How much does no-exam life insurance cost?
Life insurance provides a financial safety net for millions of adults. It comes in different types and different terms. If you do your research and shop around, chances are you'll be able to find a cost-effective and valuable policy, regardless of your age and budget.
That's not to imply that budget and affordability aren't important - they are. Securing the right policy for your needs involves a delicate balance between price and necessity. That's why many people turn to term life insurance, which is cheaper (but not as long-lasting) as whole life insurance.
Other applicants may choose no-exam life insurance. This type of policy, which doesn't require a medical exam for approval, is applicable for both whole and term policies. But at what cost, and is it worth it? That's what we will explore further below.
If you're currently considering life insurance then start by getting a free price quote now.
How much does no-exam life insurance cost?
Like all insurance types, the specific cost for this type is based on the individual. Because there's no medical exam, providers will know less about your personal characteristics. That will be reflected in the premium you pay for no-exam life insurance (also known as simplified life insurance).
"Here's something to keep in mind when shopping for coverage: The less an insurer knows about you, the more coverage will typically cost," Haven Life, a top life insurance provider, notes in a blog post. "Case in point: Simplified issue life insurance. Because an insurer will know less about you — and won't have as detailed information about your health history and other relevant lifestyle decisions — you are generally going to pay more for a simplified issue policy than you would for a medically underwritten one."
With that being noted, the cost doesn't need to be prohibitive.
According to the insurer, a 30-year-old male can secure a no-exam term life insurance policy for 20 years in the amount of $100,000 for just $9.70 a month. A 30-year-old female can get the same type of policy and length for $500,000 for $22.60.
As you age, coverage amounts and prices won't be as favorable, although they will still remain relatively low.
A 40-year-old male can get a $200,000 no-exam term life insurance policy for 10 years for $20.05 a month. A 40-year-old female can get $400,000 in coverage for 10 years for $21.64.
The older you are the more you'll have to pay (and men usually pay more than women). But that doesn't make no-exam life insurance a bad choice. Applicants just need to crunch the numbers to find what works best.
Get a free price estimate online now or use the table below to compare some top providers on the market.
Is no-exam life insurance worth it?
This type of life insurance can actually be beneficial for multiple groups. Here are three that should consider applying now:
- Seniors: Because no medical exam is required, seniors don't have to worry about the results hampering the coverage they can get. And they won't have to worry about poor results disqualifying them altogether.
- Young people: If you're young, healthy and simply want to expedite the application process as much as you can, no-exam life insurance is a good way to go. Instead of waiting weeks to have the exam scheduled, you can often get approved for this type of coverage within days (if not on the same day you applied).
- Smokers: If you still smoke or have a history of smoking you're riskier to insure. It doesn't help to take a medical exam to underline this point. So smokers or those people with serious existing medical conditions should instead consider skipping the exam and move to the next step instead.
The bottom line
No-exam life insurance can be an appealing alternative for many different adults. Whether you're a senior concerned about taking a medical exam or a young person simply looking to skip it, this type of insurance can be an easy way to protect your loved ones. And it doesn't need to be expensive, depending on a series of personal factors you can secure hundreds of thousands of dollars in protection for less than $100 a month.
