Best No-Exam Life Insurance Of June 2023

A no-exam life insurance policy may not be able to provide the full coverage amount you need, especially if you’re looking to cover many working years or the years of raising a family.

Before you start getting life insurance quotes, calculate how much life insurance you need. A no-exam policy alone may not be able to provide sufficient coverage.

Getting life insurance without a long application process is appealing, but don’t jump into a no-exam life insurance application without understanding your chances of getting approved. Many no-exam policies require very good or excellent health for approval. A denial goes on your insurance record and could hinder future applications.

Don’t be surprised if you end up doing a more traditional application process, including a life insurance medical exam if you’ve had some health issues.

Of course you don’t want to overpay for life insurance, but research more than cost. There are coverage options that can be very valuable long after you buy the policy, such as the option to convert term life to permanent life insurance. Also, look at whether there’s an accelerated death benefit, which gives you access to money from your own death benefit if you become terminally ill.

No matter what type of life insurance you’re applying for, be thorough and truthful on the application.

“Pay attention to each question carefully and be ready to respond with information around specific medical conditions you have. Giving more detailed information will help streamline the process as well as get a more accurate underwriting decision,” says Tavan of Legal & General America.

Intentional misrepresentations can lead to application denials or, worse, denial of a claim after you pass away. Life insurance companies have many ways to verify application information. Technology on the backend allows them to verify data from additional sources.

If the company rejects you for no-exam life insurance because of your health, don’t give up your life insurance search. If you need life insurance, you likely have other routes.

Looking for traditional term life insurance? See Forbes Advisor’s ratings of the best term life insurance.

Confusion as realtors rush to give MahaRERA’s exam

Mumbai: On January 10, a directive was issued by Maharashtra Real Estate Regulatory Authority (MahaRERA) mandating all property agents to undergo an exam and acquire a certificate from the authority to offer professional services before September 1, 2023. The authority also introduced a training programme to prepare realtors for this exam – the idea being that the training and certification would promote consistent practices, improve realtors’ knowledge of regulatory frameworks and ensure that agents are professionally qualified to assist home buyers. Although there is significant support for the initiative, a notable number of agents remain unaware of the certification requirement, and a considerable portion mistakenly assume that their existing MahaRERA certification exempts them from taking the exam. Moreover, the issue of a low passing grade raises concerns about the effectiveness and purpose of the entire process.

Earlier this year, MahaRERA reported that there are 5,756 stalled projects in the state. While under-construction projects offer cost advantages to buyers, fostering trust in the industry and the system is crucial to reinstating buyer confidence. The MahaRERA certification may, thus, be the need of the hour. Many of the realtors that HT spoke to were well aware of this.

The entire team at Nagarwalla Estates, with operations across Mumbai and its head office in Napeansea Road, has been training for the agents’ exam through a 20-hour online course, and many of the agents have already appeared for it, says Karl Nagarwalla. “The exam is mandatory for anyone in the industry who operates in or plans to operate in the primary sale market, i.e., transactions made directly with the developer – the certificate of completion will allow you to deal in ‘under construction’ properties,” Nagarwalla explains.

“Our business relies heavily on goodwill and relationships. And most of the buyers who come to us want ready properties, where they can see what they’re getting rather than having to wait for five years to do so,” says Nagarwalla, who shares that when it comes to primary sales the firm only works with select developers as they want to ensure that “buyers are secure”.

The MahaRERA directive has been welcomed by agents like these who feel the training programme and exam will help them dive deep into the technicalities of the RERA Act.

Vinita Saxena, an independent broker with over two decades of experience, who specialises in high-ticket luxury properties and heritage properties, adds that the certification is particularly important in India as it’s an unorganised sector and “people start operating as brokers here almost on a whim.” This certificate is valid for five years, at the end of which the brokers have to sit for the exam again.

But at least seven independent brokers HT spoke to – in Matunga, Mahim, Dadar and Bandra – said they had no idea about any such exam or requirement. “I have my MahaRERA certification already; I received it two years ago, so I don’t need to do all this. This is for new entrants into the industry,” said one Mahim-based broker.

Santosh Hinduja, a realtor who has his head office in Opera House and focuses primarily on commercial real estate in and around that area told HT that the RERA-certification these brokers are referring to was very easy to get. “You had to fill a form with some basic KYC details and information about your practice and that was it. It was a registration process really, but it was also mandatory, and like with the current certification, it needed to be revalidated every five years.”

The new course curriculum – which has been chalked out by MahaRERA – includes an introduction to Real Estate (Regulation and Development) Act 2016 (RERA) and to MahaRERA, an understanding of the MahaRERA portal as well as the responsibilities of agents, allottees and promoters; it also spells out what due diligence is required when agents facilitate the sale of properties along with details of the sales process, the forms, agreements, and how real estate calculations are made.

Hinduja, who has yet to enroll for the training programme, is unfazed by this. “It will hold no surprises for those of us who have been actively working in the line,” he says.

The problem is that with a passing grade set at a low 40% and an exam format based on multiple-choice questions, the exam may pose no challenge for anyone at all. In fact, it is likely that most agents will pass easily, which could potentially undermine the value of the certificate.

But many, like Saxena, believe this initiative is a step in the right direction. “Agents will now have to be extra careful when they scrutinise the paperwork,” she says. “Equipped with all the necessary knowledge on the subject, they’d need to be absolutely sure of what they’re proposing to potential buyers – which is great,” says Saxena.

Best No Medical Exam Life Insurance of June 2023

Our experts answer readers' insurance questions and write unbiased product reviews (here's how we assess insurance products). In some cases, we receive a commission from our partners; however, our opinions are our own.

Many of the best life insurance companies offer no-exam life insurance, which has the obvious appeal of skipping medical exams. But don't conflate no medical exam with no medical history.

Even the most liberal underwriters evaluate risk based on preexisting medical conditions and other known risk factors. So as an applicant, you might answer many of the same questions you would for a standard life insurance policy.

You just don't have to set aside time to check your blood pressure, cholesterol, and other health markers with a licensed medical professional. For older applicants, this could mean skipping more invasive tests like an EKG. We're here to clear up common misconceptions and help consumers find the best no medical exam life insurance options.

Haven Life

JD Power Customer Satisfaction Rating

780

AM Best Financial Strength Rating

A++

Haven Life

JD Power Customer Satisfaction Rating

780

AM Best Financial Strength Rating

A++

compare policies and quotes with Haven Life

Haven Life

compare policies and quotes with Haven Life

Details

JD Power Customer Satisfaction Rating

780

AM Best Financial Strength Rating

A++

Pros

Cons

AARP Life Insurance

AARP Life Insurance

compare policies and rates with Policygenius

AARP Life Insurance

compare policies and rates with Policygenius

Pros

Cons

USAA Life Insurance

JD Power Customer Satisfaction Rating

881

AM Best Financial Strength Rating

A++

USAA Life Insurance

JD Power Customer Satisfaction Rating

881

AM Best Financial Strength Rating

A++

compare policies and rates with Policygenius

USAA Life Insurance

compare policies and rates with Policygenius

Details

JD Power Customer Satisfaction Rating

881

AM Best Financial Strength Rating

A++

Pros

Cons

More Information

Prudential Life Insurance

JD Power Customer Satisfaction Rating

773

AM Best Financial Strength Rating

A+

Prudential Life Insurance

JD Power Customer Satisfaction Rating

773

AM Best Financial Strength Rating

A+

compare policies and rates with Policygenius

Prudential Life Insurance

compare policies and rates with Policygenius

Details

JD Power Customer Satisfaction Rating

773

AM Best Financial Strength Rating

A+

Pros

Cons

Ethos Life

JD Power Customer Satisfaction Rating

Not Rated

AM Best Financial Strength Rating

A

Ethos Life

JD Power Customer Satisfaction Rating

Not Rated

AM Best Financial Strength Rating

A

compare policies and rates with Policygenius

Ethos Life

compare policies and rates with Policygenius

Details

JD Power Customer Satisfaction Rating

Not Rated

AM Best Financial Strength Rating

A

Pros

Cons

Mutual of Omaha Life Insurance

JD Power Customer Satisfaction Rating

795

AM Best Financial Strength Rating

A+

Mutual of Omaha Life Insurance

JD Power Customer Satisfaction Rating

795

AM Best Financial Strength Rating

A+

compare policies and rates with Policygenius

Mutual of Omaha Life Insurance

compare policies and rates with Policygenius

Details

JD Power Customer Satisfaction Rating

795

AM Best Financial Strength Rating

A+

Pros

Cons

AAA Life Insurance

JD Power Customer Satisfaction Rating

844

AM Best Financial Strength Rating

A

AAA Life Insurance

JD Power Customer Satisfaction Rating

844

AM Best Financial Strength Rating

A

compare policies and rates with Policygenius

AAA Life Insurance

compare policies and rates with Policygenius

Details

JD Power Customer Satisfaction Rating

844

AM Best Financial Strength Rating

A

Pros

Cons

The coverage and riders offered are vital parts of our evaluation. We also look at the speed of payouts, customer satisfaction, and financial strength ratings. All of these factor into the immediate and long-term performance of the life insurance companies we review.

If you're looking for more information about a specific life insurer, our individual reviews offer a deep dive into individual policies, riders, and more. The same considerations are used for all competitors to ensure readers have the edge to make informed decisions in an ever-changing market.

See our insurance rating methodology for more details.

Life insurance companies have introduced living benefits/accelerated death benefits and other options to use policies as investment tools. As the name suggests, death benefits do not pay until after the buyer's death. Regardless, Personal Finance Insider knows how important it is to identify the right insurance company for your needs.

All insurance reviews and articles are fact-checked, and rates are checked at the time of our review. Our responsibility is to our readers, which means providing the most accurate information to guide you in the right direction. Our editor's ratings are based on insurance guidelines, performance, and more.

A no medical exam life insurance policy could be right for you if you're able to qualify and don't need special coverage. These policies are the easiest to get for young applicants with no significant health issues. Older applicants can buy with some companies, but acceptance is not guaranteed. No medical exam policies offer less coverage with higher premiums in most cases. If you do not qualify for the no medical exam policy you want, insurance agents can help you explore alternatives. 

No medical exam means life insurance companies will not check your blood pressure, cholesterol, etc. However, companies have access to prescription history and other personal records, and underwriters base decisions partly on this history.

You'll have to decide whether you prefer a whole or term policy based on your situation if you're getting no medical life insurance. A term policy has an expiration date, and extensions or conversions to a whole life policy are not guaranteed. If anything, your rate may be higher if you try to convert your policy. The insurer looks at you just as it would any other applicant of your age, health, etc. A whole life policy locks in premiums and payouts.

There are alternatives to a new medical exam life insurance policy. Insurance agents can quote you medical exam policies if you're denied a no medical exam option. An experienced agent may be able to assess your application before starting the process to avoid official denials. If you're concerned about premium limits, you can explore options like IUL (indexed universal life) for permanent life insurance that increases your benefit as long as you make premium payments.

A no medical exam life insurance policy may hold a certain appeal for older applicants and those in failing health. However, the life insurance market is the opposite of what you might expect. These policies are best for young people (typically under 50 years old) in good health. The no medical exam process is often more efficient, streamlining your approval, and life insurance companies can only do this with low-risk applicants.

If a provider sees red flags that might disqualify you, it won't necessarily prevent you from getting coverage. Instead, the agent would most likely offer to run more conventional life insurance quotes for you.

Haven Life

Haven Life offers term policies for healthy adults with limits as high as $3 million. For those who prefer to avoid a medical exam, the limit is $500,000. The Haven Simple no medical exam policy is available in all states except California, Delaware, South Dakota, North Dakota, and New York. All applications are filed online. Accelerated death benefits are available with this policy if you become disabled, and riders can be added to eliminate future payment obligations if you become disabled.

Haven Life exclusively sells online policies with limited payouts. So if you're looking for larger benefits, extensive financial planning, or agent support, it may not meet the mark. However, its quick online application and ease of use has significant appeal for many people.

Haven Life Insurance Review

AARP

AARP caters to senior clients for insurance and many other financial products. Older adults between 50 and 74 may qualify as long as they are AARP members. Term policies are available with limits up to $150,000 in most states. Montana and New York residents may be eligible for up to $100,000. Whole life policy limits max out at $25,000.

Whole life policies can be issued without any health exams or medical questions. The term policies, on the other hand, may ask some health questions.

AARP Life Insurance Review

USAA

Military members and their immediate family members may qualify for competitive banking, insurance, and other financial services through USAA. Pricing is lower, payouts are higher, and customer service is strong. Of course, these services are only available to military and qualifying family members. For the children of a deceased military member to use any USAA products, the military member would need to be signed up before their death.

Guaranteed whole life policies are available in 49 states, excluding Montana. USAA life insurance coverage is available from $2,000 to $25,000 with no medical exam or questions. Applicants who want higher coverage limits can explore medical exam policy options with a licensed agent.

USAA Life Insurance Review

Prudential

Prudential offers up to $3 million in coverage for term life policies. Adults up to 60 years old are eligible for coverage with a short application involving some medical questions. For younger applicants, conversion options may also be available later to make term policies into whole life policies. However, due to the higher limits, Prudential's application process may also be longer.

Prudential Life Insurance Review

Ethos Life

One of the benefits of term life insurance is lower premiums for higher coverage. No medical exam life insurance is no exception. Like no medical exam policies, term policies are geared toward younger applicants looking to save money. Ethos Life accepts applicants up to age 65 with a 100% online application process. Limits are as high as $2 million.

Ethos Life asks a few basic medical questions, but coverage is effective immediately once approved. In addition, every customer buying policies like this from Ethos Life is eligible for a 30-day look period, which is another way to say you can cancel and get your money back in the first 30 days with no penalties.

Ethos Life Insurance Review

Mutual of Omaha

Mutual of Omaha has high financial stability and customer satisfaction ratings across different types of insurance. Guaranteed life policies are available for adults between the ages of 45 and 85. In New York state, the age range is 50-75. Policies can be as small as $2,000 in most states and as large as $25,000 with no health questions or medical exams.

Mutual of Omaha's no medical exam policies have a graded death benefit. If you die within two years of the policy start date, the company will not pay the full policy. Instead, it delivers 110% of the premiums paid. The Mutual of Omaha website boasts same-day payouts on most policies. Policies for children are also available.

Mutual of Omaha Life Insurance Review

AAA

AAA offers immediate death benefits for qualified applicants between 18 and 75. In other words, once your policy starts, you are eligible for the full policy benefit. Policies are available with limits as low as $25,000 and as high as $500,000. While a medical exam is not required, health questions are.

AAA offers term policies with limits as high as $500,000. For a whole life policy, the limit is $25,000. But applicants can add a rider doubling the payout for accidental death coverage. Younger people have no waiting period for benefits. For applicants over age 45, AAA pays out 130% of the premiums paid up to the date of death for the first two years.

Particularly when choosing life insurance, customization is critical. Buyers don't need to add every rider, but a little research goes a long way in selecting the right company. Some applicants will not qualify for a no medical exam life insurance policy. A life insurance agent can help you run quotes that make sense for you. Then agents can offer realistic insurance policy options and review the costs and benefits of each.

Asking friends and family which insurance agent they use could be your first step to finding the right life policy. Factors like age, medical history, and financial goals play key roles in your decision. So we do not recommend asking loved ones about individual policies. Instead, let a qualified insurance professional find the best policies for you.

Lina Roby

Insurance Editor, LIA, MLO

Evelyn He

Compliance Associate

Evelyn He is a compliance associate at Insider who supports the Personal Finance Insider team. Personal Finance Insider is Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Insider readers already know and love. The compliance team's mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team. Before joining Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries.    Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst.  Outside of work, she enjoys spending time with her 14-year-old Shih Tzu named Money, and her 4-year-old Bichon named Tibber.