Best No Exam Life Insurance Companies In America

No exam life insurance means you don’t need to take a medical exam to qualify. It’s a faster, easier issuance process. It could also be more affordable for those concerned about their health impacting their insurance premiums.

Let’s go over the best no exam life insurance, pros and cons of no medical exam, and how much no exam life insurance costs.

Best No Exam Life Insurance in America

1. Ethos

No medical exams, no blood tests. Ethos offers the best instant life insurance in America up to $3 million in coverage. Within minutes you can get a quote, apply, and receive a policy. Policies start at less than $1/day. It’s no wonder Ethos is recommended by Forbes Advisor and Business Insider.

Applicants aged 20 to 65 are eligible for Ethos term life insurance. Between 66 and 85, you qualify for the guaranteed issue whole life policy–which means automatic approval.

2. Ladder

Ladder operates on a 100% digital life insurance system, making it convenient to apply for term and no exam life insurance. You can adjust your coverage amounts at any time. Most applicants will not need to do a medical exam.

Ladder is great if you want fast coverage, but they currently offer no insurance riders for customization.

3. Lemonade

Lemonade offers no exam term life insurance policies with terms up to 40 years. This works well for those who want permanent, whole life insurance but can’t quite afford it. Coverage amount starts at $100,000.

It’s important to know that Lemonade policies cannot be converted to permanent life insurance. They offer term life insurance.

4. AARP

The American Association of Retired Persons (AARP) offers no exam term life insurance to Americans aged 50 and up. Coverage ranges from $10,000 to $150,000. The insurance is accessible as long as you meet the age requirements. Plans start at $11 a month.

Most people with AARP membership who apply are accepted, though coverage options are limited. Premiums do rise every five years.

What is No Exam Life Insurance

Typically, life insurance comes with a medical exam. It’s not that you can “fail” the exam. Insurers want to assess your mortality risk and alter your premium accordingly. A no exam life insurance policy is exactly as it seems: you won’t need to do a medical exam. This greatly simplifies the life insurance shopping experience.

When to choose life insurance with a medical exam

If you are young and healthy, regular life insurance could be more affordable than a no exam life insurance policy. Of course, the exam itself is still something to consider. Those who find medical exams to be invasive may still benefit from a no exam insurance plan. However, just be prepared to pay the corresponding insurance premium.

What to Look for in No Exam Life Insurance

Monthly premium

Monthly premiums may be monthly, quarterly, semi-annual, or annual. Monthly and quarterly premiums are easy to budget for because the amounts are smaller. Annual or semi-annual life insurance premiums cost less overall due to discounts, but the larger payment amounts can be challenging to pay if you are on a tight budget.

Note: If you miss your no exam life insurance payment, there may be a grace period. The grace period is typically 30 days. This is the time you have to make a late payment without the coverage lapsing.

Insurance companies are required to notify policyholders if the premium is late and a second time if your coverage becomes inactive, so watch out for these notices. Sometimes if you use autopay and the payment doesn’t go through, it’s easy to miss the notification.

Coverage amount

Life insurance policies’ coverage amount is the maximum payout the insurance company would give you and/or your beneficiaries for an eligible claim. Common life insurance coverage amounts range from $100,000 to $1,000,000, but companies like Ethos may offer up to a $3 million coverage cap.

The greater your coverage limit, the more expensive the insurance premium. Because of this, it is advisable to choose a number that aligns with your financial needs. Here are some factors to consider:

• Your income

Generally, people should obtain life insurance for 10 to 15 times their income. That way if they pass away as the sole or major income earner, the rest of their family will still be able to afford the essentials and be set up for years to come.

• DIME formula

Debt, Income, Mortgage, Education. Make sure the amount of life insurance you choose is enough to cover important debts, loss of income, the mortgage, and children’s expected tuition. Adding these obligations together using reasonable estimations is a good way for how to calculate how much life insurance you need.

Riders and endorsements

An insurance rider, endorsement, or add-on is used to customize your insurance policy. Consider useful life insurance riders that, while niche, could offer valuable coverage extension to you.

Accidental death rider: If you pass away in case of an accident, an accidental death rider would be able to provide a greater death benefit to your beneficiaries. It is essentially an extra layer of protection in case you pass away unexpectedly.

Accelerated death rider: In case a serious accident happens or you get ill, an accelerated death rider would let you obtain a benefit before your death.

Instant purchase

A lot of life insurance companies now offer fast no exam life insurance purchasing options to those who wish to avoid the hassle. From quote to coverage, the whole process can take only 5 minutes. The streamlined, efficient insurance shopping process can greatly reduce the stress of buying life insurance.

Whole vs term life insurance

Whole life insurance is a permanent life insurance. As long as you keep paying premiums to maintain active coverage, a death benefit will be available. There are many advantages to a whole life insurance policy. Mainly, you get to accumulate cash value. In case you ever need cash, you can borrow against your whole life insurance.

On the other hand, term life insurance only lasts for the temporary period you set. After the term ends, you need to renew the policy or you will lose coverage.

Underwriting

The way the underwriting process is done can affect the application speed.
Guaranteed issuance: If a life insurance policy is guaranteed issue, it will be fast and straightforward. Guaranteed issue policies are usually for whole life and are only used to cover funeral and final expenses. Because of this, a guaranteed issue policy is usually much more expensive.

Simplified issuance: Simplified issue life insurance is also known as no exam life insurance. There will be no invasive medical exam, and the application is short. The underwriting process is accelerated for those who want instant coverage.

What Affects No Exam Life Insurance Cost

Age and gender

The older you are when you buy life insurance, the more expensive the average premium. No exam life insurance policies usually come with lower and upper age limits. You may be offered different premiums and policy options depending on which age bracket you fall under.

Coverage amount

When choosing a no exam life insurance, think carefully about how much coverage you need. This affects the maximum death benefit your beneficiaries can receive.

Underwriting type

What type of underwriting can affect the cost. Generally, no exam life insurance is considered a guaranteed issue insurance policy. You just need to pay the increased premium and go through a short application process. However, this means that the insurance could be more expensive because the insurer needs to account for all the high risk applicants who are applying.

Who Needs No Exam Life Insurance

People with health conditions

If you hate invasive health exams or worry your health or age would prevent you from getting affordable coverage, consider a no exam life insurance policy.

People with debt

If you have any debt, it will generally go to your estate after death. That means that your assets, money, and property will be used to pay off debt. Unfortunately, that also means that your loved ones won’t officially inherit anything until the estate has been properly probated.

In some cases, your beneficiaries may be responsible for paying off your debt even after you pass away. For example, co-signers and joint account holders will have responsibility. It’s important to know that debt collectors cannot harass your surviving loved ones for the debt unless they are legally responsible for it.

People with dependents

Are you an income earner for your family? If you have a spouse, children, parents, or other dependents, they would suffer a great financial blow if you pass away. Having life insurance can ensure your children will still be able to pay for college, your spouse can still pay for the house, and your parents can still pay for caretakers. Even everyday expenses can be a financial burden, alleviated by life insurance.

A big concern for those buying a house is that mortgage payments need to be consistently paid. If you pass away and no one can afford the mortgage, your family would be kicked out of the house.

If you need life insurance quickly

The process for getting no exam life insurance is streamlined. With top companies like Ethos and Ladder, you can even get a policy in under ten minutes. The hassle free experience makes life insurance more accessible for people of all ages and situations.

How Much Does No Exam Life Insurance Cost

No exam life insurance premiums vary greatly depending on your age, coverage amount, insurer, and other data you provide in the application. For example, smokers are expected to pay more.

Warning: If you are a smoker and you do not honestly disclose that you smoke on your application, your coverage may be denied later due to insurance fraud.

No exam life insurance cost examples

Here are examples of no exam life insurance premiums for a non-smoker who is looking for a no exam life insurance policy.

Estimated Monthly Premiums

Your real quote can vary depending on your application details, chosen insurance company, age, and other factors.

Conclusion

No exam life insurance is so much easier to obtain than regular life insurance. Most no exam insurance policies are term life, not permanent, but your options depend on your risks and age.

The earlier you get no exam life insurance to protect your loved ones, the easier. The best no exam life insurance companies in America ranked are:

• Ethos: Up to $3 million in coverage. Starts at less than $1/day.
• Ladder: Digital life insurance system is convenient. Lets you change your coverage amount. No insurance riders available.
• Lemonade: Affordable and fast coverage. Term life insurance only.
• AARP: Specially made for those 50 and older. Coverage limits range from $10,000 to $150,000.

What is the best no exam life insurance in America?

Ethos offers the best no exam life insurance in America. It’s simple, reliable, and affordable.

Is it worth getting a no exam life insurance policy over a normal one?

It depends. Why not get an online quote with one of the best life insurance policies to find out? You don’t have to commit to a life insurance plan just because you have received a quote.

Do I have to disclose I am a smoker?

Yes. No exam doesn't mean no disclosure. You still have to fill out the insurance application honestly. If you are caught for insurance fraud, it is a serious offense and you will be denied coverage.