How To Get Up To $1,000,000 Life Insurance Coverage With No Medical Exam

A $1 million dollar no exam life insurance policy requires less work than most people think. 

Moderately healthy people with regular incomes can qualify. These are also some of the fastest high-limit life insurance policies available. 

We will cover qualifications, alternatives, and review a couple of our favorite policies. You can also follow the links here for $2 million no exam life insurance policies and $500,000 no exam life insurance. 

Let’s get started. 

Quick Summary

Life insurance companies are getting more competitive, which is great for anyone needing a new policy who also wants to skip the medical exam. We’re all busy, right? 

The three companies below are our favorites for no exam policies for three big reasons. One can get your policy in place in minutes. Another is one of the most affordable no-exam policies available, with a huge benefit limit. The third is the most comprehensive policy with a great indexed universal life conversion option. 

What Types of No Medical Exam Policies Are Available?

Life insurance companies are getting more flexible about their no exam offerings, thankfully. 

The most common types of policies available are term: 10-, 15-, 20-, and 30-year. 

But if you want permanent life insurance without the exam, you could also choose from:

• Universal Life
• Indexed Universal Life
• Survivorship Universal Life
• Guaranteed Issue Life Insurance
• Final Expense / Burial Insurance

People often choose the type of life insurance based on the monthly premiums. A term life policy offers the highest face amount for the lowest premiums. Permanent policies run a little more because the insurance companies know they have to pay benefits at some point. 

How Do I Qualify for No Medical Exam Insurance

There are a few things to keep in mind when you apply, which include: 

• You must be between ages 18 – 60
• Insurance policy benefits must be $50,000 – $1,000,000
• It needs to be a new policy
• Must be able to qualify for a standard risk class or better

Even though there is no medical exam, most life insurance companies will still want to complete a phone interview as part of the underwriting process. The phone interview will ask health questions, and the underwriter may decide that they want you to go through a medical exam after all, but that’s rare. 

What Does the Application Process Look Like?

The application process for no exam life insurance starts the same as any other type of life insurance. You compare rates.

Look at the different types of policies, and figure out how much coverage you need. You can do that with a life insurance needs calculator, which considers factors like your mortgage payments, college tuition for your kids, and other financial obligations. It’s a better method than the old way of multiplying your annual income by 5, 7, or even 20.

Next, you can call an independent agent and talk to them about your options. This can be great if you’re worried that you have a health condition that may disqualify you from accelerated underwriting (a fancy insurance term for no exam.)

Alternatively, you can use an instant life insurance quotes tool like the one on this page. That has the extra bonus of letting you compare what your rates might be if you decide to take the exam after all. Typically, the more of a check the insurance company can do on your health, the lower your insurance rates can be. But, sticking with the no exam option, put in the million dollars on the instant quotes tool, your state of residence, and your birthday. Then you’ll look for any of the options that say “no exam.”

They don’t always say it though, so you look out for the specific policies that you know have non-medical, no exam, or accelerated underwriting options, like the ones we list below. 

Once you pick the company you want to go with, you either have to then contact an agent to do the application or (in a few emerging cases) you can skip the agent entirely and do it online. 

One of the companies we’re highlighting here, Assurity, recently came out with an accelerated underwriting option that lets you skip the exam and the agent, doing everything from your web browser.

In most cases, a no exam application process looks like this:

1. Pick the policy and face value
2. Send the application
3. An underwriter will call you and ask you questions about your health status and possibly driving history
4. They’ll make a decision and send you an offer
5. You sign the offer and submit the first premium payment
6. Now you have life insurance!

In entirely online cases, it skips a few steps.

1. Pick the policy
2. Submit the application online
3. Answer a few extra questions (normally a company would call and ask you these in the telephone interview)
4. Get near-instant approval

In most cases, you’ll know immediately whether you have a policy in force or not. Sometimes the system might flag something (like the email address is one of those crazy ones you’ve had since you were 12 that has no relation to your real name), and a real person will have to double-check the application. That can take a day or two, possibly a few more if you apply on the weekend.

If you have all of your paperwork (like your income from the last few years) ready to go, you can be done with your life insurance in 30 minutes.

What Disqualifications Apply for a Non-Med Policy?

Some health conditions and personal history can disqualify someone from skipping the medical exam. Most commonly, the following: 

• Major health issues
• Driving under the influence or reckless driving within the past 5 years
• Criminal history
• Foreign national or travel to hazardous countries
• For applications over age 50, no primary care physician or evidence of routine physicals

The most common medical conditions to disqualify someone are as follows. However, companies change their underwriting guidelines frequently and without warning. If you do have one of these conditions, call your independent life insurance agent to see if there is still an option for you. 

• Alcohol abuse 
• Treatment for Hepatitis
• Atrial Fibrillation Hypertension (diagnosed within six months)
• Barrett’s Esophagus
• Kidney Disease
• Bipolar Disorder
• Lupus
• Cancer (Exceptions: Basal Cell and Squamous Cell Carcinomas)
• Melanoma
• Chronic Obstructive Pulmonary Disease 
• Multiple Sclerosis (MS)
• (COPD)/Emphysema
• Parkinson’s Disease
• Crohn’s Disease
• Peripheral Artery Disease (PAD)
• Diabetes/Gestational Diabetes Peripheral Vascular Disease (PVD)

What Do I Do If I Don’t Qualify for No-Medical Exam Coverage?

If you don’t qualify for a no-medical exam policy under this program, there may be other options for no-medical exam life insurance policies.  We may be able to still help you find the best possible policy at the most affordable rate with a standard life insurance policy.  You can check rates instantly by putting your information into the quote calculator to the right. 

If you have any medical conditions, give us a call, and we can tell you which insurance company will offer the least expensive coverage for your particular condition(s).

The process might take a little longer, but you can feel more confident that the application process has been started and that you and your loved ones will soon have the life insurance coverage they need.

Pros and Cons of No Exam Life Insurance

We cover this more in-depth in our no exam life insurance article, but it’s worth knowing the gist.

The good: 

• The prices are now comparable to exam-based policies
• You can get over $1 million in benefits
• Turnaround time between application and acceptance might be minutes
• You skip the exam

The bad: 

• No exam is only really worthwhile for term policies
• Restricted death benefit
• Occasionally the medical exam uncovers an underlying health condition the applicant may not know about
• Moderately good health required
• Age restrictions, usually under 55 or 60

Great Companies with a $1 Million Dollar Life Insurance Policy No Exam

We’ve picked these companies based on ease of application, our experience with high acceptance rates and minimal underwriting pushback, and (naturally) the quality of the policy provisions. The best life insurance company for you will depend on your goals, your financial situation, and your medical history.

They’re also well-rated companies for their financial stability (an important consideration when you’re holding a policy for 30+ years!)

Assurity Term Life Insurance

Assurity, by far, has the easiest application of the three. It’s fast too. 

It’s entirely online, you choose the policy features you want, then the riders. You can also add in critical illness and disability insurance. The entirely online process makes it a good option for broad financial protection.

While the life insurance policy allows all the way up to $10 million in benefits, only $1 million of that gets the accelerated underwriting option. Or, if you’re between the ages of 51 and 65, the limit stops at $500,000. 

It’s term insurance. The term length options range from 10 years to 30 years, with a conversion option if you decide to keep your policy as permanent insurance. (The rates go up when you do the conversion based on your age at the time.)

Assurity gives you a whole bunch of rider options:

• Accelerated Death Benefits
• Accident-Only Disability Income
• Children’s Term Rider
• Critical Illness Benefit Rider
• Critical Illness Benefit Rider for another insured
• Disability Waiver of Premium
• Monthly Disability Income
• Other Insured Level Term
• Endowment Benefit

You can read the full rundown on the Assurity StartSmart life insurance policy here to get the nitty-gritty details. 

You can also apply online here. 

Lincoln TermAccel

We love using Lincoln because they have both super high upper limits for no exam (they call it lab-free) policies, and they have lower prices than most other insurance companies. 

If you’re between the ages of 18 and 60, you can get not just $1 million in benefits while skipping the medical exam, you can go all the way up to $2.5 million. 

Term lengths start at 10 years and go up to 30 years. You also have a conversion option at the end of your term if you decide you want a permanent policy. 

Their no exam criteria are you have to be relatively healthy, i.e. no major medical conditions, and have a BMI in the 18 to 32 range. You can’t smoke cigarettes or any tobacco products (herbal cigarettes included.) However, they will still let you skip the labs and get the policy if you smoke cannabis very occasionally.  

North American ADDvantage

North American offers a no exam term policy with the most comprehensive policy terms of the three companies we’ve listed here. 

We also really like their conversion feature to permanent coverage. Instead of a whole life policy, you can convert your non-med term before the end of the policy to an IUL, which gives our favorite bonus advantages of great cash value accumulation build-up. 

You can skip the medical exam up to age 60 when applying for up to $1 million in benefits. 

You can add riders like: 

• Waiver of premium for disability
• Children’s term life insurance

$1 million dollar no exam life insurance cost

While adding riders to the policy triggers additional cost, you can use the following table to get an idea of what your life insurance rates might be.

Conclusion

Term no exam life insurance is a great option for people who want a simple policy that can be put in place fast. Then they can get on with the rest of the to-do list and not worry about it. 

No exam policies have come down in price so much over the last decade that they’re quite comparable to policies that require a medical exam and all the other circus hoops. 

Even better? We’re starting to get fast, entirely online applications. 

How Abrams Insurance Solutions Can Help

We’re a small group of independent agents working with over 70 of the top insurance companies to find you the best policy at the lowest possible price. By saving you time comparing policies from 70, or even 12+ insurance companies, we can find affordable insurance for everyone, whether you have medical considerations, need peace of mind, or want a tax-free income stream in retirement. 

Give us a call today at (888) 905-0333 with any questions.