No-Exam Life Insurance for Over 50

If you are over 50 and seeking no-exam life insurance coverage, you’ve landed on the right page. They say 50 is the new 30.

I’m not sure I can attest to that, but many statistics are showing that people in their 50s are getting remarried, divorced, starting a new business venture, or even have children who refuse to leave the nest.

Whatever your reason for shopping is, we will cover three types of no-medical-exam policies for individuals over 50 years old.

Related: Best term life for over 50

Table of Content

• Best term life no-exam companies for over 50
• Consider accelerated underwriting companies
• Best simplified issue whole life companies for over 50
• Best guaranteed issue whole life companies for over 50

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What Is No Medical Exam Life Insurance

No-exam life insurance, or no physical as some call it, is a type of coverage that doesn’t require an applicant to undergo an exam as part of the underwriting procedure. Instead, the applicant is required to answer health questions on the application and have a phone interview with the underwriter. Depending on the no-exam policy type and the company you apply to, other factors will be part of the process.

A prescription database, Medical Information Bureau, and motor vehicle report will also play a significant role in issuing or denying your application. The approval process times with non-medical exam policies range from a few minutes to a few weeks, depending on the company and your health history.

Should You Even Buy No Exam If You’re over 50?

No-exam life insurance costs more than a fully underwritten term policy (coverage that requires an exam). The reason is simple: the insurer is taking an increased risk by insuring an individual without having access to the results from the physical and blood exam which can reveal abnormalities or issues that otherwise would get you declined.

The insurer has managed the risk by increasing your premiums and limiting the death benefit amount (face value) they are willing to sell. If you are comfortable with the fact that you will pay more for the convenience of not taking the exam, require $500,000 in coverage or less, and want a policy in a matter of days rather than weeks, you should consider life insurance without an exam.

I always recommend my clients buy a traditional policy which involves taking the exam because it costs less. The rule of thumb is to always compare the rates before deciding which company to go with.

How Do I Choose the Best No Exam Policy Type?

There are three types of no medical exam policies: Term life insurance, simplified whole life, and guaranteed issue. The face amount you are looking for, your overall health, and your needs will dictate the type of coverage you should be exploring. Typically, the healthier you are and the more coverage you need, your first choice will be the term life insurance without an exam.

If you only looking for final expense coverage, the simplified whole life policy should be your choice. The last option is the last resort for those who can’t qualify for a traditional policy and opt for a guaranteed issue life insurance. You need to be cautious when considering these types of policies.

I’ve split this article into three kinds of no-exam companies based on the coverage you are interested in. Let’s take a look at each policy type and the best companies you should be considering.

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Best Term Life No-Exam Companies for Over 50

A no-exam term life insurance offers level premium and death benefit for a specific period, usually 10–30 years with the 20-year term being the most common one. If you pass away during that period, your beneficiaries will collect a tax-free death benefit, which they can use as they wish.

If you outlive the initial term, you can convert the policy to permanent coverage without proving insurability, renew it on an annual basis, or drop it. Those who buy term life are looking for temporary protection such as mortgage balance, outstanding business loan, or childbearing years. This type of policy offers the highest amount of coverage for the lowest possible price because it provides “pure insurance” and nothing else.

Note that, for this type of no-exam coverage, you are required to be in good health. The biggest misconception is that if I apply for no exam coverage, the insurance company wouldn’t know about my pre-existing health conditions. This is the farthest thing from the truth. Just because it is a no-exam policy, it doesn’t mean that the insurer issues it to everyone. You will still undergo a phone interview, Motor Vehicle Report (MVR), Medical Information Bureau (MIB), and Prescription Database search, which will reveal a lot about your current and past health history.

SBLI – The Savings Bank Life Insurance Company of Massachusetts

The Savings Bank Life Insurance Company of Massachusetts (SBLI) was founded in 1907 and has an A (Excellent) financial rating from A.M. Best. The underwriting decision time ranges from 24 hours to a few weeks, depending on your health history. SBLI has one of the best no-exam rates, and unlike other companies, they offer all underwriting classes.

For instance, some companies will give you a standard rate, even if you are perfectly healthy because you applied for a no medical exam policy. With SBLI, you will get the Preferred Plus health class (as long as you are healthy). Furthermore, some insurers offer four rate classes, and if you don’t fit into one of those classes because of your health history, your application will be denied.

With SBLI, if you are not in the best of health, you can still qualify for a no-exam policy but at a higher rate. The underwriter will complete the application electronically, and pull information from your motor vehicle record (MVR), the Medical Information Bureau (MIB), and prescription database. There will be one of two outcomes:

1. Instant approval.
2. Additional requirements are needed, such as an attending physician statement (APS). Then, a final conclusion is determined by the underwriter, which takes 2–3 weeks on average.

Plan Highlights

• Issue ages:18–60
• Face amount: $100,000–$500,000
• Level premium for 10, 15, 20, 25, and 30 years
• All underwriting classes
• Approved in all states except New York and Montana
• An accelerated death benefit rider at no additional cost
• Renewable to age 85
• Convertible into a permanent coverage before the insured’s 70th birthday

Related: SBLI detailed review

Sagicor Life Insurance

Sagicor was founded in 1840 and has an A- (Excellent) financial rating from A.M. Best. Sagicor has probably the fastest underwriting decision time in the industry, usually within minutes. After your agent submits the application online, Sagicor’s automated system works in the background, gathering all the required information to determine your eligibility for coverage.

It doesn’t require a phone interview, medical exam, or Attending Physician’s Statements (APS). Instead, they will run the usual suspects: Motor Vehicle Record (MVR), Medical Information Bureau (MIB), and Pharmaceutical Database (Pharm Db). They do fall short in their term length offering because they only provide 10-, 15-, or 20-year term. If you need a 30-year term, Sagicor isn’t for you.

Plan Highlights

• Issue ages:18–65
• Risk Classes: Preferred Non-Tobacco, Standard Non-Tobacco, Rated Non-Tobacco, Preferred Tobacco and Standard Tobacco
• Face amount: $50,000–$500,000
• Level premium for 10, 15, 20 years
• An accelerated death benefit rider at no additional cost
• Renewable to age 95
• Convertible into a permanent coverage before the insured’s 70th birthday

Related: Sagicor detailed review

ANICO – American National Life Insurance

American National was founded in 1905 and has an A (Excellent) financial rating from A.M. Best. They use Xpress underwriting program for individuals under the age of 65 with a face amount of $249,999 or less.

They determine the need for an exam based on your answers to the application, MIB, MVR, and Pharmaceutical Database. They only offer standard or substandard rate, so if you are in superb health and can get Preferred Plus class, I would advise you to avoid ANICO. Underwriting turnaround time is usually 48–72 hours.

Plan Highlights

• Issue ages:18–65
• Face amount: up to $249,999
• Level premium for 10, 15, 20, and 30 years
• Standard and substandard classes only
• An accelerated death benefit (terminal, critical, and chronic) rider at no additional cost
• Renewable to age 75
• Convertible into a permanent coverage before the insured’s 65th birthday

Related: ANICO detailed review

Consider Accelerated Underwriting Companies

There are a few companies that offer an accelerated underwriting process, which includes the opportunity to skip the exam. However, if you are not eligible for that, they will continue the traditional underwriting path, which includes the exam and ordering medical records if needed.

Unlike the companies in the above paragraphs which offer a true no-exam, the accelerated underwriting companies start the underwriting process and then decide if you are eligible to skip the exam. The advantages of choosing this approach: You can get up to one million in coverage with a few companies, and you will not pay extra in premiums if you qualify for this program even if you don’t take the exam. Here are the top three:

Banner Life Insurance

• Issue ages:46–50 are eligible for 15-, 20-, 25- or 30-year term
• Face amount: $100,000–$500,000
• Health classes: Preferred Plus, Preferred No Tobacco and Standard Plus No Tobacco
• Availability: All states except Connecticut, Hawaii, and Alaska

Related: Banner detailed review

North American Life Insurance

• Issue ages:18–50
• Term length: 10-, 15-, 20-, and 30-year
• Face amount: $100,000–$1,000,000
• Health classes: Preferred Plus, Preferred No Tobacco, Preferred Tobacco
• Availability: All states except California and Georgia

Related: North American Life detailed review

Protective Life Insurance

• Issue ages:46–60
• Term length: 10-, 15-, 20-, and 30-year
• Face amount: $100,000–$500,000
• Health classes: Preferred Plus, Preferred No Tobacco

Related: Protective Life detailed review

Term Life No-Exam for Over 50 Sample Monthly Rates

*All rates quoted on this page are for a super-preferred healthy individual who does not use tobacco. Monthly rates are updated as of Oct 2018 and are subject to underwriting approval.*

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Best Simplified Issue Whole Life Companies for Over 50

For those over 50 who don’t need high coverage amount or have a specific protection goal they are interested in, for instance, burial or final expense coverage, a simplified issue whole-life policy is the right one to go after. With these types of plans, the application has fewer health questions than the traditional term life and requires fewer years of health history.

For instance, they may ask a question regarding an ailment in the past five years instead of ten years or more as in the traditional policy. This is why they are called simplified issue policies. If you can answer no to the health questions on the application, your policy will be approved. There are a few companies who offer up to $100,000 in coverage but for most individuals who seek smaller coverage, a $25,000 protection is the sweet spot.

Additionally, since these policies are whole life, the premium and death benefit remain level (fixed) for your lifetime. The coverage comes with a savings component which accumulates cash value, which you can borrow against in the future or withdraw if you surrender your policy.

Assurity Life Insurance

Assurity was founded in 1890 and has an A- (Excellent) financial rating from A.M. Best. They offer three types of simplified issue whole life coverage, and the plan you can qualify for is based on the answers on the application along with MIB, MVR, and prescription database search. The plans are as follow:

1. Level death benefit: Also called immediate death benefit, because there is no waiting period after which the coverage kicks in. Whether the insured passes away two days or twenty years after buying the policy, Assurity will pay the full death benefit amount. It is reserved for those with no significant health issues.
2. Graded death benefit: Some who have unfavorable health history are still able to qualify for a life policy for a trade in the death benefit amount. In other words, if you die in the first year after buying the policy, your beneficiaries will only collect 40 percent of the amount. If you die in the second year, they will receive 75 percent. Only in year three and beyond will they collect the full death benefit amount.
3. Modified death benefit: For those who are even more health challenged, Assurity offers a plan in which your beneficiaries will only collect your paid premium plus 10 percent in interest if you pass away during the first two years. The full death benefit, 100%, is available in year three and beyond.

Plan Highlights

• Risk Classes: Standard Non-Tobacco, Standard Tobacco
• Face amount:
  • Level benefit: $5,000–$50,000 ages 0–80
  • Graded benefit: $5,000–$35,000 ages 40–80
  • Modified benefit: $5,000–$25,000 ages 40–80
• An accelerated death benefit is included at no extra charge

Related: Assurity Life detailed review

Mutual of Omaha Life Insurance

Mutual of Omaha was founded in 1909 and has an A+ (Superior) financial rating from A.M. Best. Mutual of Omaha offers two plan benefits: Level and graded. Your eligibility is based on the answers on the application, MIB, pharmaceutical check, and a random phone interview.

The level benefit plan comes with an accelerated death benefit for terminal illness and nursing home confinement rider at no additional cost. This means the insured can get access to the benefit amount while still alive if the insured either: is diagnosed with a terminal illness that results in the insured’s death within 12 months or less or has been confined to a nursing home for 90 consecutive days and is expected to remain there for life.

On the graded benefit plan, your beneficiaries are only eligible to receive your paid premium plus 10 percent in interest if you pass away during the first two years.

Plan Highlights

• Risk Classes: Standard Non-Tobacco, Standard Tobacco
• Face amount:
  • Level benefit: $2,000–$40,000 ages 45–85
  • Graded benefit: $2,000–$20,000 ages 45–80
• An accelerated death benefit is included with the level benefit plan only

Related: Mutual of Omaha detailed review

Americo Life Insurance

Americo Life was founded in 1946 and has an A (Excellent) financial rating from A.M. Best. Americo offers two benefit plans: Level and graded. However, they have a unique approach because the level plan has two health class rates. For the healthiest applicant who can answer no to all health questions, they have a preferred rate, but they also allow the ones who aren’t in the best of health to qualify for the level benefit plan for an extra cost.

The application has two parts: part 1 and 2. If you answer no to all health questions, you are eligible for the preferred rate, but they allow an applicant to answer yes to one or more questions on part 2 and still qualify for the level plan at the standard rate. Americo falls short on its graded benefit plan because they have a 3-year waiting period (others have two years).

If you die in the first year after buying the policy, your beneficiaries will collect your total paid premium plus 5 percent in interest, if you die in the second year, the death benefit equals your paid premium plus 10 percent the third year equals 75 percent of your purchased face amount, and only in year four will it be 100% of the original face amount. A phone interview, MIB, and the prescription database will also be part of the underwriting process.

Plan Highlights

• Face amount:
  • Level benefit: $2,000–$30,000 ages 50–80
  • Graded benefit: $2,000–$10,000 ages 50–75
• An accelerated death benefit is included with the level benefit plan only

Related: Americo Life detailed review

Simplified Issue Whole Life  for Over 50 Sample Monthly Rates

*All rates quoted on this page are for a super-preferred healthy individual who does not use tobacco. Monthly rates are updated as of Oct 2018 and are subject to underwriting approval.*

Best Guaranteed Issue Whole Life Companies for Over 50

Guaranteed issue life insurance policies do not have any health questions, exams, or phone interviews. Instead, you are guaranteed acceptance as long as you are between the ages of 40–85. These policies not only cost more than any other traditional coverage, but they also have a graded benefit provision that pays the full death benefit in year three and beyond.

If you die during the first two years, not accident related, your beneficiaries will only collect the paid premium plus 10 percent in interest. You want to make sure you have exhausted all other options before settling for guaranteed issue life insurance because it is not in your best interest to have a graded benefit policy.

Vantis Life Insurance

Vantis Life was founded in 1942 and has an A- (Excellent) financial rating from A.M. Best. I placed it as the number one company because they have the most competitive rates in the industry. However, if you die within the first two years, your beneficiaries will only collect the paid premium with no added interest.

Plan Highlights

• Available in all states except New York
• Issue ages: 50–80
• Face amount: $5,000, $10,000, $15,000, or $20,000
• Graded death benefit for the first two years (paid premium with no added interest)

Related: Vantis Life detailed review

AIG – American General Life Insurance

AIG has been around since 1919 and has an A (excellent) rating according to A.M. Best. AIG is a well-known brand and one of the biggest life insurers in the world. The guaranteed issue product is only sold through AIG directly or select brokers like us. AIG is one of the only companies that offer coverage for individuals over the age of 80 and also include terminal and chronic illness rider at no extra cost.

Plan Highlights

• Issue ages: 50–85
• Face amount: $5,000–$25,000
• Chronic illness rider is included at no extra cost.
• Terminal illness rider is also included
• Graded death benefit for the first two years (paid premium plus 10% interest)

Related: AIG detailed review

Great Western Life Insurance

Great Western has been around since 1983 and has a B++ (good) rating according to A.M. Best. Their pricing isn’t competitive, but the reason I still ranked it third is that they are the only one that offers guaranteed issue policies up to $40,000 in death benefit, which is the highest in the industry.

Plan Highlights

• Available in 46 states
• Issue ages: 40–80
• Face amount: $1,000–$40,000
• Graded death benefit for the first two years (paid premium plus 10% interest)
• Spousal bonus rider at no additional cost. Pays an additional $1,000 on the first death if both spouses apply at the same time
• Child rider at $1 per month provides $2,500 of coverage for a child or grandchild

Related: Great Western detailed review

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Guaranteed Issue Whole Life for Over 50 Sample Monthly Rates

Case Studies: No-Exam Life Insurance for Over 50

Case Study 1: John’s Term Life Insurance

John, a healthy 55-year-old individual, wanted to secure a term life insurance policy without undergoing a medical exam. He was looking for temporary coverage to protect his outstanding mortgage balance and provide financial security for his family.

After comparing various options, he chose a no-exam term life insurance policy from SBLI (The Savings Bank Life Insurance Company of Massachusetts). SBLI offered competitive rates and provided underwriting options based on health history. The policy was issued within 24 hours, offering John the peace of mind he needed.

Case Study 2: Mary’s Simplified Issue Whole Life Insurance

Mary, a 60-year-old individual, was looking for a smaller coverage amount to cover her final expenses. She wanted a simplified application process that required fewer health questions. After exploring different options, Mary decided to go with Assurity Life Insurance.

Assurity’s simplified issue whole life policy offered coverage up to $25,000 and had a streamlined underwriting process. Mary answered a few health questions on the application, and her policy was approved quickly. The fixed premium and death benefit gave her the assurance that her final expenses would be taken care of.

Case Study 3: Robert’s Guaranteed Issue Whole Life Insurance

Robert, a 70-year-old individual, had some pre-existing health conditions that made it difficult for him to qualify for traditional life insurance. He needed a policy that guaranteed acceptance without any health questions. After considering his options, Robert chose Vantis Life Insurance for their guaranteed issue whole life policy.

While the rates were higher than other policies, he appreciated the simplicity of the application process and the fact that there were no health requirements. Robert knew that his beneficiaries would receive the death benefit, even with the graded benefit provision, providing financial support when it was needed the most.

Bottom Line

Usually, when I get a call from a client who wants to buy a no-exam policy, I ask a few questions before I recommend a policy. I wanted to share my thought process when I suggest a policy.

If you are in good health and need more than $100,000 in coverage, I will start with the accelerated underwriting company choices. This begins with the phone interview and the carrier can either issue a policy or request to continue with the traditional underwriting path which will require an exam.

Anytime someone is looking for final expense protection under $50,000 in benefit, I will turn to simplified issue whole life companies. For those who can’t qualify for a traditional policy, I will recommend guaranteed issue policy after they understand the pitfalls of having a graded benefit clause. As stated before, it is in your best interest to get quotes for a fully underwritten plan before deciding on a no-exam life insurance policy.

If you can wait 4–6 weeks to get your policy and aren’t afraid of the needle, take the exam and save your money. You can go ahead and run life insurance quotes on this page. We at Effortless Insurance represent more than 50 insurers and promise to match you with the best one for your health history and goals.

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