Best No-Exam Life Insurance Of July 2023 If you’ve been shopping for life insurance, you may feel you’ve entered into a time warp. Quotes aren’t always available online. There are typically long applications, life insurance medical exams and lengthy wait times for approval.
But some companies have created no-exam life insurance policies that can be competitively priced with traditional life insurance policies.
We scored no-exam policies based on price and coverage benefits to help you find the best no-exam life insurance.
Summary: No-Exam Life Insurance Ratings
Brighthouse, Legal & General America (through subsidiary Banner Life) and Pacific Life top our list of the best no-exam life insurance companies.
What Is No-Exam Life Insurance?
No-exam life insurance is exactly what it sounds like: Life insurance that does not require a life insurance medical exam.
The typical medical exam required by life insurance policies includes a series of questions related to your health and medical history, followed by a paramedical professional recording information like your blood pressure, weight and height. You will likely be asked to provide blood and urine specimens for testing. Depending on your age and health, you may be required to do some additional testing, such as an electrocardiogram (EKG).
No-exam life insurance, such as the policies we have rated above, are best suited for life insurance buyers who are in excellent health and who are younger (typically 50s and under). If your health or age disqualify you from a no-exam policy, that doesn’t necessarily mean the company will turn you away. Instead, they might offer to do a more traditional underwriting process with a life insurance medical exam.
So if you apply for no-exam life insurance, be prepared for the possibility that the company may end up wanting more details and an exam.
Types of No-Exam Life Insurance
No-Exam Term Life Insurance
Some term life policies are no-exam policies. Term life insurance policies have a level term period during which rates stay the same. Choices of term period lengths generally range from 5 to 30 years. After the level term ends, you can typically renew yearly at a much higher rate.
No-Exam Whole Life Insurance
Some insurers offer whole life insurance without medical exams. Whole life insurance is a type of permanent life insurance. Policies build cash value at a fixed rate and offer level premiums and a fixed death benefit. Whole life insurance is one of the more expensive types of life insurance, and policies offered without medical exams will generally be even pricier.
For example, guaranteed issue life insurance policies are whole life insurance policies without a medical exam, and you can’t be turned down.
No-Exam Universal Life Insurance
Universal life insurance is sometimes offered with a no-exam option. Universal life is a type of permanent insurance with flexible premiums and flexible death benefits.
No-Exam Group Life Insurance
Group life insurance requires no medical exam. It is a contract where an employer owns a life insurance policy provides coverage to its employees, usually at no cost to the employee for a basic coverage amount. Unless your policy is portable, you will lose coverage if you leave your job.
Types of No-Exam Life Insurance Underwriting
Underwriting is the process an insurance company uses to review applications and decide whether to approve them, and at what rate for the buyer. Some types of life insurance underwriting are faster because they use less information about the applicant or they collect information electronically from third-party sources.
Accelerated Underwriting Life Insurance
Accelerated underwriting is a process where the life insurance company gathers information about you electronically and then algorithms quickly assess what your life insurance quote should be.
The personal information gathered can include prescription drug histories, motor vehicle records, criminal records and “risk scores” created by third-party services.
Accelerated underwriting policies offer the convenience of no exam and can be priced as competitively as a policy that requires an exam.
Simplified Issue Life Insurance
Simplified issue life insurance is a streamlined approach to underwriting. These applications typically ask some health and lifestyle questions and do not require medical exams. Your answers to the application questions could disqualify you from buying a policy. The life insurance company might supplement information about you with data from third-party sources. The cost of simplified issue policies tend to be higher than fully underwritten policies because the insurer has minimal information about you.
Guaranteed Issue Life Insurance
Guaranteed issue life insurance policies offer coverage with no medical exam and no questions. You can’t be turned down. Guaranteed issue life insurance is intended mainly for those in poor health who want only a minimal amount of coverage—usually to cover funeral expenses or to leave a small inheritance to family members. These policies usually have low maximum coverage amounts and a graded death benefit, meaning they won’t pay out the full amount if you pass away in the first few years of owning the policy.
Guaranteed issue policies are generally the most expensive way to buy life insurance the insurance company has no health information about you.
We did not include guaranteed issue life insurance in our analysis of the best no-exam life insurance.
How Much Is Life Insurance Without a Medical Exam?
We analyzed no-exam life insurance costs for buyers ages 30, 40 and 50 who are in excellent health.
Average No-Exam Life Insurance Rates by Age
| 20-year, $500,000 policy | Cost per year |
|---|---|
| Male age 30 | $275 |
| Male age 40 | $426 |
| Male age 50 | $1,032 |
| Female age 30 | $231 |
| Female age 40 | $280 |
| Female age 50 | $642 |
| Source: Policygenius, Haven Life, Ladder, Forbes Advisor research | |
No-Exam Life Insurance Rates by Company
| Life insurance company | Cost per year for a male age 30 for a 20-year, $500,000 policy | Cost per year for a female age 30 for a 20-year, $500,000 policy |
|---|---|---|
| Brighthouse Financial | $220 | $185 |
| Legal & General America – Banner Life | $222 | $187 |
| Pacific Life | $224 | $189 |
| Transamerica (Trendsetter Super policy) | $225 | $190 |
| Prudential | $300 | $255 |
| Foresters Financial | $250 | $225 |
| Haven Life (Haven Term) | $242 | $209 |
| Ethos | $252 | $201 |
| Ladder | $288 | $252 |
| Transamerica (Trendsetter Living Benefits) | $290 | $240 |
| Haven Life (Haven Simple) | $351 | $241 |
There are multiple factors that affect life insurance rates, including your age, gender, health and whether or not you smoke. Cost also depends on the type of underwriting used, such as accelerated underwriting or guaranteed issue.
