Compare Rates

No Medical Exam Life Insurance

No Medical Exam Life Insurance | Comprehensive New Guide for [2022] 

No medical exam life insurance eliminates the need for a medical exam. These policies can also be underwritten and approvedno medical exam life insurance in less than 24 hours. There are a lot of excellent life insurance product types available today. One of them is No Medical Exam life insurance.

Many people today are choosing this plan design over the traditional versions. People’s most significant fear when buying a conventional plan is the Para-Med nurse’s visit. A nurse would typically visit the applicant’s home or place of employment.


No Medical Exam life insurance policies have a well-appreciated advantage of skipping the physical exam and retrieving your doctor’s office medical records. Not to mention approval times as quick as the same day as you apply.


 

What is No-Medical-Exam Life Insurance?

No-Medical-Exam life insurance uses your past medical records or even just your simple answers to questions on an application. The traditional life insurance policies require a para-med nurse to come out to give you an actual physical exam. They would take your height & weight, blood pressure, urine test, and a blood test, plus ask many questions. They would then send the results to your insurance company for review.

A lot of time can be consumed between requesting medical records from your doctor and ordering your physical exam. Buying a no-medical-exam life insurance policy can take as little as 24 hours up to a few days. A traditional policy design could take several weeks to over two months to process. Life insurance companies like these Non-Med policies because they don’t have to pay for a paramed exam or the cost to compensate a doctor’s office financially to put a file together and have it delivered.

 

Can You Buy Life Insurance Without an Exam?

Yes, you can as long as you are in reasonably good health. The life insurance companies will not process an application with serious health concerns or significant height and weight issues. The underwriters would need more information to further process the application in depth. Many consumers continuously conceal health conditions by using no medical exam life insurance applications. Due to the fact the companies are well aware of this, they make sure very little can slip by.

 

How Much Life Insurance Can I Apply for Without an Exam?

The face amount varies with what company you choose to apply with. Years ago, the face amounts were much lower than they are now. This is because No Medical Exam life insurance underwriting is much more relaxed than it ever was before. As a result, the top-rated A+ companies that most people have heard of, such as Sagicor and Liberty Financial, will go as high as 1 million dollars. Some other companies will even go higher up to 3 million dollars.

If you want a very high face amount (death benefit) such as over $1 million, we recommend going the traditional application route. As I previously stated, non-med policies cost more money. This will become apparent when you go into the higher face amounts that naturally have much higher premiums. No medical life insurance policies have their limitations and their time and place.

 

Types of No Medical Exam Life Insurance

You first have to realize that a no medical exam life insurance policy is not a specific type of life insurance product. It should be considered more as an option for applying for life insurance. You can either go the traditional route with a physical exam or the no medical exam alternative without taking a physical.

If you are specifically looking for the lowest possible premium, taking the physical will be your best choice. However, if you are looking for fast underwriting, no physical, and still competitive rates, a no medical exam life insurance policy will work out great.

Here are the two different types of non-med policies available to you:

Term Life Insurance –

The term plans are just like any other term plan design, with the only exception is the face amounts are more limited. Depending on the company you are applying with, the maximum face amounts can range from $350 to $500,00. Some companies will go up to 2 million in some situations. Don’t forget these non-med plans do cost more than their fully underwritten counterparts.

Whole Life Insurance –

You can also apply for Whole life plan designs with the no-physical-exam feature. Most of the time, people get a quote on whole life policies and instantly take a pass to their very high-cost factor. They could easily cost more than ten times the cost of a term policy. They can only come into play and benefit final expense life insurance for senior citizens looking for coverage for end-of-life expenses.

The second situation would be for people in very poor health that would typically be declined from purchasing life insurance. They could then purchase Guaranteed Issue Whole Life insurance.


*An essential concept to remember is applying for no-medical-exam life insurance STOPS becoming no-medical-exam when severe health conditions are indicated. Serious health conditions along with height & weight issues, if severe, will prevent you from going the non-med option.


What Are the Best Companies for Non-Med Life Insurance?

Sagicor:

Sagicor is a highly sought-after company for no medical exam life insurance. No medical exam is required, and policies are usually approved within 1-7 days. No medical files or information is required from your doctor. Face amounts range from $50,000 – $500,000. Sagicor has grown to be one of the most popular companies for non-med policies in the United States. They also have some of the lowest rates you will find, which puts them in great demand.


Fidelity Life: 

Fidelity Life is also one of the most popular companies specializing in no medical exam life insurance. They have been in business since 1896 and are a highly rated company. Their Rapid Decision term product offers a choice of 10, 15, 20, and 30 year guaranteed level premium periods. Their premium class categories are straightforward. You are either “Standard Non-Nicotine” or “Standard Nicotine.” In other words, these two classes distinguish between smoker and non-smokers health classifications.


Banner Life:

Applicants who choose a simplified issue policy appreciate Banner’s quick approval times. Banner Life also has highly competitive premiums.

Banner’s parent company, Legal & General, offers no medical exam policies with some of the best life insurance rates in the industry. Instead, they use Banner Life and their well-known sister company William Penn located in New York. These policies do not require a medical exam and are offered at the exact cost as the fully underwritten term policies. This is excellent for consumers who want a no-medical exam policy but can’t afford the higher rates of some other carriers.


Lincoln Financial:

Lincoln National is a first-class company with some of the most competitive rates. In 1905, a group of businesspeople from Fort Wayne, Indiana, decided to form a new life insurance company. The Lincoln National Insurance Company was built on honesty, dependability, and the very best customer service in the industry. Lincoln National lived up to its expected reputation just as it does today.

As of the third quarter of 2018, Lincoln Financial has reported managed assets of 246 Billion Dollars. Operating revenue of $4.7 Billion, a net income of $572 million, and income from their operations totaling over 498 million dollars.

 

Honorable Mentions for Excellent Non-Med Insurers

  • United of Omaha – No exam is required for face amounts under $250,000. It is possible underwriters may request doctor’s records. Face amounts from $50,000 – $250,000.
  • Transamerica Life – No exam is required. Underwriters may request doctor’s records. Face amounts from $25,000 – $249,999.
  • Assurity Life – No exam is required. Underwriters may request doctor’s records. Face amounts from $50,000 – $350,000.
  • North American – No exam is required. Policies are issued the same day. No medical files are required from your doctor. Face amounts from $50,000 – $500,000.
  • American National – No exam is required. Policies are reviewed by underwriters with 48 – 72 hour approval times. Underwriters may request doctor’s records. Face amounts from $50,000 – $250,000.
  • Phoenix Life – No exam is required. Policies take between 1-30 days to be approved. Underwriters may request doctor’s records. Face amounts from $50,000 – $500,000.
  • Savings Bank Life Insurance (SBLI) – No exam for policies $500,000 and under. Policies can take up to 30 days to be approved. Face amounts from $100,000 – $500,000.

 

No Medical Exam vs. Traditional Life Insurance

  • No medical exam is required This is the main advantage. No Para-Med Nurse performs an exam which means no blood test, no urine test.
  • Application time is shorter We are looking at about 85% less time than traditional full underwriting. Agents can complete the application by calling you on the telephone. You then sign it electronically with an electronic signature. If approved, your policy can be in force in as little as 24-48 hours. It could take 4-8 weeks on average for traditional underwriting to complete the application.
  • Face amounts are limited Usually, the highest face amount will be limited to the maximum of $500,000, which is very limited to specific companies. So if you need a higher face amount, traditional Term will be the way to go.
  • The age limits Sagicor Life policies, for example, will be available to people from ages 18-65 years old.
  • Non-Med can cost more Depending on your age the selected face amount; you may be paying more for a no medical exam term policy. It pays to investigate these policies to see if they are right for you. When you apply for a no medical exam policy, you are simply paying for the speed of approval time and added convenience. If this is worth paying a little more, it will be a good choice for you in the long run.

 

How Large of a Policy Face Amount Do I Need?

You need to consider multiple categories when determining what your life insurance needs are. The main goal is to buy enough coverage but not have your premium become a financial burden. Never buy more than you can comfortably afford. Most financial experts recommend purchasing a face amount (death benefit) 10 times your annual income and another $100,000 for each child for college tuition. This is probably an excellent formula, but not every American can afford that much.

One of the most important numbers to consider is how much you owe every month. Your financial liabilities are the number one consideration when deciding how much coverage you should apply for. After you have calculated your significant expenses, you can go from there. You will now have a good starting point. You will have to take your time and jot down all the miscellaneous expenses you are exposed to because they all add up fast.  

 

Do I Still Have to Answer any Medical Questions?

You will still have to answer a much smaller series of health questions. Just because there is no physical exam, your insurance company still needs information about your health history. They possibly can ask for medical records, review your pharmacy purchases and run a motor vehicle report.

Suppose you purchase a guaranteed issue plan or group term policy. They do not require an exam or even ask any health questions. However, we usually run a quick medical pre-screen when applicants have severe medical conditions. This tells us what company will be your best choice for offering the lowest rates. As independent life insurance agents, we work with over 40 best life insurance companies to find the best life insurance rates.

 

What Are the Advantages of Non-Med Life Insurance?

When you first think about no medical exam life insurance plans. They always look like the best thing since sliced bread. Unfortunately, we don’t always recommend these non-med plans to our clients. Here are some reasons why they may or may not be the best plan for you. The most significant advantage is that you will not have to take a Paramed exam along with a blood test. I’m not too fond of the thought of needles and possibly a bruised-up arm if you are like me.

  • You will not have to set an appointment and possibly take time off from work to meet with a nurse to perform the exam. This is usually always some inconvenience for most people.
  • There is no question about it; these plan designs are usually fast for approval times, sometimes less than 24 hours. Conventional underwriting times could easily take over one month or even more. So if you need life insurance quickly for whatever reason, non-med plans can be the best way to go.


What Are the Disadvantages of Non-Med Policies?

There are only two slightly negative aspects to non-med life insurance. First, always remember that these are conventional life insurance policies but with a shorter underwriting path to getting approved.

  • Face Amount – No medical exam life insurance limits the face amount (death benefits). If you are looking for a higher death benefit, such as over $500,000, you might want to go the conventional route. Most of these companies go up to approximately $300,000 to $500,000.
  • The Premium – The cost of a no medical exam policy can cost between 5-15% more on average. The underwriters do not have the usual amount of information about you. When you eliminate the para-med exam, many different areas of information such as your actual height and weight, blood test results, saliva, and urine test will be unknown.

 

How Does the Application Process Work?

It is elementary to apply and get approved. Therefore, we use a basic system that is quick and easy.

  • Pre-screen any medical conditions that you have with your agent.
  • Start by comparing multiple no medical exam life insurance quotes.
  • Choose the most applicable life insurance company with the most competitive rates and submit your application.
  • Receive your approval which could be as soon as 24 hours with some companies.
  • Pay your first month’s premium, which will put your policy into force.

The most important part of the application is being upfront with your agent and telling him about any health conditions, dangerous sports, or a high-risk occupation you may have. A simple 10 minutes medical pre-screen can help you get the best rates. Your agent will be the key to getting the best rates. Your agent will be doing all the work, and all you have to do is answer questions. 

 

How Can I Compare No Medical Exam Life Insurance Quotes?

If you are looking for the lowest rates for no medical exam life insurance, you can compare rates from over 40 of the best life insurance companies on our rating system. Finding the best no medical exam life insurance quotes begins with comparing all the best insurer rates displayed side-by-side. However, the proof is in the pudding, and you can review instant life insurance quotes in less than a minute with our website’s rate comparison system.

The rates you will see are being pulled from the insurance company’s data servers, making them 100% up to date and accurate. You can also use the quoting on the right side of this blog post. Feel free to use it as much as you would like. However, keep one concept in mind: the life insurance company underwriter will determine the final rates after the underwriting process. 

 

Should I Work With An Independent Agent?

You always have two choices when working with an insurance agent. The two choices connect with an independent agent, and the other is a captive agent. Here are the differences below:

Independent Agents – An independent agent, otherwise known as a Broker such as us, does not work for an insurance company. They also have access to all the major insurance companies, and they have their client’s best interests in mind. They can shop the entire market for you and zero in on who will offer you the lowest rates. Independent agents will always be the most logical choice regardless of what type of insurance you are looking for.

Captive Agents – The captive agents work for an insurance company, usually companies like Geico or State Farm. They only have access to the one company that they work for. They always have their companies best interest in mind. They cannot shop the entire market, so they are constrained to the one company they work for. Usually, their companies specialize in auto and homeowners insurance.

 

What Is the Best Way to Submit An Application?

When anyone decides to apply for life insurance, they usually have three different ways to apply. Theno medical exam life insurance quotes first way is the old conventional way of using a paper application. This method, in my opinion, is obsolete and very time-consuming. Some of the paper life insurance applications can contain over 20 pages. I don’t know anyone who appreciates all the writing they have to endure by applying with a paper application. 

The second option is the online application, where you would apply online over the internet on your home computer. This system works out very well, especially if you are computer savvy and have a relatively fast internet connection. However, some people don’t have much computer experience, and they do not feel comfortable applying online.

The third option you have is the quick and straightforward telephone application, which is the only way to go. Simeone is the application department would first set up a time to call you at your convenience. The next step is sitting back and simply answering the questions over the phone, and in about 15-20 minutes, will complete the telephone interview. By far, the telephone application is the easiest and fastest way to apply for life insurance.

 

Why Should You Consider Working With Us?

Here are a few humble reasons you may want to consider researching your life insurance with us. As many of our competitors do daily, we never make promises we can’t keep or tell you what you want to hear. We mean it the way it is, no more or no less. We can tell you that we have over 25 years of experience and work hard to get our clients the best policy and the lowest premiums possible. The best part is you don’t have to listen to any sales-related BS or fluff, which can be an insult to you or anyone’s intelligence. 

We show you your options by researching our list of over 40 companies we partner with and letting you take it from there. If you decide to apply, we will provide you with the best customer service every inch of the way until you are approved with the rates that we both are happy with. There is no sales pressure or a song and a dance whatsoever. We want to provide an excellent professional experience we know you will be more than happy with. If you’re happy, you will tell others about us, which a business should be all about. 


In Conclusion

Here is one concept to remember about purchasing no medical exam life insurance. In most cases, applying and going the traditional entire underwriting route will typically be the most cost-effective way to go. However, you will stand the best chance of receiving the best life insurance rates by taking the basic medical exam.

No medical exam policies are the quickest way to secure coverage, but they will usually cost more in the long run. We always recommend going through the standard application process unless you do not want to take a medical exam. Our mission is to see you always get the lowest rates possible.


All the best,

Jack Venturi
800-897-5699


If you have any questions about No Medical Exam Life Insurance, contact us today to help you with no cost or obligation. Remember that we are brokers and work for our clients, not insurance companies. Our job is to help you get approved for the best policy for your needs with the lowest rates possible. You can also set up a time at your convenience to talk. Thank you for taking the time to read this blog post!


 

 

Jack Venturi Independent Life Insurance Agent

Jack Venturi

Independent agent and founder of BestChoiceLifeInsurance.com

Jack Venturi has over 30 years of experience selling individual and commercial insurance including Property & Casualty, Health, Disability and Life insurance. Jack has helped thousands of people all across the United States purchase the best life insurance products at the lowest possible premiums over the phone (800)-897-5699 and online.