To make our list of the best no exam life insurance companies 2016 we looked at price, ratings, and approval time. The companies on our list do offer the lowest rates in America on no medical exam term life insurance in 2016. Some of the companies are household names while the others may not be as well-known. However, all of the companies on our list have an excellent financial rating or better from the number one rating agency A.M. Best.
Why choose a no exam life insurance policy in 2016?
There are two reasons people typically choose a no exam life insurance policy over a fully underwritten policy. First is the exam itself. The life insurance paramed exam is quick and easy and takes about 20 minutes at your home or office. However, some have issues with needles, albeit the blood sample is the same as when you go to your doctor for a checkup. So for these individuals, a no exam policy is great alternative. Secondly, there is a time crunch and one needs the policy ASAP. The normal underwriting time on a fully underwritten policy is about a month with some getting approved quicker and others taking longer. For individuals who don’t have the option to wait several weeks for an approval, such as those applying for an SBA Loan and need to collateral assign the beneficiary to the bank or for those who have a divorce decree and need to show the court ASAP they have insurance then the no exam policy is great.
What else you need to know about no exam life insurance in 2016
While bypassing the medical exam when applying life insurance policy is more convenient, it’s also more expensive than if you went the traditional route and took the health exam. Additionally, the available coverage on no exam policies is limited. The most amount of coverage available, depending on the company, is typically up to $250,000 to $400,000. Moreover, there aren’t as many companies that offer no exam life insurance as there are that offer traditional fully underwritten.
A common misconception that many people have in regards to no exam life insurance is that it’s easier medically to get approved than traditional fully underwritten life insurance. The application process for no medical exam coverage still includes health and life style questions and all the insurance companies will check the prescription medication database, motor vehicle database and the MIB-Medical Information Bureau.
So Who Are Best No Exam Life Insurance Companies 2016?
ANICO- American National Insurance Company Founded: 1905 Rating: A Excellent
ANICO has the best prices on no exam life insurance rates in 2016, most of the time. ANICO offers coverage from $50,000 to $250,00 and term lengths of 10, 15, 20 and 30 years. Applicants are eliagable to apply from 18 to 65. For more information see our ANICO review.
Sagicor Life Insurance Company Founded: 1840 Rating: A- Excellent
Sagicor will typically have the best rates in the country for no medical exam life insurance if you qualify for their preferred rating class in 2016. Sagicor offers no exam coverage from $50,000 to $399,000k and term lengths of 10, 15 and 20 years. Issue ages are up to age 65. For more information read our review of Sagicor.
Assurity Life Insurance Company Founded: 1890 Rating: A- Excellent
Assurity is a popular no exam life insurance company. Assurity offers no exam coverage from $50,000 to $350,000 with term lengths of 10, 15, 20 and 30 year term options and issue available up to age 65. For more information see our Assurity review.
Transamerica Life Insurance Company Founded: 1930 Rating: A+ Superior
Transamerica is one of the largest life insurance companies in America. They offer no exam life insurance for $25,000 up to $249,000 on 10, 15, 20 or 30 year terms. Their no exam rates are competitive but it’s not available in all states. For more information see our Transamerica review.
Mutual of Omaha Founded: 1909 Rating: A+ Superior
Mutual of Omaha (United of Omaha) has some of the best rates on traditional term life insurance in 2016 and they also have competitive rates on no exam insurance as well. They offer up $400,000 without an exam and term lengths of 10, 15, 20 and 30 years. For more read our Mutual of Omaha review.
Minnesota Life Founded: Rating: A+ Superior
Minnesota Life has excellent rates no exam life insurance coverage. They offer no exam protection from $100,000 to $249,000 up to age 55 on 10, 15, 20 or 30 years. For more information see our Minnesota Life review.
MetLife Founded: 1868 Rating: A+ Superior
MetLife is one of the largest and well-known life insurance companies in America. MetLife offers a no exam policy up to $100,000 that is available for those 70 or under. For more information read our MetLife review.
AAA Life Insurance Company Founded: 1969 Rating A- Excellent
AAA has a popular no exam policy called the ExpressTerm and offers coverage between $25,000 up to $2500,000 on and term lengths of 10, 15,20,25 and 30 for ages 18-75.
Principal National Life Insurance Company Founded: 1890 Rating: A+ Superior
Principal is the only company in the country that offers up to $1 million dollars in life insurance without and exam. The term lengths available are 10, 15, 20 or 30 years for ages 18 to 60. To be eligible for the $1,000,000 no medical exam policy you have to qualify for their preferred or preferred best rating class. For more information on read our Principal review.
No Exam Life Insurance Prices 2016
Below are the sample monthly rates for a 45 year male no exam life insurance quote:
$100,000 no exam life insurance policy on a 20 year term:
Sagicor- Preferred Rate: $28.04
Minnesota Life: $33.79
Sagicor Standard Rate: $37.29
Mutual of Omaha: $49.66
$200k no exam life insurance policy on a 10 year term:
Sagicor- Preferred Rate: $30.87
Minnesota Life: $39.60
Sagicor- Standard Rate: $44.36