Best term life insurance companies no medical exam required

Quick Article Guide

Here’s what we'll cover in this post:

• Types of No Exam Life Insurance
• Top 15 No-Exam Life Insurance Companies
• Not All No-Exam Policies Are Equal

Types of No Exam Life Insurance

As mentioned above, there are six types no exam life insurance policies that are offered by insurers. These options include:

• Simplified Issue Term Life Insurance — These policies work just like traditional term life insurance with death benefits from $50,000 - $3,000,000. Most providers limit these policies to healthier applicants between 21-65 years of age. The term or guaranteed period can be 10, 15, 20 or 30 years. If you're between the ages of 66 and 75, you can qualify for a 10 year term with up to $99,999 of coverage.
• Simplified Issue Universal Life (UL) — These types of policies offer $25,000 - $1,000,000 of permanent life insurance coverage and they are available to applicants aged 21-65. The cost and the death benefit are fixed for life.
• Level Death Benefit Whole Life — Whole life insurance policies offer level rates and a fixed death benefit for life, just like universal life. These policies are available until the age of 80, but the death benefits they offer are usually limited to $50,000 or less.
• Graded Benefit Whole Life — These policies offer a fixed cost for life, but unlike other forms of life insurance, they are available to applicants with serious health issues. Because they are more lenient with approvals, they cost more, provide limited coverage for the first 2-3 years, and typically offer a maximum death benefit of $25,000.
• Rapid Decision Senior Whole Life — These policies are available to seniors aged 65- 85 that are in average or better health. They typically offer $10,000 - $25,000 of coverage without a waiting period.
• Guaranteed Issue or “GI” policies — These policies do not ask any health questions whatsoever. These are ideal for those who have very serious health issues or the elderly. Death benefits range from $5,000 - $25,000.

Here’s our quick preview of the top 15 life insurance companies which offer no medical exam life insurance. Keep in mind that only a handful of companies actually offer these products and they are not available through every insurer.

1. American National Life Insurance Company

Product Types and Features:

• Freedom Term Life Insurance– Provides death benefits up to $250,000 with terms available for 10, 20 and 30 years. Policy approval in as little as 15 minutes

• ValueGuard Whole Life Insurance – A Whole life policy with death benefits up to $150,000 and policy approval in as little as 15 minutes

• Legacy Whole Life Insurance - Coverage available up to $25,000, available for age 50 – 80, a 2 year Graded Death Benefit (meaning you must survive the first 2 years) and approval time as little as 5 minutes. Policy amounts and premiums are fixed for life.

2. AMERICO LIFE, INC.

Product Types and Features:

• Term Policy - Death benefits up to $250,000 and available in terms for 15, 20, 25 and 30 years. If death occurs due to an accident, policyholder may receive an additional 25%. Provides a premium refund option. Brief medical questionnaire required.

3. ASSURITY

Product Types and Features:

• NonMed Term 350 - Provides death benefits up to $350,000 and available for those between 18 and 65 years of age.

• Term 350 Plus - Also provides death benefits to $350,000 and coverage up to age 74, but this policy requires a full medical exam.

• Simplified Issued Life Insurance Policy - Benefits vary and are based on both the applicant’sand insured’s health questionnaire and medical history.

• Single Premium - Provides guaranteed death benefit and a single premium payment.

• Premier Universal Life - May provide death benefits up to $50,000 with flexible payment plan. Cash back value accumulation feature available after 11 years.

4. COLONIAL PENN

Product Types and Features:

• Graded Term and Whole Life - Death benefits up to $50,000 and term products may be available up to age 90 with no medical exam required. Guaranteed products have a 2 year Graded Death Benefit requirement.

5. FIDELITY LIFE ASSOCIATION

Product Types and Features:

• Term & Graded (Term/Whole) - Provides death benefits up to $300,000 and term policies may include, 5, 10, 15, 20, and 30 years. Graded death benefit policies require a brief questionnaire and have a 3 year waiting period. Several riders are available.

• Lightning Term - Term life insurance has 8 different coverage amounts available including $100,000, $90,000, $80,000, $70,000, $60,000, $50,000, $40,000, or $30,00, and is available for ages 18 to 64. Your term length will be based on your age and coverage ends at age 75.

6. FORESTER’S

Product Types and Features:

• Term Insurance - With death benefits up to $250,000 and terms available for 10, 20, 25, and 30 years. For those who apply after age 55, maximum death benefits are set at $150,000

• Burial Insurance - Death benefits to a maximum of $35,000 and available up to age 85.

• PlanRight Whole Life Insurance - Comes in 3 types including 1) Fixed Death Benefits – where death benefits are face value from when you purchase the policy 2) Graded Death Benefits – limited death benefits for first 2 years 3) Modified Death Benefits – limited death benefits for first 2 years.

7. GERBER LIFE INSURANCE COMPANY

Product Types and Features:

• Guaranteed Policies - Provides death benefits up to $25,000 and policy is for life. Can be applied for by phone or application and has a 2 year waiting period.

8. METROPOLITAN LIFE INSURANCE COMPANY

Product Types and Features:

• Term Insurance - Death benefit coverage up to $100,000. Issue age up age 70 with the Simplified Term Plan available to age 90.

9. MUTUAL OF OMAHA

Product Types and Features:

• Term and Graded No Exam - The maximum death benefits for their policies extends to $400,000 with an exam, and policies for $250,000 and under, do not require a medical exam. Terms are available for 15, 20, and 30 years plus. Various riders and cancer/stoke/heart provisions may be available in some states.

• Permanent Insurance - Provided in the form of Whole Insurance for policy amounts from $2,000 - $40,000 and available for those in the age range 45-85. Medical information reviewed will include Medical Information Bureau and Prescription Data Base.

10. NATIONAL WESTERN LIFE INSURANCE COMPANY

Product Types and Features:

• Term - For term insurance the maximum death benefits are $250,000 with available term durations of 10, 20, and 30 years. Underwriting is very fast and approval could occur within 24 hours.

• Graded Policies - The graded policies have a 3 year waiting period. The payouts for the first year include the return of premium plus 15 % interest, the second year is a 30 % payout on the total of the policy, and the 3 year is a 60% payout on the policy and 100% beginning in year 4.

11. NATIONAL LIFE GROUP

Product Types and Features:

• Term - The term policies cover up to maximum death benefits of $350,000 and the terms available are for 10 and 20 years. Approval rates can occur in as little as 15 minutes but underwriting medical questions are more extensive and detailed. Applications must occur through an insurance agent.

12. NEW YORK LIFE INSURANCE COMPANY

Product Types and Features:

• Term - Death benefits maximum is set as $100,000. Issue ages are 30 – 74 and policies are renewable to age 80 while premiums may increase in increments of 5 years.

• Permanent - Permanent no-exam policies are available with a maximum of $50,000 in death benefits

• Guaranteed Issue - Policy provides up to a maximum in $15,000 death benefits and has limited policy payout provisions for the first 2 years of coverage.

13. PRINCIPAL NATIONAL LIFE INSURANCE COMPANY

Product Types and Features:

• Term - Provides a maximum death benefit up to $1,000,000 in benefits which is the highest available, and provide terms for 10, 15, 20, and 30 years. Full selection of riders is available along with a convertibility option to permanent insurance.

Exclusive to those who qualify for Preferred or Preferred Best ratings and require a telephone interview and checks though the Medical Information Bureau, MVR and Rx databases through companies like Intelliscript.

• Guaranteed Universal Life - Will cover applicant to age 121 and provide a maximum death benefit of up to $1,000,000 with similar interview and medical screening checks as per above.

14. SAGICOR LIFE INSURANCE COMPANY

Product Types and Features:

• Term - No exam term policies are available with a maximum death benefits ranging from $25,000 - $500,000, and with terms available for 10, 15, and 20 years. No telephone interview is required and this policy has a variety of ratings available for approval, along with several riders to select from. Very fast approval times and competitive rates

• Guaranteed Universal Life - Permanent life insurance policies or lifetime coverage with similar death benefit amounts.

15. UNITED HOME LIFE INSURANCE COMPANY

Product Types and Features:

• Term - Provides maximum death benefits up to $200,000 to issue age 45, and a maximum of $150,000 in death benefits to issue age 65. Will cover some additional ratings for those not in excellent health including diabetics.

• Graded Policies - Are available with a 2 year waiting period, providing a return of premium and rate of interest for those first 2 years.

UPDATE: MOTORISTS LIFE INSURANCE COMPANY

Product Types and Features:

• Term- Provides death benefits ranging from $25,000 up to $500,000 in 25,000 increments. This company is ideal for applicants under age 70 who are in average to excellent health.

Motorists Life does not require a phone interview with an underwriter, and you won't have to speak with an agent to purchase a full-underwritten policy with immediate coverage. After you complete your application and click submit, you'll receive a decision in less than 3 minutes.

To learn more about the Motorists Life Insurance Company, please read our article, "The Easiest Way to Buy Life Insurance Online (Approvals in Less than 20 Minutes)." You can also recent a free quote online to compare rates from dozens of companies below.

Coverage Amount

• $50,000
• $100,000
• $150,000
• $200,000
• $250,000
• $300,000
• $400,000
• $500,000
• $600,000
• $700,000
• $750,000
• $800,000
• $900,000
• $1,000,000
• $1,500,000
• $2,000,000
• $3,000,000
• $4,000,000
• $5,000,000
• $10,000,000

Term Length

• 10 Year Term
• 15 Year Term
• 20 Year Term
• 25 Year Term
• 30 Year Term
• 35 Year Term
• 40 Year Term
• Lifetime

• Compare Rates From 50 Highly-Rated Insurers
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Not All No-Exam Policies Are Equal

As you can see, no exam policies vary quite significantlyfrom insurer to insurer. So, don’t just apply for any policy advertised on television or the Internet because you may not be getting either the best policy or the most affordable no-exam policy.

Usually these types of policies are more expensive. That’s because the insurance company is relying on you to provide information about your health and any medical conditions or history, and that entails risk on their part.

Naturally, they’re going to charge higher premiums for life insurance without a medical exam than they do for persons who undergo the physical examination. FinancialWeb.com

The wisest approach in finding the right no-exam policy for your particular circumstances is to use an independent agent such as the ones here at JRC because we have access to over 50 companies. We can look at your history and find you the no exam policy that suits your unique needs.

Call us today at 855-247-9555 today if you think you need or want no-exam life insurance - we can help!

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