A Guide to Finding Affordable Life Insurance with No Medical Exam

a doctor performing a medical exam on a life insurance policy underwriting patient

No medical life insurance can allow you to apply for and get a policy without undergoing a routine medical exam. It might seem like the best fit for you, until you see your quote. In many cases, the convenience of a no exam policy can be costly if you aren’t careful. 

Here’s what you need to know about the cost of no medical life insurance and how to find affordable life insurance with no medical exam.

Table of Contents

What is No Medical Exam Life Insurance

No medical exam life insurance is a type of policy that doesn’t require you to have a health screening as part of the underwriting process. But here’s the thing: a “no medical exam” policy isn’t a type of policy at all. 

You can get life insurance without a medical exam, even if the insurer doesn’t advertise it as a “no exam” policy. That means you could get all the benefits of no exam life insurance without paying higher premiums.

Factors that Affect the Cost of No Medical Exam Life Insurance

What affects your life insurance quote? A lot of factors go into the cost. You have some control over a few aspects, while others you can’t control.

Life Insurance Cost Factors You Can Control Life Insurance Cost Factors You Can’t Control
Your health
Tobacco use
Criminal history
Financial history
Coverage amount

Your age and gender are two primary influencers of life insurance premiums, and you can’t control those. 

But you can watch your weight and make healthy lifestyle choices like staying away from tobacco, practicing safe driving to avoid violations, choosing hobbies and occupations that are low risk and being financially responsible to avoid bankruptcies.

How Much Does No Exam Life Insurance Cost?

The number one reason people give for not buying life insurance is cost — many think it’s too expensive. But more than half of Americans overestimate the price of life insurance three-fold, according to LIMRA.  

Generally speaking, insurance companies that advertise “no medical exam” are taking a bigger risk by issuing you a policy because they don’t know your medical history or health conditions. And higher risk means higher premiums. 

To put the cost into perspective, let’s compare a 20-year term policy from SBLI that doesn’t include a medical exam as part of their underwriting process with the average cost of a term policy from Legal & General that may or may not require a medical exam. 

Policy Amount SBLI Price Quote Legal & General Price Quote
$1 Million

*Rates were quoted on 6/28/2022 for a 35-year-old female of average health who doesn’t use nicotine products.

How to Get a No Medical Exam Life Insurance Quote

The best way to get affordable life insurance with no medical exam is to shop around. You’ll have an easier time finding cheap life insurance if you work with a company that partners with several insurers. This way, you provide your information once and get matched with the best policy for your age, health and other factors.

If you are looking for a policy that only provides no medical exam coverage, you must be prepared to pay a higher premium. But remember that “no exam” policies are possible even if it isn’t advertised as such.

Jake's Take

"You can pay more for policies that advertise as not needing a medical exam, but it’s worth shopping around, as you won’t always pay more for the convenience of skipping that step. Also, there is less of a price difference on smaller policies compared to bigger policies. And in some cases, especially for policies $500,000 or below, you may discover many options where there’s no extra cost at all."

Tips to Get Affordable Life Insurance with No Medical Exam

The easiest way to save on life insurance is to opt for a company that doesn’t advertise policies without medical exams. It might be the best-kept secret in life insurance: You can still buy life insurance without having a medical examination, even if it isn’t advertised as a “no exam” policy.

In other words, you get all the benefits of life insurance without paying higher premiums. Look for products described as offering “Accelerated Underwriting.”

You can also look for ways to cut costs on your life insurance premium, such as:

  • Get term (not permanent) insurance
  • Work with a company that can pull quotes from multiple insurers
  • Take good care of your health
  • Pay annually (paying premiums up front could be risky — it’s well documented that annual payors lapse at significantly higher rates than those who pay monthly)
  • Don’t buy more coverage than you need (overpaying is counterproductive to most people’s financial goals — every dollar you put toward insurance can’t go toward your standard of living)
  • Use term laddering to align your coverage to your actual need over time [ed. Provide link to blog article that explains this better]

Related: Why It Makes Sense for Life Insurance Coverage to Decrease Over Time

Jake's Take

"Products are evolving quickly, so be sure whoever you are relying on for advice is up to date. This is not your dad or mom’s life insurance market anymore: there are cases where people are getting instant approval at the lowest rates. It’s very much case-by-base, but life insurance can be much more convenient and affordable for you than it was for your parents… if you know where to look."

Should You Get No Exam Life Insurance?

No medical exam life insurance is a big draw for some people, especially those with chronic health conditions or an extensive medical history. It can be more convenient to skip the health exam. However, it isn’t easier to qualify for compared to a policy that may require a medical exam as part of the underwriting process.

You don’t have to pay high premiums to get covered without a medical exam. Many of our policies have underwriting guidelines that don’t require one and we’ll let you know before you apply. Get a quote today and see how much you could save.

Disclaimer: The comments, opinions, and analyses expressed at Everyday Life are for informational purposes only and should not be considered individual investment, legal or tax advice.

Thank you!

Here is your personal referral link.

Share it with your friends!