No Exam Life Insurance Quotes
Although a fully underwritten life insurance policy normally delivers the lowest rates, no exam life insurance is available for applicants who need a policy issued quickly and prefer not to deal with the inconvenience of a life insurance medical exam.
And, not surprisingly, there are many people out there who whence at the thought of giving a blood or urine sample to a stranger.
The good news is, in today’s marketplace, there are many insurance companies that offer life insurance policies with no exam requirement at very reasonable rates.
Easy Article Navigation
- How Does No Medical Exam Life Insurance Work?
- Types of No Medical Exam Life Insurance Policies
- Pros and Cons of No Medical Exam Life Insurance
- Who is a Good Candidate for No Exam Life Insurance?
- How Much Life Insurance Can You Get Without a Medical Exam?
- How Much Does No Medical Exam Life Insurance Cost?
- Applying for No Medical Exam Term Life Insurance
- No Exam Life Insurance Restrictions
- Frequently Asked Questions
What Is No Exam Life Insurance?
If you need life insurance coverage quickly, No Exam life insurance is one of the quickest ways to get coverage without having to undergo a medical exam.
These policies are often easy to obtain, are approved much quicker than regular term policies, and may have higher premiums than term life policies that require exams.
While in the past, no exam coverage insurance was usually more expensive and coverage was typically capped at $250,000. In today’s market, no medical exam life insurance policies are sometimes priced as good as fully underwritten policies and coverage is available up to $1,000,000.
Continue reading to learn more about this type of coverage; if you decide it’s for you, you can quickly compare no exam policies by using our quote engine above and select a policy that is right for your circumstances and budget.
How Does No Medical Exam Life Insurance Work?
Life insurance without an exam requirement is offered by many companies for individuals who need coverage quickly and are opposed to having a stranger come to their home or workplace to perform a life insurance exam.
Because this step in the underwriting process is eliminated, the insurer will use other methods to gather your medical information so that they can determine your medical risk to the company.
These underwriting methods generally include some or all of the following:
- MIB Report – Your MIB (Medical Information Report) will be ordered electronically and will include any medical information that other companies may have collected about your health history.
- RX Report – An RX (prescription drug) report will also be ordered from a national database that contains your prescription drug use history from health insurers, pharmacies, and other medical service providers.
- Life Insurance Application – The application contains specific questions regarding your current health, your historical health, and most will ask questions about your immediate family’s health.
- MVR Report – Many companies order an MVR (motor vehicle report) to discover if you have a history of major traffic violations like DUI or DWI. This report can assist the insurer with getting a picture of any lifestyle issues that might affect your rating.
Since all of these reports can contain sensitive information, applicants give permission for ordering them when they sign the application.
By forgoing the life insurance exam, the underwriting process is much faster and the company can issue a policy in a matter of days instead of weeks or months.
Types of No Medical Exam Life Insurance Policies
As no exam life insurance has gained in popularity over the years, many life insurers have responded to consumer demand by offering no exam Term Life Insurance and no exam Whole Life Insurance, with Term Life coverage being the most popular.
Life insurance consumers also benefit from the various rating methodologies that many insurance companies are using in the 21st century. These methodologies or underwriting processes allow the insurer to gather data in various ways even though underwriters don’t require a medical exam.
No Medical Exam Simplified Issue
Simplified issue life insurance policies are available from many insurers and generally have higher rates than fully underwritten policies. With the simplified issue no exam coverage process an applicant can expect:
- Life insurance without a medical exam
- Medical questions on the application
- Possible MIB and RX reports
- 3 or 4 different rate classes
- Death benefit typically capped at $500,000
- Higher rates than fully underwritten policies
No Medical Exam Accelerated Underwriting
Although accelerated underwriting is not offered by as many insurers, each year more and more companies are utilizing this process as they are able to onboard the needed technologies. Accelerated underwriting generally involves:
- Life insurance without a medical exam
- A more comprehensive application
- Underwriter telephone interview (if needed)
- MIB and RX reports
- Standard and Preferred rate classes
- Death benefit up to $2.5 million
- Pricing close or equal to fully underwritten policies
Instant Approval Life Insurance
- Perfect for healthy applicants unwilling to have a medical exam.
- Policies are typically issued in minutes rather than days, weeks, or months.
- Death benefits typically capped at $1,000,000
- No medical exam, online application, no agent needed
Who we recommend for Instant Approval Life Insurance:
Guaranteed Issue Underwriting
Guaranteed issue life insurance, also no as final expense insurance which is offered by a handful of companies, is generally used as a last resort when an applicant cannot medically qualify for traditional life insurance even when the company doesn’t require a medical exam.
In most cases, guaranteed issue final expense insurance is whole life insurance rather than term life insurance and requires a 2-year waiting period before the insurer will pay the full death benefit for death due to natural causes.
Applicant’s who purchase guaranteed issue life insurance can expect the following:
- Whole Life insurance without a medical exam
- No medical questions on the application
- A 2-year waiting period provides for the company to pay only the return of premium plus an additional percentage if death results from natural causes.
- Coverage is typically capped at $25,000
- Eligible applicant age is typically 50 – 85
- Much higher rates than fully underwritten, accelerated underwriting, or simplified issue life insurance because it is whole life insurance rather than Term or Universal Life.
Pros and Cons of No Medical Exam Life Insurance
As with any life insurance product, the advantages and disadvantages are generally a result of the applicant’s need for life insurance.
While no exam life insurance may be a perfect fit for an applicant that needs life insurance fast and easy, it may not be a good fit for the applicant who wants a substantial death benefit at super-affordable rates.
Pros of No Exam Life Insurance
- No medical exam to deal
- Faster issue of insurance coverage
- Competitive rates for healthy applicants who qualify for no exam coverage
- Get life insurance from many insurers competing for your business
Cons of No Exam Life Insurance
- Age restrictions that could affect seniors
- Limited coverage amounts – typically $1 million
- Higher rates for applicants who are 50 or older who prefer no exam coverage
- A smaller group of rate classes to qualify for
Who is a Good Candidate for No Exam Life Insurance?
A no exam life insurance policy is suitable for a variety of people in many different circumstances, including:
- Those who may not have time for a medical exam
- Those who are averse to the idea of a medical exam for personal reasons
- Those who may be traveling and unavailable to undergo an exam
- Those who are physically unable to have a medical examination
- Those who need to get life insurance coverage quickly
It’s important to note that just because there is no medical exam requirement, no exam life insurance is not always a good fit for applicants with severe or multiple health issues.
Even if an applicant omits a medical condition on the application, the insurance company can deny paying a death benefit if death occurs in the first two years of the policy and an investigation reveals an intentional omission.
How Much Life Insurance Can You Get Without a Medical Exam?
The amount of life insurance you can purchase without a medical exam depends on the company you choose to do business with.
If you’re looking for a guaranteed issue life insurance policy, the death benefit is typically $25,000, but if you prefer term life insurance, your limits are typically much higher.
Here are our top five go-to companies for no exam life insurance:
|Company||Program Name||Coverage Amounts|
|Banner Life||Horizon||(20 – 60) $100,000 to $2,000,000|
|Lincoln Financial||TermAccel|| |
(18 – 60) $100,000 to $2,500,000
|Pacific Life||PL Swift Sailing||(18 – 60) $100,000 to $2,000,000|
|SBLI||Accelerated Underwriting||(18 – 60) $100,000 to $750,000|
|Symetra||Accelerated Underwriting||(18 – 60) $100,000 to $2,000,000|
How Much Does No Exam Life Insurance Cost?
All life insurance policy rates, whether medically underwritten or not, will depend on the applicant’s age, health, coverage amount, type of insurance, and the insurance company selected.
Because so many insurance companies with superior technology are competing for your business, a no exam life insurance policy is much more competitive with fully underwritten life insurance than ever before.
Here are actual rates for a $500,000 20-year term life insurance policy for a healthy make non-smoker. Fully underwritten versus a policy that doesn’t require a medical exam.
|Age of Applicant||Rates with Exam||No Exam Rates|
Notice at age 50 the rates for no exam life insurance versus fully underwritten life insurance get substantially higher.
Applying for No Medical Exam Term Life Insurance
There are some things you need to know about applying for this type of coverage:
- You will have to fill out a questionnaire about your current state of health and pre existing conditions as a well as provide a complete rundown of your medical history unless you are applying for guaranteed issue whole life insurance.
- In most cases, you will need to be interviewed by insurance company personnel.
- Before approving an application, the insurance company may request information from your physicians and the Medical Information Bureau to confirm pre existing conditions and how they are being managed.
- In most cases, the insurance company will also check your driving record with the DMV, as well as a list of your current and previous prescription medications.
- It is imperative that all applicants are completely honest about their health history to avoid policy complications down the line. No Exam life insurance should not be seen as a way to avoid disclosing certain medical conditions.
No Exam Life Insurance Policy Restrictions
Coverage is Limited:
The average policy is limited to $2,000,000 in death benefits (less with several companies). If you are looking for more no exam coverage, you’ll need to go with a policy that requires a medical exam. Moreover, if you require guaranteed issue whole life insurance the coverage is generally capped at $30,000 depending on the insurer,
In most cases, you must be under 60 years old to qualify for a No-Exam policy.
Premiums are Sometimes Higher:
Since you’ll be attaining a policy right away, with little or no underwriting required, the insurance company will be taking a higher risk in covering you. To compensate for this added risk, your premiums might be slightly higher than what you would pay for a policy that requires an exam. Update: There are a few companies whose rates compare favorably to fully underwritten policies.
LifeInsure.com can Help
No Exam life insurance is the ideal solution for many people who want to get life insurance coverage quickly that doesn’t require a medical exam! Compare several no exam coverage life insurance quotes from top companies with LifeInsure.com – without sales pressure or submitting sensitive personal information. We’re here to help you get the type of life insurance you need and will fit your budget.
Frequently Asked Questions
Yes. If your application or MIB reports indicate you have severe, multiple, or life-threatening medical issues, your application can be denied.
Typically there are no health questions on the application for guaranteed issue whole life insurance.
Yes, they do. In fact, there will be many questions about your current and historical health that must be answered truthfully with no omissions.
Term life insurance is the cheapest type of life insurance since it is temporary and has no cash-value component.
Yes. Accidental Death & Dismemberment policies (AD&D) are cheaper than Term Life Insurance but only pay if death is the result of an accident.