Companies Offering Life Insurance Without a Medical Exam
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Best No Medical Exam Life Insurance Companies
If you have avoided getting life insurance because you don’t have time for the physical, then you will be interested in life insurance with no medical exam.
These policies are readily available, very affordable and extremely convenient. Made for people who don’t have time or the desire to sit through a health exam, they are available from several companies. Here are just a few plans worth considering when you are ready to invest in life insurance without medical exam.
Assurity Life Insurance
With coverage levels between $50,000 and $350,000, these are attractive term life insurance policies. Designed for people between 18 and 65.
Assurity Life also offers a Simplified Issue Whole Life policy with a max face amount of $50,000 for people ages 0-65. At ages 66 to 80, the max amount of coverage available is $25,000.
These applications are taken over the phone and then you sign electronically. Decisions normally take about two weeks.
Fidelity Life Insurance
They have three types of plans to choose from:
Rapid Decision: is for people age 18 to 65 and offers coverage levels between $25,000 and $250,000. Applications are completed over the phone with an agent, and you must be in good health to apply.
Hybrid policies: are also for people between 18 and 65. Choose between $50,000 and $1,000,000 in coverage when you complete the application over the phone. Some health issues are acceptable, but the plans start out as a combination of “all cause” life insurance and “accident only” coverage.
Senior term life policies: are only for people between the ages of 50 and 70. The coverage levels are between $10,000 and $50,000, and it’s okay if you have some medical conditions. Applications are taken over the phone. It’s important to note that full coverage will not kick in until year 4. During the first 3 years only accidental death is covered.
American National Life Insurance (ANICO)
This policy offers faster approvals with most people receiving an answer in just three days or less. However, you must be in good health to receive approval through their strict underwriting system. They do have some of the lowest rates available if you are in good health and do not have other risk factors.
Applications are taken over the phone and then you sign electronically, or you can send in a paper application. Coverage levels are between $50,000 and $250,000, and they are designed for people between 18 and 65 years of age. Term and Universal Life Insurance policies are offered.
Mutual of Omaha
Available for people between 18 and 65 years of age, this life insurance with no medical exam can be applied for over the phone and then you sign electronically.
The maximum amount of coverage they offer without a medical exam is $250,000. It takes two weeks for approvals, but they accept health conditions and risks that other companies avoid.
Individuals under age 80 can purchase whole life insurance, also known as final expense insurance up to a maximum of $40,000. These policies usually take 2 weeks for approval. Once approved, the rates and coverage amount are guaranteed for lifetime. The policy benefits begin immediately for both illness and accident. Mutual of Omaha is usually the best priced final expense policy for health individuals.
Sagicor Life Insurance Company
Sagicor Life Insurance Company offers term life insurance no medical exam up to a maximum of $400,000. The term lengths available are 10, 15 and 20 years. They also offer No Lapse Universal Life Insurance up to $400,000. Both policy types require individuals to be ages 65 or younger. They are more strict than others with underwriting, but they do approve healthy individuals within minutes of submitting the application.
Principal Financial Group
Principal Financial Group has a new underwriting process called “Accelerated Underwriting”. This new underwriting process allows individuals ages 18-60 that are eligible for the two best rate classes, Super Preferred and Preferred to purchase up to $1,000,000 of life insurance coverage with no medical exam.
This is full coverage that covers both accident and illness. All term lengths and policy types are available. You can get term insurance and universal life insurance with no medical exam if you qualify.
Aetna / American Continental Insurance Company
American Continental Insurance Company is a company owned by Aetna, which is one of the the largest health life insurance companies in the nation. This policy has been made specifically for seniors up to age 85. This is a whole life policy also known as final expense life insurance. The policy amounts available are from $5,000 up to a maximum of $25,000.
This product is unique because it will approve individuals that most companies will decline. Most applications are approved within minutes of submitting them. If you have been declined by other final expense life insurance carriers, you may want to give Aetna a try.
Gerber Life Insurance
Gerber Life Insurance offers Guaranteed Issue Life Insurance. No medical questions are asked and you can not be denied. This policy is for individuals ages 50-80 with severe medical conditions. This is a whole life insurance policy that offers a maximum of $25,000 of coverage.
Since this life insurance company is willing to take a greater risk on who they insure, the premiums are higher and you will have a 2 year waiting period before the policy will cover death by illness. This is the last resort if you are unable to get life insurance with any other company. However, it certain has it’s place because some life insurance is better than nothing at all!
Applying for Life Insurance without Medical Exam
When applying for Life Insurance with No Medical Exam coverage, it’s important to remember that you must answer questions honestly.
No medical exam life insurance companies will look at your medical history, and they reserve the right to refuse coverage if you have answered questions dishonestly. In addition to looking at your medical history, they will also pull a motor vehicle report to see if you have dangerous driving habits, and they will pull a pharmacy report to see what prescription medications you take.
While there are more affordable options for insurance, there are times when life insurance with no medical exam is the best choice.
- If you need coverage immediately and don’t want to wait for a traditional policy, then it is the right choice.
- If you haven’t been to the doctor in more than two years, then this could also be the best option since you aren’t sure what a health exam would show.
- Finally, it’s the right insurance if you simply don’t like needles or don’t have time for the appointment.
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