Find car insurance. 5 Best No Physical Life Insurance Companies 2018 Update

There’s never been a better time to purchase life insurance without a physical (otherwise known as no exam or non med). Best life insurance.

Once standard procedure, the cringe-worthy medical underwriting process of being poked with a needle, stepping on a scale, having your arm squeezed by a blood pressure cuff and providing (ahem…) liquid samples, is becoming less commonplace.

Underwriting (the process life insurance companies use to assess risk) is becoming streamlined.

Increasingly, life insurance applications are evaluated by data services and technology.

Life insurance companies are using algorithms based on data to determine an applicant’s risk.

The algorithms will eventually replace countless medical exams.

In many instances, the cost of non med life insurance is now comparable to fully underwritten policies.

In the next 10 years we are going to see that requirement go away … for most people. – Elliot Wallace, VicePresident, LexisNexis Risk Solutions

Plenty of life insurance companies offer no physical policies. We’ve analyzed them all. Here, you’ll find your guide to the Top 5 No Physical Life Insurance Companies offering the best policies.

Definition Of No Physical (No Exam) Life Insurance

Life insurance issued without medical examination of the applicant. In other words, no physical life insurance does not require medical procedures during the application process.

Table Of Contents

Top 5 No Physical Life Insurance Carriers Overview

You’ll want to consider some key aspects of non med life insurance companies before making a purchase. Each company is different.

Important features of non med life insurance companies:

Wait time – how long you have to wait before your application is approved and your life insurance policy is issued

Issue ages – the age range of the applicant that the life insurance company is willing to insure

Policy amount – the dollar amount (policy size) the life insurance company offers

Policy length – the number of years the life insurance company will allow the policy to last

1. Foresters Financial

No Physical Policy Name

Company History

Founded in 1874, Foresters Financial is an international financial services provider. They are headquartered in New York City, New York. Foresters’s life insurance products are underwritten by The Independent Order of Foresters, a fraternal benefit society (a member organization with shared values).

Members enjoy unique member benefits including competitive academic scholarships, financial counseling and discounted legal services as well as opportunities to give back through volunteering opportunities. – Foresters Financial, the Foresters Difference

Interesting Fact – One of Foresters Financial’s first leaders was Dr. Oronhyatekha, who was one of Canada’s first Native doctors to include western medicine in his practice.

Application Process and Policy Overview

While the best health class Foresters offers for their No Exam policy is Standard and Tobacco, their rates (how much you pay) are still highly competitive. Additionally, their application process is fast and effective.

Wait Time: Policy decisions can be lightning-fast, and are often made within minutes of completing your application.

Important Foresters Your Term – No Exam imposes limits on the policy amount available, depending on your issue age:

Foresters Non Med Face Value Limits

Limits depend on your issue age. Limits subject to change.

Also important – Limits exist on term length based on your issue age:

Foresters Non Med Term Length Limits

Limits exist on term length based on your issue age. Subject to change.

Available Riders

Foresters Your Term – No Exam provides generous riders and optional riders.

Riders included with a policy purchase:

Accelerated Death Benefit -Provides an option to accelerate a portion of the eligible death benefit and receive a payment if the insured is diagnosed with a covered illness, which may include critical, chronic, and terminal illnesses (physician documentation is required).

Family Health Benefit: Can pay a benefit for limited family health expenses that may occur as a result of natural disasters, such as hurricanes, tornadoes and earthquakes.

Common Carrier Accidental Death Benefit: Designed to provides an additional death benefit if you die of accidental injuries that occur while riding as a fare-paying passenger on a common carrier, such as a plane, bus or train.

Charity Benefit Provision: When a claim is paid to the beneficiary(ies), Foresters will pay an additional 1% of the face amount to a registered charitable organization if designated by the owner. The payment is made as a donation in the name of the insured.

Accidental Death Benefit: An amount paid in addition to the standard benefit, payable if the insured dies as a result of a qualifying accident.

Disability Income Protection: Available in two versions: for accidents only or for both accidents and illness.

Wavier of Premium: Helps you maintain your valuable life insurance coverage if you are totally disabled and unable to work.

Policy Conversion Options

Your policy may be converted to a permanent policy without evidence of insurability under the following conditions:

During the term length of your policy, minus five years

OR after age 65, prior to the anniversary of your policy

Key Features Of Foresters Your Term – No Exam

Phone interview to include questions about:

Avocations (recreational activities)

Medical Information Bureau (independent medical record database) report

Pharmacy database history (typically within the last 10 years)

Tobacco use is accepted, however your rates will be affected

Attending Physician Statement (APS) – in other words, a report from your doctor

Routine Personal Health Interview (PHI)

Coverage justification

Sample Rates

Foresters Non Med Quotes For Male 20 Year Term

Samples only. Based on healthy, non tobacco individuals. Subject to change.

Foresters Non Med Quotes For Female 20 Year Term

Samples only. Based on healthy, non tobacco individuals. Subject to change.

Bottom line – Foresters offers an uncommon 25 year term policy. Their non med life insurance has highly competitive rates and a speedy underwriting process. Additionally, Foresters policy owners have access to member benefits. Foresters issues non med policies up to age 80.

2. Phoenix Life Insurance

No Physical Policy Name

Phoenix Safe Harbor Term Life and Phoenix Safe Harbor Term Life Express

Company History

Phoenix Life Insurance was founded in 1851 and was originally called, American Temperance Life Insurance Company. In 2016, Phoenix became a wholly owned subsidiary of Nassau Re Company, headquartered out of Hartford Connecticut. Nassau specializes in owning and managing insurance, asset management and reinsurance firms. Phoenix Life Insurance acts as the life insurance and annuity provider for the United States.

For over 165 years, Phoenix has been helping people protect their families and provide for the income they will need in retirement. – Phoenix, Who We Are

Interesting Fact – Phoenix Life Insurance issued a life insurance policy to President Abraham Lincoln.

Affordable family life insurance

Application Process and Policy Overview

A simplified-issue term life insurance policy with living benefits designed to protect the future of loved ones and plan for the unexpected. – Phoenix Non Med Life Insurance, Product Overview

Phoenix non med life insurance is commonly a top seller for clients because it offers generous living benefits at no additional cost.

Similar to many non med life insurance carriers, Phoenix offers two rate classes for their non med products: Standard and Tobacco. Known for their lenient underwriting procedures, their non med products are an excellent choice for someone in less-than-perfect health.

Wait Time: Policy decisions are often made within 24 hours of application submission for Safe Harbor Term Life Express. While policy decisions can take longer for the Safe Harbor Term Life, their process is still effective.

Important Phoenix Safe Harbor Term Life and Phoenix Safe Harbor Term Life Express imposes limits on the policy amount available, depending on your issue age:

Phoenix Non Med Face Value Limits

Limits depend on your issue age. Limits subject to change.

Also important – Limits exist for term length based on your issue age:

Phoenix Non Med Term Length Limits

Limits exist on term length based on your issue age. * Tobacco users: 30 year term limit is 18 - 50 years.

Available Riders

Phoenix is known for superior living benefit riders that are included with your policy purchase.

Riders included with policy purchase:

Accelerated Benefit Riders – option to accelerate the death benefit (up to 95%) in the event of a serious illness:

Chronic illness: for the past 90 days, unable to perform without substantial assistance at least 2 of the 6 activities of daily living:

bathing, continence, dressing, eating, toileting, transferring

OR a severe cognitive impairment

Critical illness: heart attack, stroke, cancer, kidney failure, major organ transplant, ALS

Terminal illness: terminally ill with a life expectancy of 12 months or less

Physician documentation is required

Accidental Death Benefit

Note – The ability to accelerate up to 95% of the death benefit is higher than most no physical carriers allow.

Policy Conversion Options

Based on the duration of your policy, you have the ability to convert your term policy to a permanent policy without demonstrating insurability:

10-Year Term: Convertible in first 5 policy years

15-Year Term: Convertible in first 7 policy years

20-Year Term: Convertible in first 10 policy years

30-Year Term: Convertible in first 10 policy years

Full and partial conversions are allowed

Same underwriting classification as term product will apply

No medical evidence is required

Key Features Of Phoenix Safe Harbor Term Life And Phoenix Safe Harbor Term Life Express

Phoenix tends to absorb more risk than most other non med life insurance companies. If you experience health complications, Phoenix should be on your list of non med companies to consider.

Demonstrate insurable interest: financial loss in the event of the insured’s death

Phone interview to include questions about:

Avocation (recreational activities)

MIB/Medical Information Bureau report (database of previous insurance applications)

Pharmacy history, typically within the last 10 years (database of pharmacy prescription history)

Depending on your application, an Attending Physician Statement may be ordered for Non-Express applications

Note – for age 70 and older, an Attending Physician Statement will be ordered for Non-Express

Sample Rates

Phoenix Non Med Quotes For Male 20 Year Term

Samples only. Based on healthy, non tobacco individuals. Subject to change.

Phoenix Non Med Quotes For Female 20 Year Term

Samples only. Based on healthy, non tobacco individuals. Subject to change.

Bottom line – Phoenix is an excellent non med life insurance option because of the living benefits that come standard with a policy purchase. For those with less-than-perfect health, it’s possible to get approved with Phoenix. Phoenix issues non med policies up to age 80.

3. American National Life Insurance (ANICO)

No Physical Policy Name

Company History

Founded by William L. Moody, Jr. in 1905, American National Life Insurance (ANICO) is headquartered in Galveston, Texas. ANICO offers a multitude of insurance products, including life insurance, retirement annuities, accident and health insurance, pension plan products and services, credit insurance, and property/casualty insurance for personal lines and agribusiness. ANICO conducts its business in all 50 United States and Puerto Rico. In 2017, The Forbes Company voted ANICO as, “One of America’s Most Trustworthy Companies”.

Founder William L. Moody, Jr.envisioned a company that operated on the core ideals of ‘strong management, prudent investment and financial strength’ – a company so fundamentally solid that it would still be in operation 500 years into the future. – About American National

Interesting Fact – While ANICO is a publicly traded company, the majority of their stock is still controlled by the Moody family.

Application Process and Policy Overview

ANICO is a top life insurance provider of non med policies. While their underwriting process is not the fastest on the market, the value their policies provide make them a leading non med contender.

ANICO provides two underwriting classes for their non med life insurance products: Standard and Rated. Keep in mind that their Standard health class does compete with Preferred non med health classes of other life insurance carriers.

Wait Time: Generally healthy applicants can receive a policy decision within 72 hours. However, the process may take longer if there are follow-up questions or requirements.

Important – American National’s policy size and term length available are dependent on issue age. Collaborate with an independent agent for specific policies available based on your age.

Available Riders

Considered to be at the forefront of the life insurance industry for living benefits, ANICO provides desirable riders:

Riders included with a policy purchase:

Accelerated Benefit Riders – option to accelerate the death benefit in the event of a serious illness:

Chronic illness: for the past 90 days, unable to perform without substantial assistance at least 2 of the 6 activities of daily living:

Unable to perform bathing, continence, dressing, eating, toileting, transferring

OR a severe cognitive impairment

Term life insurance vs whole life insurance

Critical illness (ANICO has one of the most generous lists): ​heart attack, stroke, invasive cancer, end stage renal failure, major organ transplant, ALS, blindness, paralysis, arterial aneurysms, central nervous system tumors, major multi-system trauma, AIDS, severe disease of major organ, severe central nervous system disease, major burns, loss of limbs

Terminal illness: terminally ill with a life expectancy of 24 months or less (12 months for CT, FL and NY)

Physician documentation is required

The Accelerated Death Benefit Riders can provide an unrestricted cash benefit when it is needed to help you at a critical time and help protect the money you have saved for retirement and other life needs. – ANICO, Your Guide To Living Benefits

At an extra cost, you may add the following riders:

Disability Waiver of Premium

Policy Conversion Options

An Annual Renewable Term (ARTs) is available through ANICO:

Additional eligibility parameters are based on issue age and term length

You also have the ability to convert your term life insurance policy into a permanent policy at not extra cost under the following circumstances:

Policy must be in good standing (you have paid your premiums)

Premium credit towards permanent policy is available during first 5 years of policy

Key Features Of Signature Term Xpress

ANICO is another carrier willing to accept some health risks for their non med life insurance products.

Complete full application to include –

Phone interview to include questions about:

Avocation (recreational activities)

MIB/Medical Information Bureau report (database of previous insurance applications)

Pharmacy history (Rx), typically within the last 10 years (database of pharmacy prescription history)

Risk Classifier review (public records aggregated from multiple data sources)

Note: the need for an exam is determined based on answers from the application, and reports from MIB, Rx, and Risk Classifier

Attending Physician Statement (APS)

Note: it’s possible for an APS to be ordered if the underwriter needs more information based on your application’s anwers

Sample Rates

American National Non Med Quotes For Male 20 Year Term

Samples only. Based on healthy, non tobacco individuals. Subject to change.

American National Non Med Quotes For Female 20 Year Term

Samples only. Based on healthy, non tobacco individuals. Subject to change.

Bottom line – ANICO provides generous living benefit riders with all non med policy purchases, including comprehensive critical illness coverage. Also, ANICO is willing to absorb health risks that other non med life insurance carriers will not.

4. Sagicor Life Insurance Company

No Physical Policy Name

Sagicor Sage Term Accelewriting

Company History

Barbados Mutual Life Assurance Society was established in 1840. Over the next century, the company continued to grow and expand to additional Caribbean countries. In 2002, Barbados Mutual Life Assurance Society converted to Sagicor Life Incorporated, transitioning to a publicly traded company. Sagicor now operates internationally and offers life insurance products, including annuities, term and whole life insurance. Their U.S. headquarters are located in Scottsdale, Arizona.

“To be a great company committed to improving the lives of the people in the communities in which we operate.” – Sagicor Vision

Interesting Fact – “Sagicor” is a combination of two words, “Sage” meaning wise and “Cor” for heart or judgment.

Application Process and Policy Overview

Sagicor uses a trademarked process for non med life insurance, called Accelewriting, a “state-of-the-art automated underwriting system from Sagicor Life Insurance Company for Simplified Issue products”. By using analytical tools and database systems, Sagicor is able to provide policy decisions quickly, often within minutes.

Sagicor offers five health classes for the non med life insurance products*:

Wait Time: Policy decisions are often made within minutes of completing your application.

Important – Sagicor limits policy length based on age, gender and tobacco use:

If 65 years of age: limited to 10 Year Term when Male Standard Tobacco

55 years of age: cutoff age for 20 Year Term Male and Female Tobacco

Available Riders

Riders included with a policy purchase:

Accelerated Benefit Riders – option to accelerate the death benefit in the event of a serious illness:

Nursing Home Confinement

If an insured has been confined to a nursing home for 90 consecutive days and is expected to remain confined until death (requirements can vary by state)

The Accelerated Benefit Insurance Rider will help cover medical costs or nursing home care by allowing you to use a portion of the death benefit proceeds if you are diagnosed with a terminal condition or confined to a nursing home facility. The benefit amount is the lesser of $300,000 or 50% of the death benefit amount. – Sagicor, Sage Term, Inherent Rider

Optional Riders you may purchase:

Accidental Death Benefit

Policy Conversion Options

You have the ability to convert your term life insurance policy into a permanent policy under the following circumstance:

Convertible to age 70 (prior to the policy anniversary following the insured’s 70th birthday)

Conversion credits are available for a full policy conversion if converted during years 2 – 5 of the policy term length

Key Features Of Sage Term Accelewriting

Sagicor non med life insurance is ideal for healthy individuals.

Their Accelewriting process relies heavily on databases (data analytics) for the application process.

Electronic database review

Risk Classifier (public records aggregated from multiple data sources)

MIB/Medical Information Bureau report (database of previous insurance applications)

Allstate insurance

Pharmacy history, typically within the last 10 years (database of pharmacy prescription history)

Attending Physician’s Statement (APS)

Sample Rates

Sagicor Non Med Quotes For Male 20 Year Term

Samples only. Based on healthy, non tobacco individuals. Subject to change.

Sagicor Non Med Quotes For Female 20 Year Term

Samples only. Based on healthy, non tobacco individuals. Subject to change.

Bottom line – Sagicor’s non med product works best for those in excellent health. Their approval and policy-delivery process is fast and streamlined.

5. Fidelity Life Insurance Company

No Physical Policy Name

Fidelity Rapid Decision Express

Company History

Fidelity Life was founded in 1896. They were originally called the Mystic Workers of the World, a “fraternal benefit society designed to provide financial protection for the growing middle class of the Midwest and Northern states”.

Fidelity Life is one of the few companies in the industry that focuses on assisting everyday middle Americans experience the peace-of-mind that comes with life insurance ownership. – Fidelity Life

In 1930, Fidelity officially changed its name to, The Fidelity Life Association.

A stock life insurance company, Fidelity has more than $26 billion in life insurance policies in force. They are a subsidiary of Lifestory Interactive, with Members Mutual Holding Company acting as their parent company.

Interesting Fact – Fidelity Life is licensed to conduct business in the United States, except for New York and Wyoming.

Application Process and Policy Overview

Fidelity uses web-based technology and underwriting innovation for their Rapid Decision Express products to create a streamlined experience for the applicant.

Fidelity offers two health classes for their non med life insurance:

Wait Time: Policy decisions are often made within 24 – 48 hours of completing your application.

Important – Fidelity limits policy length options based on age:

Fidelity Non Med Term Length Limits

Limits exist on term length based on your issue age. Subject to change.

Available Riders

Riders provide additional benefits and features to your life insurance policy.

Riders included with your policy purchase:

Accelerated Death Benefit Rider: option to accelerate up to 50% of your death benefit

Physician documentation is required with demonstration of 12 months or less to live

Benefit may be initiated after the policy has been in force for 2 years

Optional riders you may add on for an additional cost:

Dependent Child Rider: a death benefit paid should one of your dependents pass away

Up to $25,000 for eligible dependents

Rider expires when one of two things happens first: either child reaches age 23 or insured reaches age 65

Accidental Death Benefit Rider: an amount paid in addition to the standard benefit, payable if the insured dies from a qualifying accident

Available for amounts between $25,000 – $250,000

Additional Policy Details

Guaranteed Annual Renewable Term (ART) after initial level term

Level term renewable to age 95

Key Features Of Rapid Decision Express

Complete phone interview

Database background check:

Medical Information Bureau (MIB) – a database of previous insurance applications

Needles, nurses, liquid samples

Attending Physician Statement (APS)

Bottom line – Fidelity’s application process is straightforward and fast. You will receive either an accept or decline.

Fidelity Rapid DecisionExpress Quotes

Fidelity Non Med Quotes For Male 20 Year Term

Samples only. Based on healthy, non tobacco individuals. Subject to change.

Fidelity Non Med Quotes For Female 20 Year Term

Samples only. Based on healthy, non tobacco individuals. Subject to change.

Bottom Line – Fidelity is priced higher than some of our other top-rated no physical life insurance companies. However, they are an exceptional life insurance company with some desirable policy features.

What You Need To Know

There is no one-size-fits-all non med life insurance policy. Each life insurance carrier has their own underwriting procedures and protocols.

Think of each non med carrier as a specialist in various underwriting niches

For example, if you are diabetic, there’s a couple non med carriers that are ideal to apply with

On the other hand, if you use tobacco, other carriers offer competitive rates for tobacco use

Some carriers specialize in providing coverage to those who are older or have a medical condition

Alternatively, if you are young and healthy, specific non med carriers will offer you the lowest rates

Important – It’s highly recommended you not apply with a specific life insurance carrier on your own. Why? Your data on the application, should something concerning pop-up (let’s say a medical condition), can become available to all other life insurance carriers and can be held against you in a future application.

What to do instead – Collaborate with an independent agency to shop around for you and find the best non med carrier and policy to fit your needs.

How To Get The Best Rates

There are two steps you need to take in order to find the best no physical term life insurance policy to fit your needs.

Partner Up – This is most important. You need an expert independent agent to collaborate with. An independent agent is not held captive to a particular life insurance company. That way, your best interest is at heart and you will have access to all the top non med life insurance carriers.

Prepare – Be ready to communicate effectively during the application process. This means writing down information about your medical history, medications and lifestyle so that your answers are readily available.

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