30-Year Term Life Insurance With No Exam: 5 Drawbacks & Rates

The future is extremely hard to see through the lens of the present. – Dustin Curtis

It’s tough to picture 30 years from now. In fact, sometimes it’s hard to plan for next week.

30 year term

Source: AgingBooth

There was a study in which financial planners used one of those apps that will modify a current photo of you, to depict what you might look like as a senior citizen.

The study revealed the very act of looking at a possible future-self was enough to create positive change in current spending and saving habits.

So it goes with life insurance. We must choose to make a long-term decision, like buying 30 year term life insurance, even though it’s difficult to envision the future.

But, the truth is – buying life insurance is, almost always, the right thing to do if someone depends on you financially.

Goal – Cover everything you need to know about 30 year term life insurance to decide if it’s a good fit for you.

Table Of Contents

  1. Term
  2. 30 Year
  3. No Exam
  5. Drawbacks
  6. Bottom Line
  7. How To Apply

Term Life Insurance Defined

So, what exactly is term life insurance?

Simply put, term is life insurance that pays a death benefit for a specific period of time.

The benefits of term are many:

  1. Economical
  2. Large face amounts are available
  3. Riders (additional benefits included in your contract)
  4. Tax-advantaged
  5. Convertible to a permanent policy

Another benefit – most top-rated carriers offer term life insurance with no exam. In other words, you can secure a policy and skip the needles, nurses and liquid samples.

5 Big Mistakes To Avoid For 30 Year Term Life Insurance

Let’s take a look at the 5 biggest mistakes we see when purchasing 30 year term – and what to do instead.

30 year term

Mistake #1 – You Don’t Verify How Long You Need Your Life Insurance To Last

Truth – as long as your loved ones depend on you financially, you need life insurance.

Be careful to select a term length that will last as long as you need protection. 30 years might be the best fit for you, but you’ll want to do some evaluating to be sure.

Available term lengths include:

Use the following as a guideline to help you determine the ideal term length for you:

  1. How old are you? If you’re younger, say in your 20s or 30s, there’s a high likelihood you’ll need coverage to last 30 years.
  2. How old are those that depend on you financially? Again, if your loved ones are younger, chances are, you’ll need coverage to last for 30 years (as opposed to a shorter term length).
  3. What do you want your life insurance protection to accomplish? For example, do you want coverage to:
    1. Last until your retirement?
    2. Be in force until your children finish college?
    3. Last until your mortgage or specific debts are paid off?

In other words – Verify your life insurance will last as long as the monetary needs of those who depend on you will last.

Mistake #2 – The Face Amount Does Not Match The Financial Needs Of Your Loved Ones

Truth – your life insurance is not nearly as effective if it’s for an amount that is less than the financial needs of those who depend on you.

Take the following into consideration when determining how much life insurance to purchase:

  1. What is your annual income?
  2. What are your debts (mortgage, rent, credit card, student loan, personal loan)?
  3. What are your future financial goals?
    1. College tuition or private school for loved ones
    2. Charitable gift
    3. Estate gift
  4. What are your current living expenses (food, utilities, bills)?

Specific to no physical (no exam, non-med) life insurance, face amounts come in a large range of face amounts:

Note: if you are in need of a larger face amount, and have no interest in taking a physical exam, considering stacking your life insurance policies.

If you are okay with a medical exam, term policy face amounts are available for many millions (a needs analysis may be required from the life insurance carrier).

In other words – Some life insurance is better than no life insurance. But, it’s best to assess your financial needs and purchase a policy that will best financially protect those who depend on you.

Mistake #3 – You Don’t Partner Up With An Independent Life Insurance Agent

Truth – an independent agent can access multiple carriers and policies to find the best life insurance for you.

The top-rated life insurance carriers offer 30 year term policies. You’ll want to make sure you’re purchasing the best policy (at the best price) for your needs.

Independent life insurance agents have your best interest at heart. They are not held captive to a particular company and can shop multiple carriers.

There is no one-size-fits-all life insurance company. Your unique needs should determine who to apply with.

In other words – An independent agent will help you navigate all of the important considerations before you submit an application.

Mistake #4 – Your Life Insurance Options Are Not Considered

In addition to your policy term length (i.e. 30 year term) and face amount (i.e. $250,000), there are a number of options to consider.

For example, the following should all be taken into account before applying with a specific company:

  1. Your health: some carriers prefer excellent health, while others accept health risks favorably
  2. Desired riders: each carrier provides their own riders (additional benefits to your life insurance contract)
  3. Convertibility: the option to convert your term policy into a permanent policy
  4. Company rating: the financial strength of the life insurance company (A.M. Best)

In other words – You’ll want to be knowledgeable on the options a company provides to determine best life insurance policy for you.

Mistake #5 – You Only Think About Purchasing Life Insurance

At the end of the day, let there be no excuses, no explanations, no regrets. – Steve Maraboli

While it may sound cliche, taking action is most important.

We get it – life insurance is about as fun as waiting in a TSA line at the airport. But. There is no describing the peace of mind you will feel knowing that those you care about most are financially secure, regardless of what life brings.

No Physical Exam

Fortunately, for those of us interested in skipping the needles, nurses and liquid samples, there are a number of carriers who offer 30 year term life insurance with no physical required.

30 year term

Buying life insurance without a physical has never been easier because carriers are utilizing databases and technology to replace the medical exam. Not long ago, no physical life insurance was cost-prohibitive. Not the case anymore.

Benefits of no physical exam life insurance include:

  • Competitive premium rates – what you pay in exchange for life insurance
  • Quick underwriting – in many cases, you are shaving weeks off of the application processing time
  • Options – a number of top-rated carriers now offer term life insurance without a physical
  • Avoidance of exam – especially beneficial if you have white coat syndrome (a fear of medical settings)

Let’s examine the 4 basic steps to purchasing no physical life insurance:

  1. Apply – your application will be submitted online or over the phone (an independent agent can help you, here).
  2. Interview – a representative of the life insurance company will call you. Be prepared to answer basic questions about yourself:
    1. Birthdate
    2. Address
    3. Occupation
    4. Current health
    5. Medical history
    6. Medical history of close blood-related family members
    7. Tobacco use
    8. Lifestyle
    9. Military service
  3. Review – the underwriter (they evaluate risk) will review your application, interview answers and the following records:
    1. Driving record
    2. Medical Information Bureau – a database of previous insurance applications
    3. Prescription history
  4. Decide – quickly, a decision will be made on your application:
    1. Approved – you are approved for the life insurance policy you applied for.
    2. More information needed – further details are required before a decision will be made. This can happen, for example, if you have a medical condition that your physician will need to provide information on.
    3. Decline – you are not approved for the life insurance policy you applied for. Take heart. There are plenty of life insurance options to look at and a decline doesn’t close the door on you securing coverage.

Note – the top no physical life insurance carriers that offer 30 year term life insurance include:

  1. Foresters
  2. Phoenix
  3. ANICO
  4. Sagicor
  5. Fidelity

Bottom line – 30 year term is often purchased without undergoing a physical.

Sample 30 Year Term Quotes

Keep in mind – quotes are for healthy individuals and are merely examples. Your individual quote will vary.

30 Year Term Life Insurance Quotes For Male 20 - 29 Years

20 Year Old$11.38$18.49$30.96$51.80
21 Year Old$11.38$18.49$30.96$51.80
22 Year Old$11.38$18.49$31.23$51.80
23 Year Old$11.38$18.49$31.23$51.80
24 Year Old$11.38$18.49$31.23$51.80
25 Year Old $11.46$18.49$31.23$51.80
26 Year Old$11.73$18.92$31.30$52.86
27 Year Old$11.73$19.35$31.65$53.95
28 Year Old$11.81$19.56$31.73$55.06
29 Year Old$11.90$19.78$32.07$56.20
Samples only. Subject to change.

30 Year Term Life Insurance Quotes For Female 20 - 29 Years

20 Year Old$10.06$15.48$22.79$40.25
21 Year Old$10.06$15.48$23.22$40.25
22 Year Old$10.06$15.48$23.65$41.13
23 Year Old$10.15$15.48$24.08$41.13
24 Year Old$10.24$15.48$24.94$41.13
25 Year Old $10.24$15.48$24.85$41.13
26 Year Old$10.24$15.82$25.28$42.00
27 Year Old$10.33$16.04$25.71$42.00
28 Year Old$10.33$16.25$26.14$42.00
29 Year Old$10.41$16.47$26.57$42.00
Samples only. Subject to change.

30 Year Term Life Insurance Quotes For Male 30 - 39 Years

30 Year Old$11.90$19.78$32.29$57.36
31 Year Old$12.34$20.21$33.24$59.11
32 Year Old$12.51$20.64$34.22$60.92
33 Year Old$12.60$21.28$35.17$61.49
34 Year Old$12.78$21.85$36.30$64.72
35 Year Old $12.86$22.30$37.39$66.50
36 Year Old$13.56$23.56$39.99$69.23
37 Year Old$14.44$24.94$42.57$76.11
38 Year Old$14.70$26.57$46.01$85.12
39 Year Old$15.05$28.44$49.45$92.04
Samples only. Subject to change.

30 Year Term Life Insurance Quotes For Female 30 - 39 Years

30 Year Old$10.50$17.06$27.19$42.00
31 Year Old$10.76$17.24$27.86$48.50
32 Year Old$10.94$17.72$28.72$50.22
33 Year Old$10.94$18.16$29.58$52.50
34 Year Old$10.94$18.16$30.19$53.38
35 Year Old $11.73$19.28$31.44$54.25
36 Year Old$12.62$20.24$33.35$59.66
37 Year Old$13.30$21.20$35.17$63.96
38 Year Old$13.30$22.34$37.60$68.25
39 Year Old$13.48$23.56$39.90$69.13
Samples only. Subject to change.

30 Year Term Life Insurance Quotes For Male 40 - 49 Years

40 Year Old$15.93$29.67$52.46$95.38
41 Year Old$18.11$32.81$58.82$108.47
42 Year Old$19.16$35.50$63.98$118.85
43 Year Old$19.60$38.05$68.80$129.43
44 Year Old$20.21$41.34$74.39$140.61
45 Year Old $22.58$44.29$81.27$153.51
46 Year Old$26.34$47.73$88.15$168.13
47 Year Old$28.55$51.38$95.46$181.89
48 Year Old$29.75$59.55$104.92$208.38
49 Year Old$30.54$65.01$114.81$229.45
Samples only. Subject to change.

30 Year Term Life Insurance Quotes For Female 40 - 49 Years

40 Year Old$14.09$24.72$42.09$70.00
41 Year Old$14.18$26.25$46.38$78.75
42 Year Old$14.61$27.34$48.56$84.88
43 Year Old$15.31$29.09$52.06$91.00
44 Year Old$16.01$30.84$55.56$97.13
45 Year Old $18.29$35.65$63.31$112.88
46 Year Old$21.33$39.13$68.80$130.29
47 Year Old$23.01$41.97$74.82$141.38
48 Year Old$23.71$45.36$81.27$151.62
49 Year Old$24.15$48.80$89.01$161.79
Samples only. Subject to change.

Note – Some quotes provided are for medically underwritten policies.

3 Times When 30 Year Term Is Not Advised

30 year term is an ideal policy in many circumstances. However, sometimes a different policy would be a better fit. Consider 3 examples:

  1. A business owner is taking out a small business loan for 10 years. She is required to buy life insurance to secure the SBA loan. Since the loan is only for 10 years, a 10 year term life insurance policy makes sense.
  2. A married couple has two children, ages 14 and 16. They want to financially protect their children through college. They decide to each purchase a 20 year term policy.
  3. A person would like to leave a charitable gift to their college alma mater through life insurance proceeds. Since the need for the life insurance proceeds does not end, they choose to purchase a permanent policy.

Bottom Line

Term life insurance is highly affordable. You can secure a large face amount for low monthly payments.

Whether or not 30 year term life insurance is the best fit for you depends on: how long those who depend on you financially will need monetary protection.

How To Apply

There’s two things you need to do in order to purchase 30 year term life insurance (and possibly skip the medical exam):

  1. Partner up – collaborate with an independent life insurance agent (that’s us). Independent agents have your best interest at heart and are not held captive to a specific life insurance company. They will shop the top-rated carriers to find the best policy at the most competitive price.
  2. Prepare – in order to be ready for your life insurance application and interview, have important information easily available. This includes your basic information (DOB, SSN, etc.), your medical history, your occupation, and beneficiary information.

To get started, simply fill out our free instant quote.