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Best No Exam Life Insurance Companies

life insurance no exam for family

Taking a health exam is no longer required to get life insurance.

Life insurance companies now offer no exam products that allow you to get affordable coverage fast.

Read on to learn about the best no exam life insurance companies. Our goal is to help you make the best decision before buying no exam life insurance.

Let's get started!

What is No Medical Exam Life Insurance?

No Medical Exam Life Insurance is life insurance that does not require a physical medical exam. It offers life insurance coverage to people who are in overall good health.

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How is it Possible to Not Take an Exam and Still Get Life Insurance?

During the life insurance application process, this third party information is collected from the following sources:

MIB

The MIB or the Medical Information Bureau, is a member owned corporation that operates on a non-profit basis within the United States and Canada. They have been around for 100+ years, and help life insurance companies in the underwriting process to determine risk based on health.

Basically, the MIB serves as a fact checker for life insurance companies when it comes to the medical information you submitted. It helps them to verify who you are, what your medical conditions are, and make sure you are telling the truth on your application.

Rx Report

The Rx report, or prescription report, is another third party resource used by life insurance companies during the underwriting process. This report allows life insurance companies access to information such as prescription history, quantity given, date received, dosage, refills, diagnosis, and more. This information is then used by life companies to help determine your overall risk.

DMV

During the underwriting process for fully underwritten life insurance policies, your driving records are also accessed by life insurance companies through the DMV. This includes your driving infractions such as tickets, DUIs, etc… as well as your accident history.

Life insurance companies then use this information to further determine your overall risk.

What are the Best No Exam Life Insurance Companies?

We're glad you asked

These companies are the best at delivering a competitive and affordable “no exam” life insurance product. Each company provides a unique value. The list provides AM Best financial rankings for each company, along with a chart of their coverage options and speed of application. Each company provides a unique value. The list provides AM Best financial rankings for each company, along with a chart of their coverage options and speed of application

No Exam Life Insurance Companies
  1. AM BEST A+ American National
  2. AM BEST A- Assurity
  3. AM BEST A- Fidelity
  4. AM BEST A+ North American
  5. AM BEST B Phoenix
  6. AM BEST A- Sagicor
  7. AM BEST A+ Transamerica
  8. AM BEST A+ Mutual of Omaha
Here’s a comparison chart of the benefits of each company:
Top No Exam Life Companies How Quick can they issue my policy? Required Underwriting Information Available Coverage
48 – 72 hour approvals*
*best case scenario
  • MVR (Motor Vehicle  records)
  • MIB (Medical Insurance Bureau)
  • RX (pharmacy records)
$50,000 - $250,000
1 - 2 weeks
  • MVR (Motor Vehicle  records)
  • MIB (Medical Insurance Bureau)
  • RX (pharmacy records)
$50,000 - $350,000
Within 24 hours*
*best case scenario
  • MVR (Motor Vehicle  records)
  • MIB (Medical Insurance Bureau)
  • RX (pharmacy records)
$25,000 - $250,000
Same day*
*best case scenario
  • MVR (Motor Vehicle  records)
  • MIB (Medical Insurance Bureau)
  • RX (pharmacy records)
$50,000 - $500,000
1-25 days
  • MVR (Motor Vehicle  records)
  • MIB (Medical Insurance Bureau)
  • RX (pharmacy records)
$50,000 - $500,000
1 - 7 days
  • MVR (Motor Vehicle  records)
  • MIB (Medical Insurance Bureau)
  • RX (pharmacy records)
$50,000 - $1,000,000
2 - 4 weeks
  • MVR (Motor Vehicle  records)
  • MIB (Medical Insurance Bureau)
  • RX (pharmacy records)
$50,000 - $249,999
1 - 2 weeks
  • MVR (Motor Vehicle  records)
  • MIB (Medical Insurance Bureau)
  • RX (pharmacy records)
$50,000 - $250,000
American National

American National was founded in 1905 in Galveston, Texas. They provide a wide range of no medical exam life insurance products. American National has a tremendous reputation among life companies. Forbes Magazine named them on of the "100 Most Trustworthy Companies" list for 2009 & 2017.

ANICO Signature Term Express
  • Coverage from $50,000 to $250,000
  • Term lengths: 10, 15, 20, and 30 years
  • Accelerated benefit riders for terminal illness, chronic illness, and critical illness
  • 48-72 hour turnaround on approvals
  • Level Premiums guaranteed
  • Coverage for ages 18 to 65 years
  • Convertible into permanent life insurance
Assurity Life Insurance Company

Assurity Life, founded in 1890, is headquartered in Lincoln, Nebraska. Assurity is committed to being a good corporate citizen. They were the first and largest building to be LEED certified in Lincoln, NE. They also been voted one of the best places to work in Lincoln as well.

LifeScape NonMed Term 350
  • Available for ages 18-65
  • Coverage amounts from $50,000-$350,000.
  • 10, 15, 20 and 30 year terms available
  • Critical Illness Benefit rider available
  • Policy can be converted to a permanent policy up to age 65.
  • No Exam needed but a detailed medical questionnaire is required.
Fidelity Life Insurance

Fidelity Life, founded in 1896, continues to innovate within the life insurance industry. Their RapidDecision life product is a hybrid no-exam policy. Depending on your application, your policy can be issued within 24-48 hrs. You then have 6 months to take a medical exam. In some cases, you can avoid the exam completely.

RAPIDecision Life
  • Coverage for ages 18-95
  • 10, 15, 20, & 30 year terms depending on age.
  • Renewable up to age 95
  • Coverages amounts available from $25,000-$250,000
  • Hybrid policy may not require an exam
North American

Founded in 1886, North American Insurance is currently part of the Sammons Financial Group. They specialize in products requiring no medical exams. Helping high risk customers with medical issues is one of their specialties.

ADDvantage® Term
  • Available for ages 50 and under
  • Approval in under 72 hours.
  • Coverages from $50,000 - $500,000
  • 15, 20, & 30 year terms
  • Multiple Rate Classification including Preferred Plus
Phoenix

Phoenix Life was founded in 1851 and is based in Hartford, CT. One interesting piece of historical trivia about Phoenix is that they issued a life policy for President Abraham Lincoln.

Safe Harbor Term Express
  • Available for ages 18 through 80 for 10-year term
  • 10, 15, 20, and 30 years
  • Coverages $50,000 to $500,000
  • Includes living benefits for critical illness, chronic illness, and terminal illness
  • 20-year term product is convertible to a permanent policy within the first 10 years
  • MVR, Medical Bureau Report, and pharmacy records are checked during underwriting. Medical records may be requested.
Sagicor

Sagicor is one of the oldest life insurance companies at 175 years of existence. Their term policies, even the no-exam products, automatically come with unique riders at no extra cost.

Sage Term
  • Available for ages 18-65 years
  • Coverage from $50,000 to $500,000
  • Term Periods from 10, 15, or 20 years
  • Application can be completed in 20-25 minutes
  • Policies issued within 1-7 business days
Transamerica

Founded in 1928 in San Francisco, Transamerica is a premier life company known for its iconic pyramid-shaped building in the San Francisco skyline.

Trendsetter LB
  • Available for ages 18-60 years
  • Coverage from $25,000 to $249,999
  • Term periods from 10, 15, 20, 25, and 30 years
  • Automatically included riders: Chronic Illness, Critical Illness, and Terminal Illness
  • Applications can be completed in 30-40 minutes by phone
  • Policies can take up to 30 business days to be approved
Mutual of Omaha

You probably know Mutual of Omaha from the TV show Wild Kingdom. They have been in business since 1909. Mutual of Omaha has very competitive term products for seniors as well as no exam policies.

Term Life Express
  • Available for ages 18-65 years
  • Coverage from $25,000 to $300,000, ages 18-50
  • $25,000 to $250,000, ages 51-65
  • Term periods are 10, 15, 20, and 30 years
  • Automatically included riders: Terminal Illness, Chronic Illness, and Critical Illness, Residential Damage, Waiver of Premium for Unemployment, Common Carrier Death Benefit Provision
  • Applications can be completed in 20-25 minutes.
  • Policies typically take 24 hr to 10 days based on the medical questionnaire

No Exam Life Insurance Rates

The total investment for the life of the policy is small compared to the amount of coverage your loved ones would receive in the event of your death. Even on the 30 year product, you would be getting a 20x return on your premium investment.

Here’s a comparison of both men and women as well as various ages for $250,000 policy with a 20 year term. Regardless of your age or gender, a no-exam product can be as competitive and affordable as a traditionally underwritten product.

Rates Comparison
Age Policy Type $250k
Male (monthly)
$250k
Female (monthly)
30 20 Year Term $18.12 $15.34
40 20 Year Term $25.80 $20.88
50 20 Year Term $57.18 $48.73

Who is No Medical Exam Life Insurance Best For?

  • Convenience or online shoppers often prefer no exam life insurance policies because they are accessible on the internet. By eliminating the traditional two month underwriting process, online shoppers enjoy the ease of doing business with life insurance companies once again.
  • Health conscious shoppers who have an excellent bill of health are able to reap the benefits of accelerated underwriting. No exam term life insurance is available for healthy and active lifestyles.
  • Procrastinators who typically do not have the wherewithal to forego traditional buying processes and desire ease of use and communication.

What Other Options Are Available?

You have options.

The “No-Exam” policy may be the quickest way to find coverage, but there are other options.

As you’ve seen, there is a wide diversity of “no-exam” policies. They continue to become more competitive and each year more life companies expand their offerings.

A “no-exam” policy may fit your life needs, but there are other options.

If you are not in a rush or have other coverage and financial needs, it is worth discussing the full slate of life products available.

AM BEST FINANCIAL RANKINGS
  1. AM BEST A+ Protective
  2. AM BEST A+ Banner
  3. AM BEST A+ Prudential
  4. AM BEST A+ AIG
  5. AM BEST A+ Principal
  6. AM BEST A Ameritas
Traditional Term

Term Insurance designed to cover you for specific periods of time remains the most competitive and affordable form of coverage. If you are young or in excellent health, you may purchase a “no-exam” policy for immediate coverage, but you may want to apply for a traditional term policy as well.

For young and healthy individuals, a traditionally underwritten policy is usually more affordable. The coverage options may even expand with larger terms and more available riders to tailor the policies to your needs.

Permanent Insurance

Permanent Insurance is a life product with no expiration date like term insurance. You will be covered until the end of your life. Permanent policies provide a wide range of flexibility because they are not just a life policy, but an investment product.

Within permanent insurance a portion of your premium is used to create a bank of cash value. That bank of cash continues to grow during your lifetime, and gives you options you will not have with a term policy. When the accrual of cash value reaches a certain limit, you can use the cash to pay the premiums on the policy for the remainder of your life.

You can also use the cash value to finance other expenses you may encounter during your life. It’s not uncommon for clients to borrow against the cash on their policy to fund college tuition, home purchases or even business ventures. The options are unlimited on how you can use the cash. In a sense, you become your own banker. You borrow from your store of cash, but pay yourself back continuing to accrue value over time.

The companies listed above may specialize in “no-exam” policies but they also have a full lineup of traditional policies as well.

Make sure to discuss with our agents. They can help you with instant coverage, but can submit your application for more traditional policies to be issued at a later time.

How Do No Exam Life Insurance Premiums Work?

Depending on the type of no exam policy you choose (simplified or guaranteed issue, term or whole life), your premiums may work in a few different ways.

To start, some no medical exam term life insurance policies allow you to pay for your entire policy up front. This is a good option for someone who has the money to do so, and wants to save some money in the long run, as life insurance companies offer discounts for people who pay in one lump sum.

You can also elect to pay your premiums annually instead of monthly on some policies, which saves you money as well. These savings vary by company, but are usually worth it to look into.

What Types of No Exam Life Insurance Are Available?

Simplified Issue

Simplified Issue life insurance policies do not require a medical exam, but a medical questionnaire is necessary. The insurance company will use the questionnaire to determine eligibility before they issue the policy. Acceptability based on medical conditions will vary based on the company. This type of policy is more restrictive than other “no medical” policies because health will be used as an underwriting criteria.

Guaranteed Issue

Guaranteed Issue life insurance policies do not require an exam, neither do they require the customer to complete a medical questionnaire. Because of the broad acceptability, guaranteed issue is the most expensive type of life insurance in terms of cost per thousand dollars of insurance coverage. Our life insurance agents can determine if this category best fits an individual’s situation. They will also shop a wide variety of company for the best pricing.

Is No Exam Life Insurance Term or Whole Life?

No Exam policies are available in both term and whole life options.

Term Life Policies are a good option for an individual who needs more than $50,000 in coverage. Like all term policies, coverage is not permanent throughout a person’s lifespan, but only available for the term selected. Term can be purchased in increments of 10, 15, 20, or 30 year periods.

Whole Life are permanent insurance policies covering an individual’s full life span. Coverage is available in smaller coverage amounts, usually maxing out between $25,000 to $250,000.

How Does the Death Benefit Work for No Exam Policies?

When looking for a no medical exam life insurance policy, you want to be sure that you find one which has the right type of death benefits in order to best protect your family financially in the event of your death. There are a few types of death benefit payouts when it comes to no medical exam life insurance, and it is important for applicants to understand them in order to make sure you make the best decision for coverage.

Level Benefit

Level death benefits are usually applied to simplified issue life no medical exam insurance policies. This type of death benefit pays out the full death benefit of the policy to your beneficiaries immediately after death (once settlements have been made).

Graded Benefit

Graded death benefits are usually applied to guaranteed issue no medical exam life insurance policies. This type of death benefit is not paid out in full until a certain time period has expired after the purchase of the policy. This is designed to help life insurance companies mitigate the higher risk posed to them by high risk applicants because guaranteed issue policies accept anyone.

While it is not the company’s intentions, no exam policies with graded benefits can harm unsuspecting policyholders. This time period of partial death benefits after the purchase of the policy typically lasts 2-3 years (depending on the company and policy). During this period of time, only a portion of the death benefit is paid out.

Modified Benefit

Modified benefit no medical exam life policies offer a middle ground between level and graded death benefits. In this type of policy, the same time frame as graded benefits applies, however, in addition to partial death benefit payouts, part of or all of the premiums paid into the policy will be paid out in the event of the insured’s death prior to the graded period being outlived.

What Does a Life Insurance Exam Include?

A life insurance medical exam typically involves:

  • Identity Verification
  • Medical questionnaire
  • Lifestyle Questionnaire
  • Family History Questionnaire

Also included in the life insurance application process are background checks, driving record checks, and prescription history checks.

Life insurance companies get this information form secure third party sources and do not use your information in any other way but for the purpose of validating your current state of health. The reason life insurance companies do these additional checks is to ensure that you are who you say you are, and to determine your overall risk, which ultimately determines your life insurance premiums.

Some traditional life insurance policies will have medical exams followed by these additional checks. These types of life insurance policies are called “fully underwritten” policies, which refers to the underwriting process. Underwriting is the process of determining risk.

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Jonathan Holloway
November 2, 2018
Jonathan is a licensed life insurance agent at NoExam.com that writes about insurance, personal finance, lifestyle, and sports. See our pages on life insurance, life insurance rates and burial insurance for more.
Disclaimer: We make every attempt to make sure our information is up to date, but since things change often it is best to double check the data. This review is an opinion.