There are only a select few of no medical exam life insurance companies. They quite literally mean they will offer you life insurance coverage, and there is no medical of any kind in order to purchase it.
This doesn’t mean you can still apply in bad health, it just means you can have your life insurance policy faster, and with much more convenience.
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Still have questions about no medical exam life insurance companies and who they are? Keep reading.
You might not want to do a medical exam for several reasons:
- Time. It can be quick to meet with a paramedical nurse, perhaps just 20 minutes, but it could last a lot longer if the policy you applied for has extra requirements, like the EKG.
- Convenience. Some people simply want to buy life insurance like you would anything else at the grocery store: pick what you want, and pay for it.
- Fear. It’s not uncommon for a person to have a fear of this kind of exam, namely the expanded blood draw because it requires needles. While there are some newer ways to get the blood they need for the exam, avoiding it altogether is an option, too. Many individuals also fear more uncertain things, such as their BMI affecting life insurance rates, due to being classified as a high risk policy holder.
- Speed. Buying life insurance with no medical exam can get you coverage much faster, sometimes in as little as a day. If you need a policy in a hurry, it may be a viable option for you.
Buying term life insurance with no exam required has many advantages, and might be right for you, but it’s not all glitter and unicorns. There are some drawbacks.
The Drawbacks Of Life Insurance With No Exam
There are obvious reasons why someone might want life insurance with no exam, but it comes with a price. Literally.
Because the insurance companies have decided to issue life insurance policies with no exam, they are taking on a higher risk profile for their product line. Because of this, they offset their risk with higher premiums. As with any insurance, higher risk means higher premiums.
There are still health questions required, and those questions cover some of the bigger risks. If you have cancer, heart disease, kidney disease or another more serious health condition, you won’t be able to apply. By not allowing these types of conditions, they are limiting their exposure to some extent.
Yet, there are still smaller risks they aren’t able to watch out for by not completing a full medical exam. As with any other thing in life, you’ll end up paying the price for convenience. Depending on your age and how much you’re applying for, it could be quite a bit more expensive. One question you will most likely be asked is this; are you pregnant? You may be wondering if you can qualify for life insurance while pregnant. We have answers for you and would like to assist you in obtaining the coverage you deserve.
Another drawback is the actual amount you can apply for. In an effort to limit their risk beyond health concerns, insurance companies have put a limit on how much coverage you can even apply for when you’re looking to skip the exam piece of the underwriting.
If you need, say, $500,000 or a million in coverage, you are probably stuck with completing an exam. But, if you are only looking for $250,000 or less, you will likely have a few options to pick from from multiple carriers.
Sample Premiums Of Life Insurance Without Medical Exams
For this example, we’ll use a healthy male who is 35 years of age, looking for $250,000 in coverage.
- For a basic 30 year term policy, his premium would be $248* per year.
- For the no exam term life insurance policy, it is $575** per year.
As you can see, there is a large difference in the premiums. The no exam life insurance policy is more than TWICE the premium. While $575 is still a small premium for $250,000 in coverage, you’ll pay an extra $9,810 over the life of the policy.
The difference in premiums can vary on a few factors:
- Coverage Amount
For the most part, you can expect to pay 50% to 100% more in premium on average should you qualify in great health for a normally underwritten term life insurance policy. If you are not in superior health, but can still answer the health questions without raising a flag for a no exam life insurance policy, your premiums will be much more comparable.
Let’s say for example the same 35 year old male was only able to get a standard rating. His premium would have been $492+ for the normally underwritten option. Using this health rating, the no exam life insurance policy is only $83 more in difference. Now, the price of convenience is not so substantial. But again, over the life of the policy, you’re talking about $2,490.
In the long run, going through the medical exam can save you premium, but if you absolutely don’t want to go through the process, and you’re okay with higher premiums like these, you’ll be happy to know you have plenty of options.
No Medical Exam Life Insurance Companies
There are plenty of ways to buy life insurance, but doing so without having to go through an exam is a convenience many people are willing to pay for. And, believe it or not, some companies do offer it.
There aren’t many no medical exam life insurance companies, but those who do have it available can issue you life insurance decision in as little as 48-72 hours! Just so you know, the typical turnaround time is 4-6 weeks!
- No Blood Draws
- No Inconvenient Meetings
- Online Applications
- Fast Coverage
So it sounds perfect and dandy right? Well, don’t forget they will charge a “convenience fee” if you want to call it that. Basically, the premium you pay for a no exam life insurance policy will be a few dollars more per month than if you were to undergo the full medical (if you are healthy and can qualify for the best rates). No medical exam life insurance companies have to offset their own risk, and a small “convenience fee” is how they accomplish it.
There are five primary no medical exam life insurance companies and, in alphabetical order, they are:
ANICO has a no exam policy for adults up to age 65, and a maximum coverage amount of no greater than a quarter million. They won’t offer you coverage lower than $50,000, so if you’re seeking a final needs type of policy, you won’t use this carrier.
ANICO is pretty speedy, offering coverage in as little as three days if you are healthy. If you have any kinds of ailments, this will not be the right carrier for you either. They do have some of the most competitive rates, so if you can get accepted, you’ll pay great prices.
While Americo will only issue up to age 60 instead of 65, they do allow more in coverage amounts. They will allow no medical coverage to extend up to $400,000.
The convenience factor is not as great with Americo, as they not only don’t allow you to purchase online, but the process of getting your policy issued can still take a couple weeks.
While this still beats a traditionally underwritten policy, you won’t need to use Americo unless the premium is significantly lower or you need a higher coverage amount.
Assurity is a great option as well, as their non-med policy will issue coverage up to age 65 with insurance amounts up to $350,000.
For someone in between 60 and 65 needed a larger face amount, this is probably who you’ll want to choose. It can take a couple weeks to get your policy still, this can be taken care of easily over the phone with your agent.
Assurity is currently very competitive not only between 60-65, but their rates are quite good if you are looking for life insurance in your 50’s as well.
Fidelity Life has the broadest range of policies to suit you needs among the different no medical exam life insurance companies. Not only do they have a policy made for someone up to age 70, but also another policy which can go up to $1,000,000 in coverage.
If you are in the older age group, the non-med insurance works a lot like a graded life insurance policy, because the benefit amount is not the full face amount in the beginning months. But after the specified time period, you get the full payout.
If you are someone looking for anything over a half a million in coverage, this is probably your best bet. While the insurance is comprised of two types, regular life insurance and accidental, the accidental portion can be converted to regular life insurance over time if you choose to complete an exam.
If you complete your exam and can’t qualify, your coverage won’t change or go away!
The National Life Group has a pretty specific no medical life insurance policy. It’s truly instant coverage, and you can get a decision as fast as you can fill out their application. They offer insurance up to $350,000 if you’re in good health.
If you use tobacco of any kind, the rates here are particularly good, but always check with an agent first to make sure they are the lowest.
How To Apply For No Exam Term Life Insurance
Believe it or not, you can apply for no exam term life insurance in about 10 or 15 minutes. It’s an easy process, and can be completed online. No need for a lengthy interview or dealing with setting appointments for a local agent to come see you. Let alone the nurse!
TheLifeInsuranceBlog.com has excellent no exam life insurance, and will give you results very fast for multiple carriers and multiple duration’s of coverage. Perhaps you’re looking for something more specific, such as life insurance with diabetes we can help with this too!
Once you found a premium you can afford from a company you are willing to apply with, the application is on-site. You can go through the application right there on the spot, and be approved much more quickly than the traditional life insurance application process.
Of course, double check to make sure the information you entered is correct, and you’re on your way to having life insurance in no time.
How To Pick Among The No Medical Exam Life Insurance Companies
Most of the time, you’ll still need to contact us to find out which company is offering the best rates for you at this current time frame. These companies all have their specific advantages and disadvantages, but they are pretty comparable.
These are, however, fantastic if you are unsure of your health. Let’s say you hadn’t been to the doctor in a while, and you’re not sure you’re as healthy as you used to be. Even if it’s just high blood pressure you’re worried about, this might be the way to go.
Contact us for more information or instructions on how to apply.
We’d be happy to assist you through the process to pick the best of the no medical exam life insurance companies.