Curious about what the top life insurance companies are? Here at JRC Insurance Group, we’ve got that covered.
We will provide you with the inside scoop on which companies are the best in the life insurance business.
Quick Article Guide:
- Banner Life/William Penn
- Lincoln Financial Group
- Sagicor Financial
- ANICO (American National Insurance Company)
- Assurity Life Insurance Company
- Principal Life Insurance Company
- AMERICO Life, Inc.
- Pacific Life
- North American
- Protective Life
- Penn Mutual
IMPORTANT UPDATE: Traditionally, “no-exam” life insurance policies have been more expensive than policies that require a medical exam. However, starting in 2016, a handful of top-rated life insurance companies began charging the same rates to applicants with or without a medical exam.
If you’re too busy to take a medical exam, or if you can’t stand the thought of giving blood, a no-exam life insurance policy may be your best option for affordable life insurance protection.
The first thing you should know is that you should never rush out and buy a no-exam policy simply because you’ve seen it advertised on the television or online. The reason is because they are not all the same, and you could be spending a lot more money than you need to spend.
Types Of No-Medical Exam Life Insurance Policies
The second thing to keep in mind is that there are 6 different types of no-exam life insurance, and they apply best for different people in different situations. These include:
• Simplified Issue Term Life Insurance
• Simplified Issue Universal Life (UL)
• Graded Benefit Whole Life
• Rapid Decision Senior Whole Life
• Level Death Benefit Whole Life
• Guaranteed Issue or “GI” policies
Each type of life insurance has its own use. The most common no-exam life insurance is simplified issue term. Simplified issue term insurance is essentially traditional term life insurance that does not require a medical exam for approval. These term policies typically offer a guaranteed term of 10, 15, 20, 25, or 30 years.
If you’re shopping for permanent coverage, you may want to consider whole life insurance or simplified issue universal life. Not every carrier offers no-exam life insurance and those that do have variations of the policies outlined above. This is why you always use an independent agent like the ones here at JRC to find the most suitable no-exam policy for your particular needs.
Without further ado, here are the best no-exam life insurance carriers in 2018:
The Best No Exam Life Insurance Companies
Banner Life and William Penn are owned by Legal & General, a publicly traded company that was founded in the United Kingdom in 1836. Legal & General is the 7th largest life insurer in the world, and operates as William Penn in New York and New Jersey. In the rest of the United States, Legal & General operates as Banner Life.
Legal & General is rated A+ (Superior) by AM Best and was named as the “Best Life Insurance Provider” in 2014 at the Personal Touch Awards. Legal & General currently operates in North America, Europe, and Asia and manages over $1.1 trillion in assets.
Legal & General offers $100,000 to $500,000 of term life insurance to applicants between the ages of 20 to 50 without a medical exam, also known as simplified issue term. On all other term lengths, the company offers $100,000 to $1,000,000 of coverage for those ages 20 to 40, $100,000 to $750,000 of coverage for those ages 41 to 45, and $100,000 to $500,000 of coverage to those ages 46-50.
Their term policies are available for 10, 15, 20, 25, or 30 years and they specialize with applicants who are a “standard plus” risk or better. Like other no-exam life insurance companies, they also require a phone interview before approving an application.
If you are in good health and under the age of 50, Legal & General is probably your best option for no-exam coverage. They are one of the few companies that offer a “Preferred Best” rate class to their no-exam applicants and their guidelines are very lenient compared to other top-rated insurance companies. Legal & General’s no-exam life insurance policies are available in all states.
Lincoln Financial Group is a publicly-traded (LNC:NYSE) Fortune 250 holding company that was founded in 1905. In 1905, the founders of Lincoln Financial Group obtained permission from Robert Lincoln, Abraham Lincoln’s son, for the use of the former President’s likeness and name. Lincoln is rated A+ (Superior) by AM Best, and they offer up to $500,000 of life insurance without a medical exam.
Lincoln offers up to $1,000,000 of traditional no-exam term life insurance to applicants aged 18 to 60 with guaranteed rates and coverage for 15, 20, or 30 years. They are also one of the only companies that will allow you to convert your existing no-exam term policy into a permanent policy without undergoing a new health screening.
Lincoln’s rates are extremely competitive, and most applicants are approved within one to two weeks, after a brief phone interview is completed. Lincoln will not require an APS if you’re approved for a no-exam policy, but will likely require an exam and lab results unless you’re approved at the “preferred plus” rate class.
Lincoln is one of the best companies in the industry for current tobacco users because they are one of very few companies that offer non-tobacco rates to applicants who use pipe tobacco, chewing tobacco, or cigars. They are also very competitive for applicants who are considered to be overweight, and for applicants in excellent health. Unfortunately, Lincoln’s no-exam life insurance policies are not available to residents of New York, but their products are available in all other states.
Sagicor Financial was founded in 1840 and operates in 22 countries. They currently have assets over $6.4 billion and have been rated by A.M. Best with an A- (Excellent) rating. Sagicor offers applicants up to $1,000,000 of term insurance as long as they apply before the age of 46. From ages 46-55, they offer between $50,000 and $750,000 of coverage. From ages 56-65, Sagicor offers $50,000-$500,000 of coverage.
This company is a relatively new player in providing no-exam life insurance, but they have rapidly challenged their competitors by offering some of the lowest rates for no-exam life insurance for those who are in relatively good health. They also provide a “preferred” rating with their no-medical policies which most other insurers don’t offer.
We have also found Sagicor to be quite helpful for those who are in high risk occupations, such as “coal miners” for example. Additionally their underwriters are relatively easy to work with when it comes to health issues such as diabetes. Their underwriters have worked with us to help clients get a lower rating, and this is one of the reasons why we rate this company at the top of our list.
Sagicor doesn’t require a phone interview or ask for an APS, and all risk classes are available on their no exam policy. They offer it in all states except Alaska, Connecticut, Maine, New York, and Vermont.
Principal is over 135 years old, and is owned by the PRINCIPAL Financial Group which is listed as Fortune 500 Company. They also have an A+ (Superior) rating from A.M. Best. One of the reasons they are distinct is that they offer the highest policy available for no-medical policies and up to $1 Million for death benefits.
Principal Life also offers a “Preferred Plus” rate class, which is very uncommon with insurance companies that do not require an exam. However, you will be required to undergo a brief phone interview when applying for coverage. Additionally, and at their discretion, the underwriter may require to review your medical records before approving your application.
This company also goes by the name ANICO, and is considered as another well-known brand name when it comes to providing very flexible underwriting no-exam life insurance policies. ANICO was founded 1905 and is rated A (Excellent) by A.M. Best.
The ANICO company offers life insurance, retirement plans, annuities, and pension plans and owns a number of subsidiaries. They also have some of the best rates for an Annual Renewable Term policy also known as an ART. ANICO will also consider policies for those who are less healthy.
In addition, ANICO will allow you to buy coverage for only a few years when you currently have a medical condition that will likely improve, or lifestyle risks like clients who have recently quit smoking. What’s great about this is the fact that they are willing to re-evaluate you later when your health improves, or your lifestyle risk is no longer considered an issue, providing you a better rating with lower monthly premiums.
American National is also a good choice for those who have diabetes. However, the one downside is that even though don’t ask you take an exam, they will review your medical records.
Assurity began in 2007, but this was as a result of a merger with other insurance carriers that date back to 1890, so they are not a “newcomer”, and they also have a rating with A.M. Best of A- (Excellent). One of the reasons why it makes our “Top Best” list is because they offer policies for younger people with health issues who wouldn’t otherwise qualify for a traditional policy, known as a “Simplified Issue.”
Most other insurers do not offer this type of policy, or will only offer this type of policy to people who are 50 years of age and older. They also have very fast approval times in comparison to other life insurance companies.
AMERICO is an established company with over 100 years as a life insurer. The company is very financially sound with over $31 Billion worth of polices in force, and has an A (Excellent) rating with A.M. Best.
AMERICO provides a limited range of products when it comes to non-medical policies. However you can choose from their term policy which provides an array of terms ranging from 15, 20, 25, and 30 years with death benefits up to $250,000 in coverage. They also offer a 3-year Graded Death Benefit for applicants who have serious health issues.
SBLI offers a no-med term policy called Accelerated Underwriting for those ages 18-60. This level term policy offers 10, 15, 20, or 30-year options, with a face amount between $100,000 and $500,000. A nice perk to this policy is that SBLI gives all underwriting classes this option, not just to those in preferred plus or preferred classes. A phone interview is required, as well as an APS.
This no-med policy is available to all states except New York and Montana.
With 150 years of history, $158 billion in assets, and having more than half of the 100 largest U.S. companies as clients, Pacific Life is a company you can trust. They have an A+ (Superior) rating from A.M. Best.
Pacific Life offers a no-med term policy called PL Smooth Sailing Underwriting to those ages 50-69. You have the option for a face amount up to $500,000. They don’t require labs, but you must have had a comprehensive physical and blood work done with your physician within the last 18 months. Your medical records and a phone interview are required.
Pacific Life’s no-med policy is available in all states.
North American has been serving customers since 1886, and is a privately owned company. This means that they make secure investments, and won’t succumb to short-term earning pressures. They are also a BBB accredited company as of September 2018, and have an A+ (Superior) rating from A.M. Best.
Their no-med term policy is called ADDvantage Term, and is available to those ages 18-50 with a standard risk or better. You can obtain up to $1 million of coverage.
On advantage to this term policy is that it offers living benefits, which isn’t common for term policies. This means you can get a portion of your death benefit while still alive, as long as you meet the requirements. Labs and medical records are not required, but a phone interview is.
This is available in all states except California and Georgia.
Protective has a no-med policy called PLUS (Protective Life Underwriting Solution), available to those ages 18-60. Those 18-45 can purchase face amounts from $100,000-$1,000,000; those ages 46-60 have the choice between $100,000 and $500,000 of coverage. Clients ages 18-45 must be a standard risk class or better, while those ages 46-60 must be preferred or better.
If the client qualifies for accelerated underwriting, then the labs and medical records are waived – otherwise they are required. A telephone interview is required.
Protective offers this option in all states except New York.
Penn Mutual was established in 1847 in Philadelphia, Pennsylvania. They provide insurance for individuals, families, small businesses, and financial professionals. Their goal is to provide flexibility and benefits of a reliable growing asset at every stage of a person’s life, as well as for generations to come. They have an A+ (Superior) rating from A.M. Best.
This company offers a no-med policy called ACE (Accelerated Client Experience), available to those ages 20-65. As long as the client is standard risk or better, they have the option to choose a policy up to $2.5 million of coverage, which is a big advantage – most companies don’t offer this much without requiring a medical exam.
They do not require a phone interview, and this policy cannot replace an existing policy or 1035 exchange. It is available in all states except New York.
How to Choose the Best No-Medical Exam Company
As stated above, products and the rates charge can vary quite dramatically for no-exam policies. Some companies don’t ask any medical questions, while other will ask for a brief questionnaire or phone interview, and others require a more in-depth medical evaluation such as obtaining medical records. The coverage amounts and age requirements also vary with each company.
To find the most appropriate policy for your particular health situation, you should always discuss your situation with an independent life insurance such as here at JRC.
Our expertise will enable us to evaluate your situation and provide you with the best coverage and at the most affordable rates.
Call us today, toll-free, at: 855–247–9555 or request a free instant online quote if you want to learn more about your best option for a No-Exam life insurance policy. We work with over 40 top-rated life insurance companies and we can help!