Cheap Life Insurance Without Medical Exams in 2024 (Save Wit…

The top picks for cheap life insurance without medical exams are MetLife, Bestow, and Erie, known for their competitive coverage options.

These companies offer policies that provide peace of mind quickly and with minimal hassle, bypassing the need for traditional medical screenings.

Learn more in our “Types of Life Insurance.”

#1 – MetLife: Top Overall Pick

Pros

• Good Health Discount: MetLife offers a 25% discount for good health.
• Competitive Monthly Rates: Premiums start as low as $57. Discover insights in our MetLife life insurance review.
• No Medical Exam Required: Policies available without undergoing a medical examination.

Cons

• Limited Policy Options: Fewer choices compared to competitors with broader offerings.
• No Multi-Policy Discounts: This does not offer discounts for bundling with other types of insurance.

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#2 – Bestow: Best for Easy Process

Pros

• Simplified Application: Streamlined process for faster approval.
• Healthy Lifestyle Rewards: Offers a 20% discount for maintaining good health.
• Affordable Rates: Monthly premiums start at $58. Unlock details in our Bestow life insurance review.

Cons

• Age Restrictions: Coverage options may be limited for older applicants.
• Short Policy Terms: Primarily offers shorter-term policies.

#3 – Erie: Best for Fast Approval

Pros

• Quick Processing: Fast approval times for applications.
• Moderate Health Discounts: 17% discount for good health.
• Competitive Pricing: Rates begin at $59 per month. Delve into our evaluation of Erie life insurance review.

Cons

• Geographic Limitations: Coverage is not available in all states.
• Limited Customization: Fewer options to tailor coverage specifics.

#4 – Allstate: Best for Online Application

Pros

• User-Friendly Online Tools: Easy application and management online.
• Good Health Incentives: 22% discount for healthy individuals.
• Broad Accessibility: Extensive network and online presence. Access comprehensive insights into our Allstate life insurance review.

Cons

• Higher Starting Premiums: The starting rate at $60 may be higher than some competitors.
• Less Focus on Individualized Plans: More standardized plans with fewer customization options.

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#5 – Guardian: Best for Adjustable Coverage

Pros

• Flexible Coverage Options: Allows adjustments to policy coverage.
• Top Health Discount: Matches the highest discount of 25%. Discover more about offerings in our Guardian life insurance review.
• Comprehensive Plans: Offers a wide range of plans and additional benefits.

Cons

• Higher Minimum Premiums: Starts at $61, slightly higher than other options.
• Complex Policy Features: Might be overwhelming for those new to insurance.

#6 – Travelers: Best for Multiple Providers

Pros

• Wide Network: Access to a broad range of insurance providers. Check out insurance savings in our complete “What happens when my term life insurance policy ends?“
• Good Health Discount: Offers a 20% discount for good health.
• Diverse Coverage: Policies cater to a variety of needs and budgets.

Cons

• Varied Customer Service: Experience may vary greatly depending on the provider.
• Inconsistent Pricing: Premiums can be unpredictable across different providers.

#7 – Liberty Mutual: Best for Personalized Recommendations

Pros

• Customized Advice: Offers personalized recommendations based on individual needs.
• Significant Health Discount: Provides an 18% discount for good health. Read up on the Liberty Mutual life insurance review for more information.
• Wide Range of Products: Offers numerous insurance products beyond life insurance.

Cons

• Premium Costs: Starting at $64, premiums can be on the higher side.
• Complex Application Process: Sometimes involved and time-consuming setup.

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#8 – USAA: Best for Quick Approval

Pros

• Fast Application Approval: Efficient processing for quick coverage.
• Dedicated to Military and Families: Tailored services for military members and their families.
• Solid Health Discount: 15% discount for maintaining good health. More information is available on our “Best Life Insurance Companies.”

Cons

• Membership Restrictions: Primarily serves military members, veterans, and their families.
• Limited Policy Variety: Fewer options compared to broader-market insurers.

#9 – Transamerica: Best for Guaranteed Issue

Pros

Cons

• Higher Costs for Features: Guaranteed issue policies can be more expensive.
• Limited Additional Benefits: Fewer perks compared to other top insurers.

#10 – AIG: Best for Convenient Process

Pros

• Streamlined Applications: Focus on convenience and ease of use.
• Competitive Health Discount: 14% discount for good health. Learn more in our AIG life insurance review.
• Range of Policy Options: Offers a variety of term and whole-life policies.

Cons

• Higher Starting Rates: Starts at $69, which is higher than many competitors.
• Complex Policy Terms: Can be challenging to understand all options and clauses.

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Comparative Monthly Rates for No-Exam Life Insurance Coverage

When considering life insurance without medical exams, the monthly rates can vary significantly between the minimum and full coverage options offered by different providers.

The table below outlines the costs associated with both levels of coverage across various insurance companies. For instance, AIG’s rates start at $69 for minimum coverage and go up to $155 for full coverage.

Comparatively, MetLife offers the lowest entry point at $57 monthly for minimum coverage and extends up to $125 for full coverage, marking it as one of the more affordable options. See more details on our “What is the minimum coverage amount for life insurance?”

On the higher end, Liberty Mutual starts at $64 and scales up to $137. This spread of pricing highlights the diversity in costs associated with different levels of coverage, reflecting how consumers can tailor their life insurance to match their financial capacity and coverage needs without undergoing a medical exam.

What Is No Medical Exam Term Life Insurance

No medical exam term life insurance is just like it sounds — you may qualify for a term life insurance policy without taking an exam or providing blood and urine samples. However, it doesn’t mean the insurance company doesn’t consider your medical history.

You still must fill out a medical history questionnaire. The insurance company can deny your application if your medical history is concerning or if you haven’t seen a doctor recently.

For example, insurance companies can ask if you have high blood pressure when getting no medical exam term life insurance quotes. Even if you don’t require an examination, saying yes may disqualify you (For more information, read our “How To Get Life Insurance With High Blood Pressure“).

In addition, the insurer may require a medical exam if your history indicates a specific risk level. So, depending on your medical history, you may still have to take an exam to get life insurance.

Insurance companies are all about risk. While your medical history provides a glimpse of the risk of insuring you, it doesn’t give a complete assessment. Therefore, expect higher rates than a policy requiring a medical exam.

The coverage amount may also be limited. Typically, a no-exam life insurance quote caps out at around $1 million. So, if you need more coverage, you would need multiple policies, or you could consider a more traditional policy.

A no-exam policy may be best if you need term life insurance fast. In most cases, you can buy life insurance online with no medical exam quickly, but cost and speed don’t go hand in hand. You’ll pay more for the convenience of getting quick coverage.

What Are the Types of Term Life Insurance With No Medical Exam

Term life insurance provides coverage for a specific amount of time, usually at a set rate for the policy’s life. However, when your term ends, you must start a new policy, and rates may be higher.

Term life insurance isn’t one size fits all. There are several types of term life insurance with no medical exam, and each one has different benefits.

Types of term life insurance with no medical exam include:

• Simplified: This term life insurance type is the most streamlined, and you only have to answer a few medical questions.
• Guaranteed: Guaranteed term life insurance provides coverage no matter your medical history, but coverage is very limited, and rates are very high.
• Employer Offered: Your employer offers this life insurance type with limited coverage and low costs.

The type of term life insurance you choose affects your rates. For example, guaranteed coverage is much more expensive since the insurance company assumes many risks.

The term life insurance type you need is up to you. Each one can be beneficial depending on your situation. First, carefully consider what kind of policy you need. Then, compare no-medical exam life insurance quotes to get your best deal.

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How Much Does No Medical Exam Life Insurance Cost

Expect lower rates if you’re within the age requirements and have a clean medical history. However, if you have certain medical conditions, coverage is more expensive.

Remember, costs vary based on your information, such as age, medical history, occupation, and hobbies. For example, people with high-risk jobs, such as firemen or police officers, see higher life insurance rates.

Learn more: Life Insurance by Occupation

Who Needs Life Insurance Without a Medical Exam

While term life insurance with no medical exam is more costly, it’s an excellent option for certain people. First, if your medical condition makes it difficult to get life insurance, consider no medical exam coverage. For example, it’s hard to find life insurance if you have diabetes, smoke, or have heart conditions. 

Be very honest when applying for life insurance. Even though you may not have a medical exam, answer questions about your medical history honestly. Your insurer can deny a claim if you lie while applying for coverage.

Second, if you need life insurance quickly, no medical exam coverage is quicker to get due to the streamlined process. Instead of taking weeks to finalize your policy, you can have coverage in hours or days.

Finally, you might consider life insurance without a medical exam if you want coverage through your employer. Often, your employer pays for coverage, or it’s relatively inexpensive. The drawback is that your policy ends if you leave your job.

What Are the Pros and Cons of Term Life Insurance With No Medical Exam

While not taking a medical exam can be enticing, there are pros and cons to consider before signing up.

Pros of no medical exam term life insurance include:

• It’s easy to apply for coverage.
• No medical exams are required.
• Acceptance is quicker.
• Some policies guarantee coverage.

Term life insurance without an exam is an excellent fit for people who may not pass a medical exam or need coverage quickly.

Cons of no medical exam term life insurance include:

• Policies offer lower-than-average coverage amounts.
• Rates are higher than a traditional term life insurance policy.
• The full death benefit isn’t immediately available.

It can be challenging to determine what type of life insurance you need. So think carefully about how much coverage you need and the coverage rates.

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The Bottom Line: No Medical Exam Term Life Insurance

Term life insurance with no medical exam is more expensive and offers less coverage than traditional term life. However, people who need coverage immediately or don’t think they can pass a medical exam benefit from this coverage.

In fact, guaranteed coverage is available for those with medical conditions who may be unable to get coverage otherwise. However, rates will be much higher, and coverage amounts are limited.

Shopping around makes it possible to find cheap life insurance with no medical exam. Each life insurance company weighs your medical history differently and offers various rates. Before choosing a life insurance policy, consider your coverage needs and budget carefully.

Although term life is cheaper than whole life, no exam coverage is more expensive and has limited coverage options (For more information, read our “How To Get Life Insurance With Diabetes“).

Discover cheap quotes for life insurance by entering your ZIP code into our free quote comparison tool below.

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