No Exam Life Insurance For Parents: See the Best Policy Options, Quotes, & How to Apply
last updated on February 28, 2021Chances are, your parent needs life insurance and hasn’t bought it yet.
Fortunately, it is easier than ever to buy life insurance for your parents, especially if they want to avoid the medical exam.
Carriers have streamlined the process and lowered their rates. Your parent can find a no exam life insurance policy within a matter of minutes, rather than waiting weeks.
Here, you’ll find everything you need to know about life insurance for your parent with no medical exam required.
Table Of Contents
- The Best Types of No Medical Exam Life Insurance for Parents
- No Exam Life Insurance Options for Elderly Parents
- No Exam Life Insurance Options For Sick Parents
- How Much Does No Exam Life Insurance for Parents Cost?
- Best Companies for Life Insurance for Parents with No Medical Exam
- You Must Have Consent from Your Parents to Buy Life Insurance
- Parties Involved in Your Parent’s Life Insurance Policy
- How to Buy No Medical Exam Life Insurance for a Parent
There are seven important factors to consider before you buy life insurance for your parent.
We’ll dive into each one so you can find the best coverage to fit your parent’s financial needs.
The Best Types of No Medical Exam Life Insurance for Parents
Often, parents avoid applying for a life insurance policy because the thought of going through the medical exam sounds about as fun as assembling IKEA furniture.
Plenty of no exam life insurance options are available, thankfully.
In fact, the difference in premiums (the amount you pay for your policy) between no exam and fully underwritten is negligible in many cases.
Since there are a multitude of policies available, choosing the right life insurance policy and amount of coverage is critical. – Catherine Schnaubelt, Forbes
There are five primary types of no exam life insurance to be aware of.
1. No Medical Exam Term Life Insurance
Term is the most popular form of life insurance purchased, and for good reason:
- Affordable premiums
- Coverage lasts for a specific period of time, like 20 years for a 20-year term life insurance policy
Term life insurance is recommended when your financial protection needs are temporary.
Let’s say, for example, your parent will carry some debt for the next 10 years. A 10-year term life insurance policy would protect their loved ones until they are debt-free.
2. No Medical Exam Whole Life Insurance
No exam whole life insurance is purchased for parents, though not as often as term.
As the name implies, whole life insurance lasts your whole life. As long as premium payments are made (or the policy is paid up), your contract will not expire.
Traditional whole life insurance with no required medical exam is called simplified issue.
Whole life insurance main features include:
- Larger available face amounts (policy size)
- Permanent financial protection
- Cash value component
- Ability to utilize policy loans
Note – Foresters Life Insurance Company is a top carrier for simplified issue whole life insurance.
To qualify for a traditional whole life policy with no medical exam, your parent will likely need to be in at least decent health.
3. Guaranteed Universal Life Insurance
Think of guaranteed universal life insurance (GUL) as a hybrid of term and whole life insurance.
While technically a term product, GUL is designed to outlast your parent’s life. Policies are purchased for up to age 121.
Key features of guaranteed universal policies:
- More expensive than term life insurance
- Less expensive than whole life insurance
- Larger face amounts (policy size) available
- No cash value
- No policy loan features
Your parent will need to be in at least decent health to qualify for no medical exam GUL.
Note – Sagicor Life Insurance Company is a top no exam GUL carrier.
4. Guaranteed Issue Life Insurance
Guaranteed issue life insurance is always issued without a medical exam.
Aptly named, your parent is guaranteed to be approved for guaranteed issue. In other words, even if they are in poor health, they can still secure coverage. (For example, let’s say your parent is a cancer patient.)
Guaranteed issue should not be the first type of policy you look at for your parents.
However, it can be a godsend for those who would otherwise not qualify for life insurance:
- Policies are issued within minutes
- No medical exam or health questions
- Smaller face amounts (typically cap at $40,000)
- Costly premiums
- Death benefit is often graded (not fully available until usually 2 years after policy purchase)
- Accrues cash value
- Policy loan feature
- Age limits exist (need to be at least 40 years old)
5. Final Expense Life Insurance
Final expense life insurance, also known as burial insurance, is purchased to cover end-of-life needs: funeral costs, medical bills, and sometimes modest debts.
Always issued without a medical exam, final expense is easy to qualify for.
Because there are a few questions asked during the application process, your premium payments are usually less than a guaranteed issue policy.
The health questions are simple and straightforward. They will sound similar to this:
Note – if your parent is older, assess your options for no exam life insurance for seniors.
Key features of final expense life insurance include:
- Used for end-of-life financial requirements
- A few health questions are asked during the application
- No medical exam
- Modest policy amounts
- Cash value component
- Policy loan feature
Your parent’s age, financial needs, and overall health are the main factors that will determine which type of life insurance policy is best to apply for.
No Exam Life Insurance Options for Elderly Parents
If your parent is elderly, you still have plenty of no exam life insurance options.
While the term, “elderly” is ambiguous, there are age cutoffs that life insurance carriers utilize.
- Term life insurance – age 80 cutoff
- Whole life insurance – age 85 cutoff
- Guaranteed issue life insurance – age 85 cutoff
- Final expense life insurance – age 90 cutoff
Bottom line – your parent can usually secure no medical exam coverage until age 90.
No Exam Life Insurance Options For Sick Parents
Remember, one of the primary factors affecting the type of life insurance available to your parent is their health.
A health scare is a top reason parents (or their children on their behalf) will look into life insurance.
“Life insurance is one of those things—you don’t want to learn how important it is once it’s too late.” – ‘I Sure Could Have Used Life Insurance’: 3 True Stories, Forbes
While no one likes to talk about it, it is a fact that we will all face our own mortality. An illness often causes us to consider whether our loved ones would be okay when we are no longer here.
The good news is that many common medical conditions will not necessarily inhibit your parent from qualifying for different forms of coverage. Check out our posts below on finding no-exam life insurance with different medical risks.
- No Exam Life Insurance for Overweight People
- No Exam Life Insurance with Arthritis
- No Exam Life Insurance for Cancer Patients
- No Exam Life Insurance with Diabetes
- No Exam Life Insurance for Tobacco Users
Finding Life Insurance for Terminally Ill Parents
On the other hand, if your parent needs life insurance with a terminal illness, their options are limited.
Not obsolete, just limited.
If your parent is terminally ill, they must look at guaranteed issue life insurance.
A guaranteed issue policy will allow your parent to secure a modest amount of coverage with zero health questions asked. No needles, no nurses, no liquid samples.
Keep in mind, though, many guaranteed issue policies have a graded death benefit.
This means that your beneficiaries will likely need to wait two years from the date of your policy purchase before they will be eligible for the full death benefit (policy proceeds).
How Much Does No Exam Life Insurance for Parents Cost?
You’ll want to apply for a policy for your parent that will fit your family’s budget.
Remember – if money is tight, some life insurance is better than no life insurance.
Let’s evaluate no exam life insurance quotes for your parents.
No Medical Exam Term Life Insurance Quotes
Keep in mind, quotes are for healthy individuals who do not use tobacco products.
No Medical Exam Term Life Insurance Male
| $50,000 | $250,000 | $500,000 | |
|---|---|---|---|
| 40 year old | $8.51 | $12.20 | $19.13 |
| 50 year old | $13.48 | $25.21 | $42.44 |
| 60 year old | $24.70 | $64.05 | $114.62 |
| 70 year old | $78.62 | $268.99 | NA* |
| 80 year old | $330.80 | NA* | NA* |
No Medical Exam Term Life Insurance Female
| $50,000 | $250,000 | $500,000 | |
|---|---|---|---|
| 40 year old | $8.40 | $10.86 | $16.09 |
| 50 year old | $11.95 | $21.77 | $35.87 |
| 60 year old | $18.37 | $44.91 | $77.00 |
| 70 year old | $47.48 | $207.68 | NA* |
| 80 year old | $250.69 | NA* | NA* |
*Policies available with medical underwriting.
No Medical Exam Whole Life Insurance Quotes
You will see that permanent life insurance costs significantly more than term.
However, your parent’s coverage never ends and they have the ability to accrue cash value and utilize policy loans.
No Medical Exam Whole Life Insurance Male
| $50,000 | $100,000 | $250,000 | |
|---|---|---|---|
| 40 year old | $73.85 | $141.40 | $344.05 |
| 50 year old | $110.43 | $214.55 | $526.93 |
| 60 year old | $173.64 | $340.99 | NA* |
| 70 year old | $305.68 | $605.06 | NA* |
No Medical Exam Whole Life Insurance Female
| $50,000 | $100,000 | $250,000 | |
|---|---|---|---|
| 40 year old | $71.31 | $136.33 | $331.36 |
| 50 year old | $98.70 | $191.10 | $468.30 |
| 60 year old | $158.07 | $309.84 | NA* |
| 70 year old | $277.46 | $548.63 | NA* |
*Policies available with medical underwriting.
No Medical Exam Guaranteed Universal Life Insurance Quotes
Keep in mind, guaranteed universal coverage (GUL) is designed to last longer than your parent’s life.
It will not accrue cash value or have a policy loan option.
No Medical Exam Guaranteed Universal Life Insurance Male
| $50,000 | $100,000 | $250,000 | |
|---|---|---|---|
| 40 year old | $445.02/year | $623.29/year | $1402.12/year |
| 50 year old | $637.29/year | $986.92/year | $2241.85/year |
| 60 year old | $1005.45/year | $1640.88/year | $3848.91/year |
No Medical Exam Guaranteed Universal Life Insurance Female
| $50,000 | $100,000 | $250,000 | |
|---|---|---|---|
| 40 year old | $445.02/year | $623.29/year | $1402.12/year |
| 50 year old | $637.29/year | $986.92/year | $2241.85/year |
| 60 year old | $1005.45/year | $1640.88/year | $3848.91/year |
Note – GUL policies are available for older parents, but only with medical underwriting.
Guaranteed Issue Life Insurance Quotes
Guaranteed issue life insurance always skips the medical exam. Further, zero health questions are asked.
You will recall that this type of policy is only available for modest amounts.
Guaranteed Issue Life Insurance Male
| $5,000 | $20,000 | $40,000 | |
|---|---|---|---|
| 40 year old | $26.25 | $96.25 | $189.58 |
| 50 year old | $22.50 | $87.27 | $229.58 |
| 60 year old | $32.40 | $126.87 | $292.92 |
| 70 year old | $50.09 | $197.45 | $469.58 |
| 80 year old | $115.42 | $452.91 | $902.91 |
| 85 year old | $158.91 | $692.70 | NA |
Guaranteed Issue Life Insurance Female
| $5,000 | $20,000 | $40,000 | |
|---|---|---|---|
| 40 year old | $21.67 | $77.92 | $152.92 |
| 50 year old | $17.69 | $68.02 | $189.58 |
| 60 year old | $25.99 | $101.20 | $256.25 |
| 70 year old | $38.22 | $150.15 | $399.58 |
| 80 year old | $88.64 | $351.82 | $752.91 |
| 85 year old | $100.53 | $437.18 | NA |
Final Expense Life Insurance Quotes
Final expense policies are easy to qualify for, but your parent will need to answer a few health questions.
Keep in mind, final expense life insurance is designed for your parent’s end-of-life financial obligations.
Final Expense Life Insurance Male
| $10,000 | $20,000 | $40,000 | |
|---|---|---|---|
| 40 year old | $18.39 | $33.39 | $74.87 |
| 50 year old | $24.03 | $45.51 | $92.25 |
| 60 year old | $35.79 | $69.04 | $145.99 |
| 70 year old | $61.18 | $119.82 | $242.78 |
| 80 year old | $120.42 | $238.71 | $475.30 |
| 90 year old | $302.74 | NA | NA |
Final Expense Life Insurance Female
| $10,000 | $20,000 | $40,000 | |
|---|---|---|---|
| 40 year old | $16.80 | $30.19 | $66.69 |
| 50 year old | $19.80 | $37.04 | $89.07 |
| 60 year old | $22.75 | $53.48 | $121.86 |
| 70 year old | $44.68 | $86.82 | $196.83 |
| 80 year old | $88.36 | $174.17 | $384.12 |
| 90 year old | $256.36 | NA | NA |
Important – quotes are samples only. Individual rates will vary.
Best Companies for Life Insurance for Parents with No Medical Exam
The best company for your current needs, age, and health status will vary. Working with an independent agent is the best way to find the right company and the lowest rates.
Before applying, you’ll want to be familiar with the best no physical life insurance companies.
There are a few top companies that excel above the rest. We will highlight those below for no exam term life insurance and guaranteed issue life insurance.
Top Carriers for No Exam Term Life Insurance
We recommend the following no exam term life insurance carriers:
- Foresters Financial
- Issue ages – 18 to 80 years
- Policy amount – $50,000 to $400,000
- Term length – 10, 15, 20, 25, 30 years
- Wait time – often only minutes
- Phoenix Life Insurance (Nassau RE)
- Issue ages – 10 to 80 years
- Policy amount – $25,000 to $500,000
- Term length – 10, 15, 20, 30 years
- Wait time – often 24 hours
- American National Life Insurance (ANICO)
- Issue ages – 0 to 65 years
- Policy amount – $50,000 to $250,000
- Term length – 10, 15, 20, 30 years
- Wait time – often 72 hours
- Sagicor Life Insurance
- Issue ages – 18 to 65 years
- Policy amount – $50,000 to $1,000,000
- Term length – 10, 15, 20 years
- Wait time – often only minutes
- Fidelity Life Insurance
- Issue ages – 18 to 65 years
- Policy amount – $25,000 to $250,000
- Term length – 10, 15, 20, 30 years
- Wait time – often 48 hours
Top Carriers for Guaranteed Issue Life Insurance with No Exam
Each company that offers guaranteed issue policies is a little different. Evaluate the following carriers if you believe a guaranteed issue policy would be a good fit for your parent.
- AIG Guaranteed Issue Whole Life
- Issue ages – 50 to 85 years
- Policy amount – $5,000 to $25,000
- Forms of payment – ACH (automatic clearing house), social security debit card, credit card
- Gerber Guaranteed Issue
- Issue ages – 50 to 80 years
- Policy amount – $5,000 to $25,000
- Forms of payment – ACH, social security debit card, credit card
- Great Western Guaranteed Assurance
- Issue ages – 40 to 80 years
- Policy amount – $1,000 to $40,000
- Forms of payment – ACH, social security debit card, credit card
You Must Have Consent from Your Parents to Buy Life Insurance
Let’s talk about the importance of consent for life insurance.
Can You Buy Life Insurance for a Parent Without Their Consent?
No.
Consent is absolutely required. Your parent must agree to the life insurance policy.
Life insurance carriers view it as immoral to take a life insurance policy out on someone (including your parents) without their knowledge and consent.
You’ve likely seen news stories about shady life insurance payouts. Required consent is a safeguard to prevent those types of situations from happening more often.
Demonstrate Insurable Interest
Moreover, it is necessary to demonstrate an insurable interest. This is typically straightforward for a parent and child.
If you are the primary (first-in-line) beneficiary to your parent’s policy, you will need to demonstrate that you would experience financial hardship upon their death.
In fact, every state in the U.S. has “insurable interest” laws.
These generally state that the only people who can take out or hold an insurance policy on the life of another person are blood or legal relatives or those with a financial interest in the survival of the policy’s subject.
– Asher Hawkins, Forbes
Parties Involved in Your Parent’s Life Insurance Policy
Your parent’s no exam life insurance policy will have four primary parties to the contract.
You will want to be familiar with them in order to avoid a tax pitfall.
1. The Owner (Policyholder)
The individual (sometimes an entity) who owns the policy.
The owner has the right to make changes to the policy and is accountable for premium payments.
2. The Insured is the Parent
The individual whose life is insured.
Often the owner and the insured are one and the same.
However, if you are buying a life insurance policy for your parent, and will be making the premium payments – you would be the owner and your parent would be the insured.
3. The Beneficiary is Usually the Child
The recipient(s) of the death benefit.
When the insured dies, the beneficiary receives the policy proceeds. The owner and beneficiary are typically the same people when an adult child purchases a policy for their parent.
4. The Insurer is the Life Insurance Company
The life insurance company issuing the life insurance policy.
Tax Pitfall To Avoid
There’s something called the Goodman Triangle that doesn’t have anything good about it.
Pay close attention to the set up of your parent’s life insurance policy.
If the owner, insured, and beneficiary are all different individuals on a life insurance policy, it is referred to as the Goodman Triangle. In this case, the death benefit is taxable.
Usually, the death benefit is tax-free.
Avoid the Goodman Triangle by verifying that two points on the triangle are the same individual.
How to Buy No Medical Exam Life Insurance for a Parent
If you follow three important steps, you’ll find the best policy for your parent.
- Understand your parent’s financial needs. Conduct an analysis to determine what the financial impact would be if your parent died. Calculate:
- Debts and other financial obligations
- Monetary needs of the beneficiary
- Charitable giving
- Gather important information. Secure a policy quickly for your parent by making sure pertinent data is easily accessible.
- Basic information – social security number, date of birth, address
- Beneficiary information – full name, address, relationship
- Medical history – your parent’s current health status and medical history, prescription history
- Work with an independent agent. That way, you will receive multiple quotes from multiple carriers.
Fill out our free instant quote to get started.
2 Comments
Krista Taylor
How do I see how much it is for my mom to get life insurance an i pay for it.
Heidi Mertlich
Thanks for reaching out, Krista. The best way to get started is to enter your Mom's information into the free quoter. Conversely, you can reach out anytime for insight and assistance: 1-800-611-9622