$25,000 Life Insurance Policy with No Exam: 7 Facts You Need To Know

$25,000 of no exam life insurance is purchased all the time to financially protect loved ones. The process of purchasing no exam life insurance is simple. It’s the fastest and easiest way to know your loved ones are covered.

There are 7 facts about $25,000 of no exam life insurance you need to know before making a purchase.

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Table Of Contents

1. What is No Exam Life Insurance?
2. Is a $25,000 Life Insurance Policy with No Exam Right for Me?
3. 7 Surprising Facts About $25,000 Life Insurance with No Exam
4. How Much Does a $25,000 Life Insurance Policy Cost?
5. How to Apply for No Exam Life Insurance

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What is No Exam Life Insurance?

No exam (also known as non-med and no physical) life insurance is life insurance issued without the medical examination of the applicant.

No exam life insurance is an excellent option for many.

Here’s why:

• The cost of no exam life insurance is now highly competitive with medically underwritten life insurance in many instances.
• You can often secure life insurance quickly.
• You skip the hassle of needles, nurses, and liquid samples.

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Is a $25,000 Life Insurance Policy with No Exam Right for Me?

Your life insurance needs are entirely unique to you.

Use the following questions as guidelines for determining how much life insurance makes sense for you to purchase:

1. How much life insurance can I qualify for?
   • In other words, do I have a major medical condition (for example, you have had a cancer diagnosis) that would potentially disqualify me from larger policy amounts?
2. How much money would financially protect my beneficiaries?
   • What are my beneficiaries’ current financial needs?
     • For example: rent, food, utilities, loans, debts, etc.
   • What are my beneficiaries’ future financial needs?
     • For example mortgage, tuition
3. What do I want to accomplish with my life insurance policy? For example:
   • Provide for loved ones financially
   • Cover medical and funeral expenses
   • Pay off debts
   • Charitable donation

In general, $25,000 of life insurance coverage is a modest amount that could provide adequate financial protection in some situations. However, most policy owners opt for a larger policy amount, like a $100,000 no exam life insurance policy or even a $500,000 no exam life insurance policy.

Note – John Hancock now offers up to $3,000,000 of no exam life insurance.

At the end of the day – You will want to purchase an amount of life insurance you feel comfortable with.

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7 Surprising Facts About $25,000 Life Insurance with No Exam

1. No Medical Exam is Required

Your life insurance policy can be purchased without a medical exam. That means you get to skip:

• Nurses (paramedical examiner visiting your house)
• Needles
• Liquid samples

In the past, no exam life insurance was fairly uncommon and priced expensively. Not the case anymore. Life insurance companies realize many of us have no interest in being poked with a needle and want the convenience of purchasing a no exam policy. In response, carriers have increased the availability and decreased the cost of life insurance with no exam.

2. How Much Does a $25,000 Life Insurance Policy Cost?

Let’s look at some sample quotes for $25,000 no exam life insurance.

$25,000 of no exam term life insurance is quite affordable:

Interestingly, the cost of a policy for twice the amount – a $50,000 life insurance no exam policy – is very competitive with the $25,000 policy quotes. In fact, the quotes for a healthy male and female are a little lower in some cases.

Popular carriers that offer $25,000 life insurance policies:

• Phoenix
• Fidelity
• Mutual of Omaha

In comparison, see sample quotes for $50,000 of no exam term life insurance:

3. $25,000 is an Uncommon Policy Size

There are only a handful of companies that offer no exam life insurance for $25,000 (a primary reason why a $50,000 life insurance policy is so similar in cost – there’s more carriers that offer that size of policy).

The most popular life insurance carriers offering $25,000 of no exam term life insurance:

Mutual of Omaha

Mutual of Omaha, a highly-rated life insurance company, offers competitive rates for $25,000 of term life insurance through their Term Life Express product.

A summary of Mutual of Omaha Term Life Express important features:

• Application wait time tends to be longer – typically a couple of weeks.
• Some applicants won’t need to participate in a phone interview. For example:
  • If you are younger than 61, and your policy is for less than $250,001, you are only randomly selected for a phone interview.
• Life insurance is issued to applicants between the ages of 18 – 65.
• Term policies are offered at 10, 15, 20, and 30-year term lengths.
• Excellent riders are included with your policy purchase (contractual provisions that provide additional benefits to your life insurance policy):
  • Accelerated Death Benefits –
    • Chronic Illness
    • Critical Illness
    • Terminal Illness
  • Residential Damage
  • Waiver of Premium
  • Common Carrier Death Benefit
• Additional optional riders can be added to your policy for an extra cost (Disability, Accidental Death, Dependent Child).
• Term policy can be converted into a permanent policy (during length of term and before your 70th birthday).
• Two health classes are offered – Standard and Standard Tobacco – for their no exam life insurance.

Phoenix Life Insurance Company 

Phoenix Life Insurance Company, a popular no exam life insurance carrier, offers $25,000 term policies through their no exam product is called, Phoenix Safe Harbor.

A summary of Phoenix Safe Harbor important features:

• Applications often have a decision within 24 hours.
• Phoenix tends to accept more health risks than other no exam life insurance companies.
• Life insurance is issued to applicants between the ages of 18 – 80.
• Term policies are offered at 10, 15, 20, and 30-year term lengths.
• Excellent riders are included with your policy purchase:
  • Accelerated Death Benefits –
    • Up to 95% of your death benefit can be accelerated (this is a much higher percentage than most carriers offer).
    • Chronic Illness
    • Critical Illness
    • Terminal Illness
  • Unemployment
• Additional optional rider for an extra cost: Accidental Death
• A term policy can be converted into a permanent policy (restrictions depend on the length of the term policy, full and partial conversion available)
• Two health classes are offered – Standard and Standard Tobacco – for their no exam life insurance.

Fidelity Life Insurance Company

Fidelity Life Insurance Company also provides $25,000 of no exam term life insurance via their RAPIDecision Express products.

A summary of Fidelity RAPIDecision Express important features:

• Application decisions typically occur within 24 – 48 hours.
• Life insurance is issued to applicants between the ages of 18 – 65.
• Term policies are offered at 10, 15, 20, and 30-year term lengths.
• Riders included with your policy purchase:
  • Accelerated Death Benefit –
    • Up to 50% of your death benefit can be accelerated
• Optional riders that can be added on for an additional cost (Accidental Death, Dependent Child).
• Guaranteed annual renewable term (ART) is available after initial level term length, until age 95.
• Two health classes are offered – Standard Non-nicotine and Standard Nicotine – for their no exam life insurance.

4. Health Issues are Not a Problem

Perfect health is not a requirement for purchasing $25,000 of no exam life insurance.

In fact, for some situations, no exam life insurance may be more affordable if you have a few minor health issues or if you haven’t had a recent checkup:

1. Has it been more than two years since your last physical?
   • Underwriters want to see regular checkups to ensure your health is proactively monitored.
   • If you haven’t had a doctor’s visit lately, it’s possible something will show up on your lab work unexpectedly (i.e. elevated liver enzymes). Some lab results can place you in a different health class, causing your premiums to rise.
2. Do you have multiple (uncomplicated) medical issues?
   • If you have minor health concerns, it’s possible that no exam life insurance will be a better route to go because the underwriting process uses less scrutiny.

Keep in mind – Most life insurance companies use two health classes for no exam policies of $500,000 or less: Standard and Standard Tobacco. This means you can, oftentimes, qualify for the lowest rates even if your health is less than perfect.

5. $25,000 No Exam Life Insurance Has Weight Limits

There are weight limits for $25,000 of no exam life insurance.

While each carrier uses its own height and weight limits, think of this chart as a general guideline for the height and weight cutoffs:

6. Life Insurance Policies are Contracts

Your life insurance policy is a contract.

A policy is a contract between a life insurance company and someone (or occasionally something, like a trust) who has a financial interest in the life and livelihood of someone else. – 10 Things You Absolutely Need To Know About Life Insurance, Tim Maurer, Forbes

A general explanation of how life insurance contracts are set up:

1. Insurance companies collect premiums.
2. Premiums are pooled together and conservatively invested by the life insurance company.
3. If an insured person dies, a death benefit is paid out to the designated beneficiaries.
4. The insurance company profits on the difference in the premiums collected and invested, and the money paid out in death benefits.

Important – You are in control of your life insurance contract. If at any time you longer need or want your policy, you may cancel it.

7. The 4 Roles in a Life Insurance Contract

There are four primary players in a life insurance contract.

Whether you have $25,000 or $1 million of no exam life insurance, your life insurance policy will have the following roles:

1. Owner – the person, or sometimes entity, who owns the life insurance contract. The owner is allowed to make changes to the policy.
2. Insured – the person whose life is insured by the policy.
3. Beneficiary – who will receive the death benefit should the insured die while the policy is in force.
4. Insurer – the life insurance carrier providing the contract.

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How to Apply for No Exam Life Insurance

What exactly does the no exam life insurance application process look like? Let’s break it down into 5 steps:

Step 1 – Electronic Application

Aside from a few exceptions, your no exam life insurance application will be submitted electronically. This means you can avoid tedious paperwork and snail-mail.

You’ll want to collaborate with an independent life insurance agent.

Why?  Independent agents are not held captive to a particular life insurance carrier. They have your best interest at heart and can access the best no physical life insurance companies to find the ideal policy to fit your needs.

Also, it’s important to not apply with a specific life insurance company. Should something concerning show up on your application, such as a medical condition, that information could be available to other life insurance companies.

Step 2 – Phone Interview

After your application has been submitted, expect a phone interview. Your conversation typically lasts around 20 – 30 minutes.

You will be asked straightforward questions:

1. The basics: birthdate, gender, height, weight
2. Your medical history
3. The medical history of close family members
4. Occupation
5. Lifestyle

Note: Be upfront during the phone interview to ensure a streamlined process.

Step 3 – Database Checks

Underwriters (that’s who evaluates your application to assess risk) will almost always review your records.

Typically, life insurance carriers will look at:

• Motor Vehicle Report (MVR) 
  • Underwriters are especially looking for any DUIs (driving under the influence) or reckless driving citations.
  • Typically, they will look at DUIs or citations occurring within the last 2-5 years.
• Pharmacy records
  • While your physician and pharmacy are legally bound to safeguard your prescriptions, the information can be reviewed during your application.
  • Records are usually from the last 10 years.
• Medical Information Bureau (MIB)
  • The MIB is a database of previous insurance applications. If you have applied for life insurance previously, and something concerning popped up, it’s often on record at the MIB.

Step 4 – Application Decision

Based on your electronic application, phone interview, and database checks, the underwriter will make a decision on your application. Expect one of three outcomes:

1. Approved as applied. Best-case scenario. You are approved for the life insurance policy you applied for.
2. More information required. Sometimes, and it depends on the carrier, you will be asked to provide more information. Let’s say, for example, you are overweight and have been prescribed medication for high blood pressure. Underwriters may want to know more about the medication you are taking (frequency, dosage, side effects, etc.).
3. Declined as applied. Sometimes, life insurance applications are declined. Take heart, though. A decline with one company may be an approval with another company. Many life insurance options exist.

Step 5 – Yes!

Congratulations! You have secured life insurance coverage to protect your loved ones. Give yourself a high-five.

To get started, simply fill out an instant quote.