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Best No Medical Exam Term Life Insurance of 2022

Amanda Hester

Getting term life insurance has traditionally been a long process, which requires you to get a medical exam to qualify. However, many insurance companies offer no medical exam life insurance policies that you can apply for online. We reviewed and compared the top life insurance companies based on policy pricing, available options, customer support, financial strength, and overall quality.

Flexibility to adjust coverage throughout your term

$8,000,000

Coverage Up To

No (up to $3M)

Medical Exam

Overview

With Ladder, you can customize your insurance coverage depending on your unique needs throughout your term. You can remove coverage when necessary and apply to add more. Rates start from $4.95/month based on a 20-year-old female for a 10-year term, preferred plus health class.

What we like

  • Flexibility to adjust coverage throughout the term
  • Quick and simple coverage you can manage online
  • No medical exam required for coverage up to $3M

What we don't

  • No riders are availabe
  • Coverage ends at 70 years of age

Budget friendly life Insurance with quick approval

$2,000,000

Coverage Up To

Not Required

Medical Exam

Overview

At Ethos, your journey to life insurance just got easier. Offering a simple and convenient process, applicants can access plenty of terms and coverage plans.

What we like

  • 100% online and hassle-free application process
  • Budget-friendly plans
  • No cancellation fees

What we don't

  • Term coverage available for over the age of 65

Customizable life insurance policy to fit every life stage

$2,500,000

Coverage Up To

Not Required

Medical Exam

Overview

When you apply online, you can obtain instant coverage that starts from $9 per month. Medical exams are not required and policies are flexible according to your needs.

What we like

  • Personalized life insurance policies
  • Completely online experience
  • Adjust your coverage as your life changes
  • Track outstanding debts and reduce premiums as needed

What we don't

  • Issue age of 18 to 45 only
  • Serious pre-existing health conditions not covered

Life insurance with a complete online application process

$3,000,000

Coverage Up To

May Need

Medical Exam

Overview

Haven Life simplifies the insurance application process to learn about your coverage options. There are two products: Haven Simple and Haven Term. Haven Simple requires no medical exam and has a lower coverage amount, and Haven Term may require a medical exam and has more options for coverage.

What we like

  • Healthy individuals will get cheaper premiums
  • 100% online application - no need to talk to an agent
  • Wide range of coverage options
  • Haven Term has various riders
  • No medical exam for Haven Simple

What we don't

  • Only offers term life insurance
  • Only selected regions are eligible for riders

Rewarding healthy lifestyle choices with better premiums

$3,000,000

Coverage Up To

May Need

Medical Exam

Overview

Sproutt uses their Guided Artificial Intelligence Assessment (GAIA) platform to evaluate individuals based on their movement, sleep, balance, nutrition, and emotional health to make an informed decision on life insurance coverage. The agency will reward you with lower premiums as you improve your lifestyle choices towards a healthy one.

What we like

  • Improving lifestyle choices will get lower premiums
  • The healthier you are, the more competitive your rate will be
  • Personzlied suggestions on lifestyle improvements

What we don't

  • If you are a smoker, you will end up paying more
  • May have to contact an agent for whole life insurance

Easy going application with no medical exam

$1,500,000

Coverage Up To

Not Required

Medical Exam

Overview

Bestow determines the monthly premium for individuals based on how long a term they are looking for, their current health, and various other factors. You can receive a quote and determine the amount of coverage you are eligible for in minutes with no medical exam - you'll save yourself the hassle of going to appointments.

What we like

  • No medical exam
  • Individuals who do not smoke get better premiums
  • Flexible policy terms with coverage
  • Simple and straightforward application process

What we don't

  • No coverage for people over the age of 60
  • Only term life insurance is offered

Affordable life insurance coverage

$1,000,000

Coverage Up To

Not Required

Medical Exam

Overview

Walnut’s life insurance policies come with optional perks that include memberships to wellbeing services such as Headspace and Classpass. This provides you with tools to help live a healthier lifestyle.

What we like

  • Complete digital experience
  • Easy online application
  • Transparent pricing
  • No medical exam
  • Membership perks

What we don't

  • Low coverage for high-risk applicants
  • Coverage based on individual factors

What is no medical exam term life insurance?

This type of life insurance does not require a physical exam to qualify for coverage. The insurance is activated when the insured person dies, and only if it is within the time period (the term) specified by the policy. The advantage with no medical exam is that it avoids the underwriting process, allowing for coverage to kick in right away.

Keep in mind that since the underwriting is limited, the premium may be higher since the provider is taking a bigger risk insuring you. With no medical exam term life insurance, you are able to choose the death benefit pay out and the length of the total term coverage. If you live longer than the plan’s term coverage, usually you will have the option to renew the policy. If you choose not to renew the policy or have a lapse in coverage and unexpectedly pass away, no death benefit is paid out.

At its core, no medical exam term life insurance is made up of four components:

  • The insured: also known as the life of the person covered by the policy. Usually this person pays the premiums and owns the policy, but it is also possible for another person or entity to pay for, and be the owner of the policy.
  • Beneficiary (or beneficiaries): this is the person(s) that is/are awarded the benefit of the person covered by the policy.
  • Premium: the payment made to the provider to ensure that the policy coverage remains active. If the premium is not paid, the coverage lapses or ends. Should the person covered die during a lapse, the provider will not be obligated to pay the death benefit.
  • Death benefit: if the insured person dies, the payout is called the death benefit. Death benefits are usually paid out in a lump sum to the beneficiary (or beneficiaries) and generally not taxed.

Who needs no medical exam term life insurance?

No medical exam term life insurance is a pure insurance policy. There is no cash value to pull from should you want to leverage it. For the most part, no medical exam term life insurance is best for:

  • People who do not want to bother with the hassle of getting a medical exam and going through the full underwriting process.
  • People who are looking for an affordable way to secure the financial future of their loved ones, should they unexpectedly die. This can be in the form of:
    • Income replacement: the family can live off of the death benefit as if the income was still being generated by the person who passed away, or invest it and hope to live off of the passive income it generates.
    • Debt payoff: if there is any outstanding debt such as a mortgage or car payment, the death benefit can help ease or eliminate the extra burden.

What should you consider when looking for a no medical exam term life insurance policy?

Consider the following factors when selecting a no medical exam term life insurance policy:

  • Understand the differences between exam/no exam policies: it is important to know the advantages and disadvantages of each type of term life insurance.
  • Understand your needs: consider the needs of your family before buying a no medical exam term life insurance policy. Also, remember to take your budget into consideration when making a decision on a plan.
  • Decide the duration of your policy: knowing your needs will help you decide on the timeframe of your policy. Are you considering sending your kids to college? Maybe a 20 year policy is best for you so you can ensure their education fees will be taken care of.
  • Plan add-ons: sometimes the basic policy does not cover everything you require. Some no medical exam term life insurance plans offer riders for an additional nominal cost.
  • The claim settlement ratio of the provider: this ratio will give you a clear picture of the provider and how efficient it is at closing claims. This is important, but should not be the single influence on your decision.

What type of underwriting is best for you?

For no medical exam term life insurance policies, the underwriting process is called simplified issue. The majority of no medical exam term life insurance policies fall under this category. It essentially means that the application process is made simpler. The decision is based solely on the responses of the applicant on a health questionnaire in the application and third party data. Usually the underwriting decision is instant and no medical exams are needed. This may be a good fit for your needs if:

  • You are not certain that you would qualify for a traditional underwriting, but still need life insurance.
  • You prefer to keep the process simple without the hassle of medical exams.
  • You believe your health and/or age will be a factor that prevents you from getting a life insurance policy.

How much does no medical exam term life insurance cost?

Since everyone is different, it is difficult to give a general answer on how much no medical exam term life insurance costs. Here are some guidelines that may help you understand the costs associated with opening up a new policy with a provider:

  • The insurance provider: there are a lot of no medical exam term life insurance companies that offer a variety of different options. Some companies are more well known and leverage their brand to raise prices while lesser known companies keep their prices lower to attract new customers.
  • The underwriting that goes into the policy: no medical exam term life insurance policies tend to have premiums that are higher since they do not go through the full underwriting process.
  • The term length and coverage amount: a policy with a longer term and a higher death benefit tends to cost more than one with a shorter term and lower death benefit.
  • Your age: as you age, the chances of the death benefit being released also increases, hence the cost increase as well.
  • The status of your health: the more health issues you have, the greater the chance that the death benefit may be released. This contributes to the cost increase.
  • Tobacco usage: people who do not smoke will generally have lower rates.

Advantages and disadvantages of no medical exam term life insurance

Is no medical exam term life insurance the right product for you? Below are a list of pros and cons that can help you decide:

ProsCons
No medical exam needed if you are worried about qualifying due to potential health issues or ageHigher premiums since the insurance company is taking a higher risk insuring you
No need to deal with the hassle of medical exams to qualify 
The underwriting is quick and benefits go into effect sooner than life insurance requiring a medical exam 

How to choose the best no medical exam term life insurance

The perfect life insurance policy will vary from person to person and choosing one that fits your needs can be difficult. Keep the following factors in mind when making your final decision:

  • Your age and health: your age and health condition play a big role in determining your premium.
  • Client reviews: when you are in the market for a no-medical life insurance policy, it is good to look at client reviews for different insurance companies. This will give you some insight into the quality of the services and value for money they provide.
  • Insurance policy type: you must recognize your needs and circumstances to pick the policy type that is most suitable for you.
  • Company reputation: consider a company with a good reputation and trusted client base to ensure you receive the best service 20 to 30 years down the line.