Best Policies for $500k Life Insurance With No Medical Exam in February, 2024

We believe Haven Life is the best choice for a $500k life insurance policy that doesn’t require a medical exam.

min read
Updated: 23 January 2024
Written by
Bob Phillips
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In an era when athletes and actors are millionaires many times over, and lottery prizes regularly top $1 billion, the sum of $500,000 doesn’t quite have the emotional impact it once did, let alone the financial impact. But, a half million dollars will still pay off most families’ mortgage balance and put a couple of kids through college. It’s still a life-changing amount of money for the average family and is one of the most common face amounts of life insurance policies sold.

If you’re reading this article, there’s a good chance you’re interested in acquiring $500k of life insurance, and you may also want to get it without the hassle of having a medical exam. If so, you’ve come to the right place.

Based on my experience selling life insurance that doesn’t require a medical exam, I’m confident you’ll find that these three best life insurance companies offer excellent protection and have the financial strength to meet their obligations and pay death benefits.

How much does $500,000 life insurance cost?

One question that often comes up when shopping for life insurance is, “How much does a $500,000 life insurance policy cost?” The cost of insurance will vary significantly based on several factors, including the policy’s term length, the age and health of the insured, and the type of policy chosen.

Let’s look at some sample rates:

$500,000 Life Insurance Rates for Men and Women

Age $500,000 (Women) $500,000 (Men)
20 Years Old $17 $26
25 Years Old $17 $26
30 Years Old $19 $27
35 Years Old $25 $34
40 Years Old $35 $44
44 Years Old $46 $61

*Monthly rates based on a 20-year no-exam term life insurance policy. Non-tobacco rates with a preferred health rating.

$500k No Medical Exam Life Insurance Monthly Rates by Age: 10-Year Term

Age Male Female
30 $21 $18
40 $29 $25
50 $67 $55
60 $145 $101

$500k No Medical Exam Life Insurance Monthly Rates by Age: 15-Year Term

Age Male Female
30 $25 $21
40 $31 $32
50 $76 $71
60 $170 $180

$500k No Medical Exam Life Insurance Monthly Rates by Age: 20-Year Term

Age Male Female
30 $28 $24
40 $46 $36
50 $109 $89
60 $287 $205

Reviews Of The Best $500k Life Insurance With No Medical Exam Companies


Top Overall Choice

Overall Rating
4.9

Key Statistics

10/10 Affordability
9/10 Customer Reviews
10/10 Claims
9/10 Coverage Level

Why We Like Them

Haven Life is an innovative life insurance company that has carved out a niche for itself by offering high-quality, affordable term life insurance policies online. It’s recognized for its easy application process and competitive insurance rates. Haven Life also has the financial backing of life insurance powerhouse MassMutual, which carries an A+ (Superior) rating from the insurer rating company AM Best.

If you’re looking for a life insurance policy with a $500,000 face amount that doesn’t require a medical exam, the Haven Simple term life insurance policy will meet your needs. Face amounts range from $25,000 to $500k and provide applicants with a fast, efficient, and hassle-free way to secure life insurance. There is no need to meet with an agent; everything can be handled 100% online.

With Haven’s other term life insurance policy, Haven Term, you may be able to purchase up to $3 million of life insurance coverage without a medical exam if you’re under the age of 60 and as much as $1 million if you’re 60 to 64 years old. With Haven Term, the company does reserve the right to require any medical exams based on your answers to health questions on the application.

Haven Life offers a modern take on life insurance, combining ease of application, generous life insurance coverage options (up to $3 million non-medical), and a completely digital buying experience. This makes it an excellent choice for those wishing to avoid a medical exam and who want to apply from the comfort of home.

Benefits & Drawbacks

Benefits
  • Generous no-medical exam face amounts
  • Sleek online application
  • Backed by the financial strength of MassMutual
Drawbacks
  • Term life insurance can’t be converted to permanent coverage
  • Fewer options for coverage terms than some competitors

Best For Quick Approvals

Overall Rating
4.8

Key Statistics

9/10 Affordability
9/10 Customer Reviews
10/10 Claims
9/10 Coverage Level

Why We Like Them

Savings Bank Life Insurance (SBLI) is a reputable insurance provider known for its competitive rates and range of coverage options. It offers a variety of life insurance policies, including term and whole life. SBLI’s no medical exam policy can provide life insurance coverage up to $750,000 and stands out due to its convenience and accessibility.

SBLI’s no-exam term life insurance policy provides a death benefit for a specific term, such as 10, 20, or 30 years. Life insurance coverage amounts range from $100,000 to $500k. For those 60 and under, there is no medical exam requirement for coverage up to $750,000.

SBLI is known for its short wait time for approval. For many applicants, this efficiency is a significant draw. You can get insurance quotes and apply for a no medical exam policy online with SBLI, or you can call them and speak with an agent if you prefer.

Contrary to what the name might suggest, you don’t need to have a membership or special savings account with SBLI when buying life insurance policy from them. This means you can take advantage of their competitive rates and diverse product offerings without any additional financial commitments.

Benefits & Drawbacks

Benefits
  • Wide range of term and whole life products
  • Competitive rates
  • No medical exam is needed for certain policies
Drawbacks
  • No universal life or variable life insurance is available
  • No online policy management
  • Policies not available in all states

Best For Large Face Amounts

Overall Rating
4.7

Key Statistics

9/10 Affordability
8/10 Customer Reviews
9/10 Claims
10/10 Coverage Level

Why We Like Them

If $500k or $750k of no medical exam life insurance doesn’t provide you with an adequate level of financial protection, Pacific Life may be a better alternative. With Pacific Life, you can get up to $5 million of no medical exam life insurance coverage until the age of 50 and up to $3 million until age 60.

The Pacific Accelerated+ is Pacific Life’s accelerated underwriting, no medical exam term life insurance option. It’s designed to streamline the underwriting process, making it easier and quicker for individuals to secure coverage.

Applicants aren’t required to take a medical exam as long as they have completed a physical with full blood work done within the last 18 months. However, a Medical Information Bureau (MIB) and prescription report will be ordered, and a Personal History Interview and Cognitive test may be conducted.

Pacific Life has more than 150 years of experience in the life insurance industry and carries high financial strength ratings. Though it’s been around for many years, it has kept up-to-date with online claims reporting and online bill pay.

Benefits & Drawbacks

Benefits
  • Wide range of policies: term life, whole life, universal life, indexed universal life, and variable universal life
  • High J.D. Power’s customer satisfaction ratings
  • Competitive term insurance rates
Drawbacks
  • Select policies are not available in New York
  • Life insurance quotes are not available online

Who Is $500k No Medical Life Insurance For?

A $500k no medical life insurance policy is an excellent financial safety net for anyone who wants to ensure their loved ones’ financial security without undergoing a medical examination. This type of policy is especially suitable for single parents, self-employed individuals, and stay-at-home spouses.

Single Parents

Single parents carry the full weight of financial responsibility for their children. From daily expenses like food and clothing to long-term costs like education, a single parent must cover it all. A $500k no medical life insurance policy can provide the necessary financial support to the child or children if the parent were to pass away unexpectedly. This money can be used for immediate expenses, future educational costs, and even to supplement day-to-day living expenses.

Self-Employed Individuals

Self-employed individuals often don’t have the same safety nets as those working for corporations. There are usually no company-provided life insurance or pension plans. A $500k no medical life insurance policy can provide the self-employed with peace of mind knowing that their business and personal obligations would be covered in case of their death. The death benefit payout could help cover business debts, maintain the business during a transition period, or provide for the individual’s family.

Stay-at-Home Spouses

The value of a stay-at-home spouse’s contribution to the household often goes unappreciated until it’s too late. The cost of services such as childcare, housekeeping, transportation, and meal preparation can add up quickly if the stay-at-home spouse were to pass away unexpectedly. A $500k no medical life insurance policy can provide the necessary funds to cover these additional costs and ease the financial burden on the surviving spouse.

How Does No Exam Life Insurance Work?

No exam life insurance is a type of policy that doesn’t require you to undergo a medical examination to qualify for coverage. It’s an attractive option for those who want to secure their loved one’s financial future quickly and conveniently. When applying for a $500k no exam life insurance policy, the process is relatively straightforward. Here’s how it typically works:

Step 1: Choose Your Coverage Amount

First, you decide on the amount of coverage you need. In this case, you’re considering a $500k policy, which is the amount your beneficiaries will receive if you pass away during the term of the policy.

Step 2: Complete the Application

Next, you fill out an application. This usually involves answering a series of health-related questions. The insurer uses your responses to assess your risk level.

Step 3: Underwriting Process

Once you’ve submitted your application, the insurer begins the underwriting process. This is where they evaluate your risk profile based on the information you provided in your application. They consider factors such as your age, lifestyle habits (like smoking), and family medical history.

Unlike traditional life insurance policies, no medical exam policies skip the medical examination part of the underwriting process. This means there’s no waiting period for medical exam results, which can significantly speed up the approval time.

Step 4: Approval and Premium Calculation

If approved, the insurance company calculates your premium based on your risk profile. Since the insurer doesn’t have a comprehensive understanding of your health due to the absence of a medical exam, premiums for no exam life insurance are often higher than those for traditional life insurance policies.

Step 5: Policy Issuance

Once you agree to the premium, the insurer issues your policy. You’re now covered under a $500k no exam life insurance policy.

Advantages and Disadvantages of $500k Life Insurance

When considering a $500,000 life insurance policy, it’s essential to weigh both the advantages and disadvantages. This level of coverage can offer significant benefits, but it also has potential drawbacks that should not be overlooked.

Advantages of $500,000 Life Insurance

Financial Security for Your Loved Ones

One of the most compelling advantages of a $500,000 life insurance policy is the financial security it provides for your loved ones. This substantial payout can cover a myriad of costs, from outstanding debts and funeral expenses to long-term financial obligations like mortgage payments or college tuition.

Flexibility in Usage

A $500k life insurance payout offers tremendous flexibility. Beneficiaries can use the funds as they see fit, whether it’s investing for the future, covering day-to-day expenses, or fulfilling the insured’s last wishes.

Disadvantages of $500,000 Life Insurance

Higher Premiums

On the flip side, a $500,000 life insurance policy typically comes with higher premiums than lower coverage amounts. These higher premiums could be a significant financial commitment and may not fit within everyone’s budget.

May Be More Than Needed

A $500k policy might provide more coverage than some people need. If you don’t have substantial debts or dependents with large financial needs, this amount of coverage might exceed your requirements, leading to unnecessarily high premiums.

What Are the Eligibility Requirements for a $500,000 Life Insurance Policy?

When applying for a $500k no medical exam life insurance policy, it’s crucial to understand the eligibility requirements that life insurers consider before approving your application. While these may vary between life insurance companies, some general criteria apply across the board.

Age Limit

Age is a significant factor in determining eligibility for life insurance policies. Typically, no exam life insurance policies are available to individuals aged 18 to 70. However, the maximum coverage amount often decreases as you get older. For instance, while a 35-year-old might easily qualify for a $500k policy, a 65-year-old might face more restrictions.

Health History

Even though no medical exam is required, insurers will still assess your health based on the information provided in your application and potentially from other sources like pharmacy records or past insurance applications. Factors such as pre-existing conditions, family medical records, and tobacco use can impact your eligibility and premiums.

Occupation and Lifestyle

Insurers also consider your occupation and lifestyle when assessing risk. High-risk jobs or hobbies can affect your eligibility for a $500k no exam life insurance policy. For instance, if you’re a commercial diver or a scuba diving instructor, you might face higher premiums or even denial of coverage due to the increased risk associated with these activities.

Financial Justification

Life insurance companies need to see a financial justification for the amount of coverage you’re requesting. This means demonstrating that your income, debts, and financial responsibilities warrant a $500k policy.

How to Choose the Right No Medical Exam Life Insurance Policy for You

Choosing the right life insurance policy is a critical financial decision. It begins with a thorough assessment of your current financial situation and your beneficiaries’ future needs. Consider your income, debts, savings, and ongoing financial obligations.

Further, think about future expenses such as education costs for children, mortgage repayments, and end-of-life expenses. This will help you determine the coverage amount that can provide financial stability for your loved ones in your absence.

The next step is to choose the type of life insurance that best aligns with your needs and budget. There are two primary types: term life insurance and permanent life insurance policies. Term life insurance provides coverage for a specific period, while permanent life insurance policies offer lifelong coverage and accumulate cash value over time.

If your dependents will be financially independent in the foreseeable future, a term life insurance policy might be more suitable. But if you’re looking to leave a legacy or need lifelong coverage, consider a permanent life insurance policy.

Finally, ensure the life insurance company you choose is financially stable. This is crucial because it indicates the insurer’s ability to pay out claims in the future. You can check the financial strength ratings of insurance companies on rating agency websites like A.M. Best or Standard & Poor’s.

It’s also essential to fully understand the policy terms, including features, benefits, exclusions, and the claims process.

FAQs

How much a month is a $500,000 whole life insurance policy?

The cost of a $500,000 whole life insurance policy can vary based on factors like age, health, and lifestyle. However, for a healthy individual around the age of 40, the average monthly premium is approximately $400.

How much life insurance can you get without a medical exam?

How much life insurance coverage you can get without a medical exam varies by insurer, but it’s generally less than policies requiring an exam. For instance, some life insurance companies offer no-exam life insurance policies up to $500,000, while others may offer higher coverage amounts, especially for individuals under age 60.

Is a $500,000 life insurance policy enough for me?

Determining whether a $500,000 life insurance policy is enough depends on your personal circumstances, including your financial obligations, dependents’ needs, and lifestyle. It’s crucial to consider factors such as your debts, ongoing expenses, future needs like your children’s education, and potential end-of-life costs, and then compare these against the policy amount to ensure it provides adequate coverage.

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