$250,000 Life Insurance Policy with No Exam: 5 Facts You Need To Know
last updated on January 30, 2021Here’s the truth: If someone depends on your financially, chances are, you need life insurance.
$250,000 of life insurance is purchased all the time – and often – the medical exam is skipped during the application.
Life insurance companies are continuing to expand their no exam life insurance products while simplifying underwriting (the process of evaluating risk).
We’ll cover everything you need to know about buying $250,000 no exam life insurance.
Table Of Contents
- What is No Exam Life Insurance?
- Is a $250,000 Life Insurance Policy with No Exam Right for Me?
- 5 Essential Facts About $250,000 Life Insurance with No Exam
- How Much Does a $250,000 Life Insurance Policy Cost?
- How to Apply for No Exam Life Insurance
What is No Exam Life Insurance?
Simply put, no exam life insurance is life insurance issued without a medical exam.
No exam life insurance is becoming pretty common, and for good reason.
Why is No Exam Life Insurance More Common?
- Life insurance carriers are utilizing technology to assess applications.
- Technology, via public databases, is replacing the need for medical exams in many cases.
- The cost of no exam life insurance is lowering.
- Often, no exam life insurance premiums are competitive with medically underwritten life insurance premiums.
- Options for policy amounts, lengths, riders, and features are increasing.
- The application turnaround time is drastically reduced.
- You skip needles, nurses, and liquid samples.
Is a $250,000 Life Insurance Policy with No Exam Right for Me?
$250,000 of no exam life insurance makes sense if:
- It provides adequate coverage to financially protect loved ones who depend on you
- You want to skip needles, nurses and liquid samples
- You need life insurance in a hurry
How Do I Determine How Much Life Insurance I Need?
Use the following as a guideline when factoring your life insurance requirements:
- What are my current financial responsibilities?
- Mortgage
- Living expenses (utilities, food, bills, etc.)
- Debts (student loans, credit cards)
- Tuition
- What are my future financial plans?
- Tuition for children or grandchildren (private school or college)
- Travel
- Retirement
- Estate
- Charitable giving
- How much money do you earn yearly?
- How many more years do you plan to work?
- What are the financial needs of my beneficiaries?
At the end of the day – It’s important to purchase an amount of life insurance you feel comfortable with.
5 Essential Facts About $250,000 Life Insurance with No Exam
Below, we will cover 5 important facts to know before purchasing $250,000 no exam life insurance.
5 essential facts for $250,000 no exam life insurance:
1. No Medical Exam Means Less Hassle
Needles, liquid samples, and meeting a paramedic in person gives plenty of us a feeling similar to hearing fingernails on a chalkboard.
Technically called white coat syndrome, if the thought of a medical exam has kept you away from purchasing a life insurance policy, there’s never been a better time to purchase no exam life insurance.
Note: Life insurance with no health questions does exist. However, policy face sizes are limited to modest amounts.
2. No Exam Life Insurance Has Competitive Pricing
Especially if you are younger, the cost of no exam life insurance is competitive with their fully-underwritten counterparts.
Let’s take a quick look at a couple of examples. Keep in mind these are only samples and your rates are dependent on your application and underwriting.
Healthy 30-year-old male, $250,000 term life insurance, for 20 years (example only):
No Exam –
Medically Underwritten –
Healthy 30-year-old female, $250,000 term life insurance, for 20 years (example only):
No Exam –
Medically Underwritten –
For many, paying a little extra every month (in this case, $1.68 and $1.51 respectively) is worth the convenience of skipping the medical exam.
Note – SBLI uses a process called, Accelerated Underwriting. Depending on your application answers, a medical exam could be ordered (typically if you have a medical or lifestyle risk).
3. Many Carriers Offer No Exam Life Insurance
A number of top-rated no physical life insurance carriers offer high-quality policies.
For example, we regularly work with the following companies for applicants wanting $250,000 in coverage:
Why this is good for you: Each carrier provides different policy riders and features. You’ll want to collaborate with an independent agent to decide what type of policy best fits your needs.
As an overview, consider the most common aspects of a life insurance policy:
Policy Amount
It’s ideal to purchase a policy for an amount that will financially protect your beneficiaries (i.e. $250,000).
Policy Length
You’ll want your life insurance policy to last long enough to cover your beneficiaries’ financial needs, should something happen to you (i.e. as long as the number of years you will be working).
For example, no exam life insurance companies offer term lengths of:
Convertibility
Can your term policy convert into a permanent policy? Is this important to you?
Riders
What type of riders are included with your policy purchase? Are there additional riders that you have the option to add on? Common riders include:
- Accidental Death Benefit – an additional amount paid should you die in a qualifying accident.
- Accelerated Death Benefit – the option to accelerate a portion of your death benefit should qualifying medical needs arise.
- Wavier Of Premium – if a disability occurs, the ability to keep your policy in force without paying your premiums.
- Child Rider – in addition to covering your life, your child will have life insurance coverage under your policy.
4. Perfect Health is Not a Requirement
A $250,000 no exam life insurance policy does not require you to be in tip-top health (as opposed to a million-dollar no exam policy).
While qualifying for the lowest no exam rates usually means being in excellent health, there are a number of carriers who place all their approved no exam policies into Standard health class.
What that means – You can qualify for the best no exam rates some carriers offer, even if your health isn’t perfect.
Who benefits the most – The generous health ratings accepted by many no exam carriers can especially help you if:
- It’s been two years or more since your last physical or checkup with your doctor.
- It’s possible a concerning issue will pop up on the paramedical exam that you were unaware of (i.e. high cholesterol, elevated liver enzymes). Your health rating could drop based on your lab work, and your premium payments rise significantly.
- You have multiple minor health issues.
- If you take multiple medications or are dealing with a couple of health complications (i.e. depression, high blood pressure), no exam may be the better route to go.
- No exam underwriting uses less scrutiny and you may qualify for a better health class than you would by participating in a paramedical exam.
Bottom line: The lowest rates are typically available to those in excellent health. However, many no exam carriers accept applicants with less-than-perfect health, while offering competitive rates.
5. Application Approval is Fast
No exam life insurance application decisions can be instant in some cases, meaning that after you complete your phone interview, you will receive an application decision on the spot.
It’s common for someone to need life insurance in a hurry. For example, fast application turnaround helps you if:
- You have a small business loan to secure
- There is a court order for life insurance
- A divorce settlement is requiring life insurance
- You want peace of mind now
Note About Immediate Coverage
If you need coverage immediately, life insurance with no health questions is available.
However, keep in mind that this type of life insurance is called guaranteed issue life insurance and face amounts are modest (less than $50,000).
How Much Does a $250,000 Life Insurance Policy Cost?
$250,000 No Exam Term Life Insurance Quotes For Male 30 - 39 Years Old
| Age | 10 Year Term | 15 Year Term | 20 Year Term | 30 Year Term |
|---|---|---|---|---|
| 30 Year Old | $13.83 | $14.14 | $14.79 | $22.62 |
| 31 Year Old | $13.90 | $14.14 | $14.79 | $22.84 |
| 32 Year Old | $13.92 | $14.14 | $14.79 | $23.27 |
| 33 Year Old | $13.92 | $14.14 | $15.09 | $23.36 |
| 34 Year Old | $13.92 | $14.14 | $15.16 | $23.38 |
| 35 Year Old | $13.92 | $14.14 | $16.29 | $23.64 |
| 36 Year Old | $15.11 | $15.33 | $16.93 | $26.20 |
| 37 Year Old | $15.33 | $15.56 | $18.07 | $27.59 |
| 38 Year Old | $15.56 | $16.25 | $19.22 | $29.90 |
| 39 Year Old | $15.79 | $16.93 | $19.94 | $31.60 |
$250,000 No Exam Term Life Insurance Quotes For Female 30 - 39 Years Old
| Age | 10 Year Term | 15 Year Term | 20 Year Term | 30 Year Term |
|---|---|---|---|---|
| 30 Year Old | $10.34 | $11.65 | $13.31 | $20.45 |
| 31 Year Old | $10.34 | $11.65 | $13.31 | $20.88 |
| 32 Year Old | $10.47 | $11.65 | $13.40 | $21.32 |
| 33 Year Old | $10.61 | $11.88 | $13.40 | $21.75 |
| 34 Year Old | $10.73 | $11.88 | $13.49 | $22.40 |
| 35 Year Old | $10.98 | $12.10 | $13.99 | $23.27 |
| 36 Year Old | $11.68 | $12.59 | $15.33 | $25.08 |
| 37 Year Old | $12.14 | $13.28 | $16.02 | $25.11 |
| 38 Year Old | $12.59 | $13.96 | $16.93 | $25.13 |
| 39 Year Old | $13.05 | $14.88 | $17.85 | $26.34 |
$250,000 No Exam Term Life Insurance Quotes For Male 40 - 49 Years Old
| Age | 10 Year Term | 15 Year Term | 20 Year Term | 30 Year Term |
|---|---|---|---|---|
| 40 Year Old | $16.25 | $17.85 | $21.67 | $33.12 |
| 41 Year Old | $16.70 | $19.22 | $23.84 | $36.67 |
| 42 Year Old | $17.85 | $20.81 | $26.00 | $40.13 |
| 43 Year Old | $19.44 | $22.64 | $28.00 | $42.57 |
| 44 Year Old | $21.04 | $24.45 | $30.60 | $46.49 |
| 45 Year Old | $22.64 | $24.47 | $33.75 | $50.78 |
| 46 Year Old | $24.24 | $26.66 | $36.25 | $55.02 |
| 47 Year Old | $26.07 | $28.99 | $39.01 | $59.63 |
| 48 Year Old | $26.60 | $30.63 | $42.26 | $65.40 |
| 49 Year Old | $27.13 | $33.72 | $46.90 | $71.25 |
$250,000 No Exam Term Life Insurance Quotes For Female 40 - 49 Years Old
| Age | 10 Year Term | 15 Year Term | 20 Year Term | 30 Year Term |
|---|---|---|---|---|
| 40 Year Old | $13.96 | $15.79 | $18.99 | $27.61 |
| 41 Year Old | $15.11 | $16.70 | $20.13 | $29.56 |
| 42 Year Old | $16.48 | $17.85 | $21.50 | $31.68 |
| 43 Year Old | $16.89 | $19.22 | $23.33 | $33.97 |
| 44 Year Old | $16.91 | $19.79 | $24.93 | $36.71 |
| 45 Year Old | $16.93 | $19.81 | $25.94 | $40.23 |
| 46 Year Old | $17.98 | $21.27 | $27.83 | $43.49 |
| 47 Year Old | $18.99 | $22.41 | $29.49 | $46.77 |
| 48 Year Old | $20.13 | $24.01 | $31.70 | $50.43 |
| 49 Year Old | $21.50 | $26.49 | $33.86 | $54.67 |
$250,000 No Exam Term Life Insurance Quotes For Male 50 - 59 Years Old
| Age | 10 Year Term | 15 Year Term | 20 Year Term | 25 Year Term |
|---|---|---|---|---|
| 50 Year Old | $27.67 | $37.31 | $51.68 | $77.18 |
| 51 Year Old | $29.95 | $39.79 | $54.96 | $85.45 |
| 52 Year Old | $32.46 | $43.14 | $59.83 | $94.81 |
| 53 Year Old | $35.43 | $46.97 | $65.22 | $106.23 |
| 54 Year Old | $38.63 | $51.93 | $71.13 | $118.33 |
| 55 Year Old | $42.28 | $60.81 | $83.27 | $132.03 |
| 56 Year Old | $45.94 | $66.82 | $93.06 | NA |
| 57 Year Old | $50.05 | $73.86 | $103.93 | NA |
| 58 Year Old | $56.21 | $81.95 | $116.65 | NA |
| 59 Year Old | $61.69 | $91.09 | $131.23 | NA |
$250,000 No Exam Term Life Insurance Quotes For Female 50 - 59 Years Old
| Age | 10 Year Term | 15 Year Term | 20 Year Term | 25 Year Term |
|---|---|---|---|---|
| 50 Year Old | $22.87 | $29.35 | $36.46 | $57.58 |
| 51 Year Old | $24.47 | $31.60 | $38.17 | $63.29 |
| 52 Year Old | $26.07 | $33.60 | $41.37 | $69.69 |
| 53 Year Old | $27.89 | $35.35 | $44.93 | $77.68 |
| 54 Year Old | $29.95 | $38.69 | $49.12 | $86.13 |
| 55 Year Old | $32.23 | $42.41 | $53.93 | $95.49 |
| 56 Year Old | $34.29 | $45.94 | $58.50 | NA |
| 57 Year Old | $36.34 | $49.59 | $63.06 | NA |
| 58 Year Old | $38.86 | $54.03 | $68.55 | NA |
| 59 Year Old | $42.74 | $60.55 | $76.31 | NA |
$250,000 No Exam Term Life Insurance Quotes For Male 60 - 65 Years Old
| Age | 10 Year Term | 15 Year Term | 20 Year Term |
|---|---|---|---|
| 60 Year Old | $68.32 | $105.29 | $147.70 |
| 61 Year Old | $71.91 | $106.05 | $217.35 |
| 62 Year Old | $79.52 | $106.49 | $244.35 |
| 63 Year Old | $87.78 | $119.00 | $271.80 |
| 64 Year Old | $98.88 | $134.04 | $299.48 |
| 65 Year Old | $109.10 | $236.18 | $330.53 |
$250,000 No Exam Term Life Insurance Quotes For Female 60 - 65 Years Old
| Age | 10 Year Term | 15 Year Term | 20 Year Term |
|---|---|---|---|
| 60 Year Old | $48.22 | $69.28 | $90.37 |
| 61 Year Old | $52.11 | $68.84 | $152.42 |
| 62 Year Old | $62.99 | $79.08 | $167.48 |
| 63 Year Old | $75.17 | $93.00 | $183.44 |
| 64 Year Old | $86.65 | $109.32 | $200.28 |
| 65 Year Old | $99.31 | $148.70 | $218.08 |
Keep in mind – Quotes are merely samples and are based on healthy individuals. Your rate will depend on your specific carrier’s underwriting procedures.
Questions to Ask Yourself Before Purchasing
$250,000 of no exam life insurance might make all the sense in the world for you. Ask yourself these questions:
- Will $250,000 provide adequate coverage for my loved ones should something happen to me?
- Do I want to avoid needles, nurses and liquid samples?
- Do I want my life insurance coverage to be placed quickly?
Remember, you will want to purchase an amount of life insurance you feel comfortable with. And, some life insurance is better than no life insurance.
How to Apply for No Exam Life Insurance
Two things need to happen in order for you to apply for a $250,000 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.
Let’s take a closer look at the process of purchasing no exam life insurance.
What to Expect in the Application Process
- Phone Interview – typically lasting about 20 – 30 minutes. You’ll be asked questions about:
- Your medical history
- Your close family members’ medical history
- Lifestyle
- Occupation
- Public Records Review – underwriters will access databases to look at your:
- Pharmacy history
- Driving record
- Medical Information Bureau – records of previous insurance applications
- Application Decision (this happens instantly, oftentimes) – anticipate one of three outcomes:
- Approved as applied – the best-case scenario. You are approved for life insurance.
- Further information is required – depending on the carrier, you may be asked to provide more details on your application.
- Sometimes this happens if you have a medical condition that requires more description.
- Declined as applied – your application has not been approved for the policy you applied for. Take heart though, there are plenty of life insurance options available.
To get started, simply fill out an instant quote.
