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The Best No Exam Life Insurance Companies for 2020

best life insurance companiesCurious 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:

  1. Banner Life/William Penn
  2. Lincoln Financial Group
  3. Sagicor Financial
  4. ANICO (American National Insurance Company)
  5. Assurity Life Insurance Company
  6. Principal Life Insurance Company
  7. AMERICO Life, Inc.
  8. SBLI
  9. Pacific Life
  10. North American
  11. Protective Life
  12. Penn Mutual

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IMPORTANT UPDATE: Traditionally, “no-exam” life insurance policies have been more expensive than policies that require a medical exam. However, since 2016, a handful of top-rated life insurance companies have began offering the same pricing to applicants that skip the medical exam.

If you’re too busy to complete 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.

But that doesn’t mean you should rush out and buy the first no-exam policy  you see on TV or the internet. The reason is because all life insurance companies are not all the same, and you could be spending a lot more money than you need to.

Types Of No-Medical Exam Life Insurance Policies

The second thing to keep in mind is that there are actually 6 different types of no-exam life insurance coverage. Your best available option depends on your overall health, budget, and need for coverage. The most common life insurance policies that do not require an exam include:

The most common form of no-exam life insurance is known as, “Simplified issue term.” Simplified issue term policies offer the same benefits as traditional term life insurance, but no medical exam is required for approval.

Term life insurance policies are usually guaranteed for 10, 15, 20, 25, or 30 years, and during this period, your rates cannot increase and your coverage cannot decrease, regardless of any changes to your health, hobbies, or occupation.

If you need permanent coverage for burial expenses, you’ll want to consider whole life or a guaranteed issue policy. If you need more than $50,000 of coverage for estate planing needs or pension maximization, universal life insurance is a better option.

However, not every insurance carrier offers no-exam life insurance and those that do, usually have variations of the policies outlined above. This is why you should always use an independent agent 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 2020:

The Best No Exam Life Insurance Companies

Banner Life/William Penn

legal-general-no-exam-life-insurance

Banner Life and William Penn are owned by Legal & General, a publicly traded company that was founded in 1836. Legal & General is the 8th largest insurance provider in the world, and it operates as William Penn in New York and New Jersey. Throughout the rest of the United States, Legal & General is known as Banner Life.

William Penn and Banner Life are both A+ (Superior) rated by AM Best and the provider was named as the “Best Life Insurance Provider” in 2014 at the Personal Touch Awards. Legal and General currently operates in North America, Europe, and Asia, managing over $1.3 trillion in assets.

With Banner, qualified applicants between the ages of 20 and 50 are eligible for up to $1,000,000 of simplified term life insurance without a medical exam. Here’s a breakdown of the policies they currently offer to each age group:

Banner’s No Exam Policy Limits:

Ages 20 to 40: $100,000 – $1,000,000
Ages 41 to 45: $100,000 – $750,000
Ages 46 to 50: $100,000 – $500,000

Their term policies are available for 10, 15, 20, 25, 30, 35, or 40 years and they specialize with applicants that are in average (standard plus) health or better. Like other no-exam life insurance providers, Banner requires a brief 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’re “Preferred Best” rate class is available to no-exam applicants, and the company’s guidelines are very lenient when compared to other providers.

Legal & General’s no-exam life insurance policies are available to residents in all 50 states and the company also offers Guaranteed Issue life insurance. With Guaranteed Issue Life Insurance, you can purchase up to $25,000 of life insurance with no health questions asked.

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Lincoln Financial Group

Lincoln Financial Group is a publicly-traded (LNC:NYSE) Fortune 250 holding company that was founded in 1905. Over 115 years ago, the company’s founders obtained permission from Robert Lincoln, Abraham Lincoln’s son, for the use of the former President’s likeness and name.

The Lincoln Financial Group is rated A+ (Superior) by AM Best, and they currently offer up to $1,000,000 of life insurance without a medical exam. To qualify for one of their traditional no-exam term life insurance products, you must be in good health and under the age of 60.

The company offers 10, 15, 20, and 30-year simplified issue term policies and they are one of the only providers that offers a conversion option. This allows the policyholder to continue their coverage after the term has ended, without completing a new health exam.

Lincoln’s rates are extremely competitive, and their approval times are relatively quick. In fact, most applicants are approved within two weeks of completing their phone interview. The downside with Lincoln is that unless you qualify for a preferred or better rate class, they’ll require a paramedical exam.

Lincoln is also one of the best companies in the industry for current tobacco users that don’t smoke cigarettes. The company offers non-tobacco rates to applicants that use pipe tobacco, chewing tobacco, or cigars but not cigarettes. They are also a great fit for overweight applicants, and many people in excellent health.

Unfortunately, Lincoln’s no-exam life insurance policies are not available to residents of New York state, but their simplified issue products are available through-out the rest of the U.S.

Sagicor Financial

sagicor-logo

Sagicor Financial was founded in 1840 and operates in 22 countries. They manage more than $827 billion in assets and have been rated by A.M. Best as an A- (Excellent) for financial strength. As of February 2020, the Sagicor company offers their applicants up to $1,000,000 of term insurance if they apply before they turn 46.

For people between the ages of 46 to 55, the company offers as little as $50,000 or as much as $750,000 in simplified term life insurance coverage without a medical exam. For applicants between the ages 56 and 65, Sagicor offers up to $500,000 in simplified term life insurance protection.

Sagicor was one of the first providers to offer no-exam life insurance and their underwriting and pricing has remained competitive. The company has challenged their competitors by offering low rates to those who are in relatively good health.

They also provide coverage to individuals that are “high-risk” for life insurance which most other insurers don’t offer without an exam. We have also found Sagicor to be quite helpful for people with high risk occupations, including coal miners, commercial fisherman, and loggers.

The company is also a great option for people with health issues like diabetes because their underwriters are easy to work with. In some cases, Sagicor has even offered our clients a lower rating which one of the many reasons we rate them at the top of our list.

Sagicor doesn’t require a phone interview or a medical exam for an approval. The company offers 10, 15, and 20-year term policies that are often approved in 24 hours or less. As of 2020, their products are available in every state except Alaska, Connecticut, Maine, New York, and Vermont.

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Principal Life Insurance Company

principal-no-exam-life-insurance

Principal has been operating for more 135 years and they are owned by the PRINCIPAL Financial Group, a Fortune 500 Company. The company is also rated A+ (Superior) from A.M. Best for financial stability. Principal was one of the first providers to offer no-medical policies with a death benefit of up to $1 million.

Principal Life is one of the best life insurance companies for people in good health. Their “Preferred Plus” rates are some of the most competitive in the industry, but like other no exam life insurance providers, a brief phone interview is needed for an approval.

Depending on your overall health, Principal’s underwriter might review your medical records before approving your application. For people in good health, however, this is uncommon. Currently, the company offers up to $1,000,000 of simplified term insurance to applicants under 60.

American National Insurance Company

american-national-no-exam-insurance

American National, better known as ANICO, was founded in 1905 and they are rated “A Excellent” by AM. Best. ANICO’s life insurance policies offer very flexible underwriting without a medical exam. Their no-exam life insurance policies are also competitively priced for most individuals in average health.

In addition to life insurance, the ANICO company offers retirement plans, annuities, and pension plans. They also offer some of the best rates in the industry for Annual Renewable Term life insurance without an exam. The company is also willing to consider insuring applicants with health issues.

An annual renewal term is a good option for anyone with a medical condition that’s likely to improve, or anyone with a lifestyle risk like smoking. What’s great about ANICO is that they’re willing to re-evaluate your rates down the road when your situation has improved or won’t be held against you.

While American National won’t require you to complete a medical exam, they will review your medical records. This make them a great company for applicants in excellent to average health and oftentimes they are the best choice for well-controlled diabetics.

With ANICO, qualified applicants can purchase up to $500,000 of simplified term insurance without an exam until the age of 60. In addition to Annual Renewal Terms or ARTs, the American National insurance company also offers 10, 15, 20, and 30-year level term policies.

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Assurity Life Insurance Company

assurity-no-exam-life-insurance

Assurity was founded in 2007, but don’t let their age dissuade you. The company was created as the result of a merger with other established insurance carriers that date back to 1890, so they are not a “newcomer” in the industry. They are also rated “Excellent” by A.M. Best for financial stability.

The Assurity Life Company offers a variety of coverage options in every state except New York. Their products include universal life insurance, whole life, term life insurance, and accidental death. Assurity makes our “Top Best” list because of their whole life insurance policies with living benefits.

Living Benefits can be used to pay for medical expenses, taking time off work, or a once in a lifetime vacation if you are diagnosed with a terminal illness like cancer. Most of the other whole life insurance providers in our industry do not offer this invaluable benefit.

Assurity also offers simplified term life insurance without a medical exam and most applicants are approved within 72 hours. Their no exam policies are available to people between the ages of 18 to 65, and 10, 15, 20, and 30-year term lengths are available.

The only downside to Assurity is that their simplified issue term life insurance policies are limited to $350,000 in coverage or less. While this isn’t ideal for most younger applicants, they are usually the best option for someone over the age of 60 that needs more than $50,000 of coverage.

AMERICO Life, Inc.

americo-no-exam-life-insurance

AMERICO is an established life insurance provider that was founded more than 100 years ago. The company is very financially sound with over $32 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.

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SBLI

Since 1907, Savings Bank Life Insurance or SBLI has had a solid track record of paying their claims – even during the Great Depression. The company has an A (Excellent) rating from A.M. Best. for their financial strength, and they specialize with term life insurance policies.

SBLI makes our top no-exam list for their simplified term life insurance policy with Accelerated Underwriting. The company offers up to $500,000 of coverage to applicants between the ages of 18 to 60, and 10, 15, 20, and 30-year level terms are available. Most policies are approved within two weeks.

Many simplified issue life insurance providers limit their terms to 20 years or less, so SBLI could be a great option if you have a new mortgage or plan to start a family soon. A nice perk to SBLI is that also they offer this product to all of their rates classes, so you don’t have to be in “preferred” health to qualify.

Like other non-med life insurance providers, Savings Bank Life Insurance requires a phone interview for an approval. Unfortunately at this time, their no exam policies are not available to residents of New York and Montana.

Pacific Life

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 also have an A+ (Superior) rating from A.M. Best.

Pacific Life offers a no-med term policy called PL Smooth Sailing Underwriting to those aged 50-69. Applicants can purchase up to $1,000,000 of coverage without a paramedical exam but, a comprehensive physical and blood work must have been completed by your physician within the last 18 months to qualify.

The company will also review your medical records and require a phone interview for approval. Pacific Life’s no-med policy is currently available in all 50 states and the District of Colombia.

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North American

north american companyNorth American is a privately-owned company that has been offering insurance since 1886. This allows them to focus on making secure investments, instead to succumbing to short-term earning pressures to keep their shareholders happy.

The North American Company for Life and Health Insurance is BBB accredited company, and as of September 2018, they have an A+ (Superior) rating from A.M. Best. This company makes our list for their no-med term policy called ADDvantage Term. This policy is available to people between the ages of 18-50 that are considered to be a “standard” risk or better.

With an ADDvantage term, you can obtain up to $1 million of life insurance coverage without completing a medical exam, and the policy is available in every state except California and Georgia. Medical records are not required for approval, but a phone interview is.

Another advantage to this policy is that it offers living benefits, which isn’t common for term policies that do not require an exam. This benefit allows the insured to collect a portion of their policy’s death benefit while they are still alive, as long as they meet the requirements.

Protective Life

Protective Life is an A+ Superior rated life insurance company that was founded in 1907. The company currently holds more than 90 billion dollars in assets and generates more than $5 billion each year.

The Protective Life company has been included on our list of top providers for their has a no-med term policy called PLUS (Protective Life Underwriting Solution). These policies are available to individuals between the ages of 18-60 in every state except New York.

Here’s a breakdown of the no-exam options that Protective Life can offer:

Protective’s No Exam Policy Limits:

Ages 18 to 45: $100,000 – $1,000,000 (Standard or better health)
Ages 46 to 60: $100,000 – $500,000 (Preferred of better health)

If the client qualifies for accelerated underwriting, then the medical exam will be waived. If the company believes the client’s medical history will prevent them from qualifying for a simplified issue policy, a medical exam will be required. A telephone interview needed for approval.

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Penn Mutual

penn-mutual

Penn Mutual company was founded more than 170 years ago in Philadelphia, Pennsylvania. They are A+ Superior rated by A.M. Best and they hold more than $33.2 billion dollars in assets.  The Fortune 1000 company offers a variety of life insurance products to individuals, families, small businesses, and financial professionals.

This company makes our list of the best no exam life insurance companies because of the term life insurance policies they offer with ACE (Accelerated Client Experience) underwriting. These policies are available to applicants under the age of 65 in average of better health for their age.

What really sets the company apart from their competition is the amount of coverage their willing to offer without an exam. With Penn Mutual, qualified applicants can actually purchase as much as $5,000,000 million dollars of term life insurance without a medical exam.

Currently, no other life insurance providers are willing to offer this much coverage without a complete paramedical exam, which is a big advantage. The downside to Penn Mutual’s no exam policies is that they cannot be used to replace existing coverage, and they’re not available in New York.

How to Choose the Best No-Medical Exam Company

The life insurance industry is constantly evolving, and the products offered by each company can change without notice. Life insurance rates and underwriting requirements also vary dramatically for no-exam policies. Some companies don’t ask any medical questions, while others require a phone interview.

Each company’s offerings also vary with age, and some insurers are much better with health issues than others. To find your best option, we recommend working with an independent life insurance agency like JRC. Our experts will evaluate your situation to provide you with the best coverage and 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 50 top-rated life insurance companies and we can help!

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Cliff Pendell

VP of Marketing at JRC Insurance Group
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.
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