For those who want to bypass the time and hassle it takes to submit to the lab tests and exam for life insurance most life insurance companies require, a policy with no exam required may be the way to go.
What Is No-Exam Life Insurance?
Put simply, no-exam life insurance is life insurance that requires no medical exam, including blood and urine samples. And some may cover a pre-existing condition if you are otherwise in good health.
No-exam policies differ in their requirements. Some, like Simplified Issue, require no exam and ask little to no health questions. However, the policy will cost more and provide less coverage because the company collects less data and therefore assumes more risk. Others, like Accelerated Underwriting, ask for a bit more health information but cost less and provide more coverage. Neither requires a medical exam or lab tests.
That said, here are three outstanding life insurance companies offering some of the best life insurance plans with no medical exam required. If you’ve been shopping around for a no-exam policy, these no-exam life insurance options may surprise you.
- Ameritas. Ameritas no-exam insurance covers people 60 years old and younger and offers coverage for up to $2 million with term lengths of 10, 15, 20, or 30 years. The wait time is one week and you must be in decent health.
- Lincoln Financial Group. Lincoln offers coverage for up to $1 million for people in excellent health between the ages of 18 and 60.
- Transamerica. Transamerica offers two no-exam policies. They cover 18- to 80-year-olds, offering 10, 15, 20, 25 and 30-year terms. They pay out up to $2 million for qualifying applicants with an option to convert to a different policy later on.
As good as these deals are, no-exam-required life insurance isn’t for everyone. If you are young and in good health, you may want to look into a term life policy that offers even more affordable premiums with better coverage.