Best no-exam life insurance of April 2024
Published 4:33 AM EDT, Tue April 9, 2024
Obtaining a life insurance policy can be a hassle — you have to apply, get a medical exam and wait for an underwriting decision that can take days or weeks. No-exam life insurance skips the waiting, making the process much easier (and quicker) but may require higher premiums than a similar policy requiring an exam. These policies can be an excellent option for those who want their coverage quickly or have less than optimal health or preexisting conditions.
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Companies who offer them typically conduct their business online, making the application process quick and easy for no health exam life insurance.
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Methodology
To identify the best no-exam life insurance companies we reviewed some of the top no-exam offerings from major insurers. We narrowed our list down to 12 term policies from 10 companies. From there, we scored each plan across eight key categories and used dozens of primary sources to find and verify the data and write about the results. We chose winners based on their score and our editorial judgment. Read our full methodology here.
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Brighthouse SimplySelect Term
: Best for high coverage amounts
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Ladder LadderLife Term
: Best for quick application approval
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Ethos
: Best for comparing rates
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Banner Life
: Lowest complaint rate
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Haven
: Best for customer service
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Foresters Financial Your Term
: Best for policy options
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Haven Life Haven Simple
: Best for low coverage amounts
Brighthouse SimplySelect Term
Best for high coverage amounts
Those looking for a higher coverage amount can turn to Brighthouse, which offers its SimplySelect Term policy with coverage amounts from $100,000 up to $3 million. Also, Brighthouse allows premiums to be paid monthly, quarterly, semi-annually or annually, providing flexibility to its policyholders.
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Although Brighthouse offers payment flexibility options, those who choose monthly payments instead of annual can expect to pay more for their premiums. Also, Brighthouse policies are only available through PolicyGenius, so you’ll have to work with a third party to buy your policy.
- Up to $3 million of coverage
- Can convert to permanent insurance
- Most application decisions made within 24 hours
- More expensive if premiums aren’t paid annually
- Lower financial strength rating than some competitors
- Can’t buy directly from Brighthouse
Those who need higher coverage amounts and quick approvals without a medical exam should check out Brighthouse’s SimplySelect term life insurance.
Ladder LadderLife Term
Best for quick application approval
Thanks to its quick application approvals, we chose Ladder’s LadderLife Term as one of our top no-exam life insurance policies. Though its online application asks about personal and health information, Ladder says you can finish it in five minutes. If you’re applying for a policy with coverage under $3 million, Ladder promises no health exam is necessary. The majority of LadderLife term applications are approved on the same day.
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Although we love that Ladder is all online and offers same-day approvals, those seeking low coverage amounts may have to look elsewhere, as LadderLife term policies start at $100,000.
- Easy online application process
- No health exam needed
- Same-day approval
- High coverage limits
- No in-person representatives available
- Higher minimum coverage amounts than competitors
Those with a medical history or uninterested in completing a health exam are great fits for Ladder’s LadderLife Term policy. It’s also an excellent policy if you’re looking to get coverage the same day you apply.
Ethos
Best for comparing rates
Ethos provides quotes for four different insurers: Ameritas, Banner, Mutual of Omaha and TruStage. Therefore, you only have to provide your information once to get multiple policy options and price points.
- Fewer NAIC complaints over the past three years than expected for a company of its size
- Offers instant approvals
- Above-average maximum death benefit for no-exam policies
- No app for Android devices
Those who like to comparison shop before buying and aren’t loyal to a particular life insurance brand, as well as those who don’t have time to do extensive term policy research.
Banner Life
Lowest complaint rate
For most states, a group known as the National Association of Insurance Commissioners (NAIC) handles all complaints that consumers file about an insurance company. The NAIC compiles complaint data and assigns an index (kind of like a score) to a company based on its number of complaints and total premiums as compared to other companies in the industry. Of the 10 companies analyzed, Banner Life had the lowest complaint rate. Based on NAIC data, the company had far fewer complaints than expected for a company of its size.
- Excellent complaint record
- Superior financial strength rating from AM Best
- Provides instant approvals
- Median application approval time was a day-and-a-half above group average
- Maximum face amount was $1 million lower than leading companies
Those who want to work with a company that has a good complaint track record.
Haven
Best for customer service
Haven’s J.D. Power score (780) was above the industry average and the second-highest among the companies we reviewed. Additionally, it offers online quotes, instant policy approvals, and its apps have an average score above 4 stars in the Apple and Google app stores.
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Other companies in our study had better J.D. Power scores than Haven. Those two companies, Mass Mutual (801) and Pacific Life (793), didn’t have a minimum overall score of 3, so we didn’t consider them when choosing a winner for customer service.
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Haven’s NAIC complaint index is higher than the average for the companies we studied. While a high NAIC index may mean you there’s a higher chance you’ll file an NAIC complaint about Haven, the company’s J.D. Power score is a better indicator of what your customer experience will be like because the score takes into account five different factors: communication, interaction, price, product offerings and statements.
- Above-average J.D. Power score
- Online quotes
- Instant approval for some applicants
- Higher-than-average NAIC complaint rate
- $1 million maximum death benefit is below average
Those who want a life insurance company that can provide an online quote and quick approval, and have a good track record for its approach to customer service.
Foresters Financial Your Term
Best for policy options
Forsters Financial’s Your Term policy provides a wide variety of options and riders. You might be able to get four different riders (specialized add-on coverages) at no additional cost, such as the option to withdraw some of your death benefit to pay for certain medical expenses. If you qualify, you can choose term lengths ranging from 10 to 30 years. Additionally, Your Term’s maximum age limit of 80 is the highest we found in our research of the best term life insurance companies.
- Offers four included riders
- Wide range of term lengths
- Higher complaint rate than expected for a company of its size
- Fourth-highest median approval time
- Maximum coverage amount is nearly half the group average
Those who are in excellent health and want a term policy that gives them multiple options for riders and term lengths.
Haven Life Haven Simple
Best for low coverage amounts
Haven Life is rated A++ by AM Best, a rating that indicates the company’s chances of default in the near future are incredibly small. AM Best has 13 rating categories, with D being the lowest and A++ being the highest. The score AM Best gives an insurance company represents how well it can pay its debts and other obligations, including claims.
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While its financial outlook is strong, Haven’s no-exam maximum coverage amounts are lower than some of its competitors.
- Excellent financial strength rating
- Guaranteed renewability
- Most application approvals take five days or less
- Lower overall customer satisfaction than some competitors
- Max death benefit is below average
- Instant approval isn’t guaranteed for Haven Term policies
Haven Life is a great choice if you’re looking for a 30-year no-exam term policy, as the company has an excellent chance of paying out your death benefit while your policy is in force.
Our picks at a glance
| | Overall score | Instant approval available? | Median time from application submission to approval (days) | Minimum coverage amount | Maximum coverage amount |
|---|---|---|---|---|---|
Brighthouse Simply Select Term
| 5.0 | Yes
| 0.5 | $250,000
| $3 million
|
Ladder LadderLife Term
| 4.7 | Yes
| 0 | $100,00
| $3 million
|
Ethos
| 4.5 | Yes
| 0 | $100,000
| $2 million
|
Banner Life OP Term
| 4.1 | Yes
| 11.9 | $100,000
| $2 million
|
Haven Life’s Haven Term
| 4 | Yes
| 4 | $25,000 or $100,000
| Up to $1 million
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Foresters Financial
| 3.5 | Yes
| 17.5 | $100,000
| $1 million
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Haven’s Haven Simple
| 3 | Yes
| 0 | $25,000
| $1 million
|
Why do you need no-exam life insurance?
- Coverage you need: A no-exam life insurance policy is an easy way to get the coverage you desire to protect your loved ones in the event of your death.
- Ease: Some life exam applications can take weeks or longer, especially if a health exam is required. No-exam policies can be approved the same day you apply.
- Accessibility: Those with less-than-ideal health can apply for life insurance coverage that is easier to obtain because it doesn’t require a health exam.
What is no-exam life insurance?
A no-exam life insurance policy is a policy that doesn’t require an in-person health exam to qualify for coverage. While the insurer may ask about your health, occupation, age and other factors, no blood work, medical-records review or in-person exam is required. These policies have accelerated underwriting, which uses algorithms and mortality modeling to help determine your risk.
Types of no-exam life insurance
No-exam life insurance policies typically come as term, simplified issue or guaranteed issue policies. No-exam term life policies cover you for a specific amount of time, such as 10 to 30 years, and can have coverage amounts as high as $3 million.
A simplified issue policy does not require a medical exam, but its application will ask detailed questions about your health. These policies may have lower maximums and higher premiums than standard underwriting policies. Guaranteed issue life insurance applications typically only ask a few questions and automatically give coverage dependent on age.
Additionally, many employers offer group life insurance as a benefit to their employees, which doesn’t typically require a medical exam and is provided at little to no cost.
How much life insurance can you get without an exam?
Most no-exam life insurance policies provide coverage up to $1 million, with some companies offering as much as $3 million in coverage.
Eligibility criteria for no exam life insurance
There are three main types of no-exam life insurance: accelerated underwriting, simplified issue and guaranteed issue. Each of these types has its own eligibility requirements.
Accelerated underwriting typically uses the health information you provide, algorithms and third-party data to offer insurance quotes. This option is not available at every insurer, and availability decreases with age.
Simplified issue life insurance requires a short health questionnaire but no health exam. This is best for those who don’t want to take a health exam and don’t mind paying more for that convenience (simplified issue premiums are higher relative to coverage amounts). It’s also best for those who may not need as much coverage as a policy requiring a medical exam would provide.
A guaranteed issue policy requires no health questions to be answered, making it the easiest type of no-exam life insurance to obtain. It’s typically used for final expenses, such as burials and funerals, as it doesn’t offer as much coverage(typically $5,000 to $25,000).
How to choose the best no-exam life insurance
Choosing the best no-exam life insurance depends on a variety of factors, including how much coverage is needed and what the individual values, such as application approval time, customer service and financial strength.
No exam life insurance for specific conditions
If you have a specific health condition, such as a mental or physical disability, an insurer might deny your application or charge you premiums that are higher than average. Factors such as the cause of the disability, what treatments or medicines you’re on, whether you can work and your overall health will influence availability and rates.
No-exam policies, on the other hand, are designed to provide coverage for those in good health or bad. You can obtain coverage without worrying about whether a health exam will further complicate the status of your application. In that context, most conditions you have wouldn’t put your no-exam policy approval at risk.
Pros and cons of no-exam life insurance
While there are certainly positives to no-exam life insurance, there are also some drawbacks.
| Pros | Cons |
|---|---|
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No exam life insurance cost vs. traditional life insurance
No exam life insurance typically costs more than traditional life insurance because the insurer assumes more risk without an exam to determine how healthy you are. As a result, they charge higher premiums to balance out that risk.
Furthermore, a policy that doesn’t ask any health-related questions or require an exam, such as a guaranteed issue policy, will generally cost more relative to the coverage you get. Those in good health may benefit from the health questions or exams, as those with better health tend to get the best life insurance rates.
For example, a 10-year $400,000 term life insurance policy from Haven Life will cost a 40-year-old female $18.42 per month. A Haven Simple no exam life insurance policy for that same time period and amount would cost the same female $21.64 per month. While this isn’t a significant difference, selecting the traditional term policy would save $386.40 over 10 years.
Is no-exam life insurance right for you?
There are a handful of situations in which no-exam life insurance may be right for you. This can include:
- You have preexisting health conditions: If your health status would disqualify you from a traditional life policy or would result in significantly higher rates, opting for a no-exam life insurance policy can be a way to secure coverage. Keep in mind, however, that some policies may still require you to answer questions about your health.
- You need coverage quickly: If you have a time constraint, such as losing your group life insurance, and need coverage immediately, choosing a policy that doesn’t require an exam can help cut down on the time it takes to apply and get approved.
- You don’t want a lot of coverage: If you only want enough coverage to pay for your burial or cremation and other final expenses, no-exam life policies may be a good option as they typically provide coverage in lower amounts. Many insurers offer specific final expense policies for seniors looking for life insurance coverage.
- You simply want to skip the medical exam: If the thought of a medical exam stresses you out or causes increased anxiety, a no-exam option may be worth exploring.
Before selecting a no-exam policy, just remember that you may not be able to purchase as much coverage without taking an exam, and your premiums may be higher since underwriters aren’t able to properly calculate the risk of insuring you.
Is no-exam life insurance worth it?
Whether no-exam life insurance is worth it depends on your needs and specific situation. In general, if finding a policy that doesn’t require a medical exam is the only way for you to get life insurance coverage, then a no-exam policy can be worth it. People who are over age 50 and have preexisting health conditions may fall into this category.
However, if you’re young and in good health, undergoing a medical exam may help you qualify for lower life insurance premiums.
Alternatives to no-exam life insurance
While no-exam policies can be convenient and more accessible for specific populations, some may still want to consider standard underwriting policies. While these policies require a health exam, they may be cheaper than no-exam insurance, especially for those without health issues or preexisting conditions.
Methodology
Our research of the best no-exam life insurance companies encompassed more than 175 data points across 12 term life insurance plans from 10 insurers. We then examined the data and insurers through the lens of eight scoring categories, each with their own weight.
Instant approval (25%)
If you’re shopping for no-exam life insurance, you likely want your purchase to go as quickly as possible. Therefore, we gave the most weight to whether or not an insurer offered no-exam policies with instant approval. Plans with shorter approval times received higher scores.
Median time from application submitted to approval score (15%)
We corresponded with insurance companies to find out the median time of approval to get a sense of how long it might take for your application to be approved. Plans with lower median approval times received higher scores.
Minimum face score (15%)
In some cases, you may want to purchase a low-coverage no-exam policy to supplement another policy you already have. To cater to that situation, we ranked plans with lower minimum policy face values higher than those with higher minimums.
Maximum face amount for no-exam score (15%)
Sometimes life insurance shoppers want the most coverage they can get for a no-exam policy. There was a vast difference in policy maximums — the range started at $250,000 and ended at $3 million. Plans with higher maximums received higher scores.
Guaranteed renewability score (15%)
Some no-exam life insurance policies are guaranteed to renew, which means you can keep the policy active with a renewal that doesn’t require a medical exam. Plans that offered guaranteed renewal scored highest.
Customer satisfaction (5%)
We based our customer satisfaction scores on research firm J.D. Power's scores for insurance providers. Those scores are based on five factors that are a key part of the customer experience: communication, interaction, price, product offerings, and statements. We include J.D. Power ratings in our scores because they help you gauge what an insurer’s typical customer experience is like.
Complaint rate (5%)
We based our scores for a company's complaint rate on itsThe National Association of Insurance Commissioners (NAIC) index. The NAIC calculates an index for insurance companies based on the company’s share of premiums and complaints filed with the NAIC. An index of 1.00 indicates the insurer received the expected number of complaints for a company of its size. An index below 1.00 means the company received fewer complaints than expected for a company of its size, and vice versa. We took the average index for each company from the past three years.
Financial strength (5%)
We use A.M. Best ratings to determine a company's financial health. AM Best is a well-respected independent credit rating agency that evaluates insurance companies’ financial strength. By analyzing insurers’ balance sheets, risk management, operating performance and other factors, AM Best assigns a financial strength rating (FSR) based on the insurers’ abilities to pay out on claims and cover other obligations.
What didn’t make the cut
Of the 12 term policies and 10 life insurance companies we analyzed for our final rankings, four companies did not make it into our top picks: Mutual of Omaha, Pacific Life, Prudential, and Transamerica. While each company had their strengths, their overall score did not meet our 3-star criteria for making our top picks.
Frequently asked questions (FAQs)
For no-exam term life insurance policies, the policy will last as long as the term is. Depending on the provider, it could be five, 10, 15, 20 or 30 years. However, there are also ways to obtain permanent no-exam life insurance, which would last until the insured’s death.
Some no-health exam policies start as term but can be converted to permanent life insurance without a medical exam. Other companies offer whole life insurance without an exam, such as a guaranteed issue policy. Those considering permanent life insurance can expect higher premiums to go with their lifetime coverage.
Because no-exam life insurance policies carry more risk, they tend to be more expensive. If you don’t have health issues, applying for a policy that requires a medical test could potentially lower how much you pay for life insurance.
Editorial Disclaimer: Opinions expressed here are the author's alone, not those of any bank, credit card issuer, airlines, hotel chain, or other commercial entity and have not been reviewed, approved or otherwise endorsed by any of such entities.
This content is for educational purposes only and is not intended and should not be understood to constitute financial, investment, insurance or legal advice. All individuals are encouraged to seek advice from a qualified financial professional before making any financial, insurance or investment decisions.
Note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed or may no longer be available.
