No medical exam life insurance has gained popularity in recent years. Studies indicate that half of Americans looking to buy life insurance prefer to purchase coverage with simplified underwriting or no medical exam because it is faster and easier when compared to traditional insurance that requires a medical exam.
No medical exam life insurance is not a type of policy; instead, it refers to the underwriting of the policy. You can get no medical exam life insurance coverage for term life, whole life, and final expense policies and, thanks to technological advancements, some companies can offer coverage with rates similar to traditionally issued life insurance.
We researched over two dozen life insurers in the U.S. to find the ones that offer no medical exam life insurance policies. We then compared their pricing, application process, underwriting requirements, waiting periods, coverage choice, and company reputation to find the best options for you.
The 6 Best No Medical Exam Life Insurance Providers of 2021
Best Overall: Haven Life
Haven Life is owned by MassMutual, a top-ranked life insurer established in 1851. MassMutual has an AM Best rating of A++ (Superior) and is the fourth-largest writer of individual life insurance in the U.S. Although Haven Life is fairly new, its partnership with MassMutual solidifies its strength and reliability.
Haven Life is our top pick for best no medical life insurance because of the instant-issue policy options and ease of use in applying for coverage online. Their no medical exam policies offer the same benefits of a medically underwritten policy due to their advanced underwriting system, giving you an advantage in pricing over other no medical exam options.
Customers can choose from two types of no medical plans, InstantTerm and Term Simplified. Both have options for up to a 30-year term. The InstantTerm no medical policy is available from age 18 to 59 for $1,000,000 of coverage, and the Term Simplified policy offers between $25,000 and $500,000 of coverage, which also features an accelerated death benefit rider for terminal illness. Haven Life only offers two policy riders: a waiver of premium rider in some states and a Haven Life Plus rider that offers perks to policyholders like trust and will services.
Note that Haven Life may still require a medical exam if you do not pass the automated underwriting process. Additionally, Haven Life does not offer coverage to active military or those planning to enlist and it does not allow adding a spouse or child to a policy. The life insurance plans are individual-issue only.
Although pricing varies depending on a number of factors, Haven Life provides these examples: The cost of a 30-year term, $500,000 policy for a healthy 30-year-old woman is $37 per month, and the price of a 20-year term, $250,000 policy starts at $14.99 per month.
Runner-Up, Best Overall: Mutual of Omaha
Founded in 1909, Mutual of Omaha is known for its guaranteed-issue whole life and simplified issue term life policy options. The company ranked in the top five for overall individual life insurance customer satisfaction in the J.D. Power 2020 U.S. Life Insurance Study and has a very low incidence of complaints with the National Association of Insurance Commissioners (NAIC). Their financial strength rating by AM Best is A+ (Superior).
Mutual of Omaha is our runner-up for best overall no medical exam life insurance provider due to its solid reputation and for providing both permanent and term life no medical policies for people in all age groups (for both for individuals and families), some of which include valuable riders at no additional charge.
Mutual of Omaha offers three no medical exam life insurance policies: the Guaranteed-Issue Whole Life policy, the Term Life Express policy, and the Children’s Whole Life policy. Which policy you select will be based on factors like your age, where you live, the payout terms you’d like, how long of a term you’d prefer, and whether or not you want any policy riders.
Pricing also changes based on the policy you select, along with your demographics. For example, the guaranteed issue policy starts at $66 per month for a 45-year-old for $25,000 of benefits, while term life premiums start at $17.63 per month for a healthy 45-year-old non-smoker at $250,000 of coverage. The children’s policy comes with significantly lower premiums, ranging from $2.50 per month for $5,000 in benefits for a 14-day-old, up to $3.95 per month for a 17-year-old.
To get the most accurate quote on the policy you want, you must speak with an agent. The website does not specify the type of term coverage being quoted.
Best for No Waiting Period: Transamerica
Transamerica was founded in 1904 and is the eighth-largest individual life insurer in the U.S., with an AM Best financial strength rating of A (Excellent).
Transamerica is our pick as the best no medical exam life insurance company for no waiting period because two of their no medical exam policies will pay the full death benefit without a waiting period or graded death benefit. They also offer the possibility of both whole life and term insurance without medical exams for qualifying individuals and a good selection of living benefit options to add to their policies, some of which are free.
The three no medical plans available with Transamerica—Immediate Solution, 10-Pay Solution, and Easy Solution—have no waiting period, no exams or labs, and no increase in the premiums as you age. The policies also have cash values that you can borrow against over time, and there are several riders you can add to the policies for living benefits and a few that are included at no charge, such as an accelerated death benefit rider with nursing home benefits. You can also cover additional insureds like children or grandchildren.
Although Transamerica offers quotes online for their standard term insurance, you have to speak to an agent for no medical exam life insurance quotes.
Best for Seniors: New York Life AARP
Founded in 1845, New York Life is one of the highest-ranking insurers in our 2020 life insurance reviews and they have an AM Best Rating of A+ (Superior) and very low levels of complaints with the NAIC. In recent customer satisfaction surveys, the company scores better than most other life insurers.
We chose New York Life as the best no medical exam life insurance for seniors due to its excellent reputation and the fact that the company offers three different options to AARP members ages 50 and over for no medical exam life insurance plans.
The three plans offered by New York Life are Level Benefit Term Life, Permanent Life Insurance, and Easy Acceptance. Which one you select depends on your age, the coverage you need, the premium you can afford to pay, and how much of a benefit you prefer. Note that the Easy Acceptance policy does require one yes-or-no question to qualify, but according to the site, most who apply are accepted.
You can also add a rider to insure a young child or grandchild with a whole life policy and no medical exam.
The cost of the New York Life level term no medical exam policy starts at $52 a month for a 50-year-old at $100,000 of coverage and increases based on five-year age bands. The cost of the permanent life insurance plan at age 50 for $50,000 of coverage starts at $119 per month. If you purchase coverage at age 80, the cost ranges from $494 a month for a female applicant to $610 for a male applicant.
You can get an online quote whether you’re an AARP member or not. Coverage is available to AARP members ages 50 to 74 and their spouses/partners ages 45 to 74. If you are not a member, the $16 membership cost is added to the price of your policy.
Higher coverage options may also be available by calling an agent at New York Life.
Best Instant Issue With Perks: John Hancock
John Hancock was founded in 1862 and offers all types of life insurance, including a few options for no medical exam life insurance. The company has an AM Best rating of A+ (Superior), is the sixth-largest writer of individual life insurance in the U.S., and has a very low level of complaints year after year.
We chose John Hancock as the best instant issue no medical exam life insurance provider because they offer both a simplified underwriting policy that allows instant issuance online and a guaranteed issue option along with the health-related perks and benefits of the Vitality program and specialized plans for smokers and diabetics.
John Hancock offers two different no medical exam life insurance policies. Simple Term with Vitality is a simplified underwriting instant issue policy with coverage available for those ages 20 through 60. The policy offers varying terms from 10 to 30 years depending on your age, and you can have an instant decision on your application. Coverage is issued online for amounts from $25,000 to $250,000.
The other policy is the Guaranteed Issue, a whole life final expense policy with no medical questions asked, available for applicants ages 55 to 80, with coverage from $2,000 to $20,000.
In addition to the no medical exam life insurance policies, John Hancock is the only insurance company of the ones we reviewed that offers discounts and rewards for a healthy lifestyle and physical activity. For example, through the Vitality program, which comes with simplified issue term life, the company offers a quit-smoking incentive program that allows you to pay non-smoker rates on some of their policies for up to three years.
You can get online quotes for both the simplified issue policy and the guaranteed issue policy. Simplified issue policy rates start at $22.45 per month for a healthy 35-year-old at $250,000 of coverage on a 20-year term and go up to $61.43 per month for a 55-year-old. Rates for the guaranteed issue policy vary based on the policy value you choose and your age.
Best for Accelerated Underwriting: Lincoln Financial
In business since 1905, Lincoln Financial Group underwrites life insurance through the Lincoln National Life Insurance Company and Lincoln Life and Annuity Company of New York. The company has an AM Best financial strength rating of A+ (Superior). It has an excellent reputation and the lowest levels of complaints we have seen for a life insurer.
We chose Lincoln Financial Group as the best no medical exam life insurance for accelerated underwriting due to their low levels of complaints and their ability to provide options for people both in good health and possibly with certain medical conditions.
Lincoln Financial Group provides term life, universal life, and variable universal life insurance products as well as underwriting advantages for certain medical conditions. Although you can expect an online or telephone interview to provide your medical history, for healthy people ages 18 to 60 there is a possibility of having lab-free consideration, which means Lincoln Financial will waive the lab work if you pass the initial interview.
The two plans offered by Lincoln Financial Group are the Lincoln Term Accel Level Term Plan and the Lincoln LifeElements Level Term Plan. The former is best for those ages 60 or younger, and coverage is $1 million or less. The latter offers coverage up to $1 million or more (ages 30 to 55) up to $500,000 or more (ages 55 and above) with a minimum amount of coverage of $250,000.
Coverage is available for 10-,15-, and 20-year terms for those ages 18 through 60 years old. A 30-year term is available up to age 55 for non-smokers (50 for smokers). The policies offer accelerated death benefit riders, children’s level term riders, and a waiver of premium rider, and the policies also have conversion options.
What Is No Medical Exam Life Insurance?
No medical exam life insurance is a type of life insurance policy you can obtain without undergoing a medical exam. Although the most commonly known form of no medical life insurance is what’s known as guaranteed issue life insurance, other types of no medical life insurance use medical underwriting but do not require lab work or an exam including:
- Simplified issue
- Accelerated underwriting
- Algorithmic underwriting
Note that no medical exam life insurance does not refer to a type of insurance but rather the process by how the insurance company determines whether or not it will insure you (commonly known as underwriting). No medical exam life insurance underwrites the policy without requiring a doctor visit or lab work, but there might be medical questions asked, and policy issuance is not guaranteed.
During the COVID-19 pandemic, many insurers have opted to make applying for life insurance without a medical exam easier. According to LIMRA, more than 25% of U.S. life insurers have expanded their automated underwriting processes and approximately 30% have waived paramedical requirements.
What Does No Medical Exam Life Insurance Include?
Since there are various types of no medical exam life insurance, what is included in your policy will depend on the type of policy you purchase and the features each insurance company includes in the plan.
For instance, most permanent or whole life insurance options offer both a death benefit and cash values that you can borrow from over time. If you purchase a no medical exam term life insurance policy, there will not be any cash values, but you will have a death benefit for a set time (the term). And in addition to the basic life insurance coverage, some insurers offer insurance riders or perks to supplement the insurance plan.
Accelerated death benefit riders can include options to access the death benefit even while you’re still alive if you get a critical, terminal, or chronic illness. There are also many more optional riders available that can help you cover costs temporarily, such as sudden employment.
These riders are not standard among all insurers.
What Does No Medical Exam Life Insurance Cost?
No medical exam life insurance can be more expensive than traditional medically underwritten life insurance, especially in the case of guaranteed issue policies that use no medical underwriting. Life insurance with a medical exam has a lower cost because the insurance company has a more accurate picture of your health.
Fortunately, due to technological advances and the medical information available to life insurers when you authorize them to access your medical records, you can still get good rates on coverage with simplified, accelerated, or algorithmic underwriting that uses medical underwriting.
There are some significant advantages to choosing no medical exam life insurance over traditional-issue life insurance. One of those is the time it takes to underwrite and issue a policy. No medical exam policies that use simplified or accelerated underwriting are generally issued much faster than policies that use traditional medical underwriting, sometimes reducing the time from 45 to 60 days to immediate coverage.
Depending on whether the policy and insurer you choose uses medical underwriting as part of the process, you may even be able to get very similar pricing to traditional issue policies.
How We Chose the Best No Medical Exam Life Insurance Providers
To choose the best no medical exam life insurance providers, we looked at over two dozen of the top life insurance companies and checked for how many options they offered for no medical exam life insurance. Rather than sticking to insurers who only offered guaranteed issue policies, we also looked for no medical exam options that were more affordable, provided simplified issue, instant issue, and accelerated or algorithmic underwriting.
Once we identified the companies offering no medical exam coverage options, we looked into company stability and financial strength through AM Best, the company complaints history with the National Association of Insurance Commissioners, consumer reviews, independent surveys such as the J.D. Power 2020 U.S. Life Insurance Study, and online customer reviews.
Our top choices showed the most stability and offered numerous policy options with varying coverage at affordable prices.
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NAIC "Mutual Of Omaha Ins Co National Complaint Index Report." Accessed November 25, 2020.
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