What Are The 10 Best Life Insurance Companies

Research by LIMRA 2021 found that 52% of adults in the United States have some kind of life insurance. That’s down from a peak of 63% in 2011, so it seems like many people in the United States don’t see the benefit of this form of insurance.

This hesitation could be at least partially explained by widespread myths regarding the purpose and function of life insurance.

Many people who are thinking about applying for life insurance have the misconception that the underwriting process is long and arduous and consists of lots of personal inquiries about one’s health, financial history, and lifestyle.

Applicant’s medical histories and their self-reported responses to health inquiries are taken into account by the majority of life insurance companies. However, entrance into many of them is not contingent upon passing a medical test.

Simplified issue life insurance, also known as no-medical-exam life insurance, is a type of policy that does not require the results of a medical exam before it is issued. These policies are becoming increasingly prevalent, with support from a wide range of life insurance providers.

The Top 9 Non-Medical Exam Life Insurance Providers

At the present time, these are some of the best life insurance providers in the United States that do not require medical exams as part of the application process. With this information in hand, you can utilize a life insurance quote aggregator like Policygenius to zero in on the right insurer and policy for your specific needs.

All of the companies on this list provide individual policies for term insurance with no cash value, permanent whole life insurance, and universal plans. Both whole life and universal life insurance build cash value over time. 

Some may also provide access to group or employer-sponsored life insurance, but we haven’t taken them into account in this study.

When accessible, each listing also features two more indicators of an insurance provider’s strength and success:

• The AM Best rating is a widely used indicator of an insurance company’s solvency and thus its ability to pay claims.
• How satisfied a customer is with the life insurance company as a whole, is determined by how happy they were with the application and claims procedures, as measured by the J.D. Power 2020 poll.

It’s important to differentiate between simplified issues and guaranteed issue life insurance before applying for a policy that requires no medical exam.

The former is characterized by a more generous maximum death benefit and an expedited but not superficial underwriting procedure. The latter type of coverage cannot be declined based on an applicant’s health, but the benefits are typically only enough to pay final expenses like burial costs.

Finally, realize that purchasing life insurance even no-exam life insurance is a long-term financial commitment that can have a major effect on your family’s ability to pay its bills. Discuss your coverage needs with a financial counselor before applying to be sure that buying a policy is in your financial best interests.

1. Bestow

• A.M. Best Financial Strength Rating. A+ (Superior), for the North American Company for Life and Health Insurance
• J.D. Power 2020 Life Insurance Study Rating. Not rated
• Great For. Budget-conscious policyholders seeking higher coverage limits without a medical exam

Bestow is completely exam-free, unlike most no-medical-exam life insurance carriers. To put it another way, Bestow is not for you if you need a medical exam as part of your policy’s underwriting.

Is this really a drawback, though? Yes, in that the premium for a life insurance policy that doesn’t mandate a medical exam is likely to be higher than the price for an equivalent policy that does mandate an exam owing to the inherent unpredictability of insuring someone’s life without making sure everything is OK under the hood.

However, Bestow mostly fixes this issue by removing inefficiencies elsewhere, inefficiencies that are responsible for the inflated rates charged by comprehensive insurance.

Regardless, purchasing a life insurance policy via Bestow is absurdly easy. The online application can be completed in a matter of minutes, making it ideal for a quick burst of activity over a lunch break or some downtime in front of the TV after work.

You won’t have to wait for a decision while your doctor sends over your health records thanks to Bestow’s totally algorithmic underwriting procedure, although the lack of transparency in algorithmic underwriting is a genuine concern.

Key benefits of Bestow include a $1.5 million coverage maximum, which is substantial for an algorithmic underwriter, policy periods of up to 30 years, and coverage starting at the age of 60 or later.

To get permanent life coverage, you’ll have to search elsewhere, as Bestow only provides term life insurance products.

2. Haven Life

• A.M. Best Financial Strength Rating. A++ (Superior), for MassMutual
• J.D. Power 2020 Life Insurance Study Rating. 769, for MassMutual
• Great For. Policyholders seeking higher coverage limits, great customer service, and impeccable financial strength

Haven Life, like its parent company MassMutual, is a streamlined, tech-enabled insurer. Known as Haven Simple, Haven Life’s no-medical-exam term life insurance policy is available to everybody. 

Haven Simple is a MassMutual subsidiary product with term lengths between five and twenty years, benefit amounts between $25,000 and $500,000, and eligibility age requirements starting at 55.

Haven Life Plus, a policy rider add-on, provides additional benefits such as an accelerated death benefit, paperless application and paperwork processing, and a free, risk-free cancellation period.

Subscribers of Haven Life Plus are eligible for a variety of extras at no extra cost, including:

• Adaptiv is a unique workout software with hundreds of audio-guided routines.
• In order to combat jet lag, the Timeshifter app was developed.
• The Life suite account dashboard serves as a secure digital storage vault for preserving digital copies of sensitive estate planning papers, such as a personalized and completely legal will that may be drafted using Haven.
• Services at the MinuteClinics found inside thousands of CVS and Target shops are offered at a discount.
• Haven Life, like Bestow, provides exclusively term life insurance. A no-exam, the permanent policy is not offered here.

3. Ladder

• A.M. Best Financial Strength Rating. A+ (Superior), for Allianz Life Insurance Company of New York and Allianz Life Insurance Company of North America, based on an analysis of financial position and operating performance – affirmed October 2021
• J.D. Power 2020 Life Insurance Study Rating. Not rated
• Great For. Applicants seeking competitive rates and higher coverage limits

The ladder is another insurance that employs algorithmic underwriting with highly rated insurance providers who also offer coverage that can be modified as needed. Allianz Life Insurance Company of North America and Allianz Life Insurance Company of New York are the insurance providers for Ladder customers.

A no-medical-exam term life insurance plan is offered by Ladder, as it is by Bestow and Haven Life, albeit candidates must still complete a lengthy health questionnaire. Actually, Ladder surpasses both of them by providing no-exam protection for up to $3 million, which is practically unmatched in the industry.

A medical exam may be required if you’re looking for insurance that costs more than $3 million. In contrast, you don’t have to travel to a clinic or laboratory to accomplish this.

The low-overhead, streamlined business model that Ladder and other algorithmic underwriters employ allows them to offer affordable premiums. Some policies have terms of up to 30 years, albeit those who are applying at a later age may be disqualified. Similarly to Bestow and Haven, Ladder only provides term life insurance.

4. Lemonade

• A.M. Best Financial Strength Rating. A+ (Superior), for the North American Company for Life and Health Insurance
• J.D. Power 2020 Life Insurance Study Rating. 5 out of 5 (Among the Best)
• Great For. Applicants seeking competitive rates with unusually high coverage limits

When it comes to property insurance—homeowners’ and renters’ policies, to be specific—Lemonade got its start. After some time, the business began using algorithms to underwrite life insurance policies, which was a boon to applicants who were turned off by the necessity of a physical examination.

Lemonade’s method is innovative even in the realm of algorithmic underwriting. An intelligent chatbot guides you through the full application process online, asking you questions about your health and lifestyle. 

With your permission, Lemonade can access your health records and other third-party data to corroborate your answers and increase its confidence in its assessment of your health.

You can apply for Lemonade coverage up to age 60, and the term lengths range from 10 to 30 years, albeit the longest term may not be available to those over 60. As much as $1.5 million may be paid out in the event of death.

The real cost of your Lemonade life insurance policy will be more or less than the $9 a month advertised on their website because it will be based on factors including your age, health, and coverage options.

For life insurance, Lemonade follows the trend of other algorithmic insurers and only provides term coverage. Lemonade isn’t the best option if you’re seeking permanent protection.

5. Assurity

• A.M. Best Financial Strength Rating. A- (Excellent)
• J.D. Power Overall Satisfaction Rating. Not rated
• Great For. Applicants seeking longer-term policies through an insurance agent

When compared to upstarts like Ladder and Bestow, the mutual life insurance business Assurity seems distinctly more traditional. In fact, Assurity doesn’t conduct direct sales; if you want one of their no-exam insurance, you’ll have to go through an agent or your employer, if that’s a possibility.

With that said, Assurity has a lot going for it if you’re ready to take the plunge. NonMed Term 350 is a product offered by the corporation that insures for up to $350,000 for 30 years and accepts applicants up to the age of 65.

While Assurity’s coverage choices aren’t quick like some of its more tech-savvy rivals, you should still find out within a few days if you’re approved for coverage.

Additionally, Assurity offers a plethora of riders, such as expedited death benefits, refund of premiums, children’s terms (covering the insured’s children until they turn 25), and more.

Additionally, Assurity’s NonMed Term 350 policies can be changed to permanent status and extended beyond the original term without having to wait until the term expires.

6. Transamerica

• A.M. Best Financial Strength Rating. An (Excellent)
• J.D. Power 2020 Life Insurance Study Rating. 734
• Great For. Younger applicants seeking high coverage limits

Transamerica is a comprehensive insurance provider that accepts applications from people up to the age of 55 without conducting a medical exam as part of the underwriting process for life insurance.

In general, candidates between the ages of 18 and 45 are eligible for up to $2 million in coverage without an exam, while those between the ages of 46 and 55 are limited to $1 million.

Transamerica offers no-exam insurance with terms of up to 30 years and living benefits and advanced death benefits for qualifying policyholders who have been diagnosed with chronic, critical, or terminal illnesses.

Benefit amounts over $1 million or $2 million, depending on the policyholder’s age, require medical underwriting, however, the Trendsetter Super product is convertible, meaning it can be converted to permanent status if the policyholder so chooses.

7. Sagicor

• A.M. Best Financial Strength Rating. A- (Excellent)
• J.D. Power 2020 Life Insurance Study Rating. Not rated
• Great For. Would-be policyholders seeking good customer service and higher coverage limits

Sagicor, along with Bestow, is one of the very few life insurance providers that exclusively provides no-medical-exam coverage. Contrary to its competitors, Sagicor provides a broader selection of no-exam policy alternatives, including term, whole, and last costs life insurance.

Since Sagicor’s term, life insurance only goes up to $1 million in coverage and 20 years in duration, they aren’t suitable for those who need extensive protection over a long period of time. However, those between the ages of 30 and 50 who are looking to secure their financial futures should consider these options.

The maximum death benefit for a Sagicor whole life policy is $250,000. This is not a huge amount of coverage, but it is sufficient for many situations. Compared to other types of final expense insurance, its policies offer more coverage (up to $50,000) than the norm.

Sagicor also places a premium on giving back to the local community, therefore it donates a percentage of premiums from new policyholders to organizations in their states.

8. Ethos

• A.M. Best Financial Strength Rating. An (Excellent) to A+ (Superior), varies by the underwriter
• J.D. Power 2020 Life Insurance Study Rating. Not rated
• Great For. Applicants who’d like to choose from multiple underwriting companies, including some that accept older applicants

Ethos’s rules need only a brief health questionnaire rather than a full medical examination. The no-exam policy of Ethos, what can you anticipate? 

Your insurance may be expedited through underwriting if you are young and in good health, or it may be subject to a lengthier process involving additional questions and a more in-depth study of your health history on Ethos’ part if you have a history of illness.

Regardless, you will have access to term life insurance plans with terms of 10–30 years and face values of up to $2 million. There are human agents available through Ethos to assist you if you get stuck, however, the vast majority of applications are processed without any human involvement at all.

9. The Mutual of Omaha

• A.M. Best Financial Strength Rating. A+ (Superior)
• J.D. Power 2020 Life Insurance Study Rating. 789
• Great For. Applicants seeking a comprehensive lineup of life insurance solutions

Guaranteed issue whole life insurance from Mutual of Omaha provides a modest but potentially significant death benefit to policyholders age 50 and beyond (up to age 85 in most states and age 75 in New York).

There are no health-related inquiries throughout the underwriting process, and your premium will remain constant regardless of your age or health status. Most no-exam insurance still need extensive health questions to be answered during underwriting, so this is an improvement.

Those looking for term life insurance with no medical exam coverage may be disappointed to learn that Mutual of Omaha mandates medical underwriting for all term life policyholders. 

As a result, while Mutual of Omaha is a fantastic option for people looking for burial expense coverage or similar small-benefit whole-life scenarios, it is not the best option for many people who need permanent coverage.

Bottom Line

Getting life insurance is a wise move for a variety of reasons. If you’re thinking of getting your own coverage, it’s because at least one of these statements rings true for you.

Life insurance, of course, has a flip side. Life insurance applications are not as complicated as they seem, but they still require some legwork on the applicant’s end. When you factor in the need for a medical exam, which is still very typical, the process can become quite inconvenient, which could make you reconsider applying.

This is something that the no-medical-exam life insurance firms hope to improve upon. Apply for coverage with any of them, and you won’t have to submit to unnecessary medical procedures like blood draws or blood pressure checks to give your loved one peace of mind in the event of your untimely demise.

You already know that having life insurance gives you peace of mind in case the worst should happen. Applying for no-exam coverage may also serve as a front-end source of assurance that makes a difference.