No Exam Term Life Insurance | Rates & Advice

Last Updated: June 24, 2020

Do you need affordable life insurance, but don’t want to meet face to face with an agent or nurse? No problem! With the recent Coronavirus outbreak, no exam life insurance has never been easier to purchase.

In fact, so many highly-rated insurance companies have recently entered the non-medical life insurance market that rates are at an all-time low.

In this quick guide we’ve broken down the basics of no exam life insurance to you get started. We’ve also included some sample quotes by age and gender to show you how inexpensive your coverage could be.

Quick Article Guide:

1. What is No Exam Term Life Insurance?
2. Who Commonly Buys No Exam Term Life Insurance Policies?
3. How Much Does No Exam Term Life Insurance Cost?
4. How Do I Apply for a No Exam Life Insurance Policy?
5. What Are the Cons of No Exam Insurance?

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What Is No Exam Term Life Insurance?

No exam term insurance works just like regular term life insurance. It provides a set amount of coverage for a fixed number of years. Most policies are sold in 5-year increments for 10 to 30 years, and during this time, your coverage cannot change, regardless of your health.

Most people purchase a “term” that will extend until they reach retirement age, their children have moved out, or the mortgage is paid off. Once you’ve surpassed these important life events, your family’s need for financial protection should be minimal.

You can determine your policy’s, “face amount,” by adding up your debt, or calculating the amount of money you intend to earn during your career. Most no exam life insurance policies offer a minimum of $100,000 and as much as $3,000,000 of coverage depending on your age.

Every life insurance company has their own approval process, rates, and underwriting guidelines. By working with over 60 top-rated life insurers, we’re able to match our clients with the company that is the best fit for their unique situation.

Who Commonly Buys No Exam Term Life Insurance Policies?

No Exam Candidates Over the years, we’ve helped hundreds of clients with a no exam term life insurance policy. In the past, the clients who tend to benefit the most from these policies to include:

1. Anyone who is extremely afraid of doctors, or having their blood drawn
2. Long distance truck drivers (that don’t know their schedule more than a week or two in advance)
3. Traveling business executives with packed schedules
4. People with divorce decrees who are court-ordered to obtain life insurance ASAP
5. Business owners who need life insurance to secure a SBA Loan

With the threat of the Coronavirus, we’ve seen a huge increase in applications. Understandably,  some people do not like the idea of a stranger coming into their home to draw blood. Thankfully, some companies have even introduced a few products to adjust.

The following section provides a breakdown of the most common life insurance products that do not require an exam. We’ve also included some information about permanent or “whole life” insurance.

What types of “No Exam” life insurance policies are available?

Below we’ve listed the life insurance options our agency offers without a medical exam:

1. Term Life Insurance: Term policies are available to applicants between the ages of 21 and 70. Companies like Prudential and Penn Mutual offer a fixed death benefit of up to $3,000,000 with level rates that are guaranteed for 10 to 30 years.
2. Guaranteed Universal Life (GUL): GUL’s are also known as; term-to-90, term-to-95, term-to-100, or term-to-120 policies. They are available to people ages 21-65, and offer up to $3,000,000 in coverage with level rates until age 90 or later.
3. Whole Life Insurance: These “lifetime” policies are available to applicants until the age of 80 and are typically purchased for burial coverage. They provide fixed rates with a level death benefit of up to $50,000 until age 100 or 120.
4. Guaranteed Issue (GI) Life Insurance: GI policies are available to anyone between the ages of 50 and 85, regardless of their health issues. They offer a death benefit of up to $25,000, and do not health questions, or require an electronic health screening for approval. However, these policies have a two-year waiting period before full coverage is offered.
5. Graded Benefit Whole Life: These policies are like guaranteed issue life insurance and offer a death benefit of $25,000 or less. However, instead of a two-year wait period, they offer coverage with higher premiums and/or reduced benefit for the first two years. After this period, your rates will be fixed until age 100.

*Policy options vary by state and company. To determine your available options, please feel free to call us toll-free at: 855-902-6494. Your licensed Term Life Advice agent will be able to provide you with all your available options and accurate quotes from each company.

How Much Does No Exam Term Life Insurance Cost?

No Exam CostNo exam life insurance used to be substantially more expensive than traditional term life insurance. However over the last few months, the cost of a life insurance policy without an exam has become comparable to term policies that one.

Below we’ve provided some sample life insurance quotes by age and gender to help you estimate the difference in cost. Depending on your need for coverage, you can also secure a no exam policy as a temporary solution.

As an example, our client’s often purchase no exam coverage when they’re in a hurry to secure a small business loan. After they’ve secured their loan, they can replace their policy when they have a chance to complete an exam.

No Exam Term Life Insurance Quotes by Age and Gender – $250,000, 10-Year Term

Current Age

*Monthly rates are for applicant in “excellent” health and accurate as of 06/24/2020. Rates are provided for illustrative purposes only.

To obtain an accurate quote based on your exact age or health, please call us toll-free at: 855-902-6494. Our experts will quickly compare rates from dozens of top-rated companies to match you with best options available.

How Do I Apply for a No Exam Life Insurance Policy?

Applying for a no exam life insurance policy is easy, and it can be done online or over the phone in just a few minutes. Here’s how the process works:

1. Call us toll-free at: 855-902-6494 or enter your information in our free quote form below. 

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After you submit your application, one of our licensed agents will contact you to confirm your application and collect payment information. If you have health issues, we might ask you a few questions to make sure your getting the best rates and coverage available. Our shopping services are completely free and we only represent “A” or better rated providers.

If you would like help determining the amount of coverage you need, or for how long, one of our experts can also provide you with the advice you need to make an unbiased and informed decision based on YOUR needs. Our agents do not have sales quotas to meet and we’re here to answer all of your questions.

Remember, every life insurance company has their own underwriting guidelines and pricing. An experienced agent can help save you time and money by pre-qualifying you with the best provider for your unique health profile. This prescreening process will help you save money, and decrease your chances of being declined for coverage.

All of our licensed agents offer at least 10 years of insurance experience and our agency represents more than 63 highly-rated life insurance companies.

2. Complete your application

Once we’ve decided on the best company for your situation, we’ll complete your application over the phone in just a few minutes. Basic application information includes; your date of birth, address, phone number, and email address. Here are some additional items you’ll want to have ready:

•  Your driver’s license number and social or taxpayer ID
•  The names of your beneficiary or beneficiaries and their date(s) of birth
•  Your existing life insurance policy number (policies through your employer are not needed)
•  Payment method (credit card or account number)

Once we complete your application, we’ll email it to you for review and electronic signature. After your application has been submitted, the insurance company will review your medical/pharmacy records and driving record (“MVR”) to make sure there are no underlying issues with your application. Some life insurance companies may also require a brief phone interview before approving your application.

In most cases, your policy will be approved within 1 to 10 business days. This mainly depends on the amount of coverage you need and the type of policy that you are applying for. Once your policy is approved, we’ll give you a phone call to share the good news and mail you a copy of your policy via email or U.S. mail. If you change your mind, you have 30 days to cancel your policy and receive a full refund.

What are the “Cons” of No Exam Life Insurance?

As we mentioned earlier, no exam life insurance can be more expensive than a comparable term life policy that requires an exam. Here are some other potential downsides to no exam life insurance:

1. You’re not guaranteed to be approved for a policy. Although no life insurance application is “guaranteed” to be approved, sometimes there are errors in people’s medical records. While these errors can often be corrected, they can initially cause a life insurance application to get declined, delaying coverage.
2. Not all policies provide immediate coverage. While no exam term life, whole life, and guaranteed universal life insurance offer immediate coverage, guaranteed issue policies have a two-year “waiting period” where they only provide a limited amount of coverage.
3. Lower death benefit limits. Most no exam life insurance companies limit the amount of coverage you can qualify for to $3,000,000 or less. In you need more than $3,000,000 of coverage, you will need to complete an exam or purchase more than one policy.
4. Premiums (cost of insurance) may increase with age or in 5-year blocks. While our agency does not offer these policies, some well-known companies like AARP do, so make sure you read the fine print!
5. Some “whole life” policies expire at age 80. Our agency only offers whole life insurance policies that extend your coverage to age 100. However, some insurance companies sell “whole life” insurance policies that expire at age 80.

We Can Help You with all Your Life Insurance Needs

We Can HelpIf you’re still debating about no exam life insurance, please feel free to give us a call. We’ll answer all your questions and provide you with accurate quotes for life insurance with or without a medical exam.

Our services are free and our goal is to help you protect your loved ones with high quality, affordable life insurance. We work with 63 top-rated companies, so if you need life insurance quickly, you came to the right place!

Give us a call today, toll-free at: 855-902-6494, or you can request a free quote online below to instantly compare rates from more than a dozen top-rated companies.

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