As important as life insurance is to both families as well as businesses, it’s generally a topic that most people would rather not spend a lot of time discussing. For most people, this also applies to the entire application process. So when we talk with a first time life insurance buyer or even a repeat buyer, we never hesitate to bring up no exam life insurance coverage.
Why? Well, it provides great coverage, affordable rates and has probably one of the most easiest and quickest purchase processes.
When applying for traditional life insurance coverage it can become a lengthy process. Even if you are a super healthy person, the approval time on a traditional policy can take a couple weeks. One of the main reasons for lengthy approval is the medical exam.
When applying for traditional term life insurance coverage, one of the main steps of the application process is the medical exam. The medical exam is required by the life insurance company to help them determine your overall risk of having to pay an early claim due to a medical risk. The less of a risk you are, the cheaper the premium and the greater the risk, the higher the premium or possible decline.
All life insurance exams are provided free of charge by the insurance company you are applying with and are required. A licensed examiner will contact you to schedule a day to complete your exam that is often completed at either your home or in some cases your office, if you prefer.
Skip the Medical Exam and Consider No Exam Life Insurance
There’s a relatively popular new type of life insurance coverage out there and it doesn’t require a medical exam and you can be approved in as little as 15 minutes! If you’re a busy person, a private person or just someone who wants life insurance coverage the most quick and easiest way that doesn’t require jumping through hoops, then lets discuss the no medical exam life insurance option.
No exam life insurance may not be a perfect fit for everyone but for most, it’s exactly what they are looking for when it’s time to purchase life insurance coverage. Does the below fit your criteria?
- No medical exam
- Up to $500,000 in term life insurance coverage
- Entire application can be done over the phone and signed via email
- Approval can be made in as little as 15 minutes to 72 hours
- Rates are very affordable for ages 18-65
No Exam Life Insurance…What’s the Catch?
When it comes to no exam life insurance a common question often asked is “what’s the catch”?
In all honesty the only catch is that you will pay a slightly higher premium than if you were to take a medical exam. So in all reality you’re paying a little higher premium for the convenience in getting quick life insurance coverage without the hassle of having to schedule and take a medical exam.
No medical exam life insurance is exactly the same as traditional life insurance with the exception of the medical exam. Just like traditional term insurance, no exam coverage is fully underwritten coverage and you can be declined. This coverage is not guaranteed approval.
No Medical Exam Term Life Insurance Coverage from $25,000 up to $500,000
When the option to purchase term life insurance coverage without a medical exam first became available, it was offered in smaller death benefit amounts usually under $100,000. Not only were death benefits limited to smaller coverage amounts, but also very few life insurance companies even offered it as an option.
With the growing popularity and demand for life insurance coverage that doesn’t require a medical exam, more and more life insurance companies have jumped onboard by offering a simplified issue, no physical or non-medical exam life insurance option. Along with more life insurance companies offering this type of coverage also came changes to the amount of coverage your can purchase without a medical exam. You can now find many companies that will allow you to purchase up to $250,000 without a medical and even two companies that offer up to $500,000 with no medical exam.
Although we would like to tell you that every company has jumped onboard with no exam life insurance coverage, there are still many companies that do not offer it. Below, we have put together some of the best no exam term life insurance companies currently available.
Best No Exam Life Insurance Companies of 2018
If you think no exam life insurance is coverage you might be interested in exploring further, consider any one of the following companies that offer this type of coverage. Each life insurance company below is highly recommended by Top Quote Life Insurance and considered to be one of the best in no exam life insurance coverage.
#4 Minnesota Life
American National Insurance Company (ANICO)
- Policy name: ANICO Signature Term Express
- M. Best’s Rating: A
- Type of policy: Simplified Issue No Medical Exam
- Issue ages: 18-65 (Depending on coverage length)
- Term lengths: 10, 15, 20 & 30 years
- Health classifications: Standard
- Minimum coverage amount: $50,000
- Maximum coverage amount: $250,000
- Conversion option to permanent coverage: Yes
- Approval time: 48-72 Hours
COVERAGE BONUS: Signature Express policies come with a free policy rider called Accelerated Benefit Rider. This rider allows for the option to obtain cash from the policy’s death benefit due to a qualifying terminal, critical or chronic illness.