked with this smaller no medical exam policy. Instead, just get it and go.
Gerber has some additional no medical exam policies too. They offer up to $150,000 in benefits. These policies are available both on the term side and on the whole life side. You can learn more on those policies by clicking on the link to Gerber above.
17. American National
American National Life Insurance Company offers several no medical exam policies. They 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. You can get approved in less than fifteen minutes.
This is another company that has been in business for over 100 years. They started in 1905. They’re committed to providing quality life insurance products for the long haul.
MetLife is another well-known life insurance carrier. They have a long history of issuing insurance policies. Their no medical exam policy, MetLife Rapid Term Life Insurance, offers coverage of up to $500,000. You can get terms of ten, fifteen, twenty, twenty-five, or thirty years.
You can apply online or by phone for this policy. The MetLife web site says you’ll have an answer the same day. This is a no medical exam policy. However, you will have to answer some health questions. This is so that the company can better determine your rate.
19. National Western
National Western Life Insurance Company has an “A” rating by A.M. Best. They’re located in Colorado. They offer three options for no medical exam term insurance. They have three different options for whole life policies too.
You can get a term policy for ten, fifteen, twenty or thirty years. These are the term policy choices they offer. National Western offers coverage amounts ranging from $25,000 to $250,000. You have to be between the ages of twenty and sixty-five to qualify.
National offers many choices for no medical exam coverage. However, check rates to ensure they’re competitive. Other companies we list here may have lower premiums.
20. Minnesota Life
Minnesota Life, an affiliate of Securian. They have a no medical exam policy called the Advantage Elite Select Life Express Issue policy. Coverage amounts on this policy vary from $50,000 to $249,999.
The company doesn’t require a medical exam. However, it will look at your driving record. They might 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 with other companies. For that reason comparison shopping is important.
21. New York Life
New York Life‘s Simplified Term Life Insurance policy offers no medical exam coverage of up to $100,000. Note that the minimum policy amount is $10,000. You have to be between the ages of thirty and seventy-four to qualify.
This particular policy is an Annual Renewal Term policy. That means that you could have premium increases during the life of the policy. Premium prices with New York Life are higher than average. This again prompts the suggestion to be mindful of the different rates the varying companies offer. Do some thorough comparison shopping before deciding on which company you’ll buy from.
It’s worth repeating that these policies involve high risk for insurance carriers. Therefore, the policies are often more expensive than a traditional life insurance policy. They’ll cost more than policies that requires a medical exam.
You may want to take the time to see if you can qualify for a policy that requires an exam first. Do you know that you won’t qualify for a traditional life insurance policy? If so, there are a wide variety of options for companies that issue no exam coverage.
Do your due diligence as suggested above. This will help you find the right product and company for your life insurance needs.
How is ‘No Medical Exam Life Insurance’ Different?
I know we talked about this before, but it bears repeating. Many life insurance companies require applicants to obtain a physical exam. You must complete the exam before the life insurance policy gets approved. The company’s underwriting team will take a thorough look at it.
The process of getting that physical exam for a life insurance policy has become pretty streamlined. However it still takes time on the part of the insurance company and the potential client. In addition, exams can result in concrete reasons for policy denial.
It’s common for life insurance companies to schedule a paramedical professional to come to your home. They 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. They’ll record your name, address, social security number and birth date.
They’ll likely check your height and weight, and your blood pressure. In most cases, they’ll take a urine sample and blood sample too.
Other types of exams may happen based on the company’s exam policies.
After the paramedical professional finishes the exam, they send the information in for analysis. Any lab results are sent to the life insurance company you’ve applied to.
The results of the analysis can determine whether you’re approved. They also determine what your premium costs will be for the policy you wish to carry.
Healthy people can usually find a company that will charge a reasonable premium rate for a policy. However, people who are elderly or are suffering from major health conditions can pay much higher premiums.
Often times people in these higher risk groups get denied coverage altogether.
Getting a Life Insurance Policy is Now Easier
However, companies that don’t require a medical exam for potential clients are different. They can help eliminate the potential for getting denied coverage. They often won’t deny you based on health conditions, age or other factors.
No medical exam life insurance policies come with beneficial time and convenience factors too.
A life insurance company not requiring a medical exam can get you approved for a policy faster. This is because 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. Of course, this depends on the application process and underwriting rules of the company you are applying to.
Have you been considering getting life insurance coverage? Are you concerned about being approved based on your age or pre-existing medical conditions? If so, you may want to look further into no medical exam insurance companies.
Before you apply however, there is other information you should know. Here are some components about life insurance policies in general.
Important Components to a Life Insurance Policy
When you’re looking into getting life insurance you’ll want to consider three important factors. Check these factors before choosing a company to sign with.
Here’s the deal: not all insurance companies are the same. There are some main similarities from one to another. However, 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 factors:
- Benefit amounts
- Premium costs
- Insurance company assessments
Everyone considering a life insurance policy needs a different amount of coverage. They’ll want to take some time to figure out how much that amount is.
As you work to decide how much life insurance you need, consider current and future income needs.
For example, a single person with no plans to get married or have children can get a smaller policy. They won’t need as much life insurance coverage as a person who is married and has children.
A single person who plans on remaining single will likely only need a smaller policy. They’ll want something big enough to cover burial expenses. However, a person who is married with a family will want to consider buying more coverage. They’ll want enough coverage for their family to be able to maintain their current lifestyle. And they’ll need money to pay for any extras they may need in the future.
There is a general rule in the personal finance world regarding coverage amounts. That rule says twenty times your annual expenses in coverage is a good target amount to start with. Use that number when deciding how much life insurance coverage you need.
Determining Your Coverage Amount
For instance, let’s say the expenses for your family of five are $5000 per month. You’d start there, and add a twenty percent buffer for 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.
What if you have young children and want to include extra money to cover college, wedding or other expenses? If so, you may want to consider increasing your policy benefit amounts.
The 20x your annual expenses rule is just a suggestion, however. You may decide you need more or less coverage based on other factors. Some of those factors may include:
- How much money you have in savings. Do you have a substantial amount of cash in your emergency fund and other non-retirement investments? If so, you may be able to get by with less life insurance coverage.
- How much debt you’re carrying. Do you have debt payments such as a mortgage payment, car payment or other consumer debt? You’ll want to make sure you have enough in life insurance benefits to cover those payments. If you have little or no debt, you may not need as much coverage.
Premium costs on 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 help to make a list of each company you talk with. Record their premium costs for the amount of coverage you’ve determined you need based. Base that amount on the exercise in the previous paragraph.
It’s important to be aware that no medical exam life insurance policies are going to be expensive. They’ll cost more than those that require a medical exam. You could pay two, three or even four times more in premiums for a no exam policy.
Does that information makes you cringe? If so, you may want to consider at least trying to get approved with a traditional life insurance company. Even if you have to get a medical exam first.
What 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
After you’ve determined your needed benefit amounts, check with companies on their premium rates. This will help you narrow down your list. And you’ll have a clearer idea of which companies you want to further consider.
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.
The BBB shouldn’t be your main source of research. However, it can help you get an idea of the types and number of complaints filed against each company. It will also show you how each company handles complaints filed against it.
Does a company works to get consumer complaints resolved? Or do they ignore those complaints? The answer to that question will tell you something about their business ethics. It will help you know whether 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.
Make a visit to 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 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 client, you’ll often have a choice about which term you choose. You can choose a ten, fifteen, twenty, twenty-five or thirty-year term depending on the company. The twenty-year term seems to be the most common, however.
Term life insurance has cheaper premiums than whole life insurance. This is 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. When that term is up the policy cancels.
Whole Life Insurance
Whole Life Insurance is exactly that: it lasts for the life of the client. As mentioned above, the premiums for whole life insurance are higher. This is because the insurance company knows they’ll be paying out at some point.
Most whole life insurance policies carry some type of cash value. You get more value the longer you carry them. However, 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. This is because 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. The goal of life insurance is to provide for your family’s financial needs in the event of your passing. Therefore, there’s a question you should ask yourself before you purchase a life insurance policy. That question is “How do I want my financial future to look?”
Is your plan is to live paycheck-to-paycheck for much of your life? Do you have no interest in building the kind of wealth that will help you become self-insured? Then a whole life policy may be worth looking into.
However, what if you have a financial plan in place? One that is set to move you toward financial independence? In addition, you expect to have a solid financial picture in twenty years or so. If so, the more affordable term insurance policies may 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 get paid off. The 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.
In the end, the type of policy you get is in your hands. You can choose term or whole life. And you can choose your benefit amount.
Just be sure you are taking into account all of your family’s current and future needs. Do this 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 gets protected and provided for. You’ll want them to have enough money should something unexpected happen.
The subject isn’t fun to talk about. However, getting sufficient life insurance coverage is an important part of a successful financial plan.
Do you want more information on obtaining life insurance? If so, 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. Research companies available for life insurance benefits.
Since not all insurance companies are the same, you may want to meet with more than one insurance agent. Do this 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. They can 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?