You know you need life insurance. However, you don’t like the exam and taking the time to get it is difficult. If this is you, no exam life insurance may save time and limit the medical requirements. In short, with no exam life insurance, you may be able to avoid the blood test or basic medical exam. Everything is taken care of either online or over the phone. Request quote.
However, don’t forget the most crucial point in choosing a life insurance policy. That is, the financial strength of the life insurance company should be excellent. In other words, don’t let a short-cut in the application be the reason you buy a low rated company. Life insurance companies do go bankrupt. For example, Executive Life Insurance Company filed for bankruptcy in 1991, “following disastrous investments in junk bonds.”1 And, Conseco, who had $61.4 billion in assets at the time of bankruptcy in 2002, was forced into receivership because of bad investments.1
Who offers no exam life insurance?
Numerous companies offer no exam life insurance. No medical exam term life insurance is the most common. No exam universal life insurance and no medical exam whole life insurance are also available from some insurers. Most importantly, if you qualify for no exam life insurance, you will have several financially strong companies to pick from. If you would like to learn more about judging the financial strength of life insurance companies, read my post, Top Ten Life Insurance Companies
Preview of the best life insurance companies for no exam life insurance.
The insurers that offer no-exam life insurance are frequently changing. More companies are using the process. What started as a niche for some life insurance companies is becoming a mainstream practice among many large insurers.
A few quick points to keep in mind.
- Keep in mind the reason you are buying life insurance, your family.
- If you do not qualify for no exam life insurance, the only difference is you might have more medical requirements.
- No exam life insurance is not more expensive. The only difference is the requirements for the application.
- There is a difference between no exam life insurance and guaranteed issue. You still must answer some medical question on no exam life insurance. Although guaranteed life insurance will be issued regardless of your health. Provided that guaranteed life insurance will cost more.
What are the reasons you will not qualify for no exam life insurance?
First, the most common disqualifier is age. Most insurers limit no medical exam life insurance to those under the age of 50 or 60. Then again, Pacific Life will consider people under the age of 69. If you’re under 70 you have options.
Second, your height, weight, and stature will have an effect on no exam qualification. As before, each insurer has their own guidelines. If you find a life insurance policy you like, let’s talk about how height, weight, and stature will affect your ability to qualify for no exam life insurance. Request quote.
Third, bankruptcy can be a factor in qualifying for no exam life insurance. It is not an automatic disqualifier. By comparison, each insurer has its own criteria when considering people that have had a bankruptcy. My best advice for qualifying for life insurance is let’s talk about this when you request a quote. If we find a life insurance policy that seems to satisfy your requirements, I may be able to help. I can quickly find an insurer’s stance on bankruptcy.
Fourth, if you have not seen a doctor in a long time that may disqualify you. Insurers look at regular wellness visits as a positive sign. If it has been a while since you have been to the doctor, talk to me about this when you request a quote.
Fifth, if you have a chronic medical condition, such as heart disease, kidney disease, or COPD, you will be asked to have a medical exam. Plus, if you have chronic conditions you will be asked to allow the insurer to review your medical records. Exceptions to the chronic disease exclusion are well-maintained asthma, type II diabetes or sleep apnea. If you’re not sure how a chronic condition will affect your application for no exam life insurance, let’s talk about this when you request a quote.
How does no exam life insurance work?
Thanks to the brilliant work of statisticians and IT specialist, the long wait to be approved for life insurance is being reduced to a matter of minutes for some people. For a policy to be finalized and issued, it is between one and five days. Plus, no exams, no blood test, no urinalysis, and no doctor records are required. Here is the concept. If you fit within these parameters, then the No Exam Life Insurance is for you.
- You’re between the ages of 18 and 69
- You want between $100,000 and $3,000,000 of life insurance.
- You’re a healthy non-nicotine user.
- You have a clean driving record.
- Your credit history is average.
- Your medication history is minor.
This short section explains how no exam life insurance works. Sorry for the technical jargon. However, I know some of you want to know this information. Statisticians and IT specialist have determined that specific patterns exist that allow them to build an algorithm which determines a person’s mortality based on information gathered from drivers’ records, pharmacy records, and credit history. Different insurers are continuing to add data analytics to develop the concept further. Per the Centers for Disease Control, “As of 2012, about half of all adults—117 million people—had one or more chronic health conditions” such as “heart disease, stroke, cancer, type 2 diabetes, obesity, and arthritis.” 2 With that logic, fifty percent of people should be healthy and able to qualify for No-Exam Life Insurance.
What no exam term life insurance is NOT
Contrary to what you may read elsewhere; no exam term life insurance is not guaranteed issue life insurance. Guaranteed issue life insurance policies are fantastic for people that cannot qualify for coverage by answering any medical questions. In no exam life insurance, you can skip the exam if you fit the insurer’s algorithm. However, not everyone is guaranteed to qualify.
No exam life insurance is also not more expensive. You may even read that it is more expensive on some life insurance company’s websites. No medical exam life insurance uses a new method of determining the risk of offering you a life insurance policy. The companies that are purporting that no exam life insurance is more expensive are usually the ones that do not provide it.
No exam life insurance is also not simplified issue or graded death benefit life insurance. Life insurance with no medical exam is a unique life insurance product.
Start-up companies were the first to offer life insurance with no medical exam. The method has become so popular that many large insurers have begun to offer life insurance policies with no medical exam or submission of bodily fluids. It is fantastic how mainstream no medical exam life insurance has become in just a few years.
Here is a look at the current policies and fundamental limitations of each insurer offering no exam life insurance. It is essential to understand that this information is subject to change. At the time of your application, we will verify your qualification.
The Prudential Insurance Company of America
Program name: PruFast Track
Products: All Prudential single life products may be obtained with no exam. That is unless guidelines such as the above disqualifiers are present. Prudential does exclude some policies such as PruTerm and PruLife UL Plus life insurance.
Age limitations: The minimum age is 18, and the maximum age is 60
Life insurance amount limits: $100,000 to $1,000,000
Banner Life Insurance Company
If you research Banner Life Insurance Company, you may see it referred to in different names. Legal & General America owns Banner Life Insurance. Banner Life Insurance does business in New York as William Penn Life Insurance. However, they are all part of the same company.
Program name: APPcelerate
Products: Term 10, 15, 20,25, and 30 years. Additionally, Life Step Universal Life Insurance
Age limitations: The minimum age is 18, and the maximum age is 50
Life Insurance amount limits: The life insurance amount limits for Banner are more specific. To clarify, certain ages qualify for certain term life insurance policies.
Ages 20 to 50 may qualify for the Term 10 and are limited to coverage between $100,000 to 500,000.
Ages 20 to 40 may qualify for Term 15, 20, 25, and 30. Plus those policies are limited to coverage between $100,000 and $1,000,000
Ages 41 to 45 may be eligible for Term 15, 20, 25, and 30. Additionally, those policies are limited to coverage between $100,000 and $750,000
Ages 46 to 50 may qualify for Term 15, 20, 25, and 30. And, those policies are limited to coverage between $100,000 to $500,000
Ages 20 to 50 may qualify for the Life Step Universal Life Insurance. Likewise, those policies are limited to coverage between $100,000 to $1,000,000.
John Hancock Life Insurance Company
Program name: Express Track. Additionally, all of John Hancock’s policies are Interactive Life Insurance policies. This is a unique life insurance policy that rewards you for your wellness activities.
Products: Single term life insurance and permanent life insurance policies. Plus, John Hancock offers a long-term care rider. The policy can have additional benefits added through riders
Age limitations: ages 18 to 60
Life insurance amount limits: John Hancock has the highest amount limit for no exam life insurance. They will insure up to $3 million for those people that qualify for the no medical exam life insurance program.
Pacific Life Insurance Company
Program name: PL Smooth Sailing
Products: PL Promise Term and guaranteed universal life insurance
Age limitations: Age limits are an interesting difference between Pacific Life and the other no exam life insurance providers. The minimum age is 50, and the limit is 69.
Life insurance amount limits: Additionally, Pacific Life sets the boundaries of their life insurance different than other insurers. You may qualify for up to $1 million dollars of total life insurance coverage. However, if you have other policies with Pacific Life, your total coverage cannot exceed $1million dollars. For example, if you already have a $600,000 life insurance policy with Pacific Life, you will only be able to qualify for an additional $400,000.
United of Omaha
Program name: Speed eTicket
Products: Term Life Answers® 10, 15, 20, and 30-year policies.
Age limitations: Ages 10 to 55
Life insurance amount limits: $100,000 to $1 million
Protective Life and Annuity Insurance
Program name: Plus
Products: Classic Choice Term and Custom Choice Universal Life
Age limitations: Protective Life has two different brackets for age limitations. If you are between the ages of 18 and 45, you may be able to qualify for between $100,000 and $1,000,000 of life insurance coverage. If you are between the ages of 46 and 60, you may qualify for between $100,000 and $500,000 of life insurance coverage.
Lincoln National Life Insurance
Program name: TermAccel LabFree Underwriting
Products: TermAccel is the primary product for no exam life insurance with Lincoln National Life Insurance. However, if you are healthy, all of Lincoln National Life’s products may be available with no medical exam required. The term lengths of coverage are TermAccel 10, 15, 20, and 30-year policies.
Age limitations: Ages 18 to 50
Principal Life Insurance Company
Program name: Accelerated Under Writing
Products: Principal Life Insurance Company has a wide array of policies available under the Accelerated UW policies.
- The Term 10, 15, 20, and 30-year policies
- Universal Life
- Indexed Universal Life
- Variable Universal Life
- Survivorship Universal Life
Age limits: Principal is the only company on the list of the best life insurance companies for no exam life insurance that lowers its age limit to $50,000. Additionally, the top limit is $1,000,000.
No exam life insurance is a more straightforward process of getting life insurance. It should save you time. However, do not lose sight of the reason you are getting life insurance. It is to protect someone you love. If you are reasonably healthy, you may be able to qualify for life insurance with no medical exam. If you do not qualify, don’t let that stop you from protecting your family. There may be other options. I am available to help you find the life insurance you want at a low price. To see if you qualify for no exam life insurance request a quote by clicking here or click on the orange request a quote button.
1 Atlas Magazine. “List of Bankruptcies of Insurance Companies in USA.” Atlas Magazine, L’actualité De L’assurance Dans Le Monde. Last modified February 14, 2019. https://www.atlas-mag.net/en/article/bankruptcy-of-insurance-and-reinsurance-companies-in-the-usa
2 Ward, Brian W., Jeannine S. Schiller, and Richard A. Goodman. “Preventing Chronic Disease.” Centers for Disease Control and Prevention. Last modified April 17, 2014. https://www.cdc.gov/pcd/issues/2014/13_0389.htm