There are many reasons to purchase life insurance – regardless of your age, income level, and/or stage in life. While some feel that the only ones who require life insurance protection are those who have a spouse and/or children who are depending on their income, this is not the case at all.
In fact, there are numerous reasons to carry at least some amount of life insurance coverage – starting with the fact that final expenses can typically cost in excess of $10,000 today. Couple that with any other debt such as credit card balances, car loans, and / or a mortgage balance that would need to be paid off – and you can see where having available funds for your loved ones can be a necessary factor.
For those who are in good health, applying for coverage may be easier, as it typically requires just filling out the application, going through the medical exam, and waiting for the policy to be issued.
But, for those who may have health issues, this isn’t always the case. In these situations, life insurance coverage could take longer to qualify for – or in some cases, it may seem out of reach completely.
The good news is that with no medical exam life insurance, you could have another option for qualifying for the coverage that you need – and without having to contend with a paramedical exam as a part of the underwriting process.
With no medical exam life insurance, there is usually just an application for coverage to complete. Without any medical tests to wait for, the coverage can usually be approved within just a matter of days as versus weeks – or longer – with a traditionally underwritten policy.
This means that you can not only obtain life insurance coverage – but you can also have the protection that you need, along with peace of mind for those whom you love – that much faster.
There are numerous highly rated companies in the marketplace today that offer no medical exam life insurance policies and a few of them even made our 10 best life insurance companies list. Just some of these carriers include the following:
HSBC offers a no medical exam life insurance policy with term coverage of up to $500,000. This policy is available for applicants up to age 65 – and it offers instant approval. This means that an individual can have life insurance in minutes, not weeks. Coverage can be applied for online.
Overall, HSBC is considered to be a strong financial company. HSBC USA has been given the rating of AA- from Fitch Ratings, an A2 from Moody’s Investors Services, and an A from Standard & Poor’s.
American National is an insurance “introducer.” This means that this company helps individuals in finding the right coverage for their specific needs, circumstances, and budget based on their health, as well as their financial situation.
Assurity Life Insurance
Assurity Life Insurance offers its non-medical exam coverage, called the Non-med Term 350, with protection of up to $350,000. Applications may be completed either over the phone or the Internet. There is also the option for filling out a traditional paper application. For the underwriters to make a decision, the application will be reviewed, along with information from the MIB (Medical Information Bureau), Rx, and MVR. The total underwriting process for this policy will typically take between five and seven business days prior to a decision being made.
According to the insurer ratings agencies, Assurity Life Insurance is considered to be strong and stable. The company has been given a rating of A- (Excellent) by A.M. Best, which is considered by the firm to have an excellent ability to meet their ongoing insurance obligations.
Fidelity Life offers a no exam life insurance option called the Rapid Decision Express. This policy provides life insurance coverage with a face amount of up to $250,000 in protection. The application may be completed either online or over the phone, and an e-signature can be used by the applicant. In many cases, a decision regarding approval can be obtained in as fast as 48 hours.
This company is considered to be quite strong from a financial standpoint, and it is also considered positive in terms of paying out its claims to its policyholders. Fidelity Life has been given the rating of A- (Excellent) by A.M. Best, the leading provider of ratings, news, and financial data for insurance companies, as of June 2015.
Gerber Life offers a permanent life insurance option with no medical exam required. With this policy, which offers a face amount of between $5,000 and $20,000 – applicants can be between the ages of 50 and 80 years old. There are no health questions on the application for coverage, and no waiting for test results to qualify for protection.
Also, an applicant’s spouse – regardless of his or her health – provided that they are also between age 50 and 80, are also eligible for up to $20,000 in guaranteed life insurance coverage.
As long as the premium remains paid, this whole life insurance policy will not only provide a cash value, but also a growing cash value that is allowed to compound on a tax-deferred basis over time. The longer that a policyholder holds the plan, the more this cash can grow.
The policyholder is allowed to either borrow or withdraw the cash for any reason that he or she sees fit – including paying of bills such as credit card debt or a mortgage, supplementing their retirement income, or even taking a nice vacation.
Gerber Life has a rating of A (Excellent) from A.M. Best, which shows that the company is strong and stable from a financial standpoint, and that the company has a good reputation for paying out its claims to its insurance policy holders. Gerber has been in the business of providing life insurance for more than 80 years.
Globe is one of the leading providers of no physical life insurance policies. While they tend to have a little higher prices there are people that benefit from their policies. You can learn more about them and all their policy options in our full Globe Life Insurance review.
New Era Life
New Era Life Insurance offers a Platinum whole life insurance product that provides a face amount of benefit between $2,000 and $25,000. The cash value will grow on a tax-deferred basis, and the policyholder is able to borrow or withdraw if they so choose.
Because this is a permanent policy, the premiums are guaranteed to remain the same for as long as the policyholder lives – and the policy cannot be cancelled by the insurance company, as long as the premiums remain paid.
Those considering a policy through New Era should think closely about the company – and may also wish to consider other insurers as well prior to making a final decision. This is because New Era Life Insurance Company has been given a rating of B+ (Good) by A.M. Best. While this rating is not a bad rating, there are other companies that are rated as A or higher that may be considered more financially stable and secure from a financial standpoint.
Phoenix Life offers a no medical exam product. This simplified issue plan is a whole life insurance policy, meaning that it provides both a death benefit, as well as a cash value component that will build up a savings on a tax-deferred basis for the policyholder.
This policy, called the Phoenix Remembrance Life plan, may also be available with supplemental benefits that are designed to protect the future of the policy holder’s loved ones.
When individuals are considering the purchase of a policy from Phoenix Life, it may be important to review the company’s financials in more depth. This is because Phoenix Life has been rated as a B (Stable) from A.M. Best, and as a B+ (CreditWatch) by Standard & Poor’s.
Mutual of Omaha
The Mutual of Omaha no medical exam policy offers a fast and easy way to protect loved ones with life insurance coverage. This plan provides a face amount of up to $400,000 and an application that only asks health questions in order to determine a person’s eligibility for coverage.
This term life insurance policy provides level death benefits for periods of 15 years, 20 years, or even 30 years. And, there is no waiting period following the application. This means that an individual will be covered with the full amount of benefits from day one.
Mutual of Omaha is considered to be a very strong company from a financial standpoint, as well as a company that pays out its claims to its life insurance policyholders. The company has been rated as an A+ (Superior) by A.M. Best. This is the second highest out of 16 possible ratings provided by this rating agency.
The company has also been rated as an A1 (Good) by Moody’s Investor Services. This is the fifth highest out of a possible 21. Likewise, Mutual of Omaha has been given a AA- (Very Strong) by Standard & Poor’s, the fourth highest out of a possible 21 total ratings.
Primerica is not really a life insurance company but an agency. Because they use multi-level marketing as a part of their sales we get questions about them all of the time.
We do not recommend using Primerica coverage because of the added cost. You can use or review of Primerica Life Insurance to get a better understanding of why you can get better rates.
Transamerica’s Immediate Solution policy offers the option for those who may have health issues to obtain coverage right away – without worry about whether their condition will affect their coverage decision.
With this plan, coverage will begin when the policy is issued – and there is no waiting period for the coverage to start. In addition, as long as the premium payments continue, the coverage cannot be cancelled.
Individuals can apply for an Immediate Solution policy up to age 85, and death benefit amounts can be as high as $50,000 – depending on the individual’s age at application. There is no medical exam to contend with – only some health questions to answer on the application for coverage.
Policyholders may also choose to add an accelerated death benefit rider to the policy. This will pay additional benefit should be insured die due to a covered accident or obtain a diagnosis of a qualifying condition. There is also an available accelerated death benefit rider with a nursing home benefit.
Transamerica Life Insurance Company is a very strong company financially and has been provided with the following ratings:
- M. Best – A+
- Moody’s – A1
- Fitch Ratings – AA-
- Standard & Poor’s – AA-
William Penn also offers a no medical exam life insurance policy for those who may not otherwise qualify for coverage by going about it in the more traditional manner.
This company is rated highly from a financial standpoint, having been given an A+ (Superior) from A.M. Best, as well as a AA- (Very Strong) from Standard & Poor’s.
How and Where to Obtain the Best Quotes from No Exam Life Insurance Companies
The most important factor in getting quotes for any type of life insurance is to get quotes from mulitple carriers. This way you can compare rates and be sure that you are getting the most coverage for your budget.
Our quote tool allows you to see actual life insurance quotes from the major carriers in your area.