Haris Ashley
No-exam life insurance is a convenient option for young, healthy people who value convenience, or those with health issues that could prevent them from getting a fully underwritten policy. While these policies can be more expensive, they offer guaranteed acceptance regardless of your health, and some only require you to answer a few health questions to qualify for coverage. Investopedia experts found Penn Mutual to be the best no-exam life insurance company, as it offers accelerated underwriting on all of its products and has the highest coverage amounts. Other highly-rated no-exam life insurance companies include State Farm, Mutual of Omaha, and Nationwide.
| Characteristics | Values |
|---|---|
| Best no-exam life insurance company | Penn Mutual |
| Reason | Offers accelerated underwriting on all products and has the highest coverage amounts |
| Runner-up | Nationwide's Life Essentials |
| Reason | Offers death benefits up to $1.5 million, online application, and quick application process |
| Other options | State Farm, Mutual of Omaha |
| Other features | Some policies guarantee acceptance regardless of health, while others require you to answer health questions |
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What You'll Learn
No-exam life insurance for young, healthy people
No-exam life insurance is a good option for young, healthy people who value convenience. While these policies can be more expensive, they can be a good choice for those who want to avoid a full medical exam.
Investopedia experts found Penn Mutual to be the best no-exam life insurance company, as it offers accelerated underwriting on all of its products and has the highest coverage amounts. Penn Mutual will waive the exam requirement for eligible applicants who apply for $10 million or less in coverage, including people 65 or younger.
Nationwide's Life Essentials term life policy offers death benefits up to $1.5 million, the highest in its rating. However, applicants for this policy can be no older than 55. State Farm offers no-exam policies for those up to 80 years old, while Mutual of Omaha offers them for people up to 85. Mutual of Omaha's Term Life Express policy offers coverage up to $300,000 and can be converted into a permanent life insurance policy, while its Living Promise policy provides whole life insurance up to $50,000 for those up to 100 years old.
Some no-exam life insurance policies guarantee acceptance regardless of your health, while others require you to answer health questions to qualify for coverage.
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No-exam life insurance for people with health issues
No-exam life insurance is a good option for people with health issues who may struggle to get a fully underwritten policy. While these policies can be more expensive, they are a good choice for those who value convenience.
Investopedia experts found Penn Mutual to be the best no-exam life insurance company. This is because it offers accelerated underwriting on all of its products and has the highest coverage amounts. Penn Mutual will waive the exam requirement for eligible applicants who apply for $10 million or less in coverage, including people 65 or younger.
Nationwide's Life Essentials term life policy offers death benefits up to $1.5 million, the highest in its rating. However, applicants for this policy can be no older than 55. State Farm's no-exam policies, on the other hand, are available to people up to the age of 80. Mutual of Omaha's policies are available to people up to the age of 85, but you will have to complete a health questionnaire.
Some policies guarantee acceptance regardless of your health, while others require you to answer a few health questions to qualify for coverage.
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No-exam life insurance with extensive coverage
No-exam life insurance is a good option for young, healthy people who value convenience, or those with health issues that might prevent them from getting a fully underwritten policy. Some policies guarantee acceptance regardless of your health, while others require you to answer a few health questions to qualify for coverage.
Investopedia experts found Penn Mutual to be the best no-exam life insurance company because it offers accelerated underwriting on all of its products and has the highest coverage amounts. Penn Mutual will waive the exam requirement for eligible applicants who apply for $10 million or less in coverage, including people 65 or younger and those who want a permanent life insurance policy.
Nationwide's Life Essentials term life policy offers death benefits up to $1.5 million – by far the highest in its rating. However, applicants for the Life Essentials policy can be no more than 55 years old, compared to 80 for State Farm's no-exam policies and 85 for Mutual of Omaha's. You also have to answer health questions for Nationwide's policy, and you can't customise it with riders.
Mutual of Omaha offers three no-exam policies, although you'll have to complete a health questionnaire for all of them. The Term Life Express policy offers coverage up to $300,000 and can be converted into a permanent life insurance policy. The Living Promise policy provides whole life insurance up to $50,000 and offers coverage until the policyholder turns 100 years old. The third option is the Children's Whole Life policy, but it's only available for children between the ages of 14 and 17. Chronic and terminal illness riders are available for Term Life Express and Living Promise policies.
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No-exam life insurance for people over 55
No-exam life insurance is a good option for people who want to avoid the hassle of a medical exam or who have health issues that could prevent them from getting a fully underwritten policy. While these policies can be more expensive, they are convenient and can offer extensive coverage.
Investopedia experts found Penn Mutual to be the best no-exam life insurance company, as it offers accelerated underwriting on all its products and has the highest coverage amounts. Penn Mutual will waive the exam requirement for eligible applicants who apply for $10 million or less in coverage, including people 65 or younger.
Nationwide's Life Essentials term life policy is another option that offers death benefits up to $1.5 million. However, applicants for this policy can be no older than 55. State Farm also offers no-exam policies with coverage up to $15,000, but you'll need to speak to an agent as online applications aren't available. Mutual of Omaha has three no-exam policy options, but you'll have to complete a health questionnaire for all of them.
When choosing a no-exam life insurance policy, it's important to consider your age, health, and the coverage amount you need. Some policies may offer extensive coverage but have age restrictions, while others may be more flexible with age but require you to answer health questions. It's also worth noting that some companies, like Penn Mutual, may waive the exam requirement for eligible applicants, so be sure to research your options thoroughly.
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No-exam life insurance with online applications
No-exam life insurance is a good option for young, healthy people who value convenience, or those with health issues that could prevent them from getting a fully underwritten policy. Some policies guarantee acceptance regardless of your health, while others require you to answer a few health questions to qualify for coverage.
Investopedia experts found Penn Mutual to be the best no-exam life insurance company because it offers accelerated underwriting on all of its products and has the highest coverage amounts. Penn Mutual will waive the exam requirement for eligible applicants who apply for $10 million or less in coverage, including people 65 or younger and those who want a permanent life insurance policy.
Nationwide's Life Essentials term life policy offers death benefits up to $1.5 million, the highest in its rating. Unlike other companies, Nationwide lets you apply for this policy online and claims it will only take about half an hour. However, applicants for the Life Essentials policy can be no more than 55 years old, compared to 80 for State Farm's no-exam policies and 85 for Mutual of Omaha's. You also have to answer health questions for Nationwide's policy, and you can't customise it with riders.
State Farm does not offer an online application, but it does provide three no-exam policies, although you'll have to complete a health questionnaire for all of them. The Term Life Express policy offers coverage up to $300,000 and can be converted into a permanent life insurance policy. The Living Promise policy provides whole life insurance up to $50,000 and offers coverage until the policyholder turns 100 years of age. The third option is the Children's Whole Life policy, but it's only available for children between the ages of 14 and 17. Chronic and terminal illness riders are available for Term Life Express and Living Promise policies.
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Frequently asked questions
Investopedia experts found Penn Mutual to be the best no-exam life insurance company because it offers accelerated underwriting on all of its products and has the highest coverage amounts.
Nationwide's Life Essentials term life policy offers death benefits up to $1.5 million – by far the highest in this rating.
State Farm offers no-exam policies for people up to 80 years old, while Mutual of Omaha offers no-exam policies for people up to 85 years old.
Penn Mutual will waive the exam requirement for eligible applicants who are 65 or younger.
