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A frequent hurdle of obtaining life insurance is undergoing a lengthy questionnaire and medical exam. However, there are several insurance providers that offer affordable rates and a streamlined insurance application process that doesn’t involve a medical exam.
If you do go through a medical exam, it’s just another way of helping the insurance provider identify your level of risk and preexisting health conditions, and determine how much you’ll pay in monthly premiums. In this guide, we’ve put together a list of the best providers for seniors and the typical cost of policies with no medical exams.
Did You Know: Have you started the process of estate planning yet? If so, you might want to look into burial insurance, which can help pay for funeral services. Read our guide: Is Burial Insurance Worth It?
Most life insurance policies require either a questionnaire that asks about medical history or a medical exam. If you’re looking for a faster approval process, then you might want to look into a provider that offers guaranteed acceptance, regardless of age or preexisting health conditions. Simplified issue and guaranteed life policies generally offer approval with little to no consideration of these factors.
Essentially, these types of policies guarantee coverage, making them good options for those with health conditions or other factors that have caused them to be denied coverage elsewhere.
With most major insurers offering whole life policies, we looked for the following criteria when choosing the best options for older adults.
| Provider | Issue Ages | Coverage Capacity | Policies Offered | Medical Exam |
|---|---|---|---|---|
| Mutual of Omaha | 45-85 (Whole Life) | $25,000 | Guaranteed whole life, term life, universal life, accidental death | Guaranteed whole life insurance policy doesn’t require a medical exam or health questions; full benefit paid for death due to natural causes after second year of coverage |
| Haven Life | Up to 64 | Up to $3 million | Haven Term, Haven Simple, Haven Disability | A medical exam is likely for term insurance, but not required for Haven Simple term life insurance. |
| New York Life AARP | 50-80 | $100,000 (term life) | Level Benefit Term Life Insurance, Permanent Life Insurance, Guaranteed Acceptance Life Insurance | No medical exam, but acceptance for certain policies is dependent on how you answer health questions. For guaranteed acceptance life insurance, there’s no medical exam but an extra mortality risk charge. |
| John Hancock | 3 months-90 years (permanent life) | $50,000 to $65 million | Term Life Insurance, Permanent Life Insurance (Universal Life, Variable Universal Life, Indexed Universal Life) | Certain policies may require a medical exam, but some may not. |
| Transamerica | Up to 85 | $25,000 to $10 million | Term Life Insurance, Index Universal Life Insurance, Whole Life Insurance, Final Expense Life Insurance, Foreign Nationals | For most of their term and whole life policies, Transamerica doesn’t require a medical exam. |
Policies With No Medical Exam: Guaranteed Whole Life
Issue Ages: 45-85 (Whole Life)
Mutual of Omaha is a longtime insurance provider that offers life insurance, Medicare Supplement Insurance, group investments, and retirement services. Some of its standout features include its universal life insurance offering, which gives policyholders the freedom and flexibility to adjust their premium and death benefits while growing the cash value of the policy over time.
Additionally, with universal life insurance, policyholders have early access to a specific sum of death benefits to pay for a terminal or chronic illness. Currently, their guaranteed whole life insurance policy doesn’t require a medical exam or list of medical history questions to answer. Additionally, health and tobacco use are not considered in granting guaranteed whole life insurance through Mutual of Omaha.
This provider is ideal for older adults who want flexible premiums, cash value attached to their policy, and guaranteed acceptance with relaxed issue age limits from 45-85. I rated Mutual of Omaha as the best overall provider because of its strong financial standing and life insurance availability for older seniors. Plus, in addition to guaranteed coverage for guaranteed whole life insurance, Mutual of Omaha has a variety of product offerings for universal life insurance ranging from indexed universal life to universal life.
Pro Tip: Long-term care can help seniors receive ongoing care when diagnosed with chronic illness or a disability.
Policies With No Medical Exam: Haven Simple
Issue Ages: Up to 64
Haven Life offers affordable term life insurance policies. It’s backed by a partnership with MassMutual, a life insurance company that has over 160 years of industry experience. Haven Life offers products such as Haven Term, Haven Simple, Haven Disability for disability insurance, and annuities. Although they don’t have a vast list of insurance offerings compared to other providers, what matters is the quality behind their policies.
For example, Haven Simple, or simplified issue term life insurance, involves a streamlined digital process and doesn’t require a medical exam. One downside is this policy is only offered to individuals ages 20-55, but offers high coverage amounts of up to $500,000.
I’d recommend looking into their affordable Haven Term life insurance policy as an alternative. Although Haven Term Life insurance might include a medical exam (though not likely in most cases), it’s still a great choice for seniors up to age 64. If you’ve had a hard time finding large coverage amounts for term insurance, then this policy might be ideal for you — especially since you are able to choose from 10-, 15-, 20-, 25-, or 30-year term policies and don’t have to worry about premiums increasing over time. Haven Life also offers a ‘no obligation free look period,’ so you can take your time deciding whether the policy is right for you.
Policies With No Medical Exam: Level Benefit Term Life Insurance, Permanent Life Insurance, Guaranteed Acceptance Life Insurance
Issue Ages: 50 to 80
AARP Life Insurance Program from New York Life offers both term and permanent life insurance coverage for AARP members. New York Life is a Fortune 100 company that’s been around for over 175 years and is owned by policyholders. It offers the following life insurance packages for AARP members ages 45-80 (all of which don’t require medical exams): level benefit term life insurance, permanent life insurance, and guaranteed acceptance life insurance.
This provider is a great option for seniors who are looking for a variety of affordable term and permanent life insurance options to choose from, especially policies that don’t require a physical medical exam. I’d recommend looking into the permanent life insurance policy, which offers a high coverage amount of up to $50,000 and protection that lasts your entire life. Additionally, you’ll have peace of mind knowing your premium rates will never increase.
Other standout features include level benefit term life insurance, which is ideal for older seniors because protection can last up to age 80, with high protection amounts ranging from $10,000 to $100,000. Usually, it is difficult to obtain term life insurance after a certain age and simultaneously obtain an adequate amount of coverage.The AARP Life Insurance Program makes it easy to obtain affordable life insurance policies with higher coverage amounts and no medical exam.
Policies With No Medical Exam: Permanent life, Term life
Issue Ages: Three months-90 years (permanent life)
John Hancock is a reputable insurance provider with high coverage amounts of up to $65 million. If you’re a senior with diabetes, you might want to consider getting insured through this provider, as they currently offer a program targeting individuals living with both Type 1 and Type 2 diabetes. This program provides everything from personalized coaching, 25 percent off on premiums, and other perks such as free testing and senior discounts on fitness, travel, and healthy foods.
In terms of no-medical-exam policies, there may be certain policies where you may need to undergo a medical exam. However, if you opt for their term insurance policy, you might not need to. However, this is dependent on how you answer certain health questions.
Overall, John Hancock is a good provider to consider if you’re looking for temporary coverage for a specific period of time, with large coverage amounts. Or, alternatively, you’re looking for permanent life insurance with the assurance that you will be covered for life. Some of the other standout features of this provider includes offering living benefits that you can access in emergencies. This includes a Disability Rider and Critical Illness Benefit Rider in the event that you are critically ill and need to cover certain expenses and protect your loved ones.
Policies With No Medical Exam: Final Expense Life Insurance, Term Life Insurance
Issue Ages: Up to 85
Transamerica has been around since 1904, with the goal of making financial services accessible to all. Today, it is a leading insurance provider with a robust portfolio offering term, index universal, whole life, final expense insurance, alongside financial services.
Their Final Expense Life Insurance policy doesn’t require a medical exam, which is a good option for older adults with health conditions who may have experienced application denial in the past. With fast and easy automated underwriting, decisions are made right after your application is submitted, so there’s a good chance you can receive approval within the same day. Additionally, the Final Expense Life Insurance policy offers whole life insurance at level premiums, with large coverage amounts of up to $50,000 – including a guaranteed death benefit. This can be used for final expenses and giving your family financial protection.
One of their standout features includes a term life insurance policy, which can potentially offer up to $2 million in death benefits. Also, this policy is easily convertible and gives customers the freedom to access living benefits in the event of a terminal illness, disability, or other emergencies. Overall, Transamerica is a good option for older adults who want level premiums, the ability to easily convert to a permanent life plan, large coverage amounts, and accessibility to living benefits.
Usually, a policy that doesn’t require a medical exam is likely to provide guaranteed coverage, but at higher premium rates. If you’re an older senior who has had a hard time qualifying for certain life insurance policies, then it might be time to consider other providers with relaxed age limits and doesn’t require a health exam. Usually, a health exam will require specific health questions such as tobacco or nicotine usage, whether you have a family history of diabetes or cardiovascular disease. In some cases, you might also undergo a blood test and need to disclose height and weight.
Typically, policies that don’t require a medical exam might have other downsides, such as lower coverage amounts or higher premiums than traditional insurance policies that may require exams. A no-medical-exam life insurance policy might be right for you if you’ve been denied coverage by past providers, are looking for a streamlined application process, or don’t feel comfortable or have the time to undergo a medical exam.
In general, you can get affordable term life insurance coverage with no medical exam if you’re okay with lower coverage amounts. If you’re a senior with underlying or preexisting health conditions or aren’t in the best of health, you might want to consider policies that offer guaranteed whole life insurance. Typically, the issue age limits are more relaxed with these policies as well.
FYI: If you’re turning 65 soon, you may want to start the process of applying for Medicare. Read my guide, How to Apply for Medicare, to learn more.
The cost of no-medical-exam life insurance coverage can vary depending on a number of factors such as provider/carrier and the type of policy (term or guaranteed). For example, Gerber Life offers guaranteed acceptance for seniors between the ages of 50 and 80. Although coverage tends to be on the lower end of the spectrum, you’d be able to bypass the medical exam. For example, if you’re a 70-year-old male looking for total coverage for guaranteed whole life insurance of about $12,000, then you’re looking at a monthly premium of $118.84.
Additionally, the policy has the benefit of cash value, which grows over time and has a locked-in premium rate that never goes up. In general, no-medical-exam life insurance might have higher premiums or rates than other types of life insurance simply because the provider is taking a risk in insuring you at an older age. Also, if you decide to go with guaranteed whole life insurance, keep in mind that you may be paying higher premiums compared to an affordable term life insurance policy. In contrast, a no-exam term life insurance policy for a 62-year-old male with average health and estimated coverage of up to $100,000 for term life insurance for 15 years would be between $51.97 and $85.96 per month, This is drastically cheaper than guaranteed whole life.
If you’re an older adult with preexisting health conditions or have had a difficult time finding the right insurance provider, you might want to consider looking into no-exam or guaranteed acceptance insurance policies. There are many insurance providers that offer a variety of term, whole, and permanent life insurance policies that don’t require a health exam. This may provide added peace of mind and comfort because you’ll know that as long as you pay your monthly premiums, you’ll remain covered potentially for life, or for the term that you specified.
To learn more about the best insurance options for seniors, be sure to check out our helpful guides:
In general, a policy that doesn’t require a medical exam will issue lower coverage amounts. A medical exam would be able to accurately determine any preexisting issues, so the insurance provider is essentially taking a risk by not offering a medical exam. However, there are policies that don’t require a medical exam and provide up to $1 million in coverage.
Some examples of life insurance companies that don’t require a medical exam include the following: Banner Life, Gerber Life Insurance, Haven Life Insurance, and Transamerica.
You can often find life insurance without a medical exam; however, these policies tend to offer lower coverage amounts with higher premiums.
Many providers offer guaranteed issue insurance that requires no blood tests or other medical exams.
Medical exams are not always required for life insurance; however, these types of policies often come with higher premiums.
