With a lot of companies moving towards no medical exam life insurance policies, it can be a bit confusing trying to find the right company that fits your needs and most of all, your budget. In this article we have listed the best life insurance companies with no exam life insurance coverage.
We compare price, strength of the company, and ease of the application process when making our decisions. If you are ready to get the application process started, you can compare no medical exam quotes along with fully underwritten quotes here.
What is No Medical Exam Life Insurance?
No medical exam life insurance offers the same guaranteed coverage as traditionally underwritten life insurance. There are 3 types of no medical exam life insurance:
All three have different requirements for qualifying, so it’s important to understand which type of coverage you are applying for and how it operates.
Accelerated Underwriting is the most similar to a fully underwritten insurance policy. Even though no medical exam is required, these policies still ask detailed health questions, pull prescription list, background checks, and sometimes APS (ask for your doctor records).
To qualify for accelerated underwriting you must be somewhat healthy and taking minimal medication. These policies are priced similar to fully underwritten policies. Usually no medical exam life insurance is issued at a standard rate, even if you are in great health, but some insurance companies are offering preferred rates with their accelerated underwriting programs.
The death benefits with these types of policies are usually limited to a maximum of $250,000, but some companies you can qualify up to 1 million.
The next type of no medical exam life insurance policy is called simplified issue. These policies are designed for seniors who have had health problems in the past but currently have everything under control. Some companies do require a background check to qualify for simplified issue coverage.
Issue ages for simplified issue life insurance is from 50-80 years of age with face amounts ranging from $5,000 to $50,000. You will have to answer some health questions, but nothing compared to the accelerated underwritten policies.
The guaranteed issue no medical exam life insurance policies are the easiest to qualify for, because everyone is approved. Just like the name, these policies are guaranteed issue and ask no health questions or do any background checks.
Issue ages for guaranteed issue life insurance is 50-85 years old with death benefit amounts ranging from $2,500 to $25,000. Be wary, the first 2 years, the full benefit is only paid out if death is caused by accident.
Who is No Medical Exam Life Insurance Good For?
No medical exam life insurance is perfect for consumers looking to get life insurance quickly, have some pre-existing health conditions such as high cholesterol or high blood pressure, or want to avoid a time-consuming application process. No medical exam life insurance can be approved in as little as minutes, while medically underwritten policies can take weeks. If you are looking for convenience, then a no medical exam life insurance policy may be for you.
Common Mistakes to Avoid
- Make sure to get quotes from multiple life insurance carriers
- Don’t overpay for coverage
- Don’t purchase a policy with premiums that increase over time
- Watch out for accidental death only policies
- Work with an independent agent and not an agent bound to one company
Top No Medical Exam Life Insurance Companies
Here is our list for 2019
- American Amicable
- American National
- Fidelity Life
- Gerber Life
- Mutual of Omaha
All of these companies our top rated and offer a variety of no medical exam life insurance products.
While a no medical exam life insurance policy may seem like a convenient alternative, be aware of all your options. While a no-medical exam insurance policy will fit most consumers, if you are healthy it may actually be more expensive than a traditionally underwritten policy. The companies listed above are all very good companies to be insured by. They have strong financial ratings and competitively priced products . It’s important to seek out an experienced agent who can guide you through all of your options and help make sure you get the policy that fits your needs. If you have any questions or comments please don’t hestitate to give us a call.