15-Year Term Life Insurance with No Medical Exam: Best Companies, Rates, & How to Apply
last updated on February 25, 2021A lot can happen in 15 years:
- Marriage
- Home purchase
- Birth of a child
- Graduation
- New job
- Retirement
And, during the next 15 years, it’s smart to financially safeguard those you care about most.
Here’s the truth: If you have loved ones who depend on you financially, it’s possible that a 15-year term life insurance policy is the perfect fit for you.
We will cover everything you need to know about 15-year term life insurance – and how to purchase no medical exam life insurance – to decide if it’s the right policy for your needs.
Table Of Contents
- What is 15-Year Term Life Insurance?
- 5 Reasons to Purchase 15-Year No Exam Term Life Insurance
- How Much Does 15-Year Term Life Insurance Cost?
- Best Companies for 15-Year Term Life Insurance with No Medical Exam
- How to Apply for No Exam 15-Year Term Life Insurance
What is 15-Year Term Life Insurance?
Let’s start with a definition of term life insurance. Term is life insurance that lasts for a specific period of time, like 15 years.
Once the specific term is over, your life insurance contract ends. Term lengths include:
- 10-year term
- 15-year term
- 20-year term
- 25-year term
- 30-year term
- 40-year term
What is no physical (no exam) life insurance?
Simply put, no physical life insurance is life insurance issued without the applicant participating in a medical exam.
Life insurance carriers understand many of us of no interest in participating in a physical. They’re lowering their rates and expanding their coverage to offer high-quality no exam life insurance.
5 Reasons to Purchase 15-Year No Exam Term Life Insurance
There are 5 main reasons why it might be a wise decision to purchase 15-year term life insurance with no exam. We will look at each reason below.
The benefits of term life insurance are many:
1. 15-Year Term Life Insurance with No Medical Exam can Protect Your Family Financially
By purchasing a 15 year term life insurance policy, you are financially protecting those you care about most.
You’ll want to be sure that 15 years is the amount of time that makes sense. Let’s consider a few examples:
- A married couple with 2 children, ages 12 and 14, each purchase a 15-year term policy. Their life insurance will last until their youngest child has completed graduate school.
- An ex-spouse is required to purchase life insurance for divorce proceedings. They purchase a 15-year term policy because it will last until their youngest child turns 18.
- A working spouse has 15 years until retirement and purchases a policy to protect their income.
- An individual purchases a 15-year life insurance policy to secure an SBA loan. Since the loan is for 15 years, the life insurance term must be for the same amount of time.
Bottom line – Purchase a life insurance policy that will last as long as your financial needs exist. If you are unsure of how long your needs will last, we recommend you opt for a longer-term length to be on the safe side.
2. 15-Year No Exam Term Life Insurance is Affordable
Term life insurance is an economical way to secure a large amount of coverage for a period of time when you need it most.
For example, let’s compare the cost of term polices and permanent (life insurance that lasts your whole life) policies. If your financial protection only needs to last for a certain amount of time, your monetary savings can be substantial:
$250,000 Face Amount: 15 Year Term Vs Whole Life
| 15 Year Term | Whole Life | |
|---|---|---|
| 25 Year Old Male | $10.51 | $178.68 |
| 25 Year Old Female | $9.67 | $156.80 |
| 35 Year Old Male | $10.71 | $267.05 |
| 35 Year Old Female | $10.32 | $230.52 |
| 45 Year Old Male | $22.36 | $401.58 |
| 45 Year Old Female | $17.63 | $349.30 |
| 55 Year Old Male | $48.55 | $629.30 |
| 55 Year Old Female | $33.54 | $549.89 |
Keep in mind: life insurance for a smoker will have different rates. If you use tobacco products, be sure to select Yes for Smoker/Tobacco on your free quote.
Bottom line – Term life insurance is a highly affordable way to secure a large policy (face amount) for a specific period of time.
3. There are Many Carriers Offering 15-Year Term Life Insurance
The top-rated life insurance carriers offer 15-year term life insurance policies. You’ll be able to shop around to find the best policy at the most competitive price.
Further, carriers provide additional benefits, called riders, to life insurance contracts. Often overlooked, riders (living benefits) can provide substantial financial assistance during a difficult time.
With many options available, you can find the company with the lowest rates for your needs.
4. Consider How Long You Will Need Coverage
15-year term life insurance is not purchased as often as 10-year term life insurance or 20-year term life insurance.
What’s most important is that your coverage lasts as long as a financial need exists.
Consider the following to determine whether or not a 15-year policy is best for you. How many years until:
- My youngest child is financially independent
- Retirement
- Mortgage is paid off
- Loan (i.e. personal or SBA) is paid off
- Debts (i.e. credit card) are paid off
Bottom line – Be sure to evaluate the length of time your financial needs will last before making your life insurance purchase.
5. Securing a Life Insurance Policy Can Bring Peace of Mind
“Life insurance is not sexy. It’s not fun to talk about and it’s definitely not a process anyone enjoys. However, much like death and taxes, buying life insurance is an essential part of life and a crucial element of sound financial planning.” – Forbes
It’s true, purchasing life insurance is about as fun as doing your taxes. However, and we don’t want to sound too dark, but no one is guaranteed tomorrow. Knowing that your loved ones will be okay financially, regardless of what the future holds, is priceless.
How Much Does 15-Year Term Life Insurance Cost?
Quotes are samples only and are based on healthy, non-tobacco rates. Your individual quote may vary.
15 Year Term Life Insurance Quotes For Male 30 - 39 Years
| $100,000 | $250,000 | $500,000 | $1,000,000 | |
|---|---|---|---|---|
| 30 Year Old | $7.65 | $10.51 | $15.05 | $23.65 |
| 31 Year Old | $7.65 | $10.54 | $15.48 | $24.51 |
| 32 Year Old | $7.65 | $10.54 | $15.48 | $24.51 |
| 33 Year Old | $7.74 | $10.63 | $15.48 | $24.51 |
| 34 Year Old | $7.74 | $10.67 | $15.48 | $24.51 |
| 35 Year Old | $7.74 | $10.71 | $15.48 | $24.51 |
| 36 Year Old | $8.00 | $10.97 | $16.34 | $26.23 |
| 37 Year Old | $8.26 | $11.56 | $17.20 | $28.81 |
| 38 Year Old | $8.60 | $12.00 | $18.45 | $30.53 |
| 39 Year Old | $8.86 | $12.47 | $19.35 | $32.25 |
15 Year Term Life Insurance Quotes For Female 30 - 39 Years
| $100,000 | $250,000 | $500,000 | $1,000,000 | |
|---|---|---|---|---|
| 30 Year Old | $7.48 | $9.89 | $14.10 | $22.95 |
| 31 Year Old | $7.48 | $10.10 | $14.53 | $23.65 |
| 32 Year Old | $7.48 | $10.10 | $14.53 | $23.65 |
| 33 Year Old | $7.48 | $10.11 | $14.96 | $23.65 |
| 34 Year Old | $7.48 | $10.32 | $15.05 | $24.51 |
| 35 Year Old | $7.48 | $10.32 | $15.05 | $24.51 |
| 36 Year Old | $7.74 | $10.75 | $15.91 | $26.23 |
| 37 Year Old | $8.00 | $11.18 | $16.77 | $26.23 |
| 38 Year Old | $8.26 | $11.40 | $17.63 | $29.67 |
| 39 Year Old | $8.60 | $11.83 | $18.49 | $31.39 |
15 Year Term Life Insurance Quotes For Male 40 - 49 Years
| $100,000 | $250,000 | $500,000 | $1,000,000 | |
|---|---|---|---|---|
| 40 Year Old | $9.12 | $12.98 | $20.21 | $34.83 |
| 41 Year Old | $9.80 | $14.41 | $23.22 | $40.85 |
| 42 Year Old | $10.58 | $16.13 | $26.23 | $46.87 |
| 43 Year Old | $11.44 | $18.06 | $29.84 | $53.75 |
| 44 Year Old | $12.47 | $20.21 | $33.97 | $61.49 |
| 45 Year Old | $13.33 | $22.36 | $38.03 | $68.68 |
| 46 Year Old | $14.16 | $24.29 | $41.19 | $74.74 |
| 47 Year Old | $15.06 | $25.93 | $44.63 | $80.79 |
| 48 Year Old | $16.05 | $27.09 | $46.87 | $88.84 |
| 49 Year Old | $17.15 | $29.88 | $52.46 | $96.64 |
15 Year Term Life Insurance Quotes For Female 40 - 49 Years
| $100,000 | $250,000 | $500,000 | $1,000,000 | |
|---|---|---|---|---|
| 40 Year Old | $8.94 | $12.47 | $19.97 | $33.97 |
| 41 Year Old | $9.37 | $13.44 | $21.07 | $37.41 |
| 42 Year Old | $9.98 | $14.19 | $22.79 | $40.85 |
| 43 Year Old | $10.41 | $15.26 | $24.94 | $45.15 |
| 44 Year Old | $10.99 | $16.34 | $27.09 | $48.90 |
| 45 Year Old | $11.63 | $17.63 | $29.24 | $53.75 |
| 46 Year Old | $12.09 | $18.70 | $31.39 | $58.05 |
| 47 Year Old | $12.40 | $19.78 | $33.54 | $61.25 |
| 48 Year Old | $12.81 | $21.07 | $35.69 | $66.59 |
| 49 Year Old | $13.33 | $22.36 | $38.70 | $72.54 |
15 Year Term Life Insurance Quotes For Male 50 - 59 Years
| $100,000 | $250,000 | $500,000 | $1,000,000 | |
|---|---|---|---|---|
| 50 Year Old | $18.35 | $32.25 | $57.19 | $106.66 |
| 51 Year Old | $19.63 | $35.18 | $62.91 | $116.99 |
| 52 Year Old | $21.02 | $38.05 | $68.63 | $128.36 |
| 53 Year Old | $22.53 | $41.46 | $74.91 | $143.07 |
| 54 Year Old | $24.17 | $44.66 | $81.82 | $155.23 |
| 55 Year Old | $25.80 | $48.55 | $89.41 | $168.99 |
| 56 Year Old | $27.86 | $54.18 | $99.02 | $187.91 |
| 57 Year Old | $30.01 | $59.55 | $109.18 | $207.69 |
| 58 Year Old | $32.34 | $65.36 | $120.40 | $230.05 |
| 59 Year Old | $35.26 | $71.81 | $133.73 | $257.57 |
15 Year Term Life Insurance Quotes For Female 50 - 59 Years
| $100,000 | $250,000 | $500,000 | $1,000,000 | |
|---|---|---|---|---|
| 50 Year Old | $13.85 | $23.87 | $41.71 | $78.71 |
| 51 Year Old | $15.82 | $25.37 | $44.29 | $83.85 |
| 52 Year Old | $16.86 | $27.09 | $47.73 | $89.87 |
| 53 Year Old | $17.89 | $29.03 | $51.17 | $96.75 |
| 54 Year Old | $19.09 | $31.18 | $55.47 | $104.49 |
| 55 Year Old | $20.38 | $33.54 | $60.20 | $113.09 |
| 56 Year Old | $21.84 | $36.98 | $65.36 | $124.27 |
| 57 Year Old | $23.39 | $40.64 | $71.81 | $137.17 |
| 58 Year Old | $25.11 | $44.51 | $78.69 | $150.93 |
| 59 Year Old | $27.18 | $49.45 | $86.86 | $169.98 |
Questions to Consider to Help Calculate How Much Coverage You will Need
There are two important things to ask yourself before you make a term life insurance purchase:
- How long do those I care about most need financial protection? In other words, will a 15-year term policy provide coverage for as long as I need it?
- Calculate how many years your loved ones will depend on you financially. For example, while all of the following may not apply to you, ask yourself how long until –
- You retire?
- Your children are financially independent?
- Your mortgage is paid off?
- Your debts are paid off?
- Calculate how many years your loved ones will depend on you financially. For example, while all of the following may not apply to you, ask yourself how long until –
- How much life insurance (face value) do I need to protect my loved ones? Consider –
- Your annual income
- Financial goals
- Debts
At the end of the day, decide on a term length and face amount you feel most comfortable with.
Best Companies for 15-Year Term Life Insurance with No Medical Exam
There are many top-rated companies that offer great 15-year term life insurance policies. Here are the best companies to consider for 15-year term life insurance and some of their policy features.
- ANICO Life Insurance Company – ANICO has superior accelerated benefits included:
- Terminal Illness
- Chronic Illness
- Critical Illness
- Foresters Life Insurance Company – Foresters has excellent riders and member benefits:
- Accelerated Benefits: Chronic, Critical and Terminal Illness Riders
- Member benefits (as a Fraternal company): academic scholarships, financial counseling, legal services, volunteer opportunities
- Charity provision: payment of 1% of policy face value to a non-profit organization
- Phoenix Life Insurance Company – Now Nassau Re, they offer superb accelerated benefits:
- Terminal Illness
- Chronic Illness
- Critical Illness
- Unemployment Rider
How to Apply for No Exam 15-Year Term Life Insurance
There are 5 easy steps to apply for no exam life insurance.
While each life insurance carrier uses its own specific process, you can expect the steps to generally look like this.
1. Submit an Application
With the help of an independent agent, you will select the best life insurance product(s) and submit an application. No exam applications are typically accepted online or over the phone.
2. Prepare for the Phone Interview
Expect a phone call from a representative of the life insurance company. You will participate in an interview that typically lasts around 20 – 30 minutes.
Plan on answering basic questions about your:
- Full name, address, date of birth, driver’s license
- Health
- Medical history
- Medical history of close blood-related family members (parents, siblings)
- Occupation
- Lifestyle
- Hobbies
- Military status
Additionally, your records will be reviewed:
- Department of Motor Vehicle
- Prescription history
- Medical Information Bureau (a database of previous insurance applications)
3. Application is Reviewed
The underwriter (their job is to evaluate risk) will review your application, phone interview, and records. Typically, this happens quickly – just minutes, in some cases.
4. Three Options for a Decision
A decision is made on your application. Expect one of the three possible decisions:
- Approved – you are approved for the life insurance policy you applied for. Best case scenario and happens all the time.
- More information – your underwriter may request clarification on your application. Let’s say, for example, you have a prescription for a medical condition. An Attending Physician’s Statement (APS) may be ordered before a decision is made.
- Decline – from time to time, an application is declined. However, this is not the end of the road for securing life insurance. There are other options available.
5. If Approved, You Can Relax!
If your application is approved, you can rest well knowing that your loved ones are financially protected.
Bottom line – 15-year term life insurance is available without a physical requirement. Plan on a quick, streamlined application process for no medical exam life insurance.
Prepare for Your Application Interview
There are two things that you can do to prepare for your application for 15-year no exam term life insurance to help the process go smoothly.
- Collaborate – work with an independent life insurance agent (that’s us). Independent agents have access to top-rated life insurance companies. You can shop multiple policies to find the best fit for you at the most competitive price.
- Be ready – prepare for your life insurance application by having your important information readily available. Important information includes: your address, driver’s license, date of birth, medical, occupation, and lifestyle information.
To get started, simply fill out our free quote.
