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Best Term Life Insurance Companies No Medical Exam Required
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Guaranteed Issue Life Insurance Policies
An important part of financial planning involves having adequate life insurance coverage to cover beneficiaries in the event of the policyholder's death. Some people with health conditions that may prevent them from leaving the policy may wonder if it's worth buying life insurance without a medical exam. For most people, the answer is yes. Here's a quick life insurance review of the best no-exam policies.
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Haven Life is sponsored and wholly owned by MassMutual, a company that has been around for over 160 years. While most insurers offer whole life and term policies, Haven's only life insurance without an exam policy is whole life. However, the company's life insurance policies come with some of the lowest rates in the industry.
For example, here are the rates for four different people, each in good health, seeking a 15-year policy with a $500,000 death benefit (the maximum allowed through a no-evidence Haven policy).
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Although Ethos does not require a full medical history, the company asks applicants to answer basic health questions. The maximum death benefit available without a medical exam is $1 million.
USAA Life Insurance is here again for military personnel and their families by providing no-exam life insurance for those who fear they may not be able to pass a traditional medical exam. One thing that sets USAA apart from its competitors is the fact that the company will pay death benefits even if the policyholder dies in war. This is not typical of any other insurance we have seen.
EriExpress Life of Erie lets applicants know if they've been approved for coverage up to $500,000 in minutes—15 to be exact. Erie Family Life Insurance Company is rated A by A.M. At best, it's a good indicator of the company's financial strength.
While it is unusual for someone applying for life insurance without a medical exam to be issued $3 million in coverage, it is possible with John Hancock. Insurers offer no-exam policies from $100,000 to $3 million. With an A+ financial strength rating from A.M. At best, Hancock is a good match for people looking for financial stability.
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A medical examination helps policyholders find out the likelihood that they will have to pay life insurance premiums soon. For life insurance companies, it's all about risk. The higher the statistical risk of a claim, the higher the policyholder's insurance. There is no crystal ball that can predict the future, but screening gives insurers an idea of the health (or ill health) of people applying for life insurance.
Like any other financial product, life insurance without a medical exam has its pros and cons. This is a great thing to keep in mind.
Because of the additional risk the insurance company assumes when writing a non-exam policy, the premium is always more expensive for a doctor-written policy of the same size. Again, how much higher depends on the type of policy.
For a $500,000 no-exam policy with a 20-year term, the typical cost for a 35-year-old non-smoker is $21 to $60 per month. The same policy with medical exams and medical underwriting is usually $21 per month.
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Warning: Insurance companies advertise their lowest premiums. The above example represents an "ideal" candidate. In other words, few will opt for the lowest rate. When it comes to no-exam policies, it's best to look at rates in the higher range to get an idea of how much it's likely to cost.
Some insurance companies only offer term life policies, while others will write a no-exam policy if it's a permanent whole life policy. Learning the differences between whole life insurance terms can help policy hunters make better decisions.
For healthy people, giving the insurance company access to medical records and passing a medical exam can make life insurance less expensive and sometimes cheaper. However, when a person needs insurance but has a medical condition that makes it difficult to pass a medical exam, a no-exam policy offers an option that can provide peace of mind.
Here are the rates for four different people with Haven Life, each in good health and looking for a 15-year policy with a $500,000 death benefit (the maximum allowed through a no-evidence Haven policy).
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Source: Haven Life, estimated by author using excellent health and high credit terms at time of writing.
The table below gives an idea of the Ethos rate based on someone looking for a 15-year policy with a $500,000 death benefit.
Source: Ethos Life, estimated by author using excellent health and high credit terms at time of writing.
Dana has spent the past two decades as a business writer and journalist, specializing in lending, debt management, investing and business. She considers herself lucky to love her job and appreciates the opportunity to learn something new every day.
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The Ascent is a Motley Fool service that rates and reviews products important to your everyday financial needs. Most people don't think it's possible to get life insurance without an exam. However, in fact, it is very common today. There are many life insurance providers that do not require applicants to go through a physical to obtain a life insurance policy. Many people fear rejection so they don't take the time to apply for a policy. That is a mistake. Especially when it's as easy as submitting an application for coverage online. When you apply without a physical, expect to be asked questions about your health. Be open and honest in your application. That will determine the accuracy of the quote and give you a good idea of what your premium will be.
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There is something to be said for a simple life insurance policy, without the need for a medical exam; Just a few health questions, no tests, no waiting period. It's not for everyone. Rates are more expensive than other policies that require a physical exam, but for those who know they are in a high-risk health category, it may be the best way to find the life insurance you need. Learn more about these no exam insurance policies and see if they are right for you.
It offers a quick and easy process that helps you find the most affordable life insurance policies on the market, from top insurance companies you can trust. Many of the nation's largest insurance providers often offer the lowest rates because they have the resources to compete for your dollar. There, we're more than insurance experts—we take the time to learn about you, your family, and your needs before working with you to find the right life insurance policy for you.
We offer many features to help make the process of finding the right life insurance as easy and painless as possible.
To compare quotes, visit our Instant Life Insurance Quotes page and fill out a simple form. If you're not sure how much coverage you need or how long it should last, get in touch with one of our knowledgeable agents right away. If you want to know more
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