If you’ve been denied life insurance or worry that health complications may hurt your application, look into our top picks for no-exam life insurance.
The MarketWatch Guides team has selected Ethos and TruStage as the best no-exam life insurance companies. We based our top picks on our research into 26 life insurance providers nationwide. However, the best life insurance company for you depends on many factors such as your age, health status and budget.
Compare Our Pick for No-Exam Life Insurance Providers
You can use the table below to compare the providers we selected that offer the top no-exam life insurance.
Company | BBB Rating | Best For | Monthly Cost | Visit Site |
---|---|---|---|---|
A+ | Our pick for no-exam coverage | $18-$36 | Get Quote | |
A+ | Our pick for whole life coverage | $83-$155 | Get Quote | |
N/A | Our pick for online term policies | N/A | Get Quote | |
A+ | Our pick for accidental death coverage | $21-$40 | Get Quote | |
A+ | Our pick for bundling insurance | $21-$35 | Our Review |
Company | BBB Rating | Best For | Monthly Cost | Visit Site |
---|---|---|---|---|
A+ | Our pick for no-exam coverage | $18-$36 | Get Quote | |
A+ | Our pick for whole life coverage | $83-$155 | Get Quote | |
N/A | Our pick for online term policies | N/A | Get Quote | |
A+ | Our pick for accidental death coverage | $21-$40 | Get Quote | |
A+ | Our pick for bundling insurance | $21-$35 | Our Review |
We based cost data on quotes collected for 35- and 45-year-old men and women without a history of tobacco use seeking $250,000 in coverage.
Top 5 No-Exam Life Insurance Companies
Here are our picks for the top five life insurance companies with no-exam coverage:
- Ethos: Our pick for online no-exam policies
- TruStage: Our top pick for whole life coverage
- Bestow: Our top pick for online term policies
- Fidelity Life: Our pick for accidental death coverage
- Nationwide: Our pick for bundling insurance
Life Insurance Cost Calculator
What Is No-Exam Life Insurance?
A no-exam life insurance policy does not require applicants to complete a medical exam to be considered for approval. Rather, it uses an accelerated underwriting process to approve applicants more quickly than with a traditional policy. Based on our survey of 1,000 life insurance policyholders, more than 48% of respondents said they obtained coverage without taking a health exam.
There are two types of no-exam life insurance: simplified-issue and guaranteed-issue. Here are the similarities and differences between the two options.
Guaranteed Issue Life Insurance
This form of no-exam coverage accepts all eligible applicants without requiring an exam or asking any questions about their health. Typically, guaranteed issue policies feature higher premium prices and lower levels of coverage because insurers have no insight into the risk level an applicant poses. An example of this type of coverage is Fidelity Life’s RAPIDecision Guaranteed Issue policy, which offers up to $25,000 in coverage to individuals between the ages of 50 and 85.
Simplified Issue Life Insurance
This type of policy does not require a medical exam but the application process involves health questions and often uses technology to gain insights into your medical history. Insurance companies often request a report from the MIB to evaluate an applicant’s medical risk. Because providers gain information about your health before issuing coverage, simplified issue policies typically offer higher levels of coverage at lower rates than guaranteed issue plans.
Pros of No-Exam Life Insurance
- Fast approval: The underwriting process for no-exam policies is generally faster, which means you can get approved more quickly compared to a traditional policy.
- Offered to applicants with pre-existing conditions: A no-exam policy, particularly a guaranteed-issue plan, may better suit applicants with pre-existing conditions who have trouble obtaining traditional coverage.
- Easy application process: You can complete the application process from the comfort of your home. A traditional application could take weeks or even months to process. The timeline can vary based on factors such as discussing plan options and policy details with an insurance advisor (in person or via phone), scheduling a medical exam and then waiting for an underwriting decision based on your physical exam results.
Cons of No-Exam Life Insurance
- Higher cost: You will generally pay higher premiums for a no-exam life insurance policy because the insurer assumes more risk, based on our research.
- Lower coverage limits: A no-exam policy could fall short of your financial needs because it generally has lower coverage limits than a traditional policy.
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No-exam life insurance plans typically cost more than policies that require a medical exam. Of the two types of no-exam coverage, simplified issue plans generally offer higher coverage amounts at lower rates, while guaranteed issue policies provide lower coverage amounts at higher costs.
Is No-Exam Life Insurance Worth It?
No-exam life insurance can be worth it if you have been denied traditional life insurance, suffer from chronic, pre-existing medical conditions, or need coverage fast. The major advantages of no-medical-exam life insurance policies include completing the entire application process online or by phone and getting coverage quickly — sometimes instantly.
Traditionally, offering life insurance without requiring a medical exam places insurers at greater risk because they don’t have information about how healthy you are, so companies historically have provided limited coverage at higher rates for no-exam plans. However, companies such as Ethos, TruState and Bestow leverage modern technology to gain insights into applicants’ health status. Gathering health information from sources other than a physical exam allows providers to issue no-exam policies at more affordable rates.
However, if you are in excellent health, need a sizable death benefit or are shopping on a tight budget, no-exam life insurance may not be your best option. We recommend working with a life insurance agent or financial advisor to determine the best coverage options to fit your situation.
Alternatives to No Medical Exam Life Insurance
If you are relatively healthy, buying a traditional term life or permanent life insurance policy, such as whole life, that requires a medical exam may offer more affordable rates and a higher coverage amount.
Traditional life insurance applications typically require a physical exam that includes taking your height and weight, gathering blood and urine samples, and checking your blood pressure. However, the underwriting process can take weeks or even months before you receive approval or denial for coverage.
Frequently Asked Questions About No-Exam Life Insurance
Yes, you can get life insurance without a medical exam. The most common no-exam policies are term life insurance. Permanent policies, like final expense insurance, are also available.
The benefit of no-exam life insurance is the ability to get coverage without a medical exam, the results of which could increase your premiums or prevent you from getting traditional coverage. The simplified application process also means you can obtain coverage much quicker than the traditional method.
In general, no-exam life insurance coverage is more limited than traditionally underwritten coverage, which more thoroughly assesses how much risk a customer poses to the insurer. Guaranteed issue policies don’t require an exam but typically have lower death benefits, while simplified issue policies can offer higher coverage limits since you must answer health questions to qualify.
The cost of no-exam life insurance depends on factors like your age, the amount of coverage you apply for, and whether the policy is simplified or guaranteed issue. Overall, no-exam life insurance rates are more expensive than traditional insurance because insurers need to offset the risk of writing a policy with less or no health-related information about the applicant.
During the application process, most life insurer health questionnaires will include a few questions regarding COVID-19. Previously having COVID should not impact your ability to purchase new life insurance coverage, according to the Triple-I. However, if you are experiencing long COVID symptoms, that may be considered a chronic condition and could impact your rate.