Affordable No Exam Life Insurance - Sample Rates By Age
Are you shopping for an affordable life insurance policy that does not require a medical exam?
You’ve come to the right place!
We can help you find the least expensive life insurance policy available that does not require a medical exam.
In some cases, we can even get your life insurance policy approved in less than a week.
Our agency proudly represents dozens of highly-rated life insurance companies. By working with a variety of companies, we’re able to match our clients with the most affordable no-exam life insurance policies available.
Continue reading to learn how we can help you save money on the cost of your no-exam life insurance policy
Here’s what we'll cover in this post:
Quick Article Guide
Here’s what we'll cover in this post:
What is No Exam Term Life Insurance?
No exam term life insurance works just like any other traditional term life insurance policy. Term life insurance offers the most coverage for the least amount of money. With term life insurance, you select the amount of coverage you need and the amount of time that you need the coverage for.
The amount of coverage your policy offers is referred to as the policy’s “face amount”. The length of the insurance policy is called the “term”. If you pass way during the “term” of your life insurance policy, your beneficiary or beneficiaries receive the “face amount”.
No exam term life insurance should not be confused with the accidental life insurance your bank or credit card company may have offered you. These life insurance policies do not ask any health questions or require an exam because the policy will only pay if the insured dies in an accident.
All term life insurance policies cover the insured if they pass away from a health issue like a heart attack, stroke, cancer, or from an accident. In fact, term life insurance will even cover suicide after the policy has been active for two years.
During the “term” of your policy, the cost of your insurance policy is guaranteed not to change regardless of any changes to your health or lifestyle. Term life insurance is sold in 5 year increments and the most common terms available are 10, 15, 20, 25, or 30 years.
These policies are usually purchased to protect a life event like securing an income for your family until you reach retirement age or securing a mortgage. Term life insurance can also be purchased for business purposes like securing an SBA Loan or funding a buy-sell agreement.
Traditionally, term life insurance has required a free in-home medical exam for approval. This requirement created a problem for busy executives, people who need their life insurance in a hurry, or people who can’t stand the thought of giving blood.In recent years, however, more and more life insurance companies have started offering competitively-priced life insurance without requiring an exam.
Instead of requiring an in-home exam, the insurance company will conduct a phone interview and electronically review your medical records, prescription history, and driving record.Back to Article Guide
Why Purchase No Exam Term Life Insurance?
In the past, no exam term life insurance was most commonly purchased by business owners who needed a quick approval to secure an SBA loan, or by divorcees who needed life insurance in a hurry to settle a divorce decree.
This convenience came at a cost, though; a no exam term life insurance policy used to cost at least 30% more than an identical term life insurance policy with an exam. For some of our clients, the extra cost was worth getting a loan approved sooner, or staying in favorable graces with the court.
However, about 7 years ago a few “A+” rated life insurance companies began offering the same rates to applicants applying for term insurance with or without a medical exam. In addition, most no exam life insurance policies are approved in a matter of days, not weeks.
The reduction of cost and the speedy approval of these policies have made them a favorite for people with young children, busy schedules, or anyone that doesn’t want to give up part of their weekend to complete an in-home exam.
Below, we’ve provided some sample monthly rates for term life insurance without a medical exam:
No Exam Term Life Insurance Rates - $250,000, 10-Year Level Term
If you would like an accurate insurance quote based on your actual age and health, we can help. Our agents will shop dozens of life insurance companies on your behalf to provide you with the best insurance options available. Please feel free to give us a call at 855-247-9555, or request a free quote online here.Back to Article Guide
No Exam Life Insurance Coverage Options and Approval Guidelines
Here are some general guidelines for one of the A+ rated life insurance companies we work with that offers term life insurance without a medical exam:
- Term Lengths Available: 10, 15, 20, 25, and 30 years
- Coverage Amounts Available: $100,000 minimum - $7,500,000 maximum
- Ages Available: 0-65
- Health Risk Classes Available: All underwriting classes (Average to Excellent Health)
What will the insurance company review when they are approving my life insurance application?
- Prescription History
- Motor Vehicle Reports (Driving Record)
- Medical Information Bureau
- Medical Records at Insurance Company’s Discretion
While options for no exam life insurance become more limited after the age of 60, you may still qualify for an affordable term life insurance policy without an exam, depending on your overall health and coverage needs.
If you are 65 or older, and need term life insurance, we recommend completing a free exam for your life insurance policy. Although it may be inconvenient, it will save you a considerable amount of money on the cost of your life insurance policy.
If you cannot complete a free medical exam, and you are over the age of 67, a whole life insurance policy may be your only option. We’ve explained these policies in the following section.Back to Article Guide
What is No Exam Whole Life Insurance?
Unfortunately, not all traditional whole life insurance policies are created equal. There are many types of whole life insurance and each type of coverage varies greatly.
Some whole life insurance policies will approve anyone regardless of their health. These policies are called "Guaranteed Issue” life insurance and they offer life insurance without an exam, medical questions, or even checking the applicant’s medical records.
These “No Questions Asked” life insurance policies are usually advertised heavily on TV and through the mail. Oftentimes, these policies are also endorsed by celebrities or even organizations like AARP.
While purchasing a life insurance policy through the mail may seem convenient, there are more affordable options available to people who are in fair or better health for their age.
Guaranteed issue life insurance companies assume a larger risk because they have no way to assess the health of the applicants they are insuring.
These companies offer life insurance to people who would otherwise be uninsurable, so in order to stay in business and be profitable, guaranteed issue policies have mandatory waiting periods where they do not offer full coverage for the first two years of the policy.
In addition, these companies must charge more for their life insurance policies to pay for the increased risk and the celebrity endorser or organization that is marketing on their behalf.
Guaranteed issue life insurance policies are also commonly limited to $25,000 of coverage or less. The majority of these policies, including policies sold by some of your favorite celebrities, increase your rates every 5 years until the policy is unaffordable.
A guaranteed issue life insurance policy should only be purchased as a last option for people with serious health issues who are in need of burial insurance. If you are in fair or better health, we recommend working with a no-cost broker that can find your best options for life insurance.
At JRC, we also offer guaranteed issue life insurance from a variety of companies, but only to individuals who cannot qualify for anything else. By asking you a few questions about your health, we'll quickly compare your best options for coverage.
We also offer whole life insurance without an exam, but the companies we recommend will electronically review your medical records before approving your policy. This allows them to charge less for their life insurance and offer their clients fixed rates that do not increase as you get older.
If you are considering purchasing a whole life insurance policy and you do not want to take an exam, make sure you ask your agent or insurance company these 3 questions before buying the policy:
- Will my rates ever increase?
- Does this policy have a waiting period?
- Does my coverage expire when I turn 80?
If your agent says “Yes” to any of these questions, you may want to reconsider your options. Most of these policies will double in cost every 5 years, making the policy unaffordable when you need the insurance the most.
Our agency only offers no exam whole life insurance policies with fixed rates and coverage until age 100 or later.Back to Article Guide
How We Can Help You with No Exam Life Insurance
Our agency is licensed nationwide and we work directly with 63 life insurance companies. By having access to so many life insurance companies, we’re able to shop the market on our client’s behalf to match them with the best life insurance options available.
If you have questions about no exam term life insurance, or if you would like to get an accurate quote, please feel free to give us a call, toll-free at: 855-247-9555. You can also request a free instant life insurance quote by clicking on the maph below.
Managing Partner and Co-founder
Cliff is a licensed life insurance agent and one of the owners of JRC Insurance Group. He has helped thousands of families of businesses with their life insurance needs since 2012 and specializes with applicants who are less than perfect health. In his spare time he enjoys spending time with family, traveling, and the great outdoors.