Best No-Exam Life Insurance Companies of 2022 – U.S. News & World Report
Purchasing a life insurance policy can be time consuming because many companies require you to undergo a medical exam so that underwriters can determine your risk level. However, there are ways to qualify for policies that don’t require a physical examination at all.
We’ve combed through dozens of life insurance companies and agencies and selected a list of the top-rated no-exam life insurance companies and agencies. We based our ratings on factors such as policy offerings, financial strength, and customer service.
Our Best No-Exam Life Insurance Companies of 2022
Compare the Best No-Exam Life Insurance Companies of 2022
Best No-Exam Life Insurance Companies in Detail
Pros
Online quote and application process available
Cons
Haven Life Plus not available nationwide
Haven Life
Haven Life’s Haven Simple is a term life policy that doesn’t require a medical exam. It offers coverage from $25,000 to $500,000 and is available in terms of between five and 20 years. You may be eligible if you’re between 20 and 55 years old. Note that Haven Simple isn’t available in California, Delaware, North and South Dakota, or New York.
Haven has a second term policy called Haven Term that can also be applied for online, but some applicants may need to undergo a medical exam. Haven Term has only three available riders; Haven Life Plus, Accelerated Death Benefit, and Waiver of Premium.
Policies sold by Haven Life are issued by MassMutual, or in the case of Haven Simple by C.M. Life Insurance Company, a MassMutual subsidiary.
Bestow »
AM best ratingA+
Online ToolsAvailable for all policies
Pros
Online quotes and application available
No policies require a medical exam
Cons
New York residents can’t apply
Bestow
Where Bestow shines is that 100% of their term life applicants won’t have to go through a medical exam. As with any insurance company, though, there is a chance you could be denied coverage. The application process takes place online. Complete the application, which includes questions based on your lifestyle and medical history online. If approved, you can pay for and receive your policy documents the same day.
Bestow’s coverage amounts range from $50,000 to $1.5 million, with term lengths, for 10,15, 20, 25, or 30 years. The downside is that you won’t be able to customize your policy with riders (there aren’t any) and only those 60 and younger can apply.
Policies sold by Bestow are issued by its partner North American Company for Life and Health Insurance, which will also process and pay claims.
Pros
Very high coverage limits on some policies
Cons
Limited no-exam policy offerings
John Hancock
John Hancock is based in Boston and received an A+ rating from AM Best, an independent credit ratings agency. While the insurer offers a myriad of life insurance policies, only its final-expense policy doesn’t require qualifying applicants to undergo a medical exam.
Final Expense insurance from John Hancock is a whole life insurance policy with coverage available for between $2,000 and $20,000. You can apply if you’re between 55 and 80 years old. As a permanent style of life insurance it will build a cash value.
John Hancock also offers term and universal policies, including variable and indexed universal life insurance. It’s term life policies stand out among other companies in our rating for providing coverage up to $65 million. This is significantly more than most of the companies in our rating.
AIG »
AM best ratingA
Online ToolsAvailable for all policies
Pros
Acceptance guaranteed for certain age groups
Cons
Only one no-exam policy available
AIG
AIG is one of the largest insurers worldwide and earned an A rating from AM Best. While this insurance company offers different policies, only their Guaranteed Issue Whole Life insurance policy doesn’t require a medical exam. You can get an online estimate for this permanent life policy, but you may need to speak with an agent to complete the application process.
Applicants between the ages of 50 and 80 can apply, and the benefit is that your acceptance is guaranteed. You can also choose from different riders including accelerated death, graded death, chronic illness, and terminal illness benefits.
A potential downside to AIG’s guaranteed issue whole life policy is that their coverage amounts are lower compared to their other policy offerings. You can only choose from a $5,000 to $25,000 death benefit. If you want more coverage, you’ll need to look at other offerings, which may require a medical exam.
Pros
Same-day policies available
Multi-line discounts available
Cons
State Farm
State Farm is one of the few companies to receive AM Best’s highest rating of A++. Applicants can qualify for multi-line discounts by bundling more than one State Farm policy. As an example, you’re eligible for a reduction in premium if you have both your auto and life insurance policies with State Farm.
The only policy that doesn’t require a medical exam is Instant Answers, which offers coverage of $50,000. You can be covered for up to 10 years or until age 50, whichever term is longer. There is the option of converting the policy to a permanent form of life insurance for longer coverage. Even though there is no medical exam, you’ll need to answer a health questionnaire, typical with no-exam policies, and must apply through an agent.
What Is No-Exam Life Insurance?
Pros
No need to go through lengthy medical exams
Some policies guarantee coverage
Good option for those who may not qualify for a policy otherwise
Cons
Premiums may be higher than policies that require a physical exam
Coverage may be lower compared to medically underwritten policies
May have longer waiting periods
A no medical exam life insurance policy allows applicants to avoid having to undergo a medical physical to qualify. These policies differ because they’re not medically underwritten, and not all no-exam life insurance policies are term policies; there are a few options for whole life available. It’s worth noting that these policies generally require you to answer questions about your health and lifestyle, even if a medical exam isn’t required.
There are two main types of no medical exam policies: simplified issue and guaranteed issue. Simplified issue policies will ask applicants to fill out a questionnaire consisting of health-related questions — the answers are used to assess your risk profile. Some may also require documentation such as your medical records. According to the Society of Actuaries rates of acceptance for simplified issue policies are typically between 70% and 90%.
Guaranteed issue policies are usually for whole life insurance. It’s main benefits are that you generally don’t need to undergo a medical exam or fill out a questionnaire. No matter which type of policy you choose, your coverage amount may be capped.
With some exceptions such as Bestow and Haven Life, policies tend to be lower than medically underwritten ones. Still, it might be worth looking into these types of policies if you believe that you could be denied coverage if you have to go through a medical exam, or you want to qualify for a policy in less time.
How Much Does a No-Exam Life Insurance Policy Cost?
The premium you’ll pay for a no-exam life insurance policy will depend on several factors like the type of policy, coverage amount, and your lifestyle. Permanent life insurance policies will cost more than term life because part of the premiums go towards a cash value component. Your coverage amount will also affect how much you’ll pay. It’s safe to assume that the higher your desired death benefit, the more your premiums could be.
Policies that aren’t fully medically underwritten will also affect how much you pay. Some insurance companies will look at your medical history to get more insight into your health risks. These policies, called simplified issue, tend to have lower premiums. However, the answers you provide will affect how much you pay. Those who are older, are regular smoker, have a history of serious illness or are currently taking prescription drugs, may pay higher premiums.
Guaranteed issue policies, on the other hand, only require you to fill out a questionnaire about your health and lifestyle. Since they’re not fully medically underwritten, it can cost more. Since you won’t know how much you could pay until you receive a quote, it’s a smart idea to shop around so you can compare policies to see what you could pay.
How To Choose the Right No-Exam Life Insurance Company for You
Choosing a no-exam life insurance company that’s the best fit will require you to first determine why you need coverage, and how much you want your death benefit to be. Because these types of policies offer both term and permanent life, consider which one best suits your needs. For instance, if you want to offer your loved ones financial protection, term life may be best, whereas permanent is a good fit for those who want to invest part of their premium.
Keep in mind that many no-exam insurance policies have low coverage amounts. Once you determine how much coverage you need, then narrow down your list to the companies that offer policies for that amount.
No matter what type of policy you choose, don’t forget to check an insurance company’s financial ratings. You want to be sure the insurer you go with is solvent for the long-term, so death benefits can be paid out to your beneficiaries.
One place you may be able to find no medical exam life insurance is through your job. Many employers offer group life insurance options to their employees. These are usually simplified or guarantee issue policies that don’t require a medical exam. One potential downside is that according to LIMRA, a financial services industry association, the median coverage for life insurance purchased through the workplace is one year’s salary or a flat sum of $20,000.
Life Insurance FAQ
How long does a no-exam life insurance policy last?
The duration of a no-exam life insurance policy will vary, depending on whether it’s term or permanent life insurance. Term life insurance policies generally last up to a specified age or for a number of years, whereas permanent life insurance usually lasts for the insured’s lifetime.
Can you borrow money from a no-exam life insurance policy?
Policyholders may be able to borrow money from a permanent no-exam life insurance policy. The loan amount will depend on the accumulated cash value and any other terms stipulated in your policy documents. This loan will need to be paid back, or else the death benefit may be reduced to recuperate the amount owed.
Who is the beneficiary?
The beneficiary is a named person or entity on a life insurance policy. They’ll receive the death benefit when the insured passes away under a covered death within the insurance period.
Who is the policyholder?
A policyholder owns a life insurance policy and is able to make changes to it, such as naming beneficiaries and accessing cash value, if available. This person is also responsible for making premium payments.
What is a death benefit?
A death benefit is an amount of money paid out to named beneficiaries based on the coverage amount on the insured’s life insurance policy.
How long do you have to claim life insurance?
Generally, life insurance companies need to adhere to state laws on how long a beneficiary has to claim insurance benefits. Talk to your agent or the company that the policy was purchased from if you have questions.
Does life insurance pay for death by suicide?
Many life insurance policies have a suicide clause and when it’s in effect, the insured won’t be covered if they die by suicide. Once the insured still has the same policy beyond this period, usually two years, then the insurer will provide coverage. In some cases, insurance companies will pay back the premiums to beneficiaires if the insured does by suicide within two years of the policy.
If you, or someone you know, are contemplating suicide, help is available. Call any time of day for free, confidential support from the National Suicide Prevention Lifeline at 800-273-8255. The organization also operates more than 150 crisis centers that offer encouragement and local resources. Please reach out to them if you are in crisis.
Can you get life insurance if you have cancer?
There may be some insurers that offer life insurance policies for those who have been diagnosed with cancer. However, you may have to pay a higher premium.
Learn More
Best Life Insurance Companies of 2022
Below is a list of the top-rated life insurance companies of 2022. To find out more about each one, head to our Best Life Insurance Companies of 2022 page, where you’ll find an overview about each company, why they’re highly rated, and the types of policies offered.
Other Ratings From 360 Reviews
Why You Can Trust Us: 25 Life Insurance Companies Researched
At U.S. News & World Report, we rank the Best Hospitals, Best Colleges, and Best Cars to guide readers through some of life’s most complicated decisions. Our 360 Reviews team draws on this same unbiased approach to rate the products that you use every day. To build our ratings, we researched more than 25 life insurance companies and agencies and analyzed 14 third-party review sources. Our 360 Reviews team does not take samples, gifts, or loans of products or services we review. All sample products provided for review are donated after review. In addition, we maintain a separate business team that has no influence over our methodology or recommendations.
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