Close this search box.

Buying Life Insurance When You’re On A Budget

Table of Contents

Securing a life insurance policy is a vital part of financial planning. In addition, a life insurance policy can be one of the best ways to ensure that your family will be financially secure in the event of your death.

A life insurance policy pays out a death benefit when the insured has passed away as long as the coverage is active when death has occurred. That death benefit is paid to the beneficiary, which in most cases is a spouse or someone who would be financially affected due to the insured’s death.

The money received from the life insurance policy can help replace the lost income of a deceased spouse so that the remaining family members can stay in their home. It can also provide the funds to keep up with daily bills and help pay for future expenses such as college for the children.

Life insurance is one of the greatest financial tools to avoid the potential financial burden that often occurs when losing a loved one gives you the needed time to grieve.

Despite the importance of life insurance, the latest 2021 statistics on life insurance ownership in the US show that 52 percent of Americans do not own a life insurance policy at all or do not have enough life insurance required to take care of all the financial burdens due to the loss of a loved one.

There are a few reasons for the large coverage gap in America.

One obvious reason is that no one likes to think about their own death. Life insurance can feel unnecessary when you’re young, healthy, and have other financial priorities to worry about.

Another reason is that unlike other types of insurance, life insurance isn’t generally required to own. For example, you need car insurance to drive your car legally, and many apartment complexes and landlords require tenants to keep a renter’s insurance policy.

While there are a few times life insurance might be a mandatory requirement, such as taking a loan from the Small Business Administration, these situations aren’t nearly as common for everyone.

The biggest reason for not buying life insurance is the perceived cost. When you’re already juggling other bills, it can seem like a waste of money to pay for something you might never use or need.

Fortunately, a life insurance policy can be much more affordable than you think. In fact, over half of Americans overestimate the cost of life insurance by over three times the actual cost. The truth is that life insurance is an extremely cost-effective way to provide security to your family and prepare for the unexpected.

Hopefully, your spouse or another loved one will never need to collect on your life insurance policy, but knowing that policy is in place can help you and your family have a few fewer things to worry about. Plus, if something unexpected does happen, a policy will be a significant help of financial support to your loved ones.

Of course, if you’re on a budget, you’re probably used to being a careful shopper. You can apply that same mindset to life insurance. Check out our guide on how to buy life insurance on a budget to learn more.

Setting Your Life Insurance Budget

Before shopping for life insurance, you must know how much you need. There are a few ways to do this, and one obvious path is to reach out to an experienced agent for help and advice. But it’s not required to work with an agent, especially if you are in the early stages of exploring life insurance coverage possibilities.

So if that is where you are currently at in the process, in general, it’s a good idea to look at:

  • Your current income
  • Long-term financial obligations
  • Your dependants and their future needs
  • The potential cost of end-of-life expenses

If you’re still in your working years and have a family dependent on your income, many financial experts will recommend that you start with a death benefit equal to at least 10 to 15 times your current income.

So, for example, to make it simple, let’s say your pre-taxable annual income is $50,000. You would multiply that amount by 10x, giving you a starting amount of $500,000.

Why do experts recommend 10-15x annual income as a starting point?

This method is called the multiplier of income or rule of thumb method. It has been around for a long time and is a great starting point if you are unsure how much coverage you may need for your family.

The idea behind the method is that your spouse would receive a death benefit equal to 10 years of your annual income paid in one lump sum payment at the very minimum.

That death benefit would allow for at least ten years worth of time for your spouse or loved one to financially plan for their future rather than facing an immediate financial hardship shortly after your passing.

In many cases, the lump sum death benefit received from a life insurance policy could also create further wealth through proper financial planning opportunities.

The multiplier of income method is just one part of the overall picture. From there, you will want to factor in any end-of-life expenses, such as funeral costs, educational costs for your children, and any debts that you would like for your spouse to be able to pay off immediately.

You can deduct any savings or assets from this number if you want them used for expenses such as college funds. Sitting down to figure this number out will give you a good ballpark idea of the policy amount you need.

Another helpful tool that can calculate your life insurance needs to determine a death benefit amount is a life insurance calculator such as the one we offer on our website. All you need to do is plug in the numbers to important financial questions, and the calculator will determine a death benefit amount based on your responses.

Once you have your policy amount figured out, you’ll need to figure out how much you can afford to spend each month. After all, a large policy won’t do you good if you can’t make the payments and lapses. So, look over your budget and make an honest assessment of how much you can spend on life insurance.

The 10-15x annual income is just a starting point but is not a mandatory number that will be best for everyone. Even getting a life insurance policy equivalent to a few years of your income could significantly reduce financial hardships brought on by an unexpected death.

Seniors in their retirement years and who do not have someone dependent on their work income may wish to focus on lower coverage amounts needed to pay for smaller final expenses.

Term Life Insurance Will Be Most Affordable

If you’re buying life insurance on a budget and want the most affordable option, then a term life insurance policy is what you need to look into. Permanent life insurance will be too expensive for most people shopping for life insurance on a budget.

Term life insurance policies are popular because they allow you to get a very large benefit amount for a lower premium than any other type of life insurance coverage. This is because term insurance is temporary life insurance.

Term insurance plans are designed to only last for a set amount of years, referred to as contract lengths. Common contracts are generally available in lengths of 10, 20, or 30 years with a very select few companies offering a 35 and 40-year term option.

Term policies don’t offer the same features of permanent life insurance plans, such as whole life insurance. That type of life insurance is designed to last your entire life and offers a cash value account guaranteed to build over time.

However, with permanent life insurance plans such as whole life insurance, you’re going to pay a much higher premium than you would with a term insurance policy, and that’s not a great idea if you are purchasing life insurance on a budget.

With a term insurance plan, your rate will be fixed throughout the entire term contract. So if you buy a 20-year-policy when you’re 30 and your monthly payment is $25 for $500,000 of coverage, you’ll still be paying $25 until you reach the age of 50.

Once a term insurance contract ends, you have the option to keep coverage but at an increasing rate, potentially convert your term into permanent coverage or end the policy if you no longer need coverage.

Many factors go into the price for coverage, such as your health, age at the time of applying, the length of coverage you select, and your desired benefit amount. However, your policy will be guaranteed to payout as long as you pay your premiums when due.

Many term policies also offer free policy riders that can bring extra value in addition to the death benefit. Take for example, the popular rider referred to as living benefits found on many of today’s term insurance plans at no additional costs.

A living benefits rider provides early access to the death benefit of the term insurance policy if you become sick with a critical or chronic illness and could use financial help.

As a word of caution, if you’re buying life insurance on a budget, you may want to stay away from policy riders that require an additional cost. While many term life insurance plans offer free policy riders, many require an additional cost and can significantly raise your premiums.

Longer term lengths will result in higher rates

Another great feature of term policies is that you can choose the contract length that works for you. Whole life insurance and universal life insurance policies will last your entire life.

That can certainly be a tempting advantage of those types of policies, but for many people, carrying a policy that offers the same amount of coverage their entire life simply isn’t necessary. In addition, for most of us, our life insurance needs will begin to decrease as we age, and that’s why term insurance can be such a great value.

For example, let’s say a woman named Katelyn has two elementary school-aged children and 15 years left to pay her mortgage. Katelyn wants to make sure her children can go to college and that her husband would be able to pay off their mortgage should she pass.

Once her children are independent adults and her mortgage is paid, Katelyn will have significantly fewer financial responsibilities. For this reason, it might make sense for Katelyn to take out a $750,000 20-year policy. She could buy a much smaller policy to cover her reduced expenses, possibly even a small final expense policy when the term is up.

Assuming Katelyn is in good health, her 20-year policy will likely be very affordable. Although she’ll be older when she buys a smaller policy 20 years down the road, she’ll be buying a much smaller coverage amount, so her premiums will still be affordable.

Conversely, if Katelyn had bought a $750,000 whole life insurance policy, her premiums would be much higher, often 8-10x more than she will pay for the same death benefit amount on the term insurance plan.

Thus, while Katelyn’s coverage would last her entire life, based on her financial needs, it’s not necessary to keep that amount of coverage permanently and pay such a significantly higher cost than what she can get with a term insurance policy.

Ideally, when choosing a term length, you will want your coverage to last as long as financial needs remain present. For example, if you’re in your 30s or 40s, you might want to look into getting a term insurance policy such as a 20 or 30-year contract that would take you to retirement age.

Keep in mind that a longer contract length will cost more. The 10-year term length is the most affordable option if you’re shopping for life insurance on a budget.

It is ok to buy a shorter-term duration if it meets your budget. When your contract expires, you will need to go through the renewal process if you still require life insurance coverage, but that’s a small price to pay when you’re trying to stay within budget.

Life Insurance Rates Increase As You Get Older

Several factors determine the rates for life insurance coverage, one being age. Unfortunately, we cannot live forever, and as we age, we become at a higher risk of passing. Insurance companies know this and base rates on that proven fact. 

Many people in their 20s aren’t thinking about life insurance yet, but it’s actually a great time to get a policy. Healthy people in their 20s and 30s can get very affordable policies. But, of course, the older you are when you buy a policy, the more you’ll pay.

The price of premiums rises between 4.5 percent and 9 percent every year on average. So when you buy a policy at a young age, you’re locking in your rates generally at a low cost that will last the entire duration of your life insurance contract.

Once your rates are locked into a contract, nothing will affect your rates, even if you become ill or get seriously injured. That’s why it’s always best to get a policy when you’re young and healthy. You’ll save significant amounts of money, and those savings will last the entire term of your policy. 

This doesn’t mean it’s not possible to find low-cost coverage when you’re older. On the contrary, many companies offer affordable rates to people in their 50s and beyond, especially if you’re healthy.

Plus, depending on your needs, you might be able to select a shorter term and lower policy amount, which can bring down costs. However, as a general rule, it’s always a smart idea to buy a policy as early as you’re able.

Another potential downside to putting off buying coverage is the potential change in health. Life is unpredictable, and in one minute, you may be in the best shape of your life and then experience a drastic change in health before you know it.

As a result, your health plays a large role in your ability to not only get affordable life insurance coverage but eligibility to get coverage entirely. 

When there is even the slightest need for life insurance coverage, we highly recommend starting the process and locking in your rate. There’s just too much risk putting off buying life insurance coverage.

The Internet Is Best Place For Quotes And Comparison Shopping

Comparison shopping is one of the best ways to save money on most purchases, and life insurance is no exception. Several websites can offer online tools that will produce life insurance rates from multiple companies instantly.

Having the advantage to compare quotes can end up saving you thousands of dollars in the long run. This is because life insurance companies are competing for your business while and to stay competitive, they will price their coverage differently from each other.

If you choose to use an online quote tool to compare rates, you’re getting an advantage by seeing each company’s rates for the coverage you require. You will quickly notice massive swings in premiums from the company offering the best rates from the company offering the highest rates.

These swings in premiums can easily add up to thousands of dollars throughout the duration of a term contract. An online quote tool can help you avoid picking a company that may not be the best life insurance company based on your budget.

Getting quotes from multiple companies all at once not only saves you money, it can save you hours as well. Rather than visiting each company’s website for a quote, online quote tools are linked to each company’s rate books so that rates are 100% accurate and always updated when a company has changed its rates.

Using an online quote tool is also a great way of knowing if your intended benefit amount and term length will fit your life insurance budget.

You might find that all the quotes you’re getting are more expensive than you’d be planned on. Conversely, you might receive quotes that are less than you’d been budgeting. In either case, this is a great opportunity to go back to your budgeting and planning and make any needed adjustments based on your quote results. 

Once you have found a company that can meet your budget, it’s a good idea to learn as much as possible about the company. After all, this could be the life insurance company that will be providing you with coverage for at least a decade.

It’s important to know exactly who you’re doing business with. You can visit their website and learn more about the company. You can search for industry reviews from trusted financial sources and look for company ratings from agencies such as AM Best. It can also help to read customer reviews. Look out for reviews that mention customer service, pricing, and overall satisfaction.

Be sure to pay attention to policy features

Price is an important factor in choosing a life insurance company, but you should also carefully read all the details of what the coverage offers.

Make sure your rate is locked in for the entire term duration. While that’s generally how term policies work, some companies offer promotional discounts like Costco’s term life insurance plans. In contrast, others such as Protective Life term insurance can offer a unique premium structure after the level premium period has ended.

You might think of a life insurance policy having only one use, but that’s not always the case. While you’re reading over your policy, look for additional benefits or riders. For instance, some companies might offer discounts and savings on other products. You might be able to get multiple types of insurance in a bundle for a low rate or be able to save on other financial services.

Policy riders are another important consideration. A rider is an addition to a legal document, such as a life insurance policy. Riders can add value to your policy. For example, they can ensure coverage for your spouse or children, help you if you become severely ill or injured, and offer ways for your policy to assist in your financial planning.

As mentioned, some policy riders will cost extra, and some will be included in the life insurance policy at no additional cost. So, when comparing shopping, don’t forget to factor in the value of riders and other discounts.

Suppose a policy costs an extra $10 a month but includes many additional benefits than the company offering the lower rates but not features. In that case, it might be a better deal to go with the company that is a little higher in premium.

Your Health Also Determines Your Life Insurance Rates

Your health plays a major role in your life insurance rates. Life insurance companies base the rates they offer on your overall risk of dying when you own a life insurance policy. Healthy people have a much lower risk of death, so they’ll pay a lot less for coverage.

Life insurance companies will assign you to a life insurance rate classification. This classification is based on your health and other factors, such as your driving history and criminal record. The top life insurance rate classifications are for people in excellent health.

The life insurance company will use the information on your application and your life insurance medical exam results to assign your rate classification. The exact language used can vary by the life insurance company, but general life insurance rate classifications include:

  • Preferred Plus: For people in exceptional  health
  • Preferred: For people in very good health
  • Standard Plus: For people in above average health
  • Standard: For people in average health 
  • Substandard: For people in below average health

While you can’t always control your health, there are some steps you can take to improve your health and your life insurance rate classification.

For example, the difference between preferred and preferred plus might be a slight difference in weight or blood pressure. If you’re in overall good health, it’s not a bad idea to take some time to work on the things you can fix.

Indeed, it’s always good to apply for life insurance as young as you can. However, sometimes holding off for a few months while you lose ten pounds could help you land in a better rate class and save you a lot of money.

Similarly, if you just started a new medication to control your blood pressure, cholesterol, or blood sugar, giving it a few months to work can lead to serious life insurance savings.

No medical exam policies

Not everyone is in perfect health or has time to take a life insurance medical exam. Fortunately, you have other options. Many life insurance companies offer an option to apply for life insurance with the potential of not having to take a medical exam.

Traditionally, when applying for life insurance coverage, you would need to take a medical exam as part of the application process. An examiner would come to your home, do a health interview, get samples of both blood and urine, conduct 2-3 blood pressure readings and record your height and weight.

The entire medical exam generally takes 30 minutes to complete, and the results are sent to the underwriter to help determine eligibility.

With advanced technology and the help of third-party data sources, many life insurance companies have been able to shift from a medical underwriting process to a non-medical underwriting process.

Rather than having an applicant go through the medical exam process, underwriters can utilize data from sources such as the MIB, LexisNexis, MVR, and prescription reports to gain insight into the overall risk of insuring an applicant. In some cases, the underwriter may even request your medical records if they need further insight into any medical treatments you have received.

No medical exam options are a great fit for people who are worried the results of a medical exam might lead to higher rates or who would simply prefer to complete the life insurance application process quickly. The entire process is so fast that many applicants will get an instant decision for no medical exam approval.

However, no exam policies aren’t the best fit for every customer. While no medical exam rates can be as competitive as the rates of those that require a medical exam, companies requiring a medical exam may just be the cheaper option.

So if you’re shopping for life insurance on a budget, consider that you may have to take a medical exam if you want the cheapest rates for life insurance coverage.

Plus, many companies that require a medical exam also offer higher coverage amounts than no medical exam options.

Life insurance and tobacco use

Smokers nearly always pay more for life insurance. As you probably already know, smoking is a proven risk factor for numerous serious health conditions and reduces life expectancy compared to non-smokers.

Plus, smoking can slow down your healing if you’re injured or have surgery and make it more likely you’ll develop an infection. That’s why smokers are seen as having a higher risk of death and why they’ll pay more for coverage. 

Smoking doesn’t mean coverage is out of your reach. Some great companies work with smokers to offer affordable policies.

However, if you’ve been thinking about quitting anyway, cheaper rates on life insurance can be a good motivator to stick with it. Plus, for most people, quitting smoking will improve overall health. So you’ll see lower rates for being a non-smoker for being in good health.

Helpful Article: Guide to life insurance for smokers

There Are Multiple Benefits To Using The Help Of An Agent

A life insurance agent or broker can help you find a policy that fits your budget and circumstances. They’re experts who know how to match customers with policies that offer the coverage they need at a price they can afford.

They can be a fantastic resource, especially if you have a situation that can make it harder to get life insurance coverage. For example, people with dangerous hobbies, smokers, and people who’ve had significant legal or financial challenges.

Most importantly, if you have ever had a past medical history or are currently being treated for a medical condition, an experienced life insurance agent can help find a life insurance company that will provide you the best rates based on your medical history.

When you’re on a budget, hiring someone might seem like a waste of money. Fortunately, you won’t actually pay for the services of an agent or broker. Instead, they’re paid in commission from the insurance company on the policies they sell.

Make sure the agent or broker you use is independent. An independent agent or broker isn’t tied to a specific life insurance company and can show you policies from many companies.

A broker or an agent tied to a specific company can only sell products from the company they are employed by and won’t help you get the best deal if their coverage is priced higher than their competitors.

These agents are captive life insurance agents, and they work with some highly recognized brand names. Examples of companies include American Family Insurance, Allstate, Farmers Insurance, State Farm, etc.

Unfortunately, while these are some of the most trusted names in the insurance industry, their prices for life insurance tend to be higher than most companies offered through an independent agent.

Part of that is due to the mass amount of marketing these companies do and the other types of insurance coverage they offer, such as home and auto policies where claims are more frequent than they would be on a life insurance policy.

Frequently Asked Questions About Life Insurance On A Budget

Buying life insurance is a serious commitment. It’s important to make sure all your questions are answered before you agree to a policy. The FAQ portion of the article focuses on answering some great questions submitted to us using the question form located at the end of the FAQ section.

If you have a question about buying life insurance or life insurance in general, please be sure to submit it below. We will not only get you an answer but possibly feature your question in our FAQ section to help out others with the same question.

What life insurance options are available to seniors living on a fixed income budget?

For seniors living on a fixed income budget, finding affordable life insurance can be a little challenging. After all, rates will always increase the older you are, and often with age comes changes in health, another factor that affects rates.

As a senior, your life insurance options are generally not limited to those in their younger years. It depends on which available options will be the correct ones to meet your life insurance needs. As we get older, our life insurance needs will tend to decrease. Mortgages are often paid off, children are now adults, and if you’re in retirement years, you don’t have a loved one dependent on your work income.

When life insurance needs lessen, there is often no need for large amounts of life insurance coverage. With that said, you could look into term insurance plans as they will always be the most affordable life insurance option, but at the same time, they may not be the best choice for seniors.

With term insurance, as you get older, the available term lengths lessen. For example, the maximum age for a senior to purchase a term life insurance plan is age 80. At age 80, the longest available contract length will be the 10-year duration, providing protection to age 90. After the term insurance contract ends, you’re likely not going to have any life insurance options available.

Plus, most term insurance plans only offer a minimum coverage amount of $100,000, with some going as low as $25,000. So if you’re only looking for enough coverage to cover smaller end-of-life expenses such as funeral costs, it would not make financial sense to pay for a term life insurance policy with a death benefit of $100,000.

A better option for seniors who do not need a lot of life insurance coverage would be a small burial insurance policy which is often a great fit for seniors living on a fixed income budget. These plans are permanent, offer lower coverage amounts than term insurance, and require no medical exams.

If you’re in your senior years and need life insurance, the internet can be helpful, but we do recommend using the help of a life insurance agent. Insurance agents can learn about your life insurance needs and budget to match you to a company.

Which life insurance company offers the most affordable life insurance?

There is no correct answer to this question as the outcome will never be the same for everyone. Life insurance companies stay competitive by offering rates that are different from each other.

This is why we stress the importance of using a life insurance quote and comparison calculator when shopping for life insurance, especially when on a budget.

A quote and comparison calculator will display the rates from each life insurance company offering coverage based on your inputs. In addition, the calculator will automatically arrange the companies from lowest price to highest price.

The differences in monthly premiums can range from a few pennies to several dollars from company to company offering the same coverage. However, when you multiply those costs differences over the course of several years, the difference can be in the thousands of dollars range.

In addition to pricing, some quote and comparison calculators will also label which companies offer a non-medical application process and who can offer free policy features such as living benefits.

Is it cheaper to buy life insurance directly from the insurance company?

It’s not uncommon to think that buying life insurance directly from the insurance company rather than through an agent will result in cheaper savings. However, while there are some advantages to buying directly through the life insurance company, such as convenience, there is generally no difference in the price.

The only time you might see a difference in cost for coverage is if the insurance company is offering an exclusive life insurance coverage that can only be purchased by buying directly through the company.

While most life insurance companies will allow customers to buy direct, the coverage is generally the same as what the agent can offer. If the two are the same, there will be no savings advantage to buying directly from the company.

Our opinion is that you should not buy directly from the insurance company for one big reason. The insurance company will not offer you alternative coverage options with other companies if the outcome of your application is not as expected.

When buying life insurance through an agent, they will be able to seek out alternative options with other companies if the outcome of an application does not go as expected.

I know how much I want to spend on life insurance but how do I know how much that will get me in coverage?

If you have set aside a monthly budget for life insurance and want to know how much coverage you can get, a life insurance agent can input your budget into a calculator, which will produce a maximum death benefit amount based on the budget.

Alternatively, you can also use a quote and comparisons calculator to adjust the coverage amount and contract length until you find a price that meets your monthly budget. 

Will term insurance still be affordable after the contract expires?

When a term insurance contract expires, you’re going to be left with the decision as to whether or not you want to lock into a new contract. But, unfortunately, that often raises the question of how affordable the new term life insurance rates will be when that time comes?

The answer to this question will depend on multiple factors, two of the largest being your age and health. First, you have to remember that life insurance rates increase with age, and adding a negative change in health can impact the cost of getting new coverage.

However, if you’re still in excellent health after your term insurance contract has expired, your rates will be the most affordable. Still, they will not be as low as what you were paying on your original term contract because of the simple fact that you will be much older. On the other hand, you can reduce the cost by decreasing the death benefit and term length.

While term life insurance will always be the most affordable option, we recommend that you try to purchase a term insurance contract that is long enough that it lasts until all your financial needs no longer need protection.

Is whole life insurance ever affordable?

Whole life insurance is a permanent policy that lasts from the day you buy it until you die. Whole life insurance policies also accrue cash value.

Often, the cash value earns interest over time. You can borrow against this cash value at any time. Thus, whole life insurance policies can be seen as a life insurance policy, and savings account in one.

This makes them very appealing to some people. It’s also why they cost a lot more than term policies. How affordable a policy is depends on you.

What’s affordable for one family might not be for another. Plus, like all types of life insurance, you’ll pay less if you’re young and healthy. So, if you can get a good rate on a policy based on your health and you’re looking for a savings vehicle, a whole life policy can be a smart move.

However, term life will always be less expensive.

Is universal life insurance ever affordable?

Most universal health policies work very similarly to whole life policies and have comparable prices. However, there is an exception to this.

Guaranteed universal life insurance policies are universal life policies without the high cost. A guaranteed universal life policy will last for your entire life, but it builds very little, if any, cash value.

Since it doesn’t build cash value, these policies are much less expensive than traditional whole or universal life policies. They’re generally more expensive than term life, but rates are still very affordable for young and healthy people.

Guaranteed universal life is a great fit for people who want entire life coverage without the high price tag.

Can I just use my free life insurance from my employer?

Many employers offer life insurance plans as an employee benefit. There are several advantages to this type of coverage. For example, you generally won’t have to take a medical exam, and coverage is often free.

Unfortunately, there are some drawbacks. Plans offered by employers don’t provide nearly the same amount of coverage as a policy you’d buy on your own.

Most employer-sponsored policies will only offer benefit amounts that equal about a year of your income. That’s not enough to provide for your family. Additionally, the policy is tied to your company.

That means you’ll lose the policy if you quit. It’s best to use work-life insurance as a supplement to your individual life insurance. You shouldn’t rely on it as your only source of coverage.

Have a question?

Do you have a question about buying life insurance on a budget or just a general life insurance question? Please, ask away, and we will be sure to get back to you with an answer.

Plus, if we think your question can help our community of readers, we will be sure to add it to the FAQs listed here within the article.

Final Thought

Getting quotes from multiple companies is the best way to ensure you’re getting the best deal on life insurance. No matter your age or health status, it’s always smart to compare quotes before making any life insurance decision.

You can get started today using our Get Quotes tool.

At No Exam Medical Quotes, we provide quotes from the best no exam companies. You’ll be getting quotes for great policies that offer coverage without the need to take a medical exam.

For more help, you reach out to us at 1-888-777-7574. We’ll be happy to match you with a great policy that fits your budget.

Get a Quote

Instantly compare rates & apply from home

Picture of Jeffrey Manola - Life Insurance Expert
Jeffrey Manola - Life Insurance Expert

Jeffrey Manola is the founder of No Medical Exam Quotes, an online insurance agency that strongly focuses on helping people shop for the perfect life insurance policy. He is a licensed life insurance expert and content creator for the website.

Before becoming a life insurance agent, he served in the United States Marine Corps, transitioning from serving his country to helping families find affordable life insurance coverage beginning in 2009. Since starting a career as a licensed life insurance agent, Jeffrey has helped thousands of families with their life insurance needs.

Share with friends

Check Out Our Latest Articles

Buying life insurance is an important step in safeguarding the financial future of your loved ones. Among the various options available, level premium term life insurance stands out as a

Taking care of your health doesn’t always follow a strict routine. For some, it’s about regular exercise and a balanced diet; for others, it’s simply the benefit of good genes.

When you apply for life insurance, a medical exam is usually part of the process. This exam helps the life insurance company understand your health. It’s a quick check-up, taking

Compare No Medical Exam Term Life Insurance


Get a quote

To get a life insurance quote online, simply answer a few questions about yourself and see estimated costs for various policy options.

Apply in minutes

The secure, online application is fast and straightforward—you can complete the process in about 10 minutes.

Get coverage

Once you submit your application, it is processed quickly (often instantly), and you’ll know about your coverage eligibility and rates. Then, if approved, you can activate your coverage immediately.