No exam life insurance companies are vastly outnumbered by their fully underwritten counterparts. Fortunately, more and more companies are arriving on the scene each year. As no medical exam life insurance gains popularity, more companies are using big data and technology to create products to get their foot in the door.
We’ve gone ahead and broken down the top 10 best no medical carriers for you, though you may need to look at all our companies before you make your final decision. Without further ado, here you go.
Our Top 10 Best No Exam Life Insurance Companies
- Minnesota Life
- Mutual Of Omaha
All life insurance products have the same basic goal. They’re designed to keep your family secure financially in the event of your unexpected death. The right policy will provide a payout not only for actual funeral expenses, but will also help your family deal with lost wages, assets and other long-term financial issues.
The issue faced by many consumers is finding a life insurance company with both solid financials and a reliable reputation. After all, most people typically only buy one life insurance policy. They could pay premiums on that policy for decades before their family will need to file a claim.
You don’t want to wait until there’s a death in the family to learn that your life insurance company is plagued by poor customer service and a slow ability to pay out on a claim. Instead, you want the payout process to be hassle-free and compassionate.
In order to help you find the best life insurance products for your needs, we’ve created our annual list of the Top 10 Best Life Insurance Companies.
Our Review Methodology
We took an in-depth look at the types of products available from each company, as well as what features those products had and how much they cost.
We also looked into the history of each company. Is this a reputable company with a long history of providing insurance in the U.S.? How is their financial health according to the top insurance rating agencies?
Finally, we checked out each company’s customer service. Is the company easily accessible by phone and email? Do they respond quickly to questions and concerns? How hassle-free and compassionate is the payout process?
We looked at all of these aspects and then ranked each insurance company according to a composite score. Keep in mind, however, that there’s no one perfect insurance company for every person. Some of these companies are better suited for specific situations than others. So be sure and read the specific features of each company. The “number one” insurance company for you might not necessarily be number one on our list.
With all that in mind, let’s take a look at the list:
1. Fidelity Life Association
Headquartered in Des Plaines, Illinois, Fidelity Life Insurance is one of the country’s oldest and largest life insurance providers. They currently hold over $25 billion in life insurance and continue to grow at a rapid pace.
Fidelity was created for, and remains committed to, middle and working class Americans. Many of their products are a combination of life insurance and savings plans. They also offer many products with a fast approval time.
Their Hybrid Insurance products let you apply for and receive life insurance quickly. Typical underwriting time is actually less than 48 hours. There is also no medical exam.
With the Hybrid policy, one-third of your coverage amount is used for term insurance. The other two-thirds are for accidental death only. At this point, you have six months to take a medical exam. If you pass the exam, your insurance policy turns into traditional coverage. If you don’t pass the exam, you can still continue on with the Hybrid policy. This is a great option for people who need life insurance quickly.
Fidelity Life offers a variety of other life insurance policies. Plus, the company has a pretty interesting backstory as well. They were originally founded under the name “The Mystic Workers of the World.” Check out our complete review to learn more.
2. American National Insurance Company
Looking for a wide range of life insurance options which don’t require a medical exam? The American National Life Company, or ANICO, might be the perfect choice. With an A.M. Best rating of “A+”, ANICO is on secure financial footing.
Created in 1905, this Texas-based company is reliable and trustworthy. They offer a series of insurance and financial products including:
- Freedom Term Life Insurance – Term life insurance with a face amount of up to $250,000
- ValueGuard Whole Life Insurance – Whole life insurance with a face amount of up to $150,000
- Legacy Whole Life Insurance – No exam and no health questions required for coverage up to $25,000
AMICO is one of the largest no-medical-exam required life insurance providers in the U.S. For more information, check out our complete review.
3. Gerber Life Insurance
Gerber is known the world over for their baby food and, of course, for their company mascot “the Gerber baby.” But since 1967 they’ve also offered a variety of unique juvenile insurance products, too.
The Gerber Grow-Up Plan and the College Life Plan are the company’s two most popular products. These plans help secure a family’s future in the event of the death of a parent, guardian or other primary breadwinner. At the same time, their life insurance plans have a cash accumulation component which can be used to help pay for college or just as a general savings account.
Gerber plans do have some downsides, such as taxes. They’re not always the best choice for everyone. Still, if you medically disqualify from other types of policies, Gerber Life Insurance can be an excellent option. Check out our full review for more info.
Assurity has been around for over 123 years. They also have an A.M. Best rating of “A,” which indicates the company is very strong financially. This combination of longevity and financial health should be great “assurance” for anyone seeking life insurance which doesn’t require a medical exam.
They offer a variety of insurance and financial products including:
Term Life Insurance: Their NonMed Term 350 and Term 350 Plus plans are very popular. NonMed Term 350 is for anyone between the ages of 18 and 65. No medical exam is required. Term 350 Plus offers up to $350,000 in life insurance coverage for anyone over the age of 74. For this policy, a medical exam is required.
Whole Life Insurance: They offer a Simplified Issued Life Insurance Policy, a Fully Underwritten Life Insurance Policy and a Single Premium. Requirements vary between a health questionnaire and a full medical exam.
Finally, they also offer a popular Universal Life Insurance policy called Premier Universal Life. This offers coverage up to $50,000. There’s a flexible payment schedule and, after 11 years, the policyholder can borrow against the policy with no interest.
Another excellent option for life insurance which doesn’t require a medical exam, Foresters has strong financials and easily accessible customer service. They have an A rating from A.M. Best, which is the premier rating agency for insurance in the U.S.
Their PlanRight Whole Life Insurance is a powerful, popular and flexible product. This is a whole life insurance policy with a guaranteed level premium. This is actually one of the best values around for final expense insurance.
While there is no medical exam, most applicants will have to answer some medical questions and meet certain other requirements.
The PlanRight Whole Life Insurance policy has three variations:
- Fixed – The death benefit is 100% of the face value from the initial purchase date
- Graded – The death benefit is limited for the first two years to a portion of the total premiums paid
- Modified – The death benefit is limited during the first two years to the amount of premiums paid plus 10%. After two years, the benefit is 100%.
6. Minnesota Life
Minnesota Life was founded in 1880 in, naturally, St. Paul, Minnesota. They originally gained prominence with their Adjustable Life policy, one of the first options ever created for flexible life insurance. Today, they operate under the corporate umbrella of the Securian corporation, a large group of insurance and financial companies.
They offer competitively-priced life insurance options with no medical exam requirement. Term lengths available vary from five to 30 years. Beyond permanent life insurance, they also offer a variety of financial products for long-term financial security.
Some of their most popular products include:
- Whole Life – a standard life insurance policy with stable premiums and a cash value account
- Universal Life – similar to whole life but with flexible premiums
- Indexed Life – this policy includes an indexed account used as an investment option
- Variable Universal Life – Similar to the Universal Life policy only with additional investments in stocks, bonds and mutual funds
- Survivorship Life – This two-person policy pays out to individual #2 should individual #1 pass away
Minnesota Life is also well-known for their group life insurance policies. Mainly purchased by businesses, these policies are backed under the Securian umbrella. Policies include:
- Group Term Life
- Group Universal Life
- Universal Group Life (Variable)
- Business Travel Accident
- Critical Illness
- Accidental Death and Dismemberment
All policy applications are easy, straight-forward and virtual. Applicants fill out an online form which is followed up by a phone interview with a company representative. The approval process is completed within two business days for the vast majority of applicants.
7. The Principal Financial Group
Universal life insurance with no medical exam is the Principal Financial Group’s main product. They’re known for their high face amounts. With no physical exam, face amounts are available up to $1 million. For their Survivor Life Insurance policy, face amounts increase up to $2 million. These are some of the highest in the industry.
The pricing is equally impressive. Their accelerated underwriting means applicants can be approved in as little as 48 hours.
Applications can be filled out online. This is followed-up by a phone interview. During the approval process, the insurance company will consider the following:
- Phone interview results
- Motor vehicle records
- Prescription database records
- Medical Information Bureau reports
If the applicant passes this process, no medical exam is necessary. If the applicant doesn’t pass, however, a medical exam may be required. Approximately 60% of applicants do not require the medical exam.
8. Mutual of Omaha (United of Omaha)
Mutual of Omaha, sometimes referenced as MoO, is a solid, no-frills life insurance company which many people depend on. They offer no-medical-exam life insurance with face amounts up to $250,000. They also have policies for those ages 45 to 85. Face amounts are available between $2,000 to $40,000.
While there is no medical exam, applicants must pass a background check. This includes an examination of the medical information bureau and the prescription drug database. For most applicants, there is usually no issue. Approval rates are high.
In 1928, Transamerica was created as a way to provide insurance products to the farming and small business communities. They’ve steadily been growing and expanding ever since. Today they’re one of the largest life insurance companies in the entire country.
Just as when they first began, customer service continues to be a huge priority for Transamerica. They have virtually no recorded customer complaints. In fact, they typically rate number one in customer service among all life insurance companies. If you value customer service above all else, Transamerica is worth looking into.
Even #10 on our list is still a solid, reputable life insurance provider. They offer no medical exam term life insurance and universal life insurance. On top of this, their customer service is considered efficient, friendly and easy to reach. Plus, their prices are very competitive.
They offer three different rates:
On average, applications are approved within 30 minutes. This includes wait time. Sagicor’s approval times are easily among the fastest in the industry.
Face amounts range from $25,000 up to $400,000. This is for the no medical exam life insurance plans. If your health prevents you from passing a traditional health exam, or you simply don’t have the time or inclination to visit a doctor, you should consider a policy from Sagicor. Their no medical exam policies are among the best.
More Non-Medical Life Insurance Companies
Though these companies didn’t make our Top 10, they may also be a great fit for you, depending on your situation.
- 5Star Life Insurance Company
- AIG (American General)
- Banner Life Insurance Company
- Lincoln Financial Group
- North American Life Insurance Company
- Protective Life Insurance Company
- Savings Bank Life Insurance Company
- United Home Life
All ten companies on our list are great options for life insurance, as are the those who would be considered consolation prizes.
They’re all financially strong, with high ratings from impartial ratings agencies such as A.M. Best, Fitch, Moody’s and Standard & Poor’s. Each company also has a long, dependable history of operation within the United States. In fact, many of these organization have been around for hundreds of years!
These companies also excel at customer service and overall trustworthiness. They all have a history of reliable payouts. These insurance companies are also easy to access. All of them have some type of online accessibility, and many companies conduct the entire application process virtually.
Life insurance is an important part of your family’s long-term safety and security. Any of the companies listed above is a great place to start your research. Each business has something valuable to offer in terms of policies, prices and customer service. When you find the right life insurance policy, you’re not just providing for your family financially – you’re also creating safety and peace of mind.