5 Reasons to Buy $500,000 No Exam Life Insurance: See Sample Quotes & How to Apply

Skipping the medical exam when purchasing life insurance makes all the sense in the world for some of us.

In fact, there’s never been a better time to consider a no exam policy.

Here’s why – Life insurance carriers realize the thought of a medical exam is cringe-worthy in many instances. They are lowering their prices and expanding coverage amounts.

In fact, the cost of no exam life insurance – in many instances – is comparable to fully underwritten (medical exam) policies.

$500,000 of no exam life insurance is a popular option because it provides an ample amount of coverage without the hassle of nurses, needles, and liquid samples.

Table Of Contents

  1. What is No Exam Life Insurance?
  2. Is a $500,000 Life Insurance Policy with No Medical Exam Right for Me?
  3. 5 Reasons to Purchase $500,000 Life Insurance with No Exam
  4. How Much Does a $500,000 Life Insurance Policy Cost?
  5. How to Apply for a $500,000 No Exam Life Insurance Policy

What is No Exam Life Insurance?

Simply put, no exam life insurance is life insurance issued without the medical examination of the applicant.

No exam life insurance (also known as non-med and no physical) is purchased all the time, and for good reason.

Here’s why:

  1. You skip the needles, nurses, and… (ahem) liquid samples.
  2. Often, your premiums (the amount you pay in exchange for life insurance) are competitive with medically underwritten life insurance.
  3. Application turnaround time can be instantaneous.

In fact, there’s never been a better time to purchase no exam life insurance. Carriers are realizing there’s a lot of us who have no interest in being poked with a needle.

Additionally, technology – via databases – provides pertinent information for applications. Database information is replacing medical examinations at an increasing rate.

A half-million dollars of no medical exam life insurance is routinely purchased for a few reasons:

  1. $500,000 provides a reasonable amount of coverage
  2. You skip the nurses, needles and liquid samples
  3. Your application turnaround time can be minutes instead of weeks

At the end of the day, it’s important to purchase an amount of life insurance you feel comfortable with. We recommend you consider the following as a guideline to help determine how much life insurance makes sense for you:

  1. What are my monetary responsibilities?
    1. Mortgage
    2. Debt (credit card, loans, etc)
    3. Living expenses (food, utilities, bills, etc)
  2. What are my future plans, financially?
    1. Tuition for children
    2. Retirement
    3. Travel
    4. Estate
  3. How much money to I earn annually?
  4. How many years until retirement?
  5. Do my beneficiaries have financial obligations?

Important – Some life insurance is better than no life insurance. For example, if your budget only allows for $50,000 in coverage, that is better than no financial protection.

5 Reasons to Purchase $500,000 Life Insurance with No Exam

There are 5 great reasons to purchase a $500,000 life insurance policy with no exam. We will cover each reason in depth below.

5 reasons to buy $500,000 no exam life insurance
*Policy features are subject to change. Availability may vary by state.

1. No Exam Life Insurance is Less Hassle

The thought of needles and nurses has given many of us enough anxiety to put off buying life insurance.

There’s good news – you have more options for buying life insurance, without being poked or prodded, than ever before. And, $500,000 in life insurance is now offered by a number of top-rated, no physical life insurance carriers.

No exam life insurance is life insurance purchased without a medical examination.

2. Life Insurance Riders Help if Difficulty Strikes

Each life insurance carrier offers different policy riders. While riders are not necessarily top-of-mind when shopping for life insurance, they’re important to understand and scrutinize.

A life insurance rider is an additional feature added to your life insurance, designed to enhance the benefits of your policy.

Most $500,000 no exam life insurance policies either include, or are offered for an additional cost, a number of beneficial riders.

The most popular riders offered are:

  • Accelerated Death Benefit – By accelerating your death benefit, you are eligible to receive a portion of your policy’s amount while you are still living (if you become eligible through illness).
  • Accidental Death Benefit – Should death occur as a result of an accident, an additional amount will be paid. Keep in mind that there are exclusions to what will qualify for the accidental death benefit rider.
  • Waiver of Premium Benefit – Should you become seriously ill or disabled, the waiver of premium benefit allows you to maintain your life insurance contract without making your premium payments.

3. Rates for $500,000 No Exam Life Insurance are Competitive

The cost of no exam life insurance for $500,000 is frequently competitive with their medically underwritten counterparts.

While a fully underwritten (medical exam) policy will, in all likelihood, cost at least a little less, avoiding a nurse and needle often makes it well worth it.

4. Perfect Health is Not a Requirement for No Exam Life Insurance

No doubt, excellent health affords you the lowest rates for your life insurance.

Your health doesn’t need to be perfect to qualify for no exam life insurance, however. In fact, life insurance carriers are more lenient in underwriting no exam life insurance than ever before.

Additionally, if it has been a couple of years since you have seen a doctor for a check-up, you may be better off applying for a no exam policy.

Here’s why – If you haven’t had blood work completed within the last couple years, it’s possible something may pop up during the life insurance exam (think: cholesterol levels, liver panel, triglycerides).

An abnormal/elevated result may disqualify you from preferred rates. The no exam application process skips the lab work. 

For someone who may have a few minor health issues, it may actually be ideal to go the no exam route to purchase life insurance.

The no exam application process uses brief database checks, rather than invasive medical underwriting, as you know.

Health concerns can be red flags during medical underwriting, and sometimes, cause applications to be rated (think: higher premium payments).

Odds are, you have a better chance for approval at ideal rates through no exam – if you experience some health complications.

5. Your Application is Quick

No exam life insurance applications can be lightning-fast compared to their fully underwritten counterparts. We’re talking potentially minutes versus weeks.

It’s common to need life insurance in a hurry. For example:

How Much Does a $500,000 Life Insurance Policy Cost?

Let’s take a closer look at some sample quotes for $500,000 life insurance with no exam to compare.

$500,000 No Exam Term Life Insurance Quotes For Male 30 - 39 Years Old

Age10 Year Term15 Year Term20 Year Term30 Year Term
30 Year Old$18.27$19.14$21.32$34.28
31 Year Old$18.27$19.14$22.19$35.15
32 Year Old$18.27$19.14$22.19$36.02
33 Year Old$18.27$19.58$22.33$36.89
34 Year Old$18.27$20.01$22.38$38.19
35 Year Old$18.27$20.45$25.91$39.50
36 Year Old$19.71$22.36$26.70$43.37
37 Year Old$21.06$22.40$28.65$46.06
38 Year Old$22.36$22.40$31.18$50.63
39 Year Old$23.50$25.26$33.13$54.21

$500,000 No Exam Term Life Insurance Quotes For Female 30 - 39 Years Old

Age10 Year Term15 Year Term20 Year Term30 Year Term
30 Year Old$13.05$15.66$19.14$28.62
31 Year Old$13.05$15.66$19.14$29.49
32 Year Old$13.05$15.66$19.49$30.36
33 Year Old$13.49$16.10$19.49$31.23
34 Year Old$13.49$16.10$19.49$32.10
35 Year Old$13.92$16.53$21.58$33.41
36 Year Old$14.79$17.92$22.92$36.20
37 Year Old$15.23$18.37$24.21$38.44
38 Year Old$15.68$19.27$25.84$41.22
39 Year Old$16.58$20.52$27.75$43.91

$500,000 No Exam Term Life Insurance Quotes For Male 40 - 49 Years Old

Age10 Year Term15 Year Term20 Year Term30 Year Term
40 Year Old$23.75$27.67$36.92$57.26
41 Year Old$24.34$29.50$39.14$64.07
42 Year Old$25.41$30.97$42.97$70.79
43 Year Old$25.54$33.42$46.32$76.17
44 Year Old$27.56$37.77$51.58$82.89
45 Year Old$29.39$41.93$59.93$90.51
46 Year Old$32.48$45.13$64.93$98.30
47 Year Old$35.40$48.78$70.43$106.14
48 Year Old$38.53$53.35$76.94$116.85
49 Year Old $41.67$59.57$85.80$129.44

$500,000 No Exam Term Life Insurance Quotes For Female 40 - 49 Years Old

Age10 Year Term15 Year Term20 Year Term30 Year Term
40 Year Old$17.70$22.46$29.67$46.51
41 Year Old$19.04$24.34$32.06$50.40
42 Year Old$20.83$26.68$35.41$54.21
43 Year Old$22.59$29.03$38.18$58.16
44 Year Old$25.09$31.85$42.01$63.44
45 Year Old$26.66$33.11$44.98$68.46
46 Year Old$28.59$35.96$48.71$73.84
47 Year Old$30.82$38.27$51.68$80.11
48 Year Old$33.15$41.50$55.51$87.73
49 Year Old $35.40$45.10$59.81$96.33

$500,000 No Exam Term Life Insurance Quotes For Male 50 - 59 Years Old

Age10 Year Term15 Year Term20 Year Term25 Year Term
50 Year Old$45.70$67.62$96.06$124.56
51 Year Old$50.63$72.44$102.04$139.34
52 Year Old$56.01$78.86$111.80$156.37
53 Year Old$61.74$86.51$122.06$177.43
54 Year Old$68.01$96.46$135.00$199.38
55 Year Old$74.56$113.69$157.74$224.47
56 Year Old$81.90$124.24$179.18NA
57 Year Old$90.51$136.76$198.67NA
58 Year Old$99.02$151.38$226.09NA
59 Year Old $109.32$168.08$255.40NA

$500,000 No Exam Term Life Insurance Quotes For Female 50 - 59 Years Old

Age10 Year Term15 Year Term20 Year Term25 Year Term
50 Year Old$38.08$51.08$65.87$94.99
51 Year Old$40.77$52.63$69.06$104.40
52 Year Old$43.91$56.46$72.14$115.15
53 Year Old$47.94$63.03$79.75$128.14
54 Year Old$51.88$69.81$88.27$142.03
55 Year Old$55.78$76.73$97.23$157.71
56 Year Old$59.50$83.52$106.43NA
57 Year Old$62.68$89.78$115.60NA
58 Year Old$65.86$97.61$128.55NA
59 Year Old $71.63$109.10$142.93NA

$500,000 No Exam Term Life Insurance Quotes For Male 60 - 65 Years Old

Age10 Year Term15 Year Term20 Year Term
60 Year Old$127.32$196.29$286.85
61 Year Old$130.38$193.82$441.17
62 Year Old$146.68$198.00$495.31
63 Year Old$164.37$223.53$553.15
64 Year Old$183.40$250.95$614.67
65 Year Old$203.87$466.06$679.90

$500,000 No Exam Term Life Insurance Quotes For Female 60 - 65 Years Old

Age10 Year Term15 Year Term20 Year Term
60 Year Old$83.13$124.24$173.03
61 Year Old$86.94$125.11$298.54
62 Year Old$96.11$130.79$328.67
63 Year Old$106.08$147.49$360.58
64 Year Old$118.15$162.92$394.26
65 Year Old$132.12$291.10$429.72

Keep in mind, the quotes are only examples and are subject to change. They are based on healthy individuals. Your rates may vary and are dependent on a number of things, including:

How to Apply for a $500,000 No Exam Life Insurance Policy

Two things need to happen in order for you to apply for a $500,000 no exam life insurance policy:

1. Partner with an Independent Agent

  • An independent life insurance agent has your best interest in mind. They aren’t held captive to a particular carrier. That way, they can access the top-rated life insurance companies to find the best policy for you.
  • Avoid applying directly with a life insurance company. Let’s say a medical condition shows up on your application.
  • That information could then be available to other life insurance companies, via the Medical Information Bureau, and potentially affect future applications.

2. Be Ready for the Application

  • Have your medical, lifestyle, and occupation information readily available.
  • Your application is processed fastest when you can answer all interview questions upfront.

No Exam Life Insurance Application Process

Expect a streamlined, straightforward application. While each life insurance carrier is a little different, here’s what you can generally expect:

  1. Phone interview – plan on a phone conversation that lasts around 20 – 30 minutes. You will be asked questions about:
    1. Your medical history (think: a history of heart disease, lung disease, diabetes, a major illness, cancer, major surgery, depression)
    2. The medical history of close family members
    3. Your occupation
    4. Your lifestyle
  2. Database check – the life insurance company will run what is essentially a background check on you. Using public records, they will review your:
    1. Driving record
    2. Pharmacy background
    3. Medical Information Bureau (database of previous insurance applications)
  3. Application decision – you will receive a decision on your application in a short amount of time. Some carriers provide decisions within minutes, while others may take a few days. Usually, you’ll receive one of three possible decisions:
    1. Approved as applied – the best-case scenario. Your application has been approved.
    2. Further information required – sometimes, the underwriter will need clarifying information on your application. For example, let’s say you have a medical condition (like type 2 diabetes) and additional information is required from your physician.
    3. Declined as applied – your application has not been approved. Not to worry, though. There are always life insurance options.

To get started, simply fill out an instant quote.