Replacing Employer-Sponsored Life Insurance Plan for a Better No Exam Insurance option

By James Tobin, CFP

Critical Takeaways

  • "No Exam" means different things to different carriers
  • It's possible to have no exam, but have medical records requested
  • Some Carriers will only offer "no Exam" if you meet certain  criteria and exam is waived

Expert Review Of  No Exam Term Life Insurance option

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Reviewed by

Jim Tobin, CFP®

Why you can trust this review

At Workers Bequest Life Insurance, we value our editorial independence. We keep our reviews strictly factual so you can use them to make informed decisions. Life insurance carriers referred to on this site do not approve reviews. 

"No Exam": Different Meaning with Different Carriers 

The term "no exam," had different definitions to various term life insurance companies. There are generally divided into three groups.

No Exam,

  No Medical Records

 Near immediate decision

No Exam,

Medical Records Possible,

1-3 weeks Decision

Exam Waived (Great Health)

Records Request Possible, 

1-6 Weeks Decision

As you can see, "no exam" means very different things to different life insurance carriers. We will discuss each scenario below and recommend top carriers.

No Exam Term With Near Immediate Decision

There are only a few companies that offer term insurance above $100K on  "simplified issue" terms. Simplified issue means that a decision is made (quickly) based on your answers to applications questions, a prescription history check and a Medical information Bureau (MIB) check.

The great thing about these policies is that they are issued fast (usually the same day), and fairly lenient on health conditions. the downside is that they are more expensive than policies that are underwritten with access to your full medical records.

At The Workers Bequest Life Insurance, our recommended choice for simplified issue term is Foresters Life. 

Foresters 

Your Term, non-med

For applicant's who need life insurance in force as soon as possible, it is difficult to imagine a better option that Forester's "Your Term".  It costs more than the other carriers listed here. However, it is the only true simplified issue product on the list.

No Exam, But possible Medical records Request

There are a  few carriers who do not require an exam, but may request medical records. The carriers who we recommend for this scenario offer policies that are no more expensive than the fully underwritten policies on the market.

However, with great pricing comes chance medical records will be requested. This slows down underwriting considerably, as the doctor's office can be slow to do the paperwork. 

Additionally, these carriers tend to mitigate the risk of not doing an exam by limiting the amount of coverage well below what full exam carriers will offer.

The carriers in this group we recommend are SBLI and Sagicor.

SBLI

Term Lengths

10,15,20,,30

Accelerated Death Benefit Rider

Yes

Ratings

"A" - A.M. Best

Availability

Unavailable in NY

Customer Service

Issue Age

18-60

Coverage Amounts

$100K- $500K

No Exam Option

Yes

SBLI stands out as one of the best priced accelerated underwriting programs on the market. Bear in mind that an attending physicians statement (APS) may be requested of your doctor. Should this happen, the underwriting time will increase in proportion to the time it takes your doctor to fill the request.  

SAGICOR

Term Lengths

10,15,20,25,30

Accelerated Death Benefit Riders

Chronic, Critical & Terminal

Ratings

"A" - A.M. Best

Availability

All States

Customer Service

Issue Age &

Coverage Amounts

Ages 18-45 up to $1MM

Ages 46-55 up to $750K

Ages 56-65 up to $500K

Medical Records Requested

Possible

Sagicor also has outstanding pricing for a no exam option. While the possible request for APS is here like with  SBLI,  the decision to request medical records or not is known within 15 minutes of submission. This allows the customer to pivot if time is of the essence.

Other than the possible APS request, Sagicor is thought to have rather strict underwriting. This can be of concern if you have even minor conditions that require medication.   

Exam May Be Waived...But No Sure Thing

It is a little bit of a stretch to even label this category as "No Exam" being that the application needs to receive an exam waiver based on the information that is received through a prescription history check, motor vehicle records, and credit information.

Having said that, if you are confident in your health and have no concerns about the information they may pull from public records, this category is a way to obtain a significant death benefit without taking an exam.  

Principal

Term Lengths

10,15,20,30

Accelerated Death Benefit Rider

Yes

Ratings

"A+" - A.M. Best

Availability

Unavailable in NY

Customer Service

Issue Age

20-60

Coverage Amounts

$200K- $1MMK

No Exam Option

Requires a waiver

Principal Term Accelerated u/w

Principal has been a leader for some time in this category. While it may be true that the "no exam" desire is not guaranteed, it's also true that policies for 1MM with no exam are rare.

Additionally, Principal is good with specific niches like build , sleep apnea, and child riders with no health questions. 

LINCOLN

Term Lengths

15,20,,30

Accelerated Death Benefit Riders

Yes

Ratings

"A+" - A.M. Best

Availability

NY Unavailable

Customer Service

Issue Age 

18-50

Coverage Amounts

$100K- $500K

Medical Records Requested

Possible

No Exam

Waiver Required

Lincoln Term Accel

Lincoln is an interesting player in this category with a few negatives over and above requiring a waiver: 

  • No 10 year terms
  • Only Eligible Age 50
  • 500K cap

That said, Lincoln has an expensive view of underwriting with several health niches. Additionally, Lincoln pricing is consistently among the market leaders.

ANICO

Term Lengths

10,15,20,30

Accelerated Death Benefit Riders

 Chronic, Critical & Terminal

Ratings

"A" - A.M. Best

Availability

NY Unavailable

Customer Service

Issue Age &

Coverage Amounts

Ages 17-50: $250,001 - $1,000,000

Ages 51-60: $250,001 - $500,000

Medical Records Requested

Possible

No Exam

Waiver Required

The Verdict: No Exam Term Life Insurance Alternatives

If you are looking for an better alternative to the "no exam" life insurance policy to the one you are being offered, the carriers on this page are a great place to look.  Everyone of themis highy rated by financial rating agencies and is known for highly competitive rates.

Your unique personal situation will determine which option is the best for you, The most reliable method to determine the best carrier for you to apply with is to speak with an experience  independent agent.

Next Step

Now that you are aware there are good alternatives, there is no reason to leave your families protection to a substandard insurance company.

We are glad about the efforts you've made on checking out for a better upgrade for your Employer Sponsored Life Insurance Plan and finally decided on Workers Bequest. We are committed to a totally transparent process (we'll even share our computer screen with you if you'd like), and making the application process as painless as possible.

So its better to act now, simply request a quote or reach out by telephone. We look forward to speaking with you.

The Time to get covered is now!...

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