What You Need to Know About 500k Life Insurance with No Medical Exam

By Michael Horbal – updated on – 09/25/2022

The average American has less than $500K life insurance.

In fact, according to recent life insurance statistics, the average life insurance held by Americans is less than $200,000, and that’s not enough!

It’s never been easier to get $500,000 life insurance – no exam needed!

If you’re new to life insurance, check out our life insurance 101 article to get started.

How to Get 500K Life Insurance With No Medical Exam

The number one thing to remember if you want life insurance with no medical exam is that you must be in relatively good health.

That means a standard or better underwriting rate class with no high-risk medical conditions.

Get started by running an instant life insurance quote for yourself or your spouse.

We’ll then let you know the details of the accelerated underwriting programs for your quotes to ensure you have the best company available.

Custom Life Insurance Quotes

Step 1 of 8
memberships

Instant Life Insurance Quotes

In some cases, you may even receive instant life insurance approval for up to a 40-year level term.

When you apply, the company will check prescription databases, motor vehicle records, the MIB, and other sources to make a fast decision.

The Advantages of 500k Term Life Insurance Without a Medical Exam

It’s fast and easy as long as you meet the underwriting criteria!

Until recently, term life insurance underwriting times averaged about eight weeks.

Some life insurance companies will approve you within minutes, hours, or days!

Gone are the days when niche programs like Costco or the AICPA have speed advantages.

There’s no need to buy those policies when so many other great options exist.

You don’t have to complete a paramedical exam anymore with some carriers.

Common Policy Options

If you need life insurance as part of a divorce, no exam policies make it easier to complete this requirement.

Business life insurance for SBA loans or key person coverage is available with some life insurers.

Collateral assignments are acceptable, and you can still set up beneficiary settlement options with policies.

Most companies don’t have restrictions against occupations such as police officers or firefighters.

Take the Banner Life Horizon Experience, for example.

  • Available for insureds aged 20-60.
  • Up to $2,000,000 of term life insurance!
  • Exact pricing as traditional underwritten products.
  • Life insurance riders (child, accidental death, waiver, accelerated death) are available.
  • Regular conversion options to universal life or whole life insurance are available.
  • There are some rules regarding the replacement of existing life insurance that apply.

With Horizon Experience, we submit some basic information to Banner. You will receive an email with a link to complete the online e-interview.

At the end of the interview, one of three things will happen.

  • Instant Decision (20% of applicants)
  • Accelerated Decision within ten days (30% of applicants)
  • Approved without Exam (55% of applicants)

Traditional underwriting will take place for those not approved through the accelerated process.

That means you would complete a paramedical exam, and the company would review your medical records, family history, and lab results.

Several companies are using Human API to accelerate medical records retrieval when needed.

The Disadvantages of 500k Term Life Insurance No Medical Exam

There are a few disadvantages, including:

  • Underwriting is strict for no medical products.
  • The amount of life insurance available is limited.
  • Life insurance for seniors is limited.
  • There is little room for negotiation of underwriting offers.
  • Some programs do not allow smokers.
  • Not all beneficiary types are allowed.
  • Not all programs allow business cases.
  • Foreign Nationals are not typically eligible.
  • Some company weight charts are more restrictive.

Some life insurers offer stripped-down products with no riders or conversion privilege, so it’s important that you compare all features.

Our guidelines will help you decide on the best life insurance company.

Medical Conditions that Require Full Underwriting

No medical exam life insurance is not available for those diagnosed with a high-risk medical condition.

Examples include:

  • Cancer History
  • Heart Disease
  • Diabetes
  • Chronic Diseases
  • Most Mental Health Issues
  • Alcohol or Drug Abuse Treatment
  • Ulcerative Colitis
  • Crohn’s Disease
  • Respiratory Conditions

Most no medical exam policies do not accept marijuana users, pipe smokers, tobacco chewers, or cigarette smokers.

Final Words

You can obtain a 500k life insurance with no medical exam policy if you meet the underwriting criteria.

We’ll show you the best life insurance companies and help you decide how much life insurance is right for you.

There is never any pressure or obligation with our service.

Scroll to Top