One of the most common complaints about getting life insurance is the medical exam. It can be a pain having to schedule the exam, which could mean taking time off of work, going through the exam, and then waiting for the results. Thankfully, that’s where no exam life insurance companies come in. Top 10 life insurance companies.
As you can guess from the name, these life insurance plans let you buy life insurance without having to take the exam. If you’ve been avoiding life insurance because of the medical exam, you no longer have an excuse not to get coverage.
Life insurance is one of the most important purchases you’ll ever make, but it can also be one of the most confusing. It’s important you make the best choice for your loved ones to guarantee they will have the money they need, even if something were to happen to you.
Just imagine if something awful were to happen to you. Your family would be devastated. Not only would it be emotionally stressful, but they would also be stuck with your debts and major expenses. Nobody wants to think about passing away. It’s a dark thought, but it’s going to happen. You can’t avoid it, so you might as well make it as easy as possible for your family.
We know applying for life insurance is not a fun thing. At NoExamLifeInsurance.com, we make the process easier by eliminating the blood test from the equation, but not all non-med companies are the same.
The Best No Medical Exam Life Insurance Providers
There are over 800 companies out there. All of them are different. Each company has different products and rates they offer. It’s important you find the best company to protect you and your loved ones. Instead of spending hours and hours researching companies or talking to agents on the phone, we have done all the dirty work for you.
Here are our top 10 no medical carriers available right now:
Each one has its own advantages, but there are a few drawbacks, too. Let’s look at each one, individually, and see which one is right for you, and your budget.
Coverage Limits: up to $1 million depending on age
Haven Life is one of the newer no exam life insurance companies on our list (kind of). They are a child company of MassMutual. They are one of the largest insurance providers and have been in business for over 160 years. Not only that, but they have over $5 billion in paid insurance and annuity benefits.
One thing that sets Haven Life apart, and the reason that they are on the list of best no exam companies, is that the whole insurance process can be taken care of online. You can get life insurance in a matter of minutes and you won’t have to talk to an agent. All that you have to do is go through their online application.
As long as you’re in good health, then you can get approved for their InstantTerm. As you can guess from the name, means that you won’t have to take a medical exam and you can get life insurance instantly.
Age Limits: Up to 66 for $500,000 worth of coverage.
Types of Coverage: No Lapse Universal, Fixed Indexed Universal Life, Whole Life, Fixed Indexed Single Premiums Whole Life
You might not have heard of them, but Sagicor is one of the most popular no exam companies out there. They have been around for more than 175 years, meaning they are not the new kids on the block. A lot of applicants are hesitant to choose Sagicor because they don’t know how reliable the company is. If you’re worried about the financial security of Sagicor, worry no longer. You can trust a company that’s been in business for 175, they must be doing something right.
The one factor that sets them apart from the competition is their rates. They have some of the lowest premiums for no exam policies. While every applicant is going to get different rates based on their application, Sagicor tends to always have some of the most affordable rates.
Not only do they have some of the most competitive prices out there, but they also have nailed down the application process and have made it as quick as possible. For most applicants, you will get a decision within 48 to 72 hours. For some applicants, you can get approved instantly. You can’t get faster than that.
Types of Coverage: Term, Whole Life, Guaranteed
Gerber is not usually known for their life insurance plans, but they should always be on the list of best no exam plans. You might think of them as the baby food company, but if you’re looking for life insurance, you should check them out.
As an insurance company, they have been offering insurance coverage for over 50 years. They have over 3 million policies in force right now. Aside from their no exam plans, they also have several products geared towards young adults and children. If you want a company to protect your kids, Gerber is an excellent option.
Group life insurance
They are an excellent choice for a lot of people, but they are specifically geared towards applicants with children. One of the plans that they have is the Gerber Grow Up plan. These plans are designed for young adults. Once the teen reaches 18, the policy coverage doubles, but the premiums are going to stay the same.
Principal is not new to the insurance game. They were founded in 1879, making them one of the oldest companies on our list, and in the United States. They have a network of companies that are in over 15 different companies. If you want the oldest and one of the largest companies, Principal is an excellent choice.
What’s important to note with Principal is that they don’t have a true “no exam” product. Instead, they have “accelerated underwriting” that you might qualify for depending on your health. If you fall into the “preferred” or “preferred plus” category, then you’ll be able to take advantage of their accelerated underwriting. With this underwriting, you can get approved for your plan in less than 48 hours.
The problem is that no everyone is in the preferred health class. If you’re one of them, then you’re going to have to go through the traditional underwriting, and that means a medical exam. Principal is still worth considering, but be warned, there might be a medical exam coming.
Types of Coverage: Safe harbor Term Low Band and Safe Harbor Term Life Express
Phoenix has over 150 years experience working with clients and giving them insurance coverage. They were founded as the American Temperance Life Insurance Company. Originally, the focus of the company as to protect clients who abstained from alcohol (don’t worry, this isn’t their focus anymore). In 1861, they officially changed their name to Phoenix Mutual Life Insurance Company. A fun fact about Phoenix is that in 1865, they issued a life insurance policy to Abraham Lincoln.
Their two no exam plans are the Low Band and the Term Life Express policies. One of the key advantages of buying a no exam policy through Phoenix is their living benefits that they add to the plan. If you’re ever diagnosed with a chronic illness or terminal condition, then you can get the payout from your policy early. It’s your life insurance policy, you should be able to access the money while you’re still living, and Phoenix lets you do that.
American National Insurance Company (ANICO) was founded in 1905 and they are headquartered in Galveston, TX. They have over 11 million policyholders to date, which shows that they much be doing something right.
With ANICO’s no exam life insurance policy, there is no waiting period attached. Most insurance companies have a waiting period, which means that even if you’re accepted for coverage, you still wouldn’t get the full payout of the plan if something tragic were to happen to you. With ANICO, you don’t have to worry about that.
One of the drawbacks of ANICO is how long it can take to get approved for coverage. It can take a couple of days or it could take a couple of weeks. It’s going to depend on your specific situations. If you want to get life insurance as quickly as possible, ANICO probably isn’t your best shot at getting it.
Mutual of Omaha
More than likely, you’ve heard of Mutual of Omaha. They are one of the most well-known insurance companies on our list. Not only are the one of the most recognized, but they are also one of the largest, with close to $40 billion in assets.
One great part of Mutual of Omaha is that the plan is renewable to age 100, without having to go through the whole medical underwriting once again. This is an excellent advantage of people that are looking to get life insurance for as long as possible.
If you’re overweight, then Mutual of Omaha should be your first choice. Their weight charts are much more relaxed than most companies. While other companies are going to give you higher rates because of your weight, Mutual of Omaha will probably list you as “average” weight class. That can save you hundreds of dollars every year.
Types of Coverage: Guaranteed and Term
Founded in 1928, it was their goal to severe local businesses and farming towns. Over 90 years later, they have grown to be one of the largest life insurance companies on the market. Not only have they been around for a while, but they have some of the happiest customers of just about any insurance company out there. They continually are one of the top companies for overall customer satisfaction.
One area where Transamerica shines is with insuring seniors. They have some of the lowest rates for older applicants. For a 50-year-old male that’s in average health, you could pay around $60 a month for a 30-year term policy with $100,000 worth of coverage.
As a company Assurity has an eventful history. They were created through a couple of different mergers, but their history goes all the way back to 1890. Officially, the Assurity corporation was established in 2007, but they have much more experience than that.
One of the nice benefits of buying with Assurity is that most applicants can get 100% digital underwriting, which means that it’s going to be quick and easy to get insurance protection. The bad news is that if you’re over the age of 55, and you haven’t been to the doctor in the past 5 years, then you can’t get a no exam plan.
If you’re a tobacco user, then Assurity is going to be the best choice. They are much more lenient than other companies. If you’re a smoker, you’re still going to pay more, but you’ll get better rates with them versus what you’d get anywhere else.
Foresters company goes way back. All the way back to 1834. They have roots in the United States, The United Kingdom, and Canada. They have over $9 billion in assets, which means that there are perfectly stable financially.
Depending on your health and the plan that you choose, you can get approved for a Foresters no exam policy in as little as 15 minutes. They have some of the fastest underwriting that you can find. One of the nicest things about the company is that they are never going to request an attending physician statement (APS).
Different Types of Non-Med Life Insurance
When you’re shopping around for life insurance, one of the first decisions that you have to make is which type to buy. Each of them is slightly different and has different advantages.
If you want the cheapest coverage, look no further than term coverage. These plans have an expiration date, also called a “term length.” After the term is up, they are no longer active and you don’t have life insurance. Because they are temporary coverage, they are going to be cheaper than the other options. Every company offers different term lengths, anywhere from 1 year to 30 years. The longer the term, the more expensive the premiums are going to be.
Because they are the cheapest, term plans are the cheapest option. If you want the most insurance bang for your buck, go with term.
Universal life insurance is a very unique type of coverage that offers a couple of benefits that you won’t get with other plans. Universal life insurance is a permanent type of coverage that gives you the ability to invest a cash value component.
If you have a universal life insurance plan, the premiums that you paid are broken up into two buckets. One portion is to cover the cost of the insurance while the other is put in a savings bucket. That money is the cash value, and it’s invested earns a minimal amount of return. You can use those returns to pay the premiums for the insurance plan.
As you can guess from the name of the policy, these plans are a permanent type of coverage. In other words, they are effective for your whole life (hence the name). These policies are an excellent choice for anyone that hates the idea of losing coverage in the future.
One of the advantages of these plans is the cash value that’s built inside of the plan. Like a universal policy, whole life premiums are split into the cost for the plan and the savings account. Unlike a universal, whole life plans don’t invest the savings. Instead, you can use that money to add to the face value of the policy, pay the premiums, or to secure a loan.
Guaranteed issue is the quickest and easiest way to get life insurance. With these plans, it doesn’t matter your health or any health problems that you have. All that you have to do to get one of these plans is answer three or four questions.
With these policies, the company is going to ask your age, your gender, and that’s about it. After that, you just have to pay your premiums and you’ll have life insurance. The problem with these plans is that they are going to be the most expensive type of coverage. You’re going to pay much more for every $1,000 of coverage compared to what you pay with a traditional plan.
The Application Process
If you know anything about applying for life insurance, you know that it can be a slow process. With a normal life insurance (that requires a medical exam), it can take 4 – 6 weeks. With a no exam policy, the application process is going to be a little different than most people are used to.
Once you’ve found the perfect company for you and you apply for coverage, that’s when the real fun starts. The process will begin by the insurance agent asking you dozens of health questions. This is going to be everything from asking about your job to seeing if you enjoy any dangerous hobbies, like rock climbing or skydiving. Additionally, they are going to ask you a lot of questions about your family history and any health problems that you might have had.
Obviously, with a no exam life insurance plan, you don’t have to take the medical exam. That’s one of the biggest portions of the application process. It’s also the part that slows down the application. With a traditional plan, the insurance company is going to require that you take a paramedical exam. That’s going to mean that you have to give a blood and urine sample
The first part of the application process is the question portion. With no exam policies, this is going to be the longest part. They are going to ask dozens and dozens of questions about your current health and your family history.
You can expect questions about how often you exercise, if you’ve been diagnosed with a severe health complication, and questions about your family history, like “does your family have a history of cancer?” Every insurance company is different, but you can expect this portion to last anywhere from 30 minutes to an hour.
While most people don’t realize it, when you apply for life insurance, the company is going to see how your driving is. With a no exam plan, your motor vehicle report is going to play a major role in how much you pay for your coverage.
If you have a DWI or DUI on your records, you should expect to pay much more for your insurance coverage. Similarly, if you have one of those in the past several months, you may get declined for life insurance.
A simple ticket on your record won’t have a huge impact on how much you pay every month. If you have a whole handful of tickets on the other hand, it’s going to cause your rates to go through the roof.
The attending physician statement (APS) is the most important document that the insurance company will request during the application process. The APS is a report from your primary doctor. This reports shows any recent diagnosis or treatments that the doctor has prescribed.
The life insurance companies are going to use this information to decide how much risk that you are for life insurance. Without the medical exam, the APS is the only way that the company knows what kind of health you’re in.
The MIB (formally known as the Medical Information Bureau), is company that was founded in 1902 with the mission of helping insurance companies preventing fraud. The MIB has a giant database that their members (life insurance companies) can use. When you apply for coverage, the company can use this data base to see any information that is relevant to the medical underwriting process. They use this information to reveal any errors or omissions on your application.
After the company has reviewed all of those records, asked all of the questions, and ran it all through the underwriting, then it’s time for you to get your decision. There are three possible answers that you can get: accepted, denied, or postponed.
Congrats! The insurance company has decided that you are a good candidate for life insurance and now you have coverage. There are a couple of factors that you should be aware of if you’ve been accepted.
One thing is that there are several ratings that they can give you. Depending on your health you can get a preferred rating, standard plus, standard, or substandard. The rate class that you get is going to dictate how much you pay every month for your life insurance.
The insurance company is going to use all of the possible information to decide how much risk that you are for life insurance. If you’re too high of a risk, then you can get declined for life insurance. There are dozens and dozens of reasons that you might have been rejected for coverage.
If you have been declined, don’t assume that you can’t get insurance protection. There are still a couple of options for life insurance, like a guaranteed issue plan. Don’t let anything stop you from getting the insurance protection that your family needs.
One confusing answer that you’ll get is “postponed,” and there is a lot of confusion about what it means. Basically, it means doesn’t mean yes or no. It means, we are going to wait to make a decision.
There are several reasons that you might have received a postponed decision. If you have a surgery coming up, completing of doctor’s orders, or some test results, then they might want to wait to make a decision for your life insurance protection.
If you have gotten a postponed answer for your life insurance, there are two things that you can do. You can wait for them to give a definite answer or you can purchase a guaranteed issue life insurance policy.
Get Affordable Rates: Shop With Us
Shopping for life insurance can be a slow and frustrating process, but it doesn’t have to be. If you want to get life insurance as quickly as possible, a no exam policy is an excellent way to do that. Don’t wait any longer to get the life insurance that your family deserves.
We are independent insurance agents, which means that we work with dozens of the best companies, like the ones listed above. We also work with plenty of companies that are not on the list. We can bring all of the best insurance quotes directly to you.
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