Mutual of Omaha only offers a standard rate class but tends to be more lenient in underwriting people with medical issues.įidelity’s no physical life insurance offers a variety of term periods with death benefit protection up to $1,000,000.įidelity’s Rapid Decision Express is a terrific non-med product that only requires you to answer a few health questions to qualify for coverage. You can buy coverage between ages 18 and 65, and you only need to undergo a telephone interview rather than take a medical test. Mutual of Omaha offers term lengths between 10 and 30 years with coverage ranging from a $25,000 to a $300,000 death benefit. North American offers term life insurance for as little as a $50,000 death benefit, with approvals often made in under 30 minutes.

North America has a simplified issue policy that requires you to answer health questions but does not require you to take a medical test. These are great options when you need term insurance coverage quickly and don’t want to wait for weeks using the traditional underwriting process. With these companies, you can potentially get approved for a simplified issue term insurance policy in minutes. While simplified issue term policies are typically more expensive, they offer much faster approval times. Penn Mutual’s term insurance rates are competitively priced, and they offer many excellent permanent life insurance solutions if you need lifetime coverage.Īccording to Forbes Advisor, Penn Mutual’s universal life offers thrifty buyers competitive internal policy costs to help maximize the death benefit for the premiums paid. Time-crunched healthy buyers between the ages of 20 and 65 can secure up to a $7,500,000 death benefit without lab work. Policies for these highly rated companies usually require access to your medical records, which takes longer to get approved for coverage. While Banner, Lincoln Financial, and Transamerica made the 2023 Forbes list for best no-exam term life insurance companies. We highly recommend Penn Mutual and Pacific Life for both term and universal life insurance coverage.

Approval Time: How long does it take for your policy to get approved? We monitor each company’s underwriting time to get a policy in your hands quickly.

We monitor life insurance companies’ financial strength and claims-paying ability using several rating agencies.

Financial Stability: Financial ratings for life insurance companies are essential when selecting a life insurance company for our clients.

We look for insurers that charge policyholders the same premiums with or without lab work.

Cost: Getting cheap, no medical exam life insurance can be challenging if you do not know where to look.

Be ready to answer your phone interview questions by having your medical history and medications available to streamline your application process.

Finally, the insurance company will review your driving records to see if you have any accidents or speeding tickets.

They will also review your Medical Information Bureau (MIB) records showing any results of medical tests you have taken with other life insurance companies.

Insurance companies will also look at your medical records and prescription drug history.

During the interview, you will be asked if you have ever been diagnosed with any medical conditions, like heart disease, cancer, or diabetes.Instead of an exam, you will be required to do a phone interview.These policies provide an immediate death benefit and are still fully underwritten by the insurance carrier.Most policies are applied over the telephone or online.Buying term life insurance without a medical exam Here is the typical underwriting process used by insurance companies that offer the best rates and more significant death benefits.

However, because no lab work is required, your death benefit is capped at a specific limit that each insurance company determines.

Like fully underwritten coverage, term policies can be purchased for between ten and forty years. The premiums on these cheaper no-exam policies are based on the medical history and lab work accessed from your doctor’s records. However, many insurance companies also offer cheap life insurance without medical exams to healthy people that have seen their doctor in the last few years. The simplified underwriting process involves only asking a few medical questions to determine if you are approved or declined for coverage. In the past, buying no-exam term life insurance would generally be more expensive than medically underwritten policies.

Term life insurance no medical exam