Life insurance is an important piece of most people’s overall financial plan. It’s coverage that most people know they need. However, oftentimes people don’t want to deal with having to complete the medical exam, that is often required when buying life insurance.
The good news is that there are companies that offer life insurance coverage to people over 50 without having to complete an exam.
Look, we get it.
Having to do the exam can be inconvenient. First, you need to fast for 8 hours. Then during the exam which takes about 25 minutes, the examiner completes a blood draw, takes a urine sample and asks you health questions.
Many of us lead busy lives and having to take the exam becomes yet more thing you need to do.
Also, if applying for coverage that requires a medical exam it will usually take anywhere from 4 to 6 weeks on average before your application is approved, and you have a policy in place. Because it takes several weeks you really have to have a lot of patience.
One of the nice things about no exam life insurance policies is that there’s a possibility you could be approved for coverage in less than a week. Perhaps even the same day.
Speed and convenience are a couple of the reasons why you may want to get life insurance after age 50 with no medical exam.
In this article we will look at what you need to know about no medical exam life insurance. We’ll look at the factors you will want to consider in deciding whether to buy no exam life insurance. We’ll look at the different types and options that are available to you. Finally, we will also look at options that you have even if you don’t qualify for no exam life insurance.
Before we really dive in let’s take a moment and look at the basic types of life insurance that are available. Then we will look specifically at the no exam life insurance options.
Types of Life Insurance Available to People Over Age 50
If you are over age 50, there are still many life insurance options that can be available to you. This includes both term and permanent coverage.
With term life insurance, you will have coverage for a certain amount of time, such as 10, 15 20, 25, or possibly even for 30 years.
A level term life insurance policy guarantees that the amount of the death benefit, as well as the amount of the premium, will remain fixed for the length of the level term period.
On the other hand, the death benefit and the premium may or may not be fixed if you have a permanent life insurance policy. It depends on what type of permanent life insurance policy you buy.
Types of permanent life insurance include whole life, indexed universal life universal life, and guaranteed universal life
One type of permanent life insurance policy where the death benefit and the premium you have to pay will not change is guaranteed universal life.
Guaranteed universal can provide you guaranteed coverage for the rest of your life – even if you live to be 120 years old for instance (provided that you can continue to pay the premium of course) .
The death benefit on a whole life policy is also guaranteed. However, the cost for whole life is usually quite a bit higher than the cost for a guaranteed universal life policy.
This is because there is also a cash value component to the whole life policy. Since the actual cost of insurance is lower than the premium the whole life policy requires, the extra money stays in the policy as cash value.
Life insurance policies that are designed to build cash value can be great for the right person in the right situation if it is a good policy that is designed optimally, and funded properly.
However, we rarely recommend policies that are designed to build cash value if you are over 55. If you are under 55 and have discretionary income or assets to put into one of these policies it might be great a great option for you.
With that said, for low cost permanent life insurance coverage we will almost always recommend a guaranteed universal life policy…especially if you are over 50 years old.
The only exception typically is if you need less than $25,000. Below this amount, only whole life insurance policies are offered.
Alright, that covers the basic types of life insurance coverage. Now that we know the basic types of life insurance, let’s look at the options for both exam and no exam life insurance policies.
Life Insurance With a Medical Exam
If you do choose to apply for coverage where a medical exam is required here is what to expect..
You will meet with a paramedical professional. This is usually done at your home or place of business. He or she will ask you medical questions. They will also take your heart rate and blood pressure reading, as well as a blood and a urine sample.
Oftentimes the insurance company will also want to obtain your medical records so they can review your medical history. These may come from your primary care doctor, any medical specialist that you see – or all of these.
The typical application process takes about 4 to 6 weeks.
Life Insurance With No Medical Exam
Well here’s the first thing to expect with no exam life insurance…. No medical exam! We bet you already knew that though! All kidding aside here’s what you need to know…
Oftentimes people think that a no medical exam life insurance policy is easier to qualify for than a policy that requires you to complete a medical exam. This may or may not be the case. There are different types of no exam life insurance policies.
In this next section we’ll start to look at the different types of no exam life policies that are available for people over 50.
No Medical Exam, But Full Underwriting
The first kind of no exam life insurance still takes about 4 to 6 weeks to get approved. The reason it takes so long is because although they don’t require you to do a medical exam, they will still do a thorough job in doing their due diligence before approving your application.
They will review your medical records, check your prescription drug report, and your driving record etc…
Here’s the bottom line…
As long as you have a lot of patience and don’t mind waiting 4 to 6 weeks before being approved for coverage, you can potentially qualify for some rock bottom rates.
If you need or want to get a life insurance policy in place faster, then you will want to consider buying a simplified issue policy which we will discuss in the next section.
Simplified Issue – Fast Approvals
The process of getting life insurance can be lengthy, but the simplified issue process shortens the process considerably. Not only do you not need to complete a medical exam, but the insurance company won’t obtain your medical records either. These are the two things that cause the typical application process to take as long as it does.
You will still have to complete an application which will include several questions about your health and lifestyle. The insurance company will run a prescription drug check to see which medications you’ve taken in the last several years. They will also check your driving record as well by running a motor vehicle report.
If you apply for a simplified issue policy, you could be approved for coverage in less than a week, and possibly even the same day you apply. These can be great policies to buy if you need coverage quickly.
Perhaps your current policy is lapsing soon and you need new coverage as soon as possible. Maybe you need coverage in place quickly, because of a loan you are looking to get or maybe as part of a divorce agreement.
Simplified Issue For Final Expenses – Fast Approvals
This is for people that are looking for coverage just to cover final expenses including burial and funeral costs. Also, you may want to consider this type of policy to cover any outstanding medical bills. Coverage amounts offered are from $1,000 to $40,000.
There is no medical exam required, the insurance company does not obtain your medical records, and they don’t check your driving record either. They make the determination of whether they can approve you or not based on the answers to the medical questions on your application, and your prescription drug report.
Usually approvals for coverage will happen the very same day.
We call this last resort life insurance. The only reason you should buy a guaranteed issue life insurance policy is if you can’t qualify for a better policy and/or if you have been declined for traditional life insurance coverage. This is so important. Many people own guaranteed issue life insurance, but would actually qualify for much better coverage.
Like the name implies you are guaranteed to be approved for this type of coverage. Not only do you not need to do a medical exam, but you don’t even have to answer any health questions at all. That’s the upside.
The downside is that you are usually limited to about $25,000 of coverage depending on the insurance company. Also, the costs are high and there is a waiting period usually for either 2 or 3 years depending on the policy. This means that if you were to pass away during this waiting period, usually only the premiums paid plus some interest is returned to the beneficiaries. The full death benefit would not be paid out until after the waiting period.
Only if you can’t qualify for a policy that covers you from the very first day your policy is put in force, should you consider buying a guaranteed issue policy.
No Exam Life Insurance Does Not Mean No Underwriting
We do need to clarify something when it comes to no exam life insurance…
Oftentimes people think that qualifying for no medical exam life insurance insurance is easier than qualifying for a policy that requires you to complete a medical exam. For the most part this is not true.
If you apply for a no exam policy the insurance company is still going to thoroughly evaluate your risk. You are still going to have to answer all the health questions on the application.
Think of no exam life insurance as something you want to get, because you like the convenience of not having to do an exam, and because you can get approved much faster.
Perhaps you have some medical issues that you are concerned about. If you are thinking that by not doing a medical exam it would be easier to get approved because you have these pre-existing conditions, that’s likely not going to be the case.
Maybe you haven’t been to the doctor in a few years for even a routine physical. The insurance company may be concerned that you could possibly have some health issues and not even be aware of it.
Look, if you are in your 20’s and 30’s the insurance company likely won’t be concerned. However, when you get into your 50’s, 60’s and beyond then the insurance companies tend to get concerned if you haven’t completed routine physicals.
As a result they may not be willing to approve your application. They may feel that they don’t have enough information to make a decision for approval.
On the other hand, if you had a physical in the last year and everything else looks great, the insurance company would be much more comfortable approving you for coverage.
Understand that this typically applies for larger policies such as over $100,000 depending on the insurance company. If you are applying for a smaller policy such as between $1,000 and $40,000 to help cover final expenses, they won’t be concerned at all about when your last physical was.
No Medical Exam Life Insurance Companies For Those Over 50
There are plenty of options for no exam life insurance over 50. Options you will have available to you depend primarily on your age and the amount of coverage you are seeking.
Let’s take a look at some of the top no exam companies and what their options are.
Sagicor Life Insurance Company has been operating in America since 1954 and has A- rating from A.M. Best. The parent company Sagicor Financial Corporation Limited has around for over 175 years.
Sagicor offers the following:
Ages 18 and 45 up to $1,000,000 – 10, 15, and 20 year term is available.
Ages 46 to 55 to $750,000 – 10, 15, and 20 year term is available.
Ages 56 to 65 up to $500,000 – 10, 15, and 20 year term is available for non smokers. If you use tobacco products you can only get 10 or 15 year term.
Also, if you are looking for lifetime coverage they have that available well. They have both an indexed universal life policy and a whole life policy.
With the indexed universal policy you can get up to $500,000 without having do an exam if you are between 51 and 65 years old. If you are 18 to 50 years you could get up to $1,000,000.
With the whole life policy you can get up to $500,000 of coverage if you are between 16 and 65 years old.
The indexed universal life policy is designed for lifetime coverage. Just like term, as long as you pay the premium the policy will stay in force. However, this is lifetime coverage and will cover you even if you live to be 120 years old.
In addition to not having to complete a medical exam, if you qualify for Sagicor’s Accelewriting process they will not obtain your medical records either.
Approvals typically take a few days, sometimes even the same day you apply.
Savings Bank Life Insurance (SBLI)
SBLI can be another great option for no exam life insurance. They are based out of Woburn, Massachusetts and have been around since 1907. Also, they have high financial ratings including an A rating from A.M. Best.
They offer no exam term life coverage for up to $750,000 for people between ages 18 and 60. Products that are available include 10, 15, 20, 25, and 30 year term.
However, the term lengths options that are available with no exam depends on your age, and whether or not you use tobacco products.
The following term lengths are available without an exam:
10, 15, and 20 year term – Ages 18 to 60
25 year term – Ages 18 to 55
30 year term – ages 18 to 50
The following term lengths are available without an exam:
10 and 15 year term – Ages 18 to 60
20 year term – Ages 18 to 55
25 year term – Ages 18 to 50
30 year term – Ages 18 to 45
SBLI also offers their whole life policy for up to $750,000 for those between the ages of 18 and 60 years old.
SBLI offers very competitive rates for healthy people. However, the downside to SBLI is they usually will want to obtain your medical records. As a result, the total underwriting time usually takes about 4 to 6 weeks.
Foresters is another great option. They are a solid company all the way around. Forester’s has been around for for over 140 years and they have high financial ratings. They are rated A by A.M. Best.
They offer up to $400,000 for those between the ages of 18 and 55. And if you are between 56 and 80 you can get up to $150,000 of coverage.
However, the products that are offered varies based on your age and whether you use tobacco or not.
10 year term – Age 18 to 80
15 year term – Age 18 to 70
20 year term – Age 18 to 65
25 year term – Age 18 to 60
30 year term – Age 18 to 55
Whole Life – Ages 18 to 75
10 year term – Age 18 to 80
15 year term – Age 18 to 70
20 year term – Age 18 to 60
25 year term – Age 18 to 55
30 year term – Age 18 to 45
Whole Life – Ages 18 to 75
Forester’s is a good company to go with if you need coverage quickly. If you apply with Forester’s you could have a policy in force in just a few days – perhaps even the same day.
American Amicable is another good option for no exam life insurance. They are based out of Texas and have been around since 1910. They have an A Excellent rating with A.M. Best.
Their Term Made Simple product is available without having to take an exam for up to $500,000 of coverage for those up to age to age 75. However, the specific term length available does depend on your age . Here’s the breakdown…
10 year term – Available for those 18 to 75
15 year term – Available for those 18 to 70
20 year term – Available for those 18 to 65
30 year term – Available for those 18 to 55
If you qualify and are approved for coverage the underwriting process typically only takes a few days.
No Exam Life Insurance – A Brief Summary
This might sound obvious, but once again you don’t need to do the exam. You don’t need to fast for 8 hours. You don’t need to take the time out of your day to coordinate with the examiner and schedule a time for them to come to your house, and of course you don’t need to take the time to do the exam itself.
The whole application process could be completed in just a few days and perhaps even completed in less than 24 hours. Keep this in mind when comparing no exam life insurance quotes with life insurance options where a physical is required.
This is simply because no examiner will come over to your place to take a medical exam.
Many companies do offer no exam life insurance policies. The options that are available to you depend on your age and the amount of life insurance you are seeking.
Price of no-exam policies
The cost for no exam life insurance is typically going to be more than life insurance you could get if you were to do the medical exam. Think of it this way. You are paying for the convenience.
It’s like if you go out to eat. You pay for the convenience of having somebody serve and cook the food for you. It costs more to eat at the restaurant than if you were to make the same meal at home.
Insurance companies have to charge more for no exam life insurance because they have to hedge their bets so to speak.
Perhaps you have some health issues that you don’t even know about. Without a medical exam to review the insurance company needs to charge more since they may be taking on more risk than they realize. The benefit to you though is that you could get a policy in place likely in less than a week, and not have to worry about a long application process.
Where to Get the Best Rates on No Medical Exam Life Insurance If You Are 50 or Over
If you are shopping for the best premium rates on no medical exam life insurance coverage, we can help. Pick up the phone and give us a call.
We work with many of the best life insurance carriers in the industry today, and can provide you with all of the details that you need. We will tell your options and give you the pros and cons of each of your choices. We’ll give you the good, the bad, and the ugly of each option, so that you can make the best choice for you.
We will also let you know your options if you take a medical exam as well as the options you have available to you if you don’t. You will be able to see your option just like the example below with the chart for the healthy 50 year female looking for a $250,000 10 year term policy.
50 Year Old Healthy Female - $250,000 - 10 year term - Sample Rates
Medical Exam Required? Medical Records Needed? Time to Process Application Monthly Premium
Option #1 Yes Usually Approximately 4-6 weeks $25
Option #2 No Usually Approximately 3-5 weeks $28
Option #3 No No A few days, possibly a few hours $37
To proceed, just take a brief moment to fill out the quote form on the side of this page.
If you have any additional questions about purchasing a no medical exam policy for those who are over 50, again please feel free to give us a call. We are here to help.