Getting a No Exam Life Insurance Policy

by Jeff Rose

life insurance no medical exam

Going to the doctor’s office for a physical exam is a typical procedure to undergo before receiving most insurance policies.

Visits to the doctor’s office are usually slow and painful processes. Not to mention that the processing times of many labs that are used by doctors is at least a few days. If you want life insurance quick, these few days can seem to drag by and last an eternity.

LIBJ no exam life insurance broker

It is for these reasons that is goes without saying that a medical exam can be extremely time consuming and costly.

Fortunately there is a life insurance policy that does not require a medical exam.

A no medical exam policy is far less time consuming and is a great option for those who are in need of a quick policy. It is especially appealing to someone who may fear that may have a new illness that will be uncovered in a medical exam.

These types of insurance are very unique and are therefore not best suited for everyone. No exam life insurance policies have gained a lot of popularity in the last few years. It is for this reason that someone considering this type of insurance knows all of the pros and cons associated with it. Before you sign a no exam life insurance policy, there are a few different things you should know.

The Importance of Life Insurance

Purchasing life insurance is a task that many people continue to put off until “tomorrow”, or they avoid buying a life insurance policy because they are “still young” or “in excellent health”. They think that nothing can happen to them, and they put off life insurance shopping until they are 50 years old. Unfortunately, we hear of countless stories of people like this dying unexpectedly and leaving their families with thousands of dollars in debt and unpaid expenses.

Finding an adequate policy is one of the most important things you can do for you and your family. Don’t leave your family with mortgage payments, car payments, student loans, and much more. Having a life insurance policy will give your loved ones enough finances to get them through their time of grieving without adding the added stress of having to scrape together the money.

Difference Between Traditional Term and No Medical Exam Life Insurance

There really is not a whole lot of difference between a regular term life policy and a no medical exam policy. Both policies are similar in structure in that there is a beneficiary that receives the money after a claim if the policy specifications are met. One guideline that stretches across almost every type of policy is that the policyholder’s death must be within the time period of the policy. From just about every standpoint, a no medical exam insurance policy is identical to a traditional life insurance policy, minus the medical exam, of course.

When it comes to life insurance, every individual is different, and what may be best for one person may not necessarily be best for another. Something that should be considered with a no medical exam is the additional cost associated with the premium. Life insurance companies charge more for the premium when they take on additional risk.

Usually, a medical exam is a way of mitigating a lot of the risk but since there is no medical exam they have to find ways to compensate. Additionally, they consider other factors that may not be otherwise considered with a standard life insurance policy such as lifestyle and age. The benefit that comes with the additional cost though is guaranteed coverage as well as the convenience of immediate coverage.

These no exam life insurance policies aren’t for everyone, and many people purchase one of these policies without doing their homework, which is a huge mistake. While no exam policies are perfect for some people, it can cost other people thousands of extra dollars in insurance premiums.

A lot of people that purchase a no exam life insurance policy are people that assume that they wouldn’t be able to be approved for a traditional life insurance policy. These are people that have some health condition like diabetes, or maybe are just in poor physical health. While no exam policies can be perfect for people with poor health, a no exam policy isn’t their ONLY option. Most people can still receive affordable rates even with less than perfect health, but if they can’t get affordable quotes with a traditional policy, you can still get life insurance through a no exam policy.

Get an even more in depth perspective on no exam life insurance policies from InsureNow 365, one of the top no exam sites on the web.

Types of No Exam Life Insurance Policies

Just like every other type of life insurance, no exam policies come in a variety of forms. Each of them has different pros, cons, and stipulations that come with them. There are four popular types of no exam life insurance that you should be aware of, simplified issue, guaranteed issue, graded death benefit, and level final expense.

Simplified issue is the type that is usually thought of as a “no exam policy”, while there are no health exams, you still have to answer a medical questionnaire and they have stricter health qualifications. These are great for people in decent health that don’t want to take a physical.

Guaranteed issue is very similar, but minus the health questionnaire. So that means that there is no medical exam and no questions asked. Anyone with any health can buy one of these policies. The only restrictions on guaranteed issue is there are age limits.

Graded death benefit policies are just what they sound like. The plan doesn’t start out with full benefits in the first couple of years. Every year they will increase until they reach the full benefit of the policy. There is nothing wrong with these policies, but you should realize that if anything were to happen to you in the first few years, you aren’t going to receive 100% of your policy amount.

Level final expense plans are a little different than the other plans. These plans are typically permanent policies, which means that you’ll be giving a premium rate that you will pay for the rest of your life. These plans typically have smaller policy amounts with less strict questions.

Each of these types are good in their own way, but simplified issue is the most common one. Spend some time deciding which plan will work best for you. Because we don’t know your specific circumstances, we can’t tell you which one works best for you, but one of our trained agents can!

Top No Exam Life Insurance Companies

The no exam life insurance marketplace has really taken off over the last few years, and I don’t expect it to slow down at all. There are DOZENS of different companies that sell no exam life insurance policies across the country. Each of them has pros and cons. While there are definitely some carriers to avoid (they won’t be listed here) some of the top companies all offer stellar products with affordable prices. I thought the best way to break it down is to list then in order of speed and price.

Most people that want to avoid the life insurance physical do so because they need it quick. Just because it’s fast, does not mean you shouldn’t overpay for it.   Below you’ll see a quick review of some of the top insurance companies that do not require an exam and a sample table in how much they compare in cost.

1-Click Coverage (offered by National Life Group)

1 Click Life Insurance1-Click is far the fastest and most convenient no exam policy you can get, they have also received excellent reviews from their policyholders.

You can complete the application all online and find out if you’re approved in a matter of minutes. Yes, no exaggeration. One of the downsides to 1-Click is the health requirements to be accepted for one of their policies. You must be relatively healthy to apply. Here’s some brief info about them:

  • Offer between $25,000-$350,000 of life insurance coverage
  • Instant decision in a matter of minutes
  • Entire application completed online

Interested in applying for 1-Click Coverage?   Just click the following link:  Apply For Instant Life Insurance Coverage.

1click Coverage Sample Term Quotes

AGE10 Year Policy20 Year Policy30 Year Policy
Male30Preferred: $18.84
Select: $26.03
Preferred: $22.85
Select: $32.49
Preferred: $27.49
Select: $39.86
Male40Preferred: $21.12
Select: $29.67
Preferred: $26.67
Select: $38.59
Preferred: $36.50
Select: $54.33
Male50Preferred: $32.04
Select: $47.78
Preferred: $48.33
Select: $73.26
Preferred: $66.80
Select: $102.74
Female30Preferred: $16.93
Select: $23.03
Preferred: $19.93
Select: $27.76
Preferred: $23.48
Select: $33.49
Female40Preferred: $18.66
Select: $25.76
Preferred: $23.21
Select: $33.04
Preferred: $30.67
Select: $44.96
Female50Preferred: $26.94
Select: $39.04
Preferred: $38.41
Select: $57.34
Preferred: $48.33
Select: $73.26

Assurity Life Insurance Company

Assurity-life-insurance company reviewOur second favorite no exam policy is Assurity.  You can read our full Assurity review post for more information on the company.

Assurity has become one of our “go to” carriers for many reasons.  They currently offer between $50,000-$350,000 of life insurance coverage for folks between the ages of 18-65.   Here’s a few of our favorites reasons why we like them:

  • You can get insurance coverage up to $350,000 (before 1-Click no one else offered this)
  • Most policies will be issued in 10 business days (but we’ve had much faster)
  • Prices are very competitive (even to fully underwritten policies)
  • After phone interview, rest of process is done entirely online.

Assurity No Exam Term Quotes

AGE10 Year Policy20 Year Policy30 Year Policy
Male30Select Plus: $11.44
Select: $13.29
Select Plus: $13.20
Select: $14.87
Select Plus: $17.60
Select: $19.62
Male40Select Plus: $16.10
Select: $18.83
Select Plus: $22.26
Select: $26.22
Select Plus: $32.03
Select: $37.22
Male50Select Plus: $29.30
Select: $35.38
Select Plus: $47.87
Select: $51.54
Select Plus: $71.72
Select: $82.81
Female30Select Plus: $9.33
Select: $10.21
Select Plus: $11.44
Select: $12.67
Select Plus: $15.05
Select: $16.46
Female40Select Plus: $13.64
Select: $15.75
Select Plus: $17.95
Select: $20.86
Select Plus: $24.11
Select: $27.63
Female50Select Plus: $21.72
Select: $25.08
Select Plus: $33.09
Select: $38.46
Select Plus: $47.87
Select: $54.82

 Fidelity Life

fidelity life insurance company review

When it comes to the most options of life insurance without a medical exam, no one comes close to Fidelity Life.

You can read our comprehensive review of Fidelity Life for more specifics on their full range of offerings.

One huge bonus to Fidelity Life is there Rapid Decision Express product.  If you are in good health and between the ages of 18-65, you can potentially qualify between $25,000-$250,000 of coverage.

If you need even more coverage than that, Fidelity Life also offers their “hybrid product”.  Hybrid means that you’ll have a combination of regular insurance and just accidental insurance if you decide to not take the exam.  If you take the exam, then the whole policy would cover you for anything. Their hybrid policy is also attractive as they will offer up to $1,000,000 of insurance. Here are some highlights on Fidelity Life:

  • Rapid Decision product offers up to $250,000 of coverage.
  • Hybrid product can get individual up to $1 million of coverage
  • Also offer competitive product for seniors (50-70) up to $150,000 of coverage

Fidelity Life No Exam Quotes

AGE10 Year Policy20 Year Policy30 Year Policy
Male30Preferred: $18.84
Select: $26.03
Preferred: $22.85
Select: $32.49
Preferred: $27.49
Select: $39.86
Male40Preferred: $21.12
Select: $29.67
Preferred: $26.67
Select: $38.59
Preferred: $36.50
Select: $54.33
Male50Preferred: $32.04
Select: $47.78
Preferred: $48.33
Select: $73.26
Preferred: $66.80
Select: $102.74
Female30Preferred: $16.93
Select: $23.03
Preferred: $19.93
Select: $27.76
Preferred: $23.48
Select: $33.49
Female40Preferred: $18.66
Select: $25.76
Preferred: $23.21
Select: $33.04
Preferred: $30.67
Select: $44.96
Female50Preferred: $26.94
Select: $39.04
Preferred: $38.41
Select: $57.34
Preferred: $48.33
Select: $73.26

transamerica-life-insurance-logo

Transamerica

Transamerica can offer a non-med policy between $25,000-$99,000. This policy is good for people between the ages of 18-80.

With this non-med product the best health class available is Standard.

This means that if you are in really good health you will end up paying more to have a policy without a medical exam.

The age limit for this product does vary based on length of the policy and whether you are a smoker or non-smoker.

Term LengthNon-SmokerSmoker
10-YearMax Age 80Max Age 80
15-YearMax Age 75Max Age 73
20-YearMax Age 70Max Age 65
25-YearMax Age 63Max Age 57
30-YearMax Age 57Max Age 46

Other No Physical Life Insurance Companies

Are these the only carries that offer life insurance without an exam?  Absolutely not.

Other carriers include Americo, United Home Life, and a few others.

Each has their own benefit depending on your health condition, how much life insurance you need and the state you reside. While we have given you some of our favorite no exam life insurance companies, some of these might now work for you. Don’t worry, there are dozens of different companies, and we can help you find the perfect policy for you.

How No Exam Policies Determine Rates

            Because the insurance company doesn’t conduct a medical exam, many consumers wonder how they determine their rates. As we’ve explained, the majority of applications will have a small medical questionnaire that goes along. These questions will impact your monthly rates. But aside from the health questions, there are a few other aspects that will impact your premiums.

There are some things that will impact your premiums that many people don’t know about. With your application, insurance companies are going to look at your medical history, your driving record, and they will also look at the Pharmacy Database. All of these things will be considered when deciding your policy premiums. So, if you’re looking to get a life insurance policy, you want to lay off the lead foot and slow down on the way to work.

How Large of a Policy Should you Get?

            Each company offers policies in different sizes and terms, but how do you know if you’re getting a large enough policy for you and your family? If you Google “how much life insurance do I need?” you’re going to get hundreds of different answers that all say something different. Even most financial experts can’t agree on an exact amount, but there are a few questions you can ask yourself that can help you decide on the size of policy you’ll need.

The first question you should ask yourself is how many people are dependent on your income? If you are a newly married couple or single with nobody relying on your primary income, then you can typically purchase a smaller life insurance policy. But if you’re married, and your spouse doesn’t work, and maybe you have several children, you should consider purchasing a much larger policy. The goal of life insurance is to replace your income to support your loved ones that depend on the money you bring home.

The next question you have to ask yourself is how much debt do I have? Do you still have a mortgage? Thousands of dollars in student loans? What about car payments? The more debt you hold when you’re looking to buy life insurance, the larger of a policy you should look at. If something tragic were to happen to you, it’s going to be left to your loved ones to pay off those debts.

Because everyone’s situations are so different, there is no “one size fits all” policy size. But if you’re looking for a quick ballpark number, we suggest getting a policy that is 10 times your annual salary. This might sound like it’s overkill for a life insurance policy, but this would give your loved ones plenty of funds to cover all final expenses, funeral expenses, and pay off any additional debt. Plus it would also give them time to find a way to replace your lost income (cheer thoughts, right?). While the 10 times your salary rule it a great place to start, we suggest sitting down and looking at your financial situation to determine how much you should get on a life insurance policy.

Is a No Exam Life Insurance Policy Right for Me?

            There are a few situations that make no exam life insurance a perfect fit for customers. One of the most obvious cases is if you are in poor health or have any severe pre-existing health conditions. With most health conditions, they can cause a traditional life insurance policy rates to go through the roof, that isn’t necessarily the case with no exam life insurance policies.

The other situation is if you need life insurance quickly. As we mentioned at the beginning of the article, a traditional life insurance policy can take weeks to purchase because of all the paperwork and medical hoops that you have to jump through. With no exam insurance, you can have a policy in a matter of hours.

How Do You Know Your Getting The Best Company?

That’s the tricky part, but don’t worry were to help.  🙂  We currently work with over dozen of carriers that offer life insurance without a medical exam.  If you’re looking for a free quote, you can complete the form on this page or call our office direct at (888) 836-7071One of our trained life insurance specialists will be able to pair you with the most affordable life insurance policy for your needs.

Searching for New Life Insurance Can be a Daunting Task

Not only is it a market that you probably don’t have much knowledge in but you are also shopping for a unique type of insurance. There is doubt that finding a professional that can steer you in the right direction based on your individual needs is a great idea. Not only will a professional hopefully be able to help you find a great insurance, but they also may end up saving you money in the long run and time in the short run.

Many people never consider life insurance when it comes to protecting themselves and their families. However, it may be one of the single most important tools to use in planning for the future and the well-being of your loved ones. This is why it is extremely important to know all of your options and know when it is time to call in a professional if one is needed. The value derived from a life insurance policy is well worth the cost and the peace of mind associated with it regardless of what type of policy you end up getting.

Searching for the perfect life insurance policy can be time-consuming and VERY frustrating. You’ll spend hours on the phone with several of insurance companies and you’ll answer the exact same questions over, and over, and over once again. Instead of going through this yourself, our insurance specialists can do all the hard work and bring you the best quotes from the top insurance rates based on your needs.