10 Things You Need to Know About Life Insurance Without an Exam

Quick Article Guide

Here’s what we'll cover in this post:

• 1. Why Consider A No Exam Policy?
• 2. No-Exam Coverage Isn’t As Limited As You May Think
• 3. Exam Vs. No Exam Cost Comparison
• 4. The Six Types of No-Exam Life Insurance
• 5. With No-Exam Life Insurance, You Can Be Guaranteed Coverage
• Insurance Companies Look at Your Medical History & Conduct a Phone Interview Before Approving Your No-Exam Policy
• 7. Approvals In As Little As 15 Minutes
• 8. What if I Have A Pre-Existing Condition?
• 9. Like Other Policies, You Can Only Purchase Life Insurance For Yourself
• 10. Is No Exam Life Insurance Advantageous?
• Bonus Facts About Life Insurance With No Medical Exam
• No Exam Life Insurance FAQs
• Need Help?

Several Types of People Can Benefit from No-Exam Life Insurance Policies

No-exam life insurance is typically purchased by a wide variety of clients. The most common include:

• People who are afraid of needles, blood, and other medical office
• Clients who do not have the time to make an appointment
• Those who need life insurance coverage immediately
• People who need to collateralize a small business loan

With no-exam insurance, they can skip the time consuming process of meeting with an examiner.

Additionally, no exam life insurance policies are good for people who only need small amounts of coverage. This is often used as supplemental life insurance for existing policies.

Looking to save time and money finding the best life insurance coverage? Read this guide full of tips and tricks you can use to easily save thousands.

Your No-Exam Coverage Isn’t As Limited As You May Think

Although no-exam policies typically offer smaller coverage amounts, you can still provide your family with a substantial amount of protection.

The handful of life insurance companies that offer no exam insurance have policy limits that vary based on your current age, health history, and income. The following are general guidelines for non-medical exam insurance coverage:

*Most no-exam life insurance providers will limit their applicants to $1,000,000 of coverage or less.

Not sure how much life insurance coverage you need? This comprehensive guide offers a life insurance need calculator can help you calculate your exact needs.

The Cost of No-Exam Insurance Can Vary

The price you pay for the convenience of getting approved for life insurance with no medical exam can vary. In some cases, it could be just a couple dollars more per month. In a worst-case scenario, you’re looking at a 30-40% increase.

See below for example comparisons of 20-year term policies.

$100,000 Coverage, 20-Year Term

$250,000 Coverage, 20-Year Term

$500,000 Coverage, 20-Year Term

$750,000 Coverage, 20-Year Term

$1,000,000 Coverage, 20-Year Term

*20-year term rates above are for a healthy non-smoking male. Rates are accurate as of 6/11/2022 and are provided for illustrative purposes only. **Applicants must have completed bloodwork within 18 months of applying. 

The price of no exam life insurance is based on a few major factors:

• Age
• Type of Policy
• Health
• Family History
• Company
• Additional Riders

While there is obviously no medical exam with this type of insurance, for most type of no exam life insurance, companies will ask a few health related questions, and ask to see medical records in order to determine your health history.

Want to learn more about no exam life insurance rates? This article outlines what affects costs, and what to expect for rates.

There Are Six Types of No-Exam Life Insurance

There is a wide variety of no-exam life insurance policies, so even in skipping the medical tests and appointments, you still have several options to choose from.

1. Simplified Issue Term Life Insurance

• Death benefits in the 25k-1mm range
• Can apply between ages 21-65
• 10, 15, and 20-year term lengths (rate guarantee period)
• Applicants aged 66 to 75 can qualify for a 10-year term, up to $100,000 in coverage

2. Simplified Issue Universal Life (UL)

• Death benefits in the 25k-500k range
• Can apply between ages 21-65
• Cost and death benefit fixed for life

3. Level Death Benefit Whole Life

• Death benefit and cost is fixed for life
• Can apply up through age 80
• Smaller death benefits in the 2k-50k range, and easier to qualify

In terms of who can qualify for this type of coverage, we’ve had clients qualify with Type II Diabetes, High/Low Blood Pressure, and Cholesterol Medications.

4. Graded Benefit Whole Life

• Provide lifetime coverage at a fixed rate
• Meant for clients with more serious health history
• Cost is higher and death benefit is reduced during the first two years - commonly paying 40% in year one, 75% in year two

Health issues which may be approved include: history of Heart Disease, Type I Diabetes, Stroke, or Substance Abuse. Policies generally purchased in the 2k-25k range.

5. Rapid Decision Senior Whole Life

• Death benefits in the 2k-40k range
• Usually purchased by seniors between ages 65-85.
• Underwriting guidelines/requirements similar to Level Benefit Whole Life
• Rapid Decision - usually issued in under a week

6. Guaranteed Issue or “GI” Policies

• No health questions asked
• Cannot be turned down from coverage because of medical reasons
• Usually purchased by people in poor health or advanced age, where they can’t qualify for other lower cost coverage
• Death benefits typically available in the $5k-$25k range

Pro Tip: Whenever you’re talking to an agent about non-exam insurance, make sure you’re not being sold “accidental death” coverage. This type of policy only pays the death benefit if you die as the result of an accident.

Looking for more information on the various types of no exam life insurance available to you? This helpful resource has all you need to know.

With No-Exam Life Insurance, You Can Be Guaranteed Coverage

The biggest perk of no-exam life insurance is that certain policies can guarantee your coverage. On the other hand, with a fully underwritten exam, you are never actually guaranteed approval.

Any time you have an exam, you run the risk of being declined. It could be for a medical issue you have that you weren’t even aware of, or it could be because your doctor accidentally made a note in your file about a health issue that leads to a decline. These are rare instances, but they have happened.

Do you need guaranteed life insurance? Or are you not sure whether your health condition requires GI coverage? This guide will help you find out if this type of no-exam policy is best for you.

Insurance Companies Look at Your Medical History & Conduct a Phone Interview Before Approving Your No-Exam Policy

Since you will not be taking a medical exam, the insurance company needs another way to assess their risk of insuring you. With the exception of Guaranteed Issue (GI) life insurance, you’ll likely have a phone interview with your insurance agent and an insurance company underwriter/screener following completion of a written medical questionnaire.

The company will also typically receive information from, and check your history with, the:

• Medical Information Bureau (MIB)
• MVR (Motor Vehicle Records)
• and Pharmacy Database

When completing your questionnaire, you’ll want to answer questions truthfully, to the best of your knowledge, with all parties, including whether you’ve previously been turned down (“declined”) when applying for life insurance. (This will normally show up in the MIB check anyway.)

If you have been previously declined, there is a high likelihood that you will be declined with your “no exam” application as well, unless you’re applying for a “GI” policy. There are exceptions, so be truthful with your agent so they can advise you accordingly to reduce the chance of disappointment.

Not sure why you were declined for life insurance coverage, or what you can do about it? You are not alone. We wrote this complete guide for you in order to help you figure out the next steps.

You Can Be Approved in as Little as 15 Minutes

It might seem like a gimmicky sales point, but no-exam life insurance doeshave a quick approval period.

Some of our top-rated no exam companies give approval almost instantly (in some instances, even immediately after submitting the application). They pull a motor vehicle report and prescription check in the background, and if all is clear, you’ll be approved immediately.

In other situations, it could take anywhere from 24 hours to 15 business days for approval, depending on the policy type and size of the death benefit you’ve applied for.

But for the most part, any waiting period is dependent on your health. Some no-exam policies offer immediate coverage once your application is approved and first payment posted. Your life insurance agent will review your options once they have your health profile.

Looking for quick life insurance approval times? Do you need life insurance coverage very fast, and have no time to spare? This guide has everything you need to know about which companies are best for you.

You Can Qualify for No-Exam Coverage Even If You Have a Pre-Existing Condition

You may be surprised to learn that even if you have previous medical issues or conditions you can still qualify for life insurance.

What Pre-Existing Conditions Qualify for No Exam Coverage?

For most no-exam policies, there is usually a waiting period for underwriters to feel comfortable the condition is under control or hasn’t reoccurred.

For example:

• Type II Diabetes generally has a one-year waiting period from the time of diagnosis
• Internal Cancer has a five-year waiting period from the time of diagnosis
• External Cancer has anywhere from a zero to three-year waiting period depending upon the type and severity
• Heart Disease, requiring bypass surgery, angioplasty, or placement of stents or cardiac defibrillator will generally have a five-year waiting period from end of treatment

Which Pre-Existing Conditions Require Guaranteed Coverage?

With “Guaranteed Issue” life insurance, there are no health questions, so just about anyone can qualify, though cost is high for relatively smaller death benefits.

However, even with any of the following health issues, you can still qualify and be approved:

• ALS
• Alzheimer’s disease
• Blood or bleeding disorder
• Chronic brain, heart, respiratory or other serious internal organ conditions
• Chronic hepatitis B, C, or D
• Cirrhosis
• Connective tissue disorder
• Dementia
• Hodgkin’s disease
• Inability to perform activities of daily living (toileting, transferring, continence, eating, bathing, dressing walking, managing medications)
• Kidney disease with dialysis
• Leukemia
• Liver disease
• Lymph node enlargement or malignant melanoma
• Lymphoma
• Parkinson’s disease
• Received or been advised to receive an organ or tissue transplant
• Systemic lupus

Have a pre-existing health condition not listed here, and are not sure whether you qualify for all no exam policies? This guide should help to clarify things. If not, give us a call and we can help answer your questions.

Like Other Policies, You Can Only Purchase Life Insurance For Yourself

Anyone over the age of 18 must complete their own life insurance application, including any verbal interviews. Your life insurance agent can provide you quotes for the cost, however. But state and federal life insurance require insurance companies to speak with the person who will be insured.

The Advantages May Outweigh Any Disadvantages—Depending on Your Situation

The advantages of no-exam life insurance include:

• Skipping having your blood draw
• Faster approval times
• Convenience
• Less scrutiny

The disadvantages may be:

• Limits on coverage amount
• Possible waiting period for full coverage
• Higher cost
• Riskier payout in first two years
• An increase in cost every 5 years for some policies (including some AARP life insurance)
• Some end-coverage at the age of 80

Whether or not no-exam life insurance will benefit you is solely up to your situation, however, so one of our life insurance agents will gladly discuss your options and help you decide what will work best for you.

Not sure if life insurance without a medical exam is best for you? That is what we are here for. This guide outlines everything you need to know, and points you towards agents who can help you find the best policies for your situation.

Bonus Facts About Life Insurance With No Medical Exam

Now for the stuff they don't tell you. On top of no exam being an extremely fast and affordable type of life insurance, these two bonus facts help to show why it offers such good value for people in specific situations.

In Some Situations, No Exam Can Cost the Same as Traditional Policies

Depending on your health, a no exam life insurance policy can actually cost the same amount as a traditional term life or whole life policy.

This is usually not the case, but for certain people, this does occur. We have seen this occur in a few situations:

• People in very good health who are in the preferred health class
• Those who are in great health, but have a pre-existing condition
• Healthy smokers in their 40's and 50's

Typically, people who fit into either of these two categories will be given almost identical quotes for term life insurance rates vs. no exam life insurance rates.

For example:

Someone in their late 30's, in preferred health who applies for a no exam policy will get quotes similar to this:

$250,000 Coverage, 10-Year Term without a Medical Exam

*Displayed rates are accurate as of 06/11/2022 and are provided for illustrative purposes only.

However, for a term life insurance policy, with an exam, this is what their rates will look like:

$250,000 Coverage, 10-Year Term with a Medical Exam

*Displayed rates are accurate as of 06/11/2022 and are provided for illustrative purposes only. 

While this is a very specific situation, for people who are in great health, chances are that getting life insurance without a medical exam will only add an extra 5-15% to the cost of your life insurance.

So, if you simply don't have the time, this type of policy may be best for you, without putting too much of a dent in your bottom line.

No Exam Insurance Can Be the Cheapest Option For Some Situations

Equally, people there are certain situations in which no exam life insurance coverage is actually cheaper for applicants than traditional coverage.

This is typically true for clients who:

• Suffer from pre-existing health conditions
• Are older than 55
• Utilize riders to make up for lost coverage

We have seen this happen quite a few times, and it is fairly common for the right candidates.

For example:

Someone who is a smoker, age 60, who is in the Regular Health class. For them, the cost of no exam life insurance is:

$100,000 Coverage, 10-Year Term, no Medical Exam

*Displayed rates are accurate as of 06/11/2022 and are provided for illustrative purposes only.

However, for the same person, traditional term life insurance with a medical examination could result in higher costs. Especially if an diagnosed health issue is discovered.

In one case, the individuals would have qualified for the following monthly premiums:

$100,000 Coverage, 10-Year Term with an Exam

*Displayed rates are accurate as of 06/11/2022 and are provided for illustrative purposes only.

With the 60 year old male, there was only a slight difference in savings which amounted to about $130 per year. While purchasing a policy that requires an exam is still the most affordable option in this situation, the cost of skipping the exam was minimal.

Depending on your health condition and age, the same may be true for you. This is why we always suggest working with an independent life insurance agent to find the best policies and rates. By comparing all of your options upfront, you'll be able to decide which option is the best fit for you.

A Handful of Companies Specialize with No Exam Life Insurance - Offering Lower Rates & Superior Coverage

Much like many other industries, life insurance companies each have their niche - a specific type of insurance that they offer which gives them a competitive advantage.

For some companies, this niche is no exam life insurance. By choosing to work with the right companies, you can capitalize on this competitive advantage and secure affordable no exam rates, and superior policies.

Some of the Top No Exam Life Insurance Companies We Represent:

Each one of these companies also has specific types of people who they have the best offerings for.

For example:

• Pacific Life has some of the best life insurance policies for people who are in their 60's, people who are smokers, and those who have other pre-existing conditions such as diabetes and high blood pressure.
• Gerber specializes in life insurance policies for seniors and children. Their final expense policies are available to almost anyone over the age of 50, regardless of their health, and no medical is required for an approval.
• Mutual of Omaha offers no exam whole life insurance policies to people through their 80's, and these polices provide lifetime coverage with fixed rates.
• SBLI also offers high face value no exam policies to people through age 60, with up to $750,000 of face value.

As you can see, each company has their own demographic that they specialize in providing for. By working with the best no exam life insurance companies for your specific situation, you can save thousands of dollars, and get much better coverage. Working with an independent agent can help you identify which providers are best for your needs.

Looking for more information on the Best No Exam Life Insurance Companies in 2022? This guide outlines the Top 15 on the market, and highlights their advantages, disadvantages, and goes in depth about their policies and rates.

Answering Some No Exam Life Insurance FAQ

At JRC Insurance Group, we have helped thousands of clients to find affordable no-exam coverage for their needs. We like to take the time to speak with each of our clients in person, or on the phone if possible.

Throughout our history of speaking with clients about no-exam life insurance, there have been a few questions that almost all of them seem to ask us. So, we thought that answering them may help you to understand no-exam insurance better, and make the decision process easier for you.

1. Does No-Exam Life Insurance Offer the Same Coverage?

Depending on the policy, yes and no. People who are in good enough health to be accepted for Simplified Issue life insurance often have the same policy sizes available to them up to $1,000,000. However, for people who need more coverage than this, no exam may not be best.

For people who are in very good or preferred health, life insurance providers like Penn Mutual offer up to $2,500,000 of term life insurance without an exam. However if you have some health issues, qualifying for a large amount of coverage without an exam could be a challenge.

For those who are limited to Guaranteed Issue life insurance because of pre-existing health conditions, the maximum amount of coverage traditionally available is $25,000. But, we also work with Great Western and they may be able to offer some applicants up to $40,000.

2. Can I Get Life Insurance If I Have A Terminal Illness?

Yes. No matter what your condition is, companies providing guaranteed issue life insurance policies cannot deny you because of medical reasons. This type of insurance will be more expensive, and have limited coverage amounts though.

Do you or a loved one have a terminal illness, and are struggling to find affordable life insurance, or not know where to start? This guide will help you get the coverage you deserve.

3. Can I Get Cheaper Coverage If My Health Improves?

Yes. This is where the importance of choosing the best no-exam life insurance company comes into play. Some of the companies we represent will offer their clients with the option to improve their rate class and the cost of their policy if their health improves of they quit smoking.

Qualifying for a better rate will require an exam, and typically there is a waiting period of 1 to 2 years after purchasing a policy before you can retake (or take) a medical examination. If your health improves, it may bump you up to a higher health class, which will result in lower rates.

This type of situation is common with people who:

• Recently quit smoking
• Have beaten cancer
• Have lost a lot of weight
• Fought or kicked another serious illness

4. Is No Exam Life Insurance Best for People With Dangerous Professions?

Depending on your career, yes and no. For many people with dangerous occupations who are in good health, you can still save more money going with a traditional life insurance policy. However, for people with extremely dangerous careers, a no exam policy may be less expensive.

In some cases, more dangerous jobs will offer group life insurance through the employer. Typically, this type of coverage is enough, but it is important to speak with an independent agent in order to have them examine the coverage and compare it to your needs - in order to make sure there are no coverage gaps.

For some very dangerous occupations, traditional life insurance is not an option. For people in this position, there are specific guaranteed no-exam life insurance policies called high risk life insurance policies made specifically for this situation.

With these plans, you can get lower rates than with regular Guaranteed Issue life insurance because you are put in a risk pool with similar individuals to mitigate the risk and drive down costs.

Have a dangerous career? We respect you and thank you for doing what no one else wants to. That's why we wrote this guide to help you understand your life insurance options and save money, while getting the coverage you deserve.

5. Which Companies Have the Fastest No Exam Approval Times?

Comparatively speaking to traditional life insurance policies, no exam policies are extremely fast, usually only taking about 2 weeks or less to secure coverage.

But what if you need life insurance coverage faster than that, say in less than 48 or even 24 hours?

Luckily, thanks to technology, there are now companies which can turn out no-exam life insurance policies in less than 15 minutes! So which companies are the fastest for no-exam approval times?

*Some providers may request a physical exam depending on the applicant's medical history. 

Need Help?

If you have questions about life insurance without a medical exam, or any other type of life insurance coverage, JRC Insurance Group is here to help!

We represent more than 50 of the best-rated life insurance companies in the industry. We’re experienced in matching our clients to the right company for their needs, at the best price possible. Our licensed agents will help you free of charge with care and professionalism.

Give us a call toll-free at: 855-247-9555, or request a free instant online quote to compare rates from dozens of highly rated insurers in less than a minute.