4 Types Of No Exam Whole Life Insurance Explained [Instant Quotes]

Written by Heidi Mertlich

Never buy a policy you don’t understand.

No exam whole life insurance is no exception to that rule. At its core, this type of life insurance has two key components:

  1. You do not participate in a medical exam.
  2. The policy lasts your whole life.

While it sounds simple enough, there are important differences between the versions of no exam whole life insurance offered.

In fact, there are four distinct types of whole life insurance with no medical exam required. We’ll cover everything you need to know about this form of life insurance.

Goal – Understand the key components of each type of no exam whole life insurance to decide if it’s a good fit for you.


Table Of Contents

  1. Definition
  2. Types (Infographic)
  3. Quotes
  4. Apply

No Exam Whole Life Insurance Definition

Life insurance that pays a death benefit on the death of the insured, accumulates a cash value and is issued without a medical examination.

Let’s break down the three parts of the definition:

  1. Life insurance that pays a death benefit on the death of the insured – your life insurance policy lasts your whole life and will pay a death benefit to your beneficiaries at the time of your passing.
  2. accumulates a cash value – in addition to the death benefit, whole (permanent) life insurance policies accrue cash that can be borrowed against in the form of a policy loan.
  3. issued without a medical examination – no medical exam life insurance is purchased without the applicant participating in a physical exam.

Types Of No Exam Whole Life Insurance

There are four primary types of no exam whole life insurance:

whole life insurance

Subject to change.

1. Simplified Issue

When you hear the phrase, no exam life insurance, it’s likely referring to Simplified Issue.

Simplified Issue Whole Life has a few key characteristics:

  • Larger face amounts are available (but typically not as large as medically underwritten whole life insurance).
  • Simplified underwriting means weeks can be shaved off of the application process.
  • Policy includes a cash-value component.

Note – Simplified Issue Whole Life is also sold as a fully underwritten (think: medical exam) policy. You may pay more for Simplified Issue Whole life if you opt to skip the exam.

Who Buys Simplified Issue Whole Life?

There are defining characteristics of someone who would purchase this type of policy.

They –

  1. are in at least decent health.
  2. want a life insurance policy that will last their entire life.
  3. may have an interest in utilizing the cash value feature.
  4. don’t have the time or interest in participating in medical underwriting.

Who Doesn’t Buy Simplified Issue Whole Life?

Sometimes, Simplified Issue is not a good fit and other options should be explored.

For example, they –

  1. have experienced more serious health issues.
  2. want life insurance to last for a specific period of time (term).
  3. do not qualify for simplified issue based on age.

Bottom line – Simplified Issue Whole Life is your best option for no exam whole life insurance if you are able to qualify for it (decent health). Be sure to review the best no exam life insurance companies.

2. Graded Benefit

Typically, Graded Benefit life insurance is offered to applicants who don’t qualify for traditional life insurance.

Here’s why – a Graded Benefit policy, which is almost always sold as whole life insurance, has smaller face amounts and higher premiums than its traditional counterparts. However, Graded Benefit can make all the difference for an applicant who has been denied life insurance.

Graded Benefit whole life insurance important attributes:

  • The death benefit is graded, meaning that your beneficiary will only receive a percentage of the death benefit for the first couple of years. Typically, the graded benefits look like:
    • 25% – Year 1
    • 50% – Year 2
    • 100% – Year 3 and beyond
  • Straightforward underwriting process that usually includes only a few health questions (no nurses).
  • Modest face amounts (policy size) available.
  • Policy includes a cash value component.

Who Buys Graded Benefit Whole Life?

An applicant for Graded Benefit would likely have the following attributes.

They –

  1. do not qualify for Simplified Issue Whole Life.
  2. are in less than average health.
  3. would like a permanent policy with cash value.
  4. know that some life insurance is better than zero life insurance.

Note – you have more options for Graded Benefit life insurance when you are between the ages of 40 – 80.

Who Doesn’t Buy Graded Benefit Whole Life?

For some, Graded Benefit is not the best option.

They might-

  1. qualify for Simplified Issue Whole Life.
  2. be in at least decent health.
  3. be interested in a term life insurance policy.

Bottom line – Graded Benefit Whole Life is a great option if you are in less than average health.

3. Guaranteed Issue

Guaranteed Issue life insurance is typically your last stop for a life insurance purchase.

Here’s why – the guarantee of life insurance approval, regardless of your health status, comes at a cost – specifically with high premiums and limited policy face amounts. Guaranteed Issue (GI) is best for those who are otherwise uninsurable.

Guaranteed Issue’s defining traits:

  • You are guaranteed to be approved for life insurance.
  • Very simple application process with usually zero health questions.
  • Premiums cost more than other forms of life insurance.
  • Face amounts (policy size) available are modest.
  • Death benefit typically has a waiting period.
  • Whole life insurance with cash value.

Who Buys Guaranteed Issue Whole Life?

GI is generally a good fit for someone with specific circumstances.

Often, they –

  1. have serious health complications (for example, life insurance for cancer patients).
  2. do not qualify for other forms of life insurance.
  3. know that a modest policy is better than no life insurance.
  4. want cash value permanent life insurance.
  5. are between the ages of 40- 85 years old.

Who Doesn’t Buy Guaranteed Issue Whole Life?

Guaranteed issue is often not recommended for applicants.

For example, they –

  1. can qualify for a different form of life insurance.
  2. are in at least average health.
  3. may want a term life insurance policy.
  4. do not fall within the acceptable age range of issuance.

Bottom line – Guaranteed Issue life insurance makes sense for someone, and we mean this in the nicest way, is otherwise uninsurable.

4. Final Expense

As the name implies, Final Expense life insurance is designed to pay for end-of-life expenses. Typically Final Expense coverage is purchased to pay for medical bills and a funeral.

Note – you will want to be careful that the amount you will pay in premiums does not eventually add up to more than the face amount of the policy. If you are older, be sure to evaluate your options for life insurance for seniors.

Attributes of Final Expense life insurance:

  • Designed to pay for costs associated with end-of-life needs.
  • Easy to qualify for with only a few health questions.
  • The death benefit is typically graded.
  • Best for those in at least average health.
  • Modest policy face amounts.
  • Cash-value component.

Note  Fidelity Life offers a term final expense product.

Who Buys Final Expense Life Insurance?

Final Expense is an excellent fit for some applicants.

Typically, they –

  1. are looking to ensure funeral expenses are covered.
  2. are between the ages of 50 – 85 (a small number of carriers issue final expense starting at age 25)
  3. would like the option of a policy loan.
  4. understand that Final Expense will have limited face amount.

Who Doesn’t Buy Final Expense Life Insurance?

Sometimes, Final Expense is not a good fit for someone.

For example, they –

  1. need a larger face amount (policy size).
  2. are in at least decent health.
  3. qualify for Simplified Issue whole life.
  4. do not fall within the acceptable age range of issuance.
  5. may be interested in term life insurance.

Bottom line – Final Expense life insurance is an excellent option for a specific need: end-of-life expenses. Be sure to analyze your insurance needs before applying.

No Exam Whole Life Insurance Quotes

Simplified Issue Whole Life Insurance Quotes for Male

 $50,000$100,000$250,000$400,000
20 Year Old$45.46$84.61$202.08$319.55
25 Year Old$49.61$92.93$222.86$352.80
30 Year Old$55.65$105.00$253.05$401.10
35 Year Old$64.14$121.98$295.49$469.00
40 Year Old$73.85$141.40$344.05$546.70
45 Year Old$89.99$173.69$424.77$675.85
50 Year Old$110.43$214.55$526.92$839.30
55 Year Old$138.38$270.46$666.71$1062.95
60 Year Old$173.64$340.99NANA
Level monthly premiums. Quotes are based on healthy individuals and are samples only. Subject to change.

Simplified Issue Whole Life Insurance Quotes for Female

 $50,000$100,000$250,000$400,000
20 Year Old$43.62$80.94$192.89$304.85
25 Year Old$48.17$90.04$215.64$341.25
30 Year Old$54.60$102.90$247.80$392.70
35 Year Old$62.56$118.83$287.61$456.40
40 Year Old$71.31$136.32$331.36$526.40
45 Year Old$82.91$159.51$389.33$619.15
50 Year Old$98.70$191.10$468.30$745.50
55 Year Old$126.00$245.70$604.80$963.90
60 Year Old$158.07$309.84NANA
Level monthly premiums. Quotes are based on healthy individuals and are samples only. Subject to change.

Graded Benefit Life Insurance Quotes for Male

 $5,000$10,000$20,000$25,000
20 Year Old$22.08$37.53$71.49$88.46
25 Year Old$22.54$40.73$77.12$95.31
30 Year Old$22.54$40.73$77.12$95.31
35 Year Old$22.54$40.73$77.12$95.31
40 Year Old$12.92$22.44$41.48$51.00
45 Year Old$15.64$27.88$52.36$64.60
50 Year Old$19.77$34.88$66.35$82.09
55 Year Old$23.30$47.30$83.01$102.91
60 Year Old$29.94$55.23$107.07$132.98
65 Year Old$38.28$69.17$135.00$167.92
70 Year Old$46.25$89.17$175.00$217.92
75 Year Old$62.92$124.19$244.04$303.96
80 Year Old$89.17$164.86$325.36$405.62
85 Year Old$136.07$237.51$470.67$587.25
Samples only. Subject to change.

Graded Benefit Life Insurance Quotes for Female

 $5,000$10,000$20,000$25,000
20 Year Old$18.05$29.46$55.35$68.30
25 Year Old$19.28$31.93$60.28$74.46
30 Year Old$20.54$34.44$65.31$80.75
35 Year Old$21.05$37.76$71.17$87.87
40 Year Old$12.23$21.06$38.73$47.56
45 Year Old$14.29$25.18$46.95$57.84
50 Year Old$16.82$30.24$57.09$70.51
55 Year Old$19.60$35.80$68.20$84.41
60 Year Old$23.77$44.13$84.86$105.23
65 Year Old$29.78$56.16$108.92$135.30
70 Year Old$35.83$68.33$133.33$165.83
75 Year Old$47.92$89.61$174.87$217.50
80 Year Old$71.40$117.89$231.42$288.19
85 Year Old$109.38$179.22$354.09$441.53
Samples only. Subject to change.

Guaranteed Issue Life Insurance Quotes for Male

 $5,000$15,000$20,000$25,000
40 Year Old$26.25$72.92$96.25$119.58
45 Year Old$29.17$81.67$107.92$134.17
50 Year Old$22.50$65.68$87.27$108.65
55 Year Old$29.42$56.90$114.95$143.46
60 Year Old$32.40$63.17$126.87$158.35
65 Year Old$43.04$125.23$169.40$211.52
70 Year Old$50.09$146.27$197.45$246.58
75 Year Old$70.22$206.83$278.12$347.42
80 Year Old$115.42$340.42$452.91$565.41
85 Year Old$158.91$472.73$692.70$865.38
Samples only. Subject to change.

Guaranteed Issue Life Insurance Quotes for Female

 $5,000$15,000$20,000$25,000
40 Year Old$21.67$59.17$77.92$96.67
45 Year Old$24.58$67.92$89.58$111.25
50 Year Old$17.69$51.24$68.02$84.79
55 Year Old$22.60$63.85$87.83$109.31
60 Year Old$25.99$74.03$101.20$126.27
65 Year Old$31.78$91.35$124.30$155.15
70 Year Old$38.22$110.78$150.15$187.46
75 Year Old$54.59$159.75$215.42$269.04
80 Year Old$88.71$262.13$315.82$439.54
85 Year Old$100.53$297.59$437.18$545.98
Samples only. Subject to change.

Final Expense Life Insurance Quotes for Male

 $2,000$5,000$10,000$25,000$35,000
20 Year Old$11.89$22.08$37.53$88.46NA
30 Year Old$11.63$22.54$40.73$95.31NA
40 Year Old$11.77$12.92$22.44$51.00$70.04
50 Year Old$9.87$19.77$34.88$82.09$113.56
60 Year Old$15.61$29.94$55.23$132.98$184.82
70 Year Old$24.94$46.25$89.17$217.92$349.60
80 Year Old$45.74$89.17$164.86$405.62$762.78
85 Year Old$64.12$136.07$237.51$587.25$985.93
Samples only. Subject to change.

Final Expense Life Insurance Quotes for Female

 $2,000$5,000$10,000$25,000$35,000
20 Year Old$10.28$18.05$29.46$68.30NA
30 Year Old$11.03$20.54$34.44$80.75NA
40 Year Old$10.60$12.23$21.06$47.56$65.22
50 Year Old$8.55$16.82$30.24$70.51$97.35
60 Year Old$12.58$23.77$44.13$105.23$145.96
70 Year Old$19.20$35.83$68.33$172.30$239.48
80 Year Old$31.80$71.40$117.89$288.19$601.17
85 Year Old$53.20$109.38$179.22$441.53$936.65
Samples only. Subject to change.

How To Apply

There are two things you need to do before purchasing no exam whole life insurance:

  1. Partner with an expert. Collaborate with an independent life insurance agent who has your best interest as their top priority. Independent agents access the top carriers to find the best policies for you to choose from. They are not held captive to a particular carrier.
  2. Know your needs. Be sure to understand what type of policy will be best for you, and just as important, what policy is not. An expert agent can help you through a needs analysis.

To get started, simply fill out our free quote.

About No Physical Term Life
About No Physical Term Life

We’re an independent life insurance agency that specializes in no exam life insurance. We’re licensed in all 50 states and can help you directly over the phone or even by email if you’d like (just fill out a quote form and you’ll get an email from us).

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