5 Essential Facts About Million Dollar No Exam Life Insurance [Instant Quotes]

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Life insurance companies are using innovation to offer million dollar term life coverage without the typical medical exam.

For healthy people who meet certain guidelines, you can purchase a significantly sized policy in less time and effort than you might think.   

Definition: Term life insurance for one million dollars purchased without medical underwriting (no nurses, needles, or liquids).

Compare buying a million dollar no exam policy to shopping at the grocery store. If you’re able to, it’s better to skip the long lines. The express checkout is open to shoppers who meet specific criteria (i.e. 15 items or less in your cart). Similarly, million dollar no exam life insurance can be purchased in certain circumstances.million dollar life insurance

There are 5 essential facts about million dollar no exam life insurance. 

Let’s breakdown everything you need to know about this type of life insurance and how you can apply (if it makes sense):


Table Of Contents:

5 Essential Facts 

Bottom Line And Sample Quotes

How To Apply


5 Essential Facts

million dollar life insurance

1. No Exam Means Streamlined

No exam (also known as non med or no physical) life insurance is becoming increasingly popular, for good reason. The advantages are many:

  • No needles, nurses, or liquids
  • Competitive prices
  • Faster application turnaround time
  • Available policies (term length and size) comparable to medically underwritten counterparts

It used to take at least a couple of weeks to get approved for a life insurance policy. Now, with online tools, it can take a couple of minutes. – Jean Chatzky, Everything You Need To Know About Shopping For Life Insurance Online, NBC News

Life insurance companies realize that a percentage of the population has no interest in being poked with a needle. Technological advances and database systems opened the door for a multitude of no exam life insurance products.

2. You’ll Need To Be Healthy

In order to qualify for a million dollar no exam life insurance policy, you’ll need to be quite healthy.

In other words, the life insurance company will require that you qualify for the top couple health classes (Super Preferred and Preferred). While it may seem callous, carriers are in the business of assessing risk, and their job is to determine how much risk they are willing to absorb.

What does healthy look like to a life insurance company?

  • No major medical conditions (history of cancer, heart disease, stroke, diabetes, etc.)
  • No major psychiatric conditions (bipolar, etc.)
  • No treatment for drug or alcohol abuse
  • Proportional height/weight (life insurance companies often use BMI measurements)
  • No close family member with major medical condition (i.e. heart attack) before the age of 60
  • If you are over 50 – evidence of routine primary care checkups

Of interest – tobacco users can be approved for this type of life insurance if they are otherwise healthy.

3. Age Restrictions Apply

Age restrictions exist for this type of policy.

For example, Principal Life Insurance Company, a provider of no exam million dollar life insurance, requires applicants to be between the ages of 18 – 60.

Note – If you are older than age 60, there are a number of top no exam life insurance companies to consider.

4. Background Check Is A Must

Life insurance underwriters will look into various databases during your application.

To be approved for a million dollar no exam policy, your background will need to look close to squeaky clean. Generally, the following excludes you from the top two health classes:

  • Driving under the influence (DUI) in the past 5 years
  • Reckless driving infraction in the past 5 years
  • Criminal record

Also not allowed:

  • Foreign nationals
  • Travel to dangerous countries
  • Hazardous occupations (i.e. commercial fisherman)
  • Risky hobbies (i.e. skydiving)

5. Your Application Is Straightforward

Your application is simple and straightforward (we’ll give the details in a moment).

But first – It’s important to note that the term, no exam is used to describe different types of life insurance products with different application processes.

Let’s focus on the specific product at hand – million dollar no exam life insurance. This type of no exam application process uses Accelerated Underwriting.

Accelerated Underwriting – is assessing an applicant’s (that’s you) risk in a streamlined manner compared to medically underwritten applications. You must qualify to participate in accelerated underwriting. (Think: interview and background requirements.)

How the application process works:

  1. Submit application with independent agent
  2. Complete phone interview that includes questions about –
    1. Medical history
    2. Occupation
    3. Lifestyle
  3. The underwriting team will review records:
    1. Driving (Motor Vehicle Report)
    2. Prescription database
    3. Medical Information Bureau (MIB)
  4. After steps 1-3, one of three things will happen:
    1. Your application is approved as is and your policy will be issued in as little as 48 hours (otherwise known as Accelerated Underwriting).
    2. Your application requires medical underwriting and a paramedical exam will be scheduled.
    3. Your application is declined and we will look into other life insurance options (don’t worry – there are a multitude of life insurance products to consider).

Important – if you don’t qualify for accelerated underwriting, a paramedical exam may be ordered.

Bottom Line And Sample Quotes

A million dollar no exam life insurance policy may be an excellent fit for you.

Who Needs A Million Dollars In Life Insurance?

Often, people are surprised by just how much life insurance they need. Consider the following to help decide what’s right for you:

  1. What are my financial obligations?
    1. Mortgage
    2. Debt (credit cards, student loans, etc.)
    3. Living Expenses (food, utilities, bills)
  2. What are my financial plans?
    1. Private school for children
    2. College tuition for children
    3. Travel
    4. Retirement
  3. How much money do I earn annually?
  4. How many years do I plan to earn money/years before retirement?
  5. What are the financial obligations of my beneficiaries?
  6. Keep in mind that a stay-at-home spouse’s contributions are worth significant money, even if they are not earning an income.

At the end of the day, you’ll want to purchase an amount of life insurance that you feel comfortable with. And, some life insurance is always better than no life insurance.

How Much Will A Million Dollar No Exam Life Insurance Policy Cost (Sample Quotes)?

The following sample quotes are from a top-rated no exam life insurance company for very healthy people at 30 and 40 years old:

  $1,000,000  
10 Year15 Year20 Year30 Year
30 Year Old Male$24.50$28.88$38.50$64.48
40 Year Old Male$29.75$40.25$55.56$103.69

*Monthly premiums. Quotes provided are based on limited input. Quotes are for informational purposes only. Your rates may vary and will depend on the carrier’s life insurance underwriting procedures.

  $1,000,000  
10 Year15 Year20 Year30 Year
30 Year Old Female$21.00$27.30$32.16$54.38
40 Year Old Female $27.56$36.75$46.81$83.13

*Monthly premiums. Quotes provided are based on limited input. Quotes are for informational purposes only. Your rates may vary and will depend on the carrier’s life insurance underwriting procedures.

Remind Me – Who Qualifies For No Exam Million Dollar Life Insurance?

You’ll need to meet specific requirements for this type of policy:

  1. Be in the top two health classes for life insurance: Super Preferred and Preferred. Here’s what that looks like, in general:
    1. Proportional height and weight
    2. No major medical conditions
    3. No close family member with major health episode before the age of 60
    4. No history of drug or alcohol abuse
  2. You don’t have a criminal background
  3. You don’t have a driving record with a DUI or reckless driving infraction within the last 5 years
  4. You are not a foreign national
  5. Your occupation is not hazardous
  6. You don’t participate in risky hobbies

Important – If you don’t qualify for this specific policy, there are plenty of life insurance options available.

Life insurance is one of the cornerstones of personal finance, and it deserves consideration by every single person. It shouldn’t just be considered, it is absolutely vital for most people. – Tim Maurer, 10 Things You Absolutely Need To Know About Life Insurance, Forbes

How To Apply

There are two things you need to do in order to apply for a million dollar no exam life insurance policy (or for any life insurance policy, for that matter):

  1. Team up with an independent agent.
    • Here’s why: an independent life insurance agent has your best interest at heart. They aren’t held captive to a particular carrier and can shop for the best policy to fit your needs.
    • It’s also important to not apply directly with a life insurance company. If something concerning pops up on your application (let’s say a medical condition), that information could then be available to other life insurance companies (this happens via the Medical Information Bureau)
  2. Be ready for the application
    • Have your medical, lifestyle, and occupation information readily available.
    • Your application turnaround time is fastest when you are able to accurately answer all application questions upfront.
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