If you’re shopping for life insurance, you’ve likely encountered some challenges. Finding quotes online can be difficult, applications may be lengthy, approval times can be extensive, and often a medical exam is required. However, if you’re young and healthy, a competitively priced no-exam life insurance policy may be the ideal solution, allowing you to bypass the medical exam entirely.
We analyzed term life insurance policies that offer a no-exam option to identify the best choices available. Here are our expert picks:
- Pacific Life
- Protective
- Symetra
- Corebridge Financial
- Legal & General America/Banner Life
- Transamerica
Best No-Exam Life Insurance Summary
This comparison highlights key features of the top no-exam life insurance companies.
Pacific Life
Best Cost for $1 Million of Coverage
Pacific Life offers a competitive no-exam policy, making it a top choice for high coverage amounts. It boasts low rates across various ages and coverage levels, with especially attractive rates for $1 million in coverage. No-exam policies are available for up to $3 million.
Pros:
- Low average term life insurance cost among the companies we analyzed.
- Offers particularly low rates for $1 million term life insurance.
- The policy is guaranteed renewable until age 95.
Cons:
- No options for electronic signature or electronic document delivery.
- If you opt to convert the term life policy, you are limited to a universal life policy.
Level Term Length Choices: 10, 15, 20, 25 or 30 years
Protective
Great for Long Level Term Lengths
Protective’s Classic Choice term life policy stands out due to its long level term options spanning 35 and 40 years, whereas many competitors offer a maximum of 30 years.
Pros:
- Low term life rates across a range of buyer ages and policy amounts.
- Electronic policy delivery and e-signature are available.
- Choice of up to 8 permanent life insurance policies if you decide to convert the term life.
Cons:
- Lower maximum coverage of $1 million for no-exam life insurance compared to top competitors.
- Limited accelerated death benefit access; Only 60% or $1 million (whichever is less) of your death benefit is accessible if you become terminally ill.
Level Term Length Choices: 10, 15, 20, 25, 30, 35 and 40 years
Symetra
Best Overall for Term Life Rates
Symetra stands out with the most affordable average term life insurance rates among the companies we evaluated. This makes it an excellent selection for those seeking cost-effective, no-exam life insurance.
Pros:
- Can be purchased online with instant approval if you’re young and healthy.
- Electronic policy delivery and e-signature are available.
- Renewable until age 95 (at a higher renewal rate each year after the level period ends).
Cons:
- The company has a relatively short history, having been founded in 1957, which brings a lack of a long-term record of consistent financial stability.
- The accelerated death benefit, if you’re terminally ill, is limited to $500,000 (or 75% of your death benefit, whichever is lower).
Level Term Length Choices: 10, 15, 20, or 30 years
Corebridge Financial
Great for Choices of Term Lengths
Corebridge’s Select-a-Term policy stands out due to its flexibility in allowing the customization of a level term length for any number of years between 10 and 35, such as 22 years.
Pros:
- Very low term life insurance rates.
- Electronic policy delivery and e-signature are available.
Cons:
- The need for a life expectancy of 24 months or less to use the accelerated death benefit; compared to many competitors with 12 months or less.
- Relatively low maximum no-exam coverage amount of $1 million.
- High customer complaint level.
Level Term Length Choices: Any term length between 10 to 35 years
Legal & General America/Banner Life
Great for Long Level Term Lengths
Legal & General America’s OPTerm is notable for its 40-year level term option. Most competitors offer level terms up to 30 years.
Pros:
- Very competitive term life rates.
- Electronic policy delivery and e-signature are available.
- You can convert the policy to permanent life until age 70.
Cons:
- Low maximum age of 50 to be eligible for a no-exam option.
- Policy not renewable after the level term period ends.
- The maximum accelerated death benefit available is only $500,000 or 75% of your death benefits, whichever is less.
Level Term Length Choices: 10, 15, 20, 25, 30, 35 and 40 years
Transamerica
Best for Older Buyers
Transamerica offers competitive rates for healthy buyers in their 50s.
Pros:
- Can convert the policy to permanent life insurance until age 75, which is older than many other insurers allow.
- Electronic policy delivery and e-signature are available.
Cons:
- Higher-than-average level of complaints because of issues such as claim handling delays, lack of response, denial of claims and billing issues.
Level Term Length Choices: 10, 15, 20, 25 or 30 years
How Much Does No-Exam Life Insurance Cost?
The average monthly cost for $500,000 term life insurance without a medical exam for a 40-year-old buyer is approximately $17 for a 10-year term, $26 for a 20-year term, and $42 for a 30-year term. These rates translate to annual costs ranging from $206 to $510, depending on the term length.
What Is No-Exam Life Insurance?
No-exam life insurance provides coverage without requiring a medical examination as part of the application process. During the process, you typically answer health-related questions and potentially provide supplementary data from third-party sources. There are three primary categories of no-exam life insurance underwriting:
- Accelerated Underwriting: The life insurance company uses electronic data and algorithms to determine your life insurance quote. This streamlined approach offers speed and convenience, with potential pricing comparable to policies requiring an exam.
- Simplified Issue Life Insurance: The application process is more streamlined, involving specific health and lifestyle inquiries, while avoiding medical exams. The cost for simplified issue policies tends to be higher due to the limited information available about the applicant.
- Guaranteed Issue Life Insurance: These policies provide coverage with no medical exam or questions, guaranteeing acceptance. They are chiefly designed for those in poor health who seek minimal coverage, and generally have low maximum coverage amounts with higher premiums.
Is No-Exam Life Insurance Worth It?
No-exam life insurance is an excellent choice If you are in good health and a non-smoker, seeking convenient, low-effort coverage at competitive prices. It can be a good solution for younger individuals looking for coverage rapidly.
