7 best companies for no-medical-exam life insurance
If you’re looking for the best companies for no-medical-exam life insurance, you’re in the right place. Below, you’ll find a closer look at the top options.
Bestow offers life insurance policies online. The fast application process doesn’t require an exam, but you’ll have to answer lifestyle and health questions. With the short application, you can complete this item on your to-do list in a matter of minutes.
You can pay online to start coverage immediately following your approval. Healthy applicants might find coverage starting at just $11 per month. You need to be between the ages of 18 and 60 to apply. You can apply for $100,000 to $1.5 million in coverage, with term lengths of 10, 15, 20, 25, and 30 years.
Bestow has earned 4.5 out of 5 stars on Trustpilot. Most reviewers highlight a positive experience.
Ladder: Best for adjustable coverage
Ladder offers affordable life insurance policies that start at around $5 per month. If you don’t want to complete a medical exam, you can apply for between $100,000 to $3 million in coverage. You’ll answer a few questions about yourself to take the place of a medical exam.
You need to be between the ages of 20 and 60 years old to be approved, and the company issues term life insurance policies of 10, 15, 20, 25, and 30 years. Older applicants, however, will face term length limitations. For example, a 60-year-old applying for coverage can only obtain a 10-year term.
If approved, you can get coverage in a matter of minutes. Once you have your policy with Ladder, you have the option to apply for more or less coverage along the way for free. If you lower your coverage, you’ll likely pay a lower monthly premium.
A Trustpilot rating of 4.8 out of 5 stars indicates that many customers are satisfied with coverage from Ladder. The company provides you coverage options to adjust as your life insurance needs change.
USAA: Best for short-term life insurance
Though USAA often limits its customer base to those with a military association, that’s not the case for life insurance. Anyone between the ages of 21 and 35 can apply for USAA’s Essential Term Life Insurance policy, except for New York residents.
The application process involves a few medical history and lifestyle questions. If approved, you’ll have $100,000 in coverage. However, the policy will expire when you turn 39. The limitations of this policy make it work best for those with limited coverage needs. USAA earned an A++ rating from A.M. Best, which is a top mark for financial strength.[3]
Haven Life: Best for convenient online application
Haven Life offers a no-medical-exam policy option called Haven Simple. Instead of completing a medical exam, you can apply online by answering a few questions about your health. The coverage limits range from $25,000 to $500,000. And the term lengths available include 5, 10, 15, and 20 years.
Anyone from the age of 20 to 55 can apply. Once approved, you can finalize your coverage by paying in a matter of minutes. One drawback is that this policy isn’t available to residents of California, Delaware, South Dakota, North Dakota, or New York.
Haven Life has earned 4.4 out of 5 stars on Trustpilot and an A++ A.M. Best rating.
State Farm: Best for working with an agent
State Farm requires policyholders to purchase Instant Answer Term Insurance through an agent’s office. You’ll have someone available to guide you through the process, but you won’t be able to complete an online application.
You don’t need to submit to a medical exam, but State Farm’s Instant Answer Term Insurance offers a maximum death benefit of $50,000. The policy only offers coverage for a maximum of 10 years, or until you turn 50.
State Farm has earned an A++ rating from A.M. Best, which indicates significant financial strength.[4] Despite the low maximum coverage, it might be the right choice for those covering final expenses or paying off a specific loan.
Transamerica: Best for older applicants
Transamerica stands apart from other companies in terms of applicant ages. Anyone between the ages of 18 and 80 can apply for a no-medical-exam insurance policy through the company. The coverage levels available range from $25,000 to $2 million, with term length options of 10, 15, 20, 25, and 30 years.
The company also offers a slew of insurance riders. For example, you could add a monthly disability income rider to supplement your own income after developing a disability. The big selection of riders allows you to customize the policy to suit your needs.
With an A rating from A.M. Best, Transamerica is in a good position to pay out promised claims.[5]
Ethos: Best for low minimum policy values
Ethos offers a fast online life insurance application process. You can apply for policies ranging from $20,000 to $2 million in coverage. The ability to opt for a low coverage amount will give you the customized coverage you need without exceeding your budget.
Terms lengths include 10, 15, 20, and 30 years. Anyone between the ages of 20 and 85 can apply for coverage. You’ll know in a matter of minutes whether you’re approved.
Ethos has earned 4.7 out of 5 stars on Trustpilot, which indicates that many customers have a pleasant experience with the company.
Methodology
The companies for this list were selected by comparing coverage options, customer review sites, medical exam requirements, ease of application process, and more. Ultimately, the companies above made the cut for the best no-medical-exam life insurance companies.
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