6 Best No-Exam Term Life Insurance Companies 2024
Posted in No Exam last updated on September 1, 2024No-Exam Term Life Insurance Explained
Are you looking to see who are the best no-exam term life insurance companies in 2024? Then you this post is for you.
Let's start by explaining exactly what a no-exam term life insurance is. No-exam term life insurance allows applicants to purchase a fixed rate term life policy without the need to undergo the traditional paramedical exam. The application process is completed online or over the phone in less than 30 minutes. In contrast, a traditional, fully underwritten life insurance application requires a brief no-cost medical exam which consists of a licensed nurse or phlebotomist taking your height and weight, blood pressure and a small blood and urine sample.
No-Exam Life Insurance Is Ideal for Those That:
Pros
Cons
Who Are The Best No-Exam Term Life Insurance Companies 2024?
The best no-exam term life insurance companies in America today based on price and policy benefits are: Symetra Life, Pacific Life, Banner Life, Corebridge Financial, Protective Life and Brighthouse Financial. These six insurers not only have the best rates in the country, they also are highly rated and trusted insurers.
6 Best No-Exam Life Insurance Companies
Let's take a look at the nation's best no-exam term life insurance companies in more detail.
Insurer | No-Exam Coverage available | Overall review |
|---|---|---|
PL Promise  | $50k to $3 million (ages 18-70) | Pacific Life offers no-exam term life insurance coverage from $50k up to $3 million for ages 18-70 |
SwiftTerm  | $100k to $3 million (ages 20-60) $100k to $5 million (ages 26-49) | Symetra typically has the lowest instant term life insurance and no medical exam rates in America |
 | $100k to $2 million (ages 20-60) | Banner Life offers instant term life insurance up to $2 million as well as having 35 and 40 year terms |
Select-a-Term  | $100k to $1 million (ages 20-59) | Corebridge, formally AIG has an excellent no-exam term life policy up to $1 million at some of the lowest rates |
Classic Choice  | $100k to $1 million (ages 18-45) $100k to $500k (ages 46-60) | Protective Life has some of the absolute lowest no-exam rates in America |
SimplySelect  | $100k to $3 million (ages 25-50) | Brighthouse often has the lowest instant issue term life insurance rates in the entire country |
No-Exam Term Life Insurance Policy Benefits: Conversion Option & Accelerated Death Benefit Rider
Aside from price, additional policy benefits and third-party financial ratings are important when choosing a no-exam life insurance company. These include a conversion option, an accelerated death benefit rider and an insurers A.M. Best financial rating. The table below will show if they are available for 25 of the nation's best no-exam term life insurance companies.
Company | Conversion Available? | Accelerated Death Benefit? | Instant Approval Available? | A.M. Best Rating |
|---|---|---|---|---|
Symetra Life | Yes | Yes | Yes | A |
Banner Life | Yes | Yes | Yes | A+ |
Pacific Life | Yes | Yes | No | A+ |
Corebridge Financial | Yes | Yes | No | A |
Protective Life | Yes | Yes | No | A+ |
Brighthouse Financial | Yes | Yes* | Yes | A |
Ethos | No | Yes | Yes | A+ |
Ladder Life | No | No | Yes | A |
North American | Yes | Yes | No | A+ |
Nationwide Life | Yes | Yes | No | A+ |
Cincinnati Life | Yes | Yes | No | A+ |
SBLI | Yes | Yes | Yes | A |
Penn Mutual | Yes | Yes** | Yes | A+ |
Ameritas Life | Yes | Yes* | Yes | A |
Amica Life | Yes | Yes | No | A+ |
Fabric | Yes | Yes | Yes | A+ |
Lincoln National | Yes | Yes | No | A |
Prudential | Yes | Yes* | No | A+ |
Bestow | No | No | Yes | A+ |
AAA Life | Yes | Yes | Yes | A |
Primerica Life | No | Yes | Yes | A+ |
Mutual of Omaha | Yes | Yes | No | A+ |
Transamerica | Yes | Yes | No | A |
Independent Order of Foresters | Yes | Yes | No | A |
John Hancock | Yes | Yes | No | A+ |
*Accelerated death benefit available as an additional rider
**Penn Mutual offers with or without conversion option, without is a little less expensive.
Accelerated Death Benefit, Conversion Option, Instant Issue and A.M. Best Ratings Explained
Below we'll explain in more detail exactly what a conversion option, accelerated death benefit rider, instant issue term life insurance and A.M. Best rating mean.
Conversion Option
A conversion option allows a term life insurance policy to be converted into a permanent life insurance policy without evidence of insurability. The policy is converted at your original health class when you took out the policy but at your current age.
Accelerated Death Benefit Rider
An accelerated death benefit rider allows the insured to access a portion (often 50%-75% and capped at $400k-$500k) of the policy death benefit if a licensed physician certifies that the insured is terminally ill with less than 12 months or less to live.
A.M. Best Rating
A.M. Best is the preeminent life insurance rating agency in America. A good rule of thumb when purchasing life insurance is to choose an insurer with an 'Excellent' rating or better from A.M. Best.
Instant Issue Term Life Insurance
Instant (also known as instant approval, instant decision and instant issue) term life insurance offers an instant underwriting decision after the application is submitted. This means you can have an active policy that begins immediately without a waiting period for the full coverage amount, same as a fully underwritten policy, within 30 minutes or sooner.
No-Exam Life Insurance Pro Tip: Be Honest On Your Application!
Life insurance policies have a two-year contestability period. If you pass away in the first two years of the policy start date and were not forthcoming on the application, the insurance company will likely deny the claim. Always answer all the questions honestly so you and your beneficiaries will have peace of mind the policy will pay out!
No-Exam Term Life Insurance Rates
Below we'll show the sample no-exam term life insurance rates for $250k, $500k, $1 million, $1.5 million, $2 million, $2.5 million and $3 million from many of the nation's top companies.
Please note the majority of life insurance companies that offer no medical exam term life insurance over 50 require that a physical with labs has been completed in the past 12-18 months.
$250k No-Exam Life Insurance
Below are the sample monthly rates for a $250,000 20-year level (fixed) no medical exam term life policy from many the nation's best no-exam companies in the United States for a 40-year old male in excellent health.
Company | Price | Amount | Term | Exam |
|---|---|---|---|---|
Symetra Life | $17 | $250,000 | 20 Year | No-Exam |
Banner Life | $17 | $250,000 | 20 Year | No-Exam |
Pacific Life | $17 | $250,000 | 20 Year | No-Exam |
Corebridge | $17 | $250,000 | 20 Year | No-Exam |
Cincinnati Life | $17 | $250,000 | 20 Year | No-Exam |
SBLI | $18 | $250,000 | 20 Year | No-Exam |
Penn Mutual | $18 | $250,000 | 20 Year | No-Exam |
North American | $19 | $250,000 | 20 Year | No-Exam |
Lincoln National | $19 | $250,000 | 20 Year | No-Exam |
Amica Life | $19 | $250,000 | 20 Year | No-Exam |
Ethos | $19 | $250,000 | 20 Year | No-Exam |
Ameritas Life | $21 | $250,000 | 20 Year | No-Exam |
Nationwide Life | $21 | $250,000 | 20 Year | No-Exam |
Ladder Life | $23 | $250,000 | 20 Year | No-Exam |
Ameritas Life | $24 | $250,000 | 20 Year | No-Exam |
Assurity Life | $25 | $250,000 | 20 Year | No-Exam |
Foresters | $25 | $250,000 | 20 Year | No-Exam |
Primerica | $27 | $250,000 | 20 Year | No-Exam |
John Hancock | $29 | $250,000 | 20 Year | No-Exam |
American Family | $32 | $250,000 | 20 Year | No-Exam |
Bestow | $33 | $250,000 | 20 Year | No-Exam |
AAA Life | $41 | $250,000 | 20 Year | No-Exam |
TruStage | $120 | $250,000 | 20 Year | No-Exam |
$500k No-Exam Life Insurance
Below are the sample monthly rates for a $500,000 20-year level (fixed) no medical exam term policy from the nation's best no-exam companies in the United States for a 40-year old male in excellent health.
Company | Price | Amount | Term | Exam |
|---|---|---|---|---|
Symetra Life | $28 | $500,000 | 20 Year | No-Exam |
Pacific Life | $28 | $500,000 | 20 Year | No-Exam |
Protective Life | $20 | $500,000 | 20 Year | No-Exam |
Banner Life | $20 | $500,000 | 20 Year | No-Exam |
Corebridge | $29 | $500,000 | 20 Year | No-Exam |
North American | $30 | $500,000 | 20 Year | No-Exam |
Penn Mutual | $30 | $500,000 | 20 Year | No-Exam |
Cincinnati Life | $30 | $500,000 | 20 Year | No-Exam |
Nationwide Life | $31 | $500,000 | 20 Year | No-Exam |
SBLI | $31 | $500,000 | 20 Year | No-Exam |
Amica Life | $32 | $500,000 | 20 Year | No-Exam |
Ladder Life | $32 | $500,000 | 20 Year | No-Exam |
Lincoln National | $33 | $500,000 | 20 Year | No-Exam |
Ameritas Life | $34 | $500,000 | 20 Year | No-Exam |
Ethos | $35 | $500,000 | 20 Year | No-Exam |
Mutual of Omaha | $37 | $500,000 | 20 Year | No-Exam |
Prudential | $37 | $500,000 | 20 Year | No-Exam |
John Hancock | $37 | $500,000 | 20 Year | No-Exam |
Assurity Life | $44 | $500,000 | 20 Year | No-Exam |
Fidelity Life | $46 | $500,000 | 20 Year | No-Exam |
American Family | $58 | $500,000 | 20 Year | No-Exam |
Bestow | $58 | $500,000 | 20 Year | No-Exam |
AAA Life | $71 | $500,000 | 20 Year | No-Exam |
$1 Million No-Exam Life Insurance
Below are the sample monthly rates for a $1,000,000 20-year level (fixed) no medical exam term policy from the nation's best no-exam companies in the United States for a 40-year old male in excellent health.
Company | Price | Amount | Term | Exam |
|---|---|---|---|---|
Symetra Life | $48 | $1,000,000 | 20 Year | No-Exam |
Corebridge | $48 | $1,000,000 | 20 Year | No-Exam |
Protective Life | $48 | $1,000,000 | 20 Year | No-Exam |
Pacific Life | $49 | $1,000,000 | 20 Year | No-Exam |
Transamerica | $49 | $1,000,000 | 20 Year | No-Exam |
Banner Life | $52 | $1,000,000 | 20 Year | No-Exam |
Penn Mutual | $53 | $1,000,000 | 20 Year | No-Exam |
North American | $55 | $1,000,000 | 20 Year | No-Exam |
Nationwide Life | $55 | $1,000,000 | 20 Year | No-Exam |
Ladder Life | $57 | $1,000,000 | 20 Year | No-Exam |
Lincoln National | $57 | $1,000,000 | 20 Year | No-Exam |
Cincinnati Life | $58 | $1,000,000 | 20 Year | No-Exam |
Fabric | $58 | $1,000,000 | 20 Year | No-Exam |
Ethos | $60 | $1,000,000 | 20 Year | No-Exam |
Ameritas Life | $62 | $1,000,000 | 20 Year | No-Exam |
Prudential | $65 | $1,000,000 | 20 Year | No-Exam |
John Hancock | $75 | $1,000,000 | 20 Year | No-Exam |
Assurity Life | $92 | $1,000,000 | 20 Year | No-Exam |
Bestow | $110 | $1,000,000 | 20 Year | No-Exam |
$1.5 Million No-Exam Life Insurance
Below are the sample monthly rates for a $1,500,000 20-year level (fixed) no medical exam term policy from the nation's best no-exam companies in the United States for a 40-year old male in excellent health.
Company | Price | Amount | Term | Exam |
|---|---|---|---|---|
Symetra Life | $69 | $1,500,000 | 20 Year | No-Exam |
Pacific Life | $70 | $1,500,000 | 20 Year | No-Exam |
Transamerica | $72 | $1,500,000 | 20 Year | No-Exam |
Principal | $74 | $1,500,000 | 20 Year | No-Exam |
Banner Life | $76 | $1,500,000 | 20 Year | No-Exam |
Penn Mutual | $76 | $1,500,000 | 20 Year | No-Exam |
Nationwide Life | $80 | $1,500,000 | 20 Year | No-Exam |
Ladder Life | $82 | $1,500,000 | 20 Year | No-Exam |
Lincoln National | $83 | $1,500,000 | 20 Year | No-Exam |
Fabric | $85 | $1,500,000 | 20 Year | No-Exam |
Ethos | $87 | $1,500,000 | 20 Year | No-Exam |
Ameritas Life | $94 | $1,500,000 | 20 Year | No-Exam |
Prudential | $94 | $1,500,000 | 20 Year | No-Exam |
John Hancock | $110 | $1,500,000 | 20 Year | No-Exam |
Bestow | $162 | $1,500,000 | 20 Year | No-Exam |
$2 Million No-Exam Life Insurance
Below are the sample monthly rates for a $2,000,000 20-year level (fixed) no medical exam term policy from the nation's best no-exam companies in the United States for a 40-year old male in excellent health.
Company | Price | Amount | Term | Exam |
|---|---|---|---|---|
Symetra Life | $91 | $2,000,000 | 20 Year | No-exam |
Pacific Life | $92 | $2,000,000 | 20 Year | No-Exam |
Penn Mutual | $100 | $2,000,000 | 20 Year | No-Exam |
Banner Life | $100 | $2,000,000 | 20 Year | No-Exam |
Nationwide Life | $104 | $2,000,000 | 20 Year | No-Exam |
North American | $104 | $2,000,000 | 20 Year | No-Exam |
Ladder Life | $108 | $2,000,000 | 20 Year | No-Exam |
Lincoln National | $108 | $2,000,000 | 20 Year | No-Exam |
Ethos | $114 | $2,000,000 | 20 Year | No-Exam |
Prudential | $122 | $2,000,000 | 20 Year | No-Exam |
Ameritas Life | $123 | $2,000,000 | 20 Year | No-Exam |
John Hancock | $144 | $2,000,000 | 20 Year | No-Exam |
$2.5 Million No-Exam Life Insurance
Below are the sample monthly rates for a $2,500,000 20-year level (fixed) no medical exam term policy from the nation's best no-exam companies in the United States for a 40-year old male in excellent health.
Company | Price | Amount | Term | Exam |
|---|---|---|---|---|
Symetra Life | $112 | $2,500,000 | 20 Year | No-Exam |
Pacific Life | $114 | $2,500,000 | 20 Year | No-Exam |
Penn Mutual | $122 | $2,500,000 | 20 Year | No-Exam |
Lincoln National | $130 | $2,500,000 | 20 Year | No-Exam |
Ladder Life | $143 | $2,500,000 | 20 Year | No-Exam |
Prudential | $151 | $2,500,000 | 20 Year | No-Exam |
John Hancock | $179 | $2,500,000 | 20 Year | No-Exam |
$3 Million No-Exam Life Insurance
Below are the sample monthly rates for a $3,00,000 20-year level (fixed) no medical exam term policy from the nation's best no-exam companies in the United States for a 40-year old male in excellent health.
Company | Price | Amount | Term | Exam |
|---|---|---|---|---|
Symetra Life | $130 | $3,000,000 | 20 Year | No-Exam |
Pacific Life | $134 | $3,000,000 | 20 Year | No-Exam |
Penn Mutual | $146 | $3,000,000 | 20 Year | No-Exam |
Ladder Life | $169 | $3,000,000 | 20 Year | No-Exam |
Prudential | $180 | $3,000,000 | 20 Year | No-Exam |
John Hancock | $213 | $3,000,000 | 20 Year | No-Exam |
*Please note that each life insurance company has their own underwriting guidelines and eligibility requirements before they will approve and issue a policy. We do our best to ensure accuracy but rates and eligibility are subject to change based on each respected insurer.
Conclusion
The best no-exam term life insurance companies in America have three important attributes: they have the lowest rates, they offer the same benefits as a fully underwritten policy and they are highly rated by A.M. Best.
Fortunately, no-exam life insurance has made tremendous strides in just the past three years. Today, there are several top insurers that even offer a $5 million term life insurance policy without a medical exam and at the same rates as a fully underwritten application with the exam.
In this innovative and competitive environment of no-exam life insurance with technology-driven underwriting, it's important to compare rates and policies from several top insurers. This ensures you not only secure the best rate but also receive comparable policy benefits and financial stability as with a traditional fully underwritten life insurance policy.
FAQ
There are many life insurance companies that currently offer no-exam term life insurance at the same rates as their traditional fully underwritten life insurance application with the medical exam.
There are many great life insurance companies in the country that offer no-exam life insurance. The companies that offer the lowest rates on no-exam term life and instant issue insurance are: Symetra Life, Banner Life, Pacific Life, Protective Life, Corebridge Financial and Brighthouse Financial.
No, there is no waiting period for no-exam term life insurance. Coverage begins immediately for the full policy amount once the policy is placed in force.
Yes. Same as a traditional fully underwritten policy with the medical exam, no-exam term life applications will ask the same questions and check the same databases before they will issue a policy.
Who Has The Best No-Exam Term Life Insurance Rates for You?
Use our no-exam instant term life insurance cost comparison calculator to see now!
