Best No-Exam Life Insurance
If you’re looking for life insurance without the hassle of a medical exam, no-exam life insurance could be the perfect solution. These policies offer a streamlined application process, often with quick approval times. This guide highlights the best no-exam life insurance companies, helping you find the right coverage for your needs and budget.
Key Takeaways
- Pacific Life, Protective, and Symetra are among the top-rated no-exam life insurance companies.
- No-exam life insurance is especially beneficial for healthy individuals.
- These policies provide a cost-effective way to secure life insurance coverage efficiently.
Our Expert Picks
Here are some of the best no-exam life insurance companies:
- Pacific Life
- Protective
- Symetra
- Corebridge Financial
- Legal & General America/Banner Life
- Transamerica
Best No-Exam Life Insurance Summary: Comparing the Best No-Exam Life Insurance
This summary table provides a quick comparison of the best no-exam life insurance companies:
How Much Does No-Exam Life Insurance Cost?
The cost of no-exam life insurance varies but tends to be competitive with policies that require medical exams, especially for younger, healthier applicants. Costs are influenced by age, gender, health, and smoking status. For example, the average monthly cost for a $500,000 term life policy without an exam for a 40-year-old costs $15-$28 (depending on term).
What Is No-Exam Life Insurance?
No-exam life insurance allows individuals to obtain coverage without undergoing a medical examination. This accelerates the application process, providing a fast and convenient way to secure life insurance.
Types of No-Exam Life Insurance Underwriting
There are generally three types of life insurance underwriting that do not require medical exams:
- Accelerated Underwriting: This process uses electronic data and algorithms to assess risk and determine the premium. It’s often as cost-effective as policies requiring exams.
- Simplified Issue Life Insurance: This involves a streamlined application with health questionnaires but no medical exams.
- Guaranteed Issue Life Insurance: This provides coverage without any medical exams or health questions, typically for those with pre-existing health conditions and limited coverage amounts.
Pros and Cons of No-Exam Life Insurance
Pros:
- No medical exam required.
- Quick application and approval process.
- Potentially competitive pricing.
- Online application and approval may be available.
Cons:
- May have lower maximum coverage amounts.
- May not be available if you have health issues or are over 60.
- Guaranteed issue policies may be expensive.
Is No-Exam Life Insurance Worth It?
No-exam life insurance can be advantageous if you’re in good health, a non-smoker, and seek quick, competitively priced coverage without the hassle of a medical exam. It’s also well-suited for younger individuals seeking a simple application process.
Alternatives to No-Exam Life Insurance
If you do not qualify for no-exam life insurance, fully underwritten policies are good alternatives. Although they involve medical exams and more paperwork, and can result in lower rates.
Methodology: How We Ranked the Best No-Exam Life Insurers
Forbes Advisor’s rankings are based on these factors:
- Cost (80%): Average rates for males and females in excellent health across different ages, coverage amounts, and term lengths.
- Term Life Conversion (20%): Points awarded for policies that offer options to convert to a permanent policy.
- Maximum Coverage for No-Exam Policy (5%): Recognition for companies offering no-exam policies with high coverage amounts.
- Maximum Age to Qualify for a No-Exam Policy (5%): Consideration for companies offering no-exam options to older buyers.
No-Exam Life Insurance Frequently Asked Questions (FAQs)
- How long does a no-exam life insurance policy last? Some policies are term life policies that lock in your rate for the specified term. Other no-exam life insurance policies can be permanent and in force for a lifetime.
- How much life insurance can I get with no medical exam? Maximums tend to be between $1 million and $3 million for no exam, but can vary by company, type, and your age.
- Can you add riders to no-exam life insurance policies? Yes, common riders are the accelerated death benefit, accidental death, child term life, and disability waiver of premium.
- Are no medical exam life insurance policies more expensive? Rates are on par with standard term policies.
