In the following article, we will turn the spotlight on these innovators that are exploring and refining automated accelerated underwriting, which is essentially life insurance without a medical exam. Our goal here is twofold.
- One, we want to bring attention to the best no medical exam life insurance companies offering convertible term life insurance and cash value life insurance policies.
- Two, we also want to bring attention to the specific no exam life insurance policies offered, which range from term life, to universal life, and whole life insurance without an exam.
The good news is, if you qualify for no medical exam life insurance it means:
- ⊘ No medical exam,
- ⊘No blood work, and
- ⊘ No urine sample
Types of No Medical Exam Life Insurance
There are three different types of no exam life insurance:
- Accelerated Underwriting Life Insurance
- Simplified Issue Life Insurance
- Guaranteed Issue Life Insurance
Accelerated Underwriting Life Insurance
Accelerated underwriting is no medical exam life insurance but it is still considered a fully underwritten policy since the companies that offer it perform all the typical background checks, including checking the Medical Information Bureau, Prescription Database, and Motor Vehicle Records. And with some no medical exam companies offering accelerated underwriting, a public record search and property records search may also be done.
Simplified Issue Life Insurance
Simplified issue life insurance does not require a medical exam. Instead, you will need to answer specific health and lifestyle questions. Some simplified issue life insurance policies will require more in depth questions than others. How you answer the questions will determine if you qualify and what your health rating will be.
Guaranteed Issue Life Insurance
Guaranteed issue life insurance does not require a medical exam or health questions. These policies are guaranteed acceptance, with the only criteria for approval being that you are in the required age brackets and live in a state where the policy is offered.
Best No Exam Life Insurance Companies Criteria
The primary criteria for making our top no exam life insurance companies 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 financial 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 Companies
[Snapshot]
| Company | Products Offered | A.M. Best Rating | S&P Rating | Moody's Rating | Fitch Rating | Comdex Ranking |
|---|---|---|---|---|---|---|
| Penn Mutual | Guaranteed Convertible Term, Accumulation Builder IUL, Guaranteed Whole Life | A+ | A+ | AA3 | N/A | 91 |
| Foresters | Your Term, Advantage Plus Whole Life Insurance, LifeFirst, Smart UL | A | N/A | N/A | N/A | N/A |
| Lafayette Life | 10 Pay Whole Life | A+ | AA- | N/A | AA | 96 |
| Mutual of Omaha | Term Life Answers, Income Advantage IUL | A+ | AA- | A1 | N/A | 93 |
| 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 |
| Pacific Life | Term and Permanent Life Insurance Products. | A+ | AA- | A1 | AA- | 93 |
| Securian | Eclipse Accumulator IUL | 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
[In Depth]
- Penn Mutual
- Foresters
- Lafayette Life
- Mutual of Omaha
- Brighthouse Financial
- John Hancock
- Accordia Life
- Lincoln Financial
- Principal Financial
- Pacific Life
- Securian
- National Life Group
Penn Mutual provides an 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 $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.
Guaranteed Convertible Term
Penn Mutual offers qualifying applicants guaranteed convertible no medical exam term life insurance. This term life policy is great if you want to make sure you lock into a policy now, but may want to convert your l=policy into permanent life insurance coverage down the road without having to go through additional underwriting.
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.
Guaranteed Whole Life
Penn Mutual’s dividend paying 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, helping to grow your cash value and death benefit.
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 but you may qualify for no medical exam life insurance.
Foresters Your Term Level Term Life Insurance
Foresters convertible term life insurance is offered for term lengths of 10, 15, 20, 25, or 30 years and can be converted to one of Foresters’ permanent life insurance policies without the need for more underwriting.
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.
Lafayette Life provides accelerated underwriting no medical exam life insurance for qualifying applicants ages 20-55 for face amounts of $100,000 to $1,000,000 in coverage.
Lafayette Life offers several different customizable no exam whole life insurance policies.
- Heritage
- Contender
- Patriot
- Sentinel
- 10 Pay Whole Life
- Liberty
10 Pay Whole Life
A 10 pay limited pay whole life insurance policy provides permanent coverage after only 10 years of level premium payments. The policy can be designed to maximize high cash value growth. After 10 years of payments no more premiums are due but your death benefit and cash value continue to grow.
For more information on this top no medical exam company, please read our Lafayette Life review.
Mutual of Omaha offers accelerated underwriting for ages 18-60 for face amounts starting at $100,000 up to $2,000,000. The no medical exam life insurance is offered on the following products:
- Term Life Answers
- Income Advantage IUL
- Life Protection Advantage IUL
Qualifying applicants will be contacted by ExamOne for an interview and a voice signature. If you are not accepted into the accelerated underwriting program, then you will need to proceed through regular traditional underwriting.
Visit our Mutual of Omaha review for more.
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 life, and permanent life insurance 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, such as term life insurance and universal life insurance, 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 life insurance and permanent life insurance 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
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 still alive at 100, policy loan rates drop to 3%.
For more information on this innovative automated underwriting company, please read our Lincoln Financial review.
Pacific Life offers two different accelerated underwriting programs: Smooth Sailing and Swift Sailing. You can qualify for up to $2,000,000 no medical exam life insurance with Swift Sailing and the program is available for ages 18-60 for standard or better rates classes.
Pacific Life PL Promise products include convertible term life insurance and guaranteed universal life insurance.
Please visit our Pacific Life review for more.
Principal Accelerated Underwriting program was an early innovator in this new and evolving no exam life insurance underwriting landscape. The program eliminates labs and medical exams and is available on all of Principal’s products, including Term life insurance and Universal life insurance, including IUL, VUL, SUL, or Benefit VUL II (in NY only).
The accelerated underwriting program is available for both disability income insurance and life insurance, including variable universal life 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.
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. A tele-interview will be conducted and approvals are as fast as 48 hours once tele-interview is completed.
WriteFit Underwriting is for ages 18-50, with up to $3,000,000 in coverage and ages 51-60 up to $1,000,000 in coverage.
Eclipse Accumulator IUL
Securian offers Eclipse Accumulator IUL that offers 5 different indexed accounts. Orion IUL offers a fixed account and five indexed account options, including a blended diversified account, as well as the S&P 500 and 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 Securian review.
National Life Group’s Life Insurance Company of the Southwest provides EZ Underwriting. The accelerated underwriting no exam life insurance 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.
No Medical Exam Life Insurance FAQs
What if I don’t qualify for no exam life insurance?
If you do not qualify for the accelerated underwriting programs offered then you will need to submit to traditional underwriting. You will need to complete some or all of the following requirements.
• Blood profile and urinalysis specimen
• Paramedical exam
• Senior Assessment
• EKG
• Attending Physician Statement
Best No Exam 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 convertible term life insurance and cash value no medical exam life insurance policies. So if you are considering convertible term life or permanent life insurance, but want to try and skip taking a medical exam, give us a call today to see what we can do for you.
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