By now, you’ve probably realized that buying life insurance over age 50 is a lot different than when you were age 30 or even 40. As we age, our medical files get larger and for some of us, our health begins to deteriorate. No matter how hard we try, we are probably not in the same shape now at age 50 as we were at age 30.
For this reason, it’s harder for people to qualify for the best life insurance over age 50. Or for some folks with a few health issues, it’s harder to get the best rates. However, the good news is, the traditional way of buying life insurance is rapidly changing. Insurance companies are now offering a way for some people to skip the medical exam with a no medical exam life insurance policy.
What is No Medical Exam Life Insurance?
Simply put, no medical exam life insurance is exactly what it sounds like. Apply for a policy, get covered and avoid the hassle of a medical exam. Sounds easy, huh? It can be, however, most no exam insurance companies do require an application. Which means, you still need to submit some information or answer some questions about your past health history.
No Exam Life Insurance Isn’t For Everyone, But…
If you are in good health and don’t want to get stuck with a needle – You’re looking to get coverage quickly – You’re busy and don’t have time for an exam or you don’t need a large amount of coverage, then a no exam policy could be right for you.
No Medical Exam Life Insurance Companies Over Age 50
Let’s begin with a list of the 5 best life insurance companies with no medical exam. There are also companies that specialize in policies if you have been recently diagnosed with Type 2 diabetes. Finding the best company for your situation requires a quick phone call to our office to match the right company to your specific situation.
- American National (ANICO)
- Fidelity Life Insurance
- Mutual of Omaha
- Sagicor Life
The best no medical exam policy will depend on YOUR own unique health situation and specific needs since each company has different underwriting requirements.
American National Life Insurance (ANICO)
Freedom Term Life
ANICO offers 10, 20 and 30 year term insurance with coverage amounts of $50,000 to $250,000. Issue ages are between 18 and 65 years old. They have some of the lowest rates if you can qualify. In order to qualify you must be in good health with little to no previous health conditions.
If you smoke or have pre-existing health issues this is probably not the best choice for a no exam policy. You still could qualify for a policy but expect to pay much higher rates. Approval time takes only a few days and applications are taken over the phone (except New York) and then signed electronically.
ValueGuard Whole Life Insurance
ANICO also offers whole life insurance without a medical exam for people age 18 and 65 years old. Coverage amounts of up to $150,000. For people who are over age 50, they offer a Legacy Whole Life Program with coverage up to $25,000 with no medical exam
Fidelity Life Insurance
Fidelity Life offers a “Rapid Decision” no exam term life policy for people who are in good health from ages 18 to 65. Coverage amounts are offered from $25,000 and $250,000. Term lengths available vary by age but 10, 15, 20 and 30 year terms are offered.
Fidelity has a very easy application process and you can be approved in less than 24 hours. Fidelity is not always the cheapest option for coverage but if you need a policy quickly and are in good health Fidelity’s application process is simple with only a few health questions required.
Mutual of Omaha
Mutual of Omaha has specialized in the arena of life insurance over 50 no medical exam for many years. They offer 10,15, 20 and 30 year term life policies up to age 55 with coverage amounts up to $250,000. If you are over age 55 you could qualify for their guaranteed universal life policy with coverage amounts up to $1 million. There is a background check required on these policies for approval and could include review of the Medical Information Bureau (MIB) and prescription drug database.
If you are in a hurry to get coverage, then Sagicor can be a great choice if you qualify. Sagicor offers no exam policies up to $399,999 for people between the age of 18 and 65. Approval time can be within 15 minutes after completing your application via the phone or over the Internet. However, in most cases, policies are approved with 48 hours.
Unlike other no exam companies, Sagicor offers both Preferred, Standard, and Rated policies. If you are excellent health, you will get preferred pricing as opposed to other people that might have some health issues like diabetes and will receive a rated policy.
Like Mutual of Omaha, Transamerica has specialized in providing life insurance for people over age 50 for many years. If you have pre-existing medical conditions or if you have a high-risk health issues such as diabetes or if you smoke, Transamerica offers very competitive rates.
Policy amounts are available up to age 64 through their Simple Term program. Coverage amounts are available at $25,000, $50,000 and $100,000 by only answering a few medical questions.
Pros and Cons of Life Insurance with No Medical Exam Over Age 50
Should you buy a no exam policy or should you go for a traditional policy and take the exam?
“Michael is 50 years old, in excellent health and applies for a $250,000 20 year term policy with a medical exam pays $58.00 per month. John is 50 years old, in excellent health and applies for the same policy without a medical exam. John pays only $62.00 per month. A difference of only $4.00 a month to avoid the hassle of an exam.
If you are looking to get policy in the least amount of time, without submitting to a blood test, providing a urine sample or granting permission to having your medical records reviewed, then a no exam policy makes sense. Some no exam insurance companies can approve your policy in less than 48 hours, compared to a traditional policy that can take several weeks to be approved.
What’s the downside? The downside to no medical exam policy is that there is a limit to the amount of coverage you can buy. Plus, you will most likely pay more for this type of policy. About 25% to 60% more than if you take the exam and apply for a traditional policy. In addition, if you are over age 50 and you are in very good health, you will most likely get better rates by taking the exam which could save you a lot of money in the long run.