The life insurance industry is going through a seismic shift. The traditional way of doing business is being upended in light of new innovation and technology. Information is more readily accessible than at any other time in history.
As a result, a few brave pathfinders are breaking away from the mold and creating new opportunities and reaching more clients than ever before.
In the following article, we will turn the spotlight on these innovators that are exploring and refining automated accelerated underwriting.
Our goal here is twofold. One, we want to bring attention to the best no exam life insurance companies offering cash value policies. Two, we also want to bring attention to the specific no exam life insurance policies offered.
For compliance purposes we have to mention that, although many of these no exam life insurance policies are not traditionally underwritten, they still are fully underwritten.
The companies mentioned will perform all the typical background checks, including checking the MIB, Prescription database and Motor Vehicle Records.
And with some no medical companies, a public record search and property records search may also be done.
But the good news is, if you qualify, no medical exam, blood work, or urine sample is required.
And with the advent of blockchain, certain companies are working on ways to use block-chain technology for life insurance underwriting. Applicant data, including medical records, will be shared with the different insurance companies that participate in the use of this new technology.
Criteria
The primary criteria for making our top no exam life insurance list was (1) the company had to offer accelerated automated underwriting; (2) the policy had to be a valuable addition to anyone looking for cash value accumulation or have a convertible term option and (3) the company must have high life insurance ratings from the top agencies.
The good news is the premiums on these accelerated underwriting policies are very similar, if not the same, as old school fully underwritten policies.
In this review of the current innovators we will point out, the company, our favorite no medical exam policies, and the company’s financial strength.
Best Life Insurance Without a Medical Exam Snapshot
| Company | Products Offered | A.M. Best Rating | S&P Rating | Moody's Rating | Fitch Rating | Comdex Ranking |
|---|---|---|---|---|---|---|
| Penn Mutual | Fixed Individual Life Insurance Products | A+ | A+ | AA3 | N/A | 91 |
| Foresters | Advantage Plus Whole Life Insurance, LifeFirst, Smart UL | A | N/A | N/A | N/A | N/A |
| Brighthouse Financial | Premier Accumulator Universal Life | A | A+ | N/A | N/A | 82 |
| John Hancock | Single-Life Term and Permanent Products | A+ | AA- | A1 | AA- | 93 |
| Global Atlantic (Accordia Life) | Available on all individual products except Survivorship Builder. | A- | A- | N/A | N/A | 57 |
| Lincoln Financial (Lincoln National) | Most Term and Permanent Products | A+ | AA- | A1 | A+ | 90 |
| Principal Financial | Term and Permanent Life Insurance Products. | A+ | A+ | A1 | AA- | 90 |
| Voya Financial | IUL Accumulator and IUL Protector | A | A | A2 | A | 77 |
| Minnesota Life | Orion Indexed Universal Life | A+ | A+ | Aa3 | AA | 92 |
| National Life Group (LSW) | SecurePlus Provider IUL and ProtectorLife Whole Life | A | A+ | A2 | N/A | 80 |
Top 10 Best No Exam Life Insurance Companies
- Penn Mutual
- Foresters
- Brighthouse Financial
- John Hancock
- Accordia Life and Annuity Company
- Lincoln Financial
- Principal Financial
- Voya Financial
- Minnesota Life
- National Life Group
Before we dive into the different no exam life insurance policies available from these innovative companies, we need to take a moment and explain a few products details.
We will be discussing the different permanent products offered through the various no medical exam life insurance policies offered by these carriers.
It is important to familiarize yourself with the differences that exists when comparing term vs whole life insurance.
In addition, it helps to have a grasp of the difference between whole life vs universal life.
Penn Mutual recently announced its Automated Accelerated Underwriting program. The revolutionary process does not require you take a medical exam if you qualify.
The program provides potential life insurance approvals in as little as 24 hours with up to $2.5 million face amounts for standard or better risk classes.
The program is available for ages 20-65. Penn Mutual’s accelerated underwriting is available for its main fixed individual life insurance products.
Accumulation Builder II Indexed Universal Life
The Accumulation Builder from Penn Mutual is an indexed universal life policy that builds cash value, with the peace of mind of up to 20 year no lapse guarantee based on your age.
With the Cash Value Enhancement Rider, you have the opportunity for even higher cash value growth in the first five years of the IUL policy.
Flexible Choice Whole Life
Penn Mutual’s participating whole life insurance policy provides all the guarantees of whole life, with an opportunity for increased cash value accumulation through annual dividends paid to policyholders.
By choosing the Accelerated Paid-Up Additions Rider your whole life policy will accumulate cash value faster, allowing you to drop any supplemental term riders you may have needed quicker.
For more information on this exciting automated underwriting company, please read our Penn Mutual review.
Forester Financial offers Non-Medical Underwriting. You will be required to answer all the application questions.
Advantage Plus Whole Life Insurance
Forester’s Advantage Plus provides whole life insurance coverage with face amounts up to $400,000. You can choose from 20-Pay limited pay whole life insurance and Paid-up at 100.
The policy also offers a guaranteed insurability option (GIO) rider. The GIO rider is definitely worth a look if you are a young adult or you are considering life insurance for children. The GIO rider allows additional life insurance to be purchased without a medical exam or other evidence of insurability.
For more information on this great non-medical underwriting company, please read our Foresters review.
BrightHouse Financial’s Enhanced Rate Plus program provides life insurance with no medical exam or lab work required.
Instead, there is a a phone application with your agent and an accompanying tele-interview with a Brighthouse team member, which takes 20-40 minutes to complete. Total turnaround time is between 5-7 days.
Premier Accumulator Universal Life
Brighthouse Financial offers this Universal Life policy that has an optional Chronic and
Terminal Care rider. If you have a qualifying chronic or terminal illness, you can access your death benefit for cash to use however you need. The policy is available for ages 20-60, with face amounts from $100,000 to $1,000,000.
For more information on this top no medical exam company, please read our Brighthouse Financial review.
ExpressTrack offered by John Hancock Life Insurance Company provides the opportunity for no labs or blood work on the companies single life, term and permanent policies.
Standard rates classes, up to super preferred health classes, are available. The ExpressTrack program is available for ages 18-60, with face amounts up to $1,000,000.
Accumulation IUL
John Hancock’s latest indexed universal life offering focuses on cash value accumulation and for potential retirement income. The policy offers the standard fixed account, with additional high par, capped, and uncapped indexed accounts.
The high par capped indexed account offers a 160% participation rate, with a guaranteed rate of 140%. The capped and uncapped indexed accounts offer the standard 100% participation rate.
Another benefit is indexed loans continue to earn interest credited at the segment maturity. This creates an opportunity for positive arbitrage on your policy loans.
For more information on this innovative company, please read our John Hancock review.
Global Atlantic’s Accordia Life and Annuity Company has an accelerated underwriting program called Fast Lane. FastLane is accelerated underwriting that is available on all individual products except Accordia Life’s Survivorship Builder.
Assuming no labs are required, total turnaround time after the tele-med interview is 1-2 days. Available for ages 18-60, with face amounts up to $1,000,000 available.
Lifetime Builder
Accordia’s Lifetime Builder is an indexed universal life insurance policy that provides a death benefit and the opportunity for cash value growth. Interest is credited based on a fixed account or indexed account.
The indexed account tracks the performance of one of six interest indexed options.
Three death benefit options are provided, including a level death benefit, an increasing death benefit and a death benefit with a return of premium option.
For more information on this cutting edge company, please read our Accordia Life review.
LincXpress from Lincoln Financial provides “lab-free” underwriting for qualifying applicants, including a telephone application with a member of Lincoln Financials dedicated team.
Lincoln Financials policies are issued by Lincoln National Life Insurance Company. LincXpress is available on all term and permanent products (excluding Lincoln LifeElements One-Year Term, Lincoln TermAccel, and Lincoln MoneyGuard). LincXpress is available up to age 60, with face amounts up to $1,000,000.
Lincoln LifeReserve Indexed UL Accumulator (2014)
In addition to a fixed account, the LifeReserve IUL Accumulator 14 offers indexed account options of one year point-to-point capped, one year point-to-point high participation and one year point-to-point uncapped.
You can borrow up to 100% of the policy’s cash surrender value at anytime. Policy loan rates of 6% for the first 10 years. The rate drops to 5% for policy years 11 to age 100. If you are stll alive at 100, policy loan rates drop to 3%.
For more information on this innovative automated underwriting company, please read our Lincoln Financial review.
Principal Accelerated Underwriting program was an early innovator in this new and evolving life insurance underwriting landscape. The program eliminates labs and medical exams and is available on all of Principal’s products, including Term, UL, IUL, VUL, SUL, or Benefit VUL II (in NY only).
The accelerated underwriting program is available for both life insurance and disability income insurance. Principal Accelerated Underwriting is available for ages 18-60 with face amounts up to $1,000,000.
Indexed UL Accumulation
Principal’s indexed universal life policy offers three account options: S&P 500 Price Return Index account which offers one-year point-to-point; S&P 500 Total Return Index account which offers one-year monthly average; and a fixed account.
High early cash surrender values are also available via an additional rider. You can help increase future values through the accumulated value enhancement option. Three death benefit options are available: level, increasing and level with ROP.
For more information on this accelerated underwriting company, please read our Principal Financial review.
Voya Financial, via Security life of Denver Insurance Company, named its automated underwriting program Orange Pass. Orange Pass provides no paramed exam life insurance and no lab work.
Available on Voya’s Indexed Universal Life policies: IUL Accumulator and IUL Protector. Available ages are 16-50 and face amounts from $50,000 to $500,000. Only available for preferred, standard and standard tobacco underwriting classes.
Voya Indexed Universal Life-Accumulator
There are two indexed accounts available, with one focused on a high participation rate strategy.
Two death benefit choices, level and increasing death benefit. Flexible death benefit that can be raised or lowered to adjust for your changing lifestyle and needs. Both traditional loans and select loans are available.
Select loans have a 6% interest rate. Select loans allow the portion of the cash value used as collateral to remain in the indexed or fixed account, earning the credited interest rate, even though a loan is outstanding.
If the indexed account performs well, there is an opportunity for positive arbitrage on the borrowed funds.
For example, with a current cap rate of 11.5%, potential arbitrage could be as high as 5.5% if the index credit reaches the maximum cap rate.
For more information on this innovative automated underwriting company, please read our Voya Financial review.
Securian Financial Group’s WriteFit Underwriting and WriteFit Express are available on single-life products issued by Minnesota Life Insurance Company.
The main difference between the two is the WriteFit Express program requires no labs, while WriteFit Underwriting may include lab and blood work if the underwriter determines it is necessary.
WriteFit Underwriting is for ages 18-54, with up to $1,000,000 in coverage. A tele-interview will be conducted and approvals are as fast as 48 hours once tele-interview is completed.
WriteFit Express is only available with Advantage Elite Select Term, Secure Protector & Accumulator Whole Life, and Orion IUL, for face amounts of $250,000 or less and standard underwriting classes.
Accumulator Whole Life
Minnsota Life’s dividend paying whole life insurance policy provides guaranteed protection for your lifetime, guaranteed fixed premiums and guaranteed cash value growth.
In addition, although not guaranteed, the company has a long history of paying dividends to participating policyholders.
Dividends are a great addition and can be used for purchasing paid-up additional insurance, taking the cash, paying premiums for a period of time and leaving with the carrier to earn taxable interest.
An accelerated death benefit is also available, which pays 75% of the death benefit, up to a maximum of $1,000,000 if you are diagnosed with a qualifying terminal illness.
Orion Indexed Universal Life
The Orion IUL policy offers a lifetime interest crediting guarantee of 2%, regardless if you allocated your funds to the fixed account or indexed account. The crediting guarantee kicks in after you die, at policy termination or surrender.
Orion IUL offers a fixed account and five indexed account options, including a blended diversified account that tracks the performance of the S&P 500, Russell 2000, Barclays Capital U.S. Aggregate Bond Index and EURO STOXX 50.
Wash loans are available in years 11+ in the fixed account. Indexed rates charged are 5% and variable rates are also available based on the Moody’s Corporate Bond Yield Average.
For more information on this cutting edge company and products, please read our Minnesota Life review.
National Life Group’s Life Insurance Company of the Southwest provides Quick Underwriting. The company has not actually given a name to its accelerated underwriting program, but the option is available for ages 65 and under for face amount of $250,000 and under.
Preferred rates are not available at ages 0-65 for face amounts through $250,000. Ages 65+ has no face amount requirements for preferred rates.
SecurePlus Provider IUL
Potential for 1.25% account value enhancement credited to your policy’s accumulated value annually starting at the end of year 10.
A 2 and 5 year disability income rider is available. Other riders include accelerated death benefit rider, waiver of target premium rider, unemployment rider, overloan protection rider and lifetime income benefit rider.
ProtectorLife Whole Life
This is a no exam whole life insurance policy that has all the typical guarantees of whole life, including a guaranteed death benefit, guaranteed fixed premiums and guaranteed cash value growth.
In addition, the Automatic Conversion Rider will convert a portion of the term life insurance coverage into whole life over a 10 or 20 year period.
The policy also includes the potential for annual dividends. Participating policyholders will have the option of purchasing paid up additional insurance, cash out, leave with the company to earn interest, or pay premiums for a period of time.
For more information on this top company, please read our National Life Group review.
Best No Exam Permanent Life Insurance Conclusion
Many of the companies above offering automated accelerated underwriting have accompanying policies that rival anything out on the market. These are fantastic options for cash value no medical exam life insurance policies.
But you have to understand that this is new territory and technology and not all companies are currently taking part. Some companies are willing to offer you the best health rate class, while others will offer you at best, preferred, or even standard rate classes only.
So we encourage you to check out other articles on our site and give us a call with any questions.
At the end of the day, you might find one of the companies and no exam life insurance policies mentioned above is the perfect fit for you.
But it could be that the ideal product for you will require you submit to a life insurance medical exam.
Either way, our goal is to find you the best life insurance policy based on your specific needs and objectives.
Bringing some out of the box (I mean not mentioned by many) companies is the feature I honestly appreciate about this post. For example, mentioning companies like Brighthouse and Accordia surely adds value to the post. This brings more options for the buyers to choose the right insurers for themselves.
Surely good job.
Roy
Insurance Blogger