No-Exam Mortgage Life Insurance: Get Your Real Quote in less than 2 Minutes

No-exam mortgage life insurance (simplified-issue coverage that pays off your loan if you die) generally costs more than fully underwritten term life, often by about 10–30%.

As a rough guide, a healthy non‑smoker in their 30s might pay about $20–35 per month for $250,000 of coverage (20–30 years), rising to $35–70 in their 40s and $75–150 in their 50s; doubling coverage to $500,000 can push premiums to roughly 1.6–2x those figures.

Smokers, health conditions, and longer terms increase costs significantly.

Policies sold directly through lenders as “mortgage protection” can be pricier per dollar and may have a decreasing benefit, so compare quotes with no‑exam term life where you name your lender as the beneficiary.

Guide to Understanding The Cost of No Exam Mortgage Life Insurance Policies

If you’re asking, "How Much Does No Exam Mortgage Life Insurance Really Cost?" you want straight numbers without teaser rates.

Here’s the short answer: for healthy non‑smokers, $500,000 of level term coverage typically runs about $15–$40/month in your 30s, $25–$60/month in your 40s, and $55–$120/month in your 50s, with no medical exam.

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No Exam Mortgage Life Insurance Explained

What it is: no‑exam mortgage life insurance is simply level term life insurance you can buy without a paramed exam.

You choose a coverage amount (often your mortgage balance) and a term length (10, 15, 20, 25, or 30 years).

If you die during the term, your beneficiary (not the bank) gets a tax‑free lump sum.

How it works: you answer a health questionnaire online, the insurer runs instant checks (prescription history, MVR, MIB), and you may get an approval in 15 minutes to 48 hours.

Many applicants ages 18–60 can qualify up to $2,000,000 with fixed premiums and a level death benefit.

Cost of No Exam Mortgage Life Insurance

Real‑world pricing, lowest available no‑exam rates, top carriers: Corebridge (formerly AIG), Legal & General America (Banner/William Penn), Protective Life, and Transamerica routinely show among the lowest accelerated/no‑exam term quotes.

Across these four, the cheapest approved rate for a given profile is often within a few dollars.

Sample quotes (healthy, non‑smoker, $500k, 20‑year term, lowest available no‑exam class; Note: your result may differ):

• Age 30: male $18–$24/mo; female $15–$21/mo
• Age 40: male $28–$41/mo; female $23–$34/mo
• Age 50: male $72–$110/mo; female $55–$85/mo

NOTE: Annual billing usually shaves 3–8% versus monthly.

Sample Rates for No Exam Term Life Insurance

Here are sample life insurance rates for individuals in excellent health:

$500,000 20 Year Term Life No Exam

• 30-year-old Male – $18.16 per month
• 30-year-old Female – $15.63 per month

$500,000 20 Year Term Life No Exam

• 35-year-old Male – $19.85 per month
• 35-year-old Female – $16.90 per month

$500,000 20 Year Term Life No Exam

• 40-year-old Male – $28.05 per month
• 40-year-old Female – $23.79 per month

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Factors That Affect Pricing

What drives the price:

• Age (every birthday matters)
• Health history, build (BMI), blood pressure/cholesterol
• Smoking/vaping/nicotine use (2–4x higher)
• Coverage amount (match to mortgage balance)
• Term length (match to remaining mortgage term)
• Occupation/hobbies (e.g., aviation, scuba, climbing)
• Driving record (DUIs, recent violations)
• Family history (early cardiac/cancer in parents/siblings)
• State of residence and insurer
• Riders (added benefits add cost)

Eligibility for Coverage

Eligibility, speed, and limits: most carriers offer instant‑or‑fast decisions for ages 18–60, coverage $100,000 to $2,000,000, with many approvals in 15 minutes to 48 hours.

Higher amounts, older ages, or flagged health histories can trigger a request for an exam or lab work.

The Process of Applying for Coverage

No exam doesn’t mean no underwriting. Expect:

• Health questionnaire (5–15 minutes)
• Rx database check, MIB report, motor vehicle report
• Possible electronic health records (EHR) pull
• If something conflicts or is unclear, a quick phone interview may be requested.

Key Factors to Consider

"Gotchas" to watch out for and understand:

• Graded benefits are rare for term; day‑one coverage is typical. Avoid confusing term with guaranteed‑issue policies that phase in benefits.
• Standard two‑year contestability and suicide clauses apply (NAIC standard).
• Big rate jump after your level term ends (renewal rates are not cheap).
• Some "mortgage protection" offers are decreasing benefit with level premium—costly for shrinking coverage.

NOTE: This is why most people choose level term life insurance to protect their mortgage. Your premiums remain the same throughout the entire policy term, and the amount of coverage remains level, so your beneficiary gets the death benefit upon your passing and can pay off the mortgage, and use any remaining funds for your family.

Compare No Exam vs. Traditional Fully Underwritten Life Insurance Policies

No‑exam vs fully underwritten term: For the same person and policy, no‑exam pricing is often about 5–20% higher.

Example: a healthy 35‑year‑old male might see $500k/20‑year around $23–$28/mo no‑exam vs $20–$24/mo with labs and health exams.

If you have minor health issues (or want to avoid needles), the convenience premium is usually small.

No‑exam term vs lender‑sold mortgage protection insurance: Lender plans are usually more expensive (commonly 30–100% higher), often have a decreasing benefit, and may name the lender as beneficiary.

Level term lets your family keep the difference—flexible and typically cheaper for the same initial coverage, and the coverage amount does not decline over time.

Reasons to Choose Level Term Life Insurance

Why many choose level term no‑exam beyond the mortgage:

• Replace income and childcare
• Fund college or pay off other debts
• Provide a cushion for a spouse to take time off
• Keep coverage if you refinance or move
• It’s portable, flexible, and beneficiary‑friendly.

Factors That Affect Pricing

All the factors that affect pricing (quick list):

• Age
• Gender
• Nicotine use
• Height/weight ratio
• Blood pressure, cholesterol, A1C
• Personal history (cardiac, cancer, mental health, sleep apnea)
• Medications and Rx history
• Family history (before age 60)
• Driving record, DUI
• Risk hobbies/occupations
• Coverage amount and term
• State of residence, 
• insurance company
• Policy riders (additional coverage)
• Payment mode (annual premium payments typically save you money)

What to Consider Before You Buy

Key things to consider before you buy:

• Match term to your mortgage (don’t buy too short)
• Choose level benefit (not decreasing) for flexibility
• Pick a strong carrier (AM Best A‑ or better)
• Check conversion options (term‑to‑perm)
• Verify riders: accelerated death benefit is usually included; waiver of premium/child rider optional
• Understand contestability and renewal rules
• Confirm your actual no‑exam eligibility cap (max coverage amount available)

Reasons to Buy No Exam Mortgage Life Insurance

Here are common reasons people buy no‑exam mortgage insurance:

• Fast, private approval (no needles)
• Fits a busy schedule during home buying
• Competitive pricing vs lender plans
• Enough coverage to protect more than the mortgage
• Easy online application and e‑delivery
• Peace of mind now; ability to revisit later
• Option to renew or extend coverage
• Flexible options for 10, 15, 20, 25 or 30 years of protection

How to Compare Rates

Steps to request and compare no‑exam quotes and apply for coverage:

• Gather basics: age, state, mortgage balance, remaining term, income, medications
• Decide coverage and term (e.g., $500k for 30 years)
• Check carrier financial strength (AM Best)
• Get instant life insurance quotes from multiple carriers (Corebridge, Legal & General America, Protective, Transamerica)
• Review riders and conversion features
• Complete the online health questionnaire
• Be ready for quick ID verification/EHR pull
• Choose monthly vs annual billing and submit
• Complete application and make first premium payment
• Review policy upon approval and contact broker with any questions you may have.

Is No Exam Life Insurance Right for You?

Is no‑exam “worth it”? Yes if you need coverage quickly, hate needles, or expect only a small price difference vs labs.

Consider fully underwritten if you’re ultra‑healthy and want rock‑bottom pricing on large amounts.

Avoid lender mortgage protection unless convenience outweighs cost and flexibility for you.

Summary

Bottom line: How Much Does No Exam Mortgage Life Insurance Really Cost?

For many healthy homeowners, the cost of no exam mortgage life insurance for $500k/20‑year falls in the $20–$45/month range in your 30s and $30–$70 in your 40s, with top carriers often within a few dollars.

LIMRA reports about half of U.S. adults own life insurance, and digital, instant‑decision options keep growing—because they’re fast and fairly priced.

Want your exact numbers? Request a free quote now, compare Corebridge, Legal & General America, Protective, and Transamerica side by side, line up the term with your mortgage, and buy in minutes if the price fits.

That’s the real answer to “what does no exam mortgage life insurance cost” for your budget today.

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