Best life insurance without medical exam in 2022
The cost of a policy without medical examination varies according to:
- The insurer
- Applicant’s age
- The amount of the death benefit
Due to the additional risk taken by an insurance company in writing a policy without examination, premiums are always more expensive than they would be for a policy of the same size but medically underwritten. Again, how much more depends on the type of policy.
For a $500,000 no-exam policy with a 20-year term, the typical cost for a 35-year-old male non-smoker ranges from $21 to $60 per month. The same policy with a medical exam and medical underwriting will likely cost $21 per month.
Warning word: Insurance companies advertise their lowest possible premiums. The example above represents an “ideal” candidate. In other words, few will be entitled to the lowest fares. When it comes to no-exam policies, it’s best to look at the higher rates on the scale to get an idea of the cost of coverage.
Some insurance companies only offer term life insurance policies, while others will only underwrite a no-exam policy if it is a permanent whole life policy. Learning the difference between term life insurance and whole life insurance can help a policy hunter make a better decision.
For a relatively healthy person, giving an insurance company access to medical records and undergoing a life insurance medical exam can lead to cheaper and sometimes even cheap life insurance options. Yet, when someone needs insurance coverage but has a medical condition that would make it difficult to pass a medical exam, a no-exam policy offers an alternative that can give them peace of mind.
Here are the rates for four different people with Haven Life, each in excellent health and looking for a 15-year policy with a death benefit of $500,000 (the maximum allowed by a Haven policy with no exam).