2 Million Dollar Life Insurance Policy Options – No Exam Needed

You can get a 2 million dollar life insurance policy and skip the medical exam. We’re showcasing two companies that can make an underwriting decision either instantly or within 2 days. 

It’s about the fastest high-limit life insurance you can get. That way, you can get your life insurance out of the way and get back to more fun things. 

Quick Summary

Getting the best rates for a 2 million dollar death benefit depends on a few factors like term length, and the policy type. Some policy types focus on cash value, whereas others work to protect the financial security of your family.

For a fast, no exam 2 million dollar life policy, the underwriting process can be completed instantly with an online application. We’ll show you how.

To see rates for other high limit policies, use the free instant quotes tool on this page

Quick No Exam Overview

No exam life insurance is a fast way of getting a life insurance policy. In short, it allows you to skip the medical exam. Most people think you have to be in excellent health to get a no exam policy, but as long as you’re in standard health, there are good odds that you’ll qualify.

The medical exam takes a couple of weeks to schedule. Then it takes a couple more to process the results (the blood and urine lab samples) and review your overall health. 

Some companies can approve applications in days or even minutes without the medical exam. 

Qualification for no exam policies starts on the online application. They’ll ask you a list of questions about your health and family health history. These determine who qualifies for no exam or accelerated underwriting. We’ll list them below. 

You can still get the policy, even if you have to take the medical exam, but it will take a little longer. 

Types of No Exam Policies

All types of life insurance have non-med policies. You can get a term life policy, whole life, and universal life insurance super fast. 

However, the high limit no exam policies featured on this page are term insurance. Term insurance is the least expensive type of policy with a larger death benefit.

A permanent policy will eventually pay benefits after all, which is why permanent life insurance usually has higher rates.

You also have guaranteed issue (also called simplified issue) options. These work better for people with health concerns that might not qualify them for traditional insurance, even with regular underwriting. 

Guaranteed issue policies accept everyone, and the face amounts typically stay under $50,000.

No Exam Requirements

No exam life insurance policies typically have a handful of qualifying questions on the application. Surprisingly, they’re not all questions about medical conditions. 

The list below covers the questions on the 2 million dollar no exam policies at the time of publishing. 

1. Is your BMI between 14 and 38?
2. Are you currently disabled, receiving disability benefits, living in a hospital or long-term care facility? 
3. In the past 3 months, have you been hospitalized, stayed at a health care facility, had or been recommended for surgery, or had any diagnostic test recommended that hasn’t had results yet? 
4. Do you have a family history of Huntington’s Disease, Polycystic Kidney Disease, Familial Adenomatous Polyposis (Lynch Syndrome), or had parents or siblings die from cancer before the age of 60? 
5. Have you been diagnosed or advised to seek treatment for any of the following:
   1. HIV/AIDS
   2. Leukemia, lymphoma, melanoma, brain tumor, or cancer other than basal cell carcinoma? 
   3. Diabetes
   4. Major depression, bipolar, schizophrenia, psychosis, suicide attempt, or hospitalization
   5. Chronic liver disease
   6. Chronic kidney disease
   7. Chronic lung disease
   8. Heart or vascular disease
   9. Blood disease
   10. Organ transplant, except cornea
   11. Crohn’s Disease, Ulcerative Colitis, or chronic pancreatitis
   12. Lupus/SLE or scleroderma
   13. Muscular dystrophy, multiple sclerosis, cerebral palsy, or paralysis
   14. Cognitive disorder, Alzheimer’s disease, dementia, Parkinson’s, ALS, or seizure disorder
   15. Alcohol or drug abuse within the past 10 years
6. Have you ever been convicted or driving under the influence, driving while intoxicated, reckless driving or currently have your driver’s license suspended or revoked? 
7. Within the past 10 years, have you been convicted, pled guilty to, been incarcerated for, currently on probation or parole for, or had any pending charges filed against you for a felony offense? 
8. Do you participate in any hazardous sports, other than scuba up to 100 ft?

Whew. 

That’s quite the list, but if you can say no to everything on it, then you’ll most likely qualify for no exam underwriting. 

$2 Million No Exam Life Insurance Policy Reviews

Companies change their underwriting guidelines all the time. Below are two of our often recommended companies where you can get a 2 million dollar life insurance policy within two days. These are both term life policies designed to replace your income and cover any outstanding debts during your working years.

You can still get the super-fast underwriting if you choose a lower coverage amount.

Hero Life

Hero Life is a relatively new product. Assurity Life Insurance Company (A- from AM Best) underwrites the policy.

It’s one of the fastest high-limit policies available – approval in minutes if you use the online application process and qualify for no-exam underwriting. 

Benefit Amounts: $100,000 to $2,000,000
Ages Available: 18 – 55
Term Lengths: 10-, 15-, 20-, 30-year
Underwriting Decision: potential approval within minutes using the e-app
Conversion Option: Convert to a permanent policy in the last year of a 10-year term, the last 2-years or a 15-30-year term, or before the policy anniversary when the insured turns 65. 
Notes: Ages 56 – 60 also qualify for this policy, but the upper benefit limit is $1,000,000. 

We like this new policy through Hero Life because it’s super fast. The longest part is typing out the info and checking the boxes on the application. 

Just make sure you don’t hurry too much. If you realize you made a mistake on the application, you’ll need your agent to contact the underwriting department to correct the error. 

Lincoln – TermAccel

Lincoln has offered insurance policies for decades at very competitive rates. It recently updated its TermAccel policy to have an even larger maximum benefit of $2,500,000. 

Benefit Amounts: $100,000 – $2,500,000
Ages Available: 18 – 60 (18 – 55 for 30-year terms)
Term Lengths: 10-, 15-, 20-, 30-year term
Underwriting Decision: Can issue within 2 days
Conversion Option: No conversion, but you can continue your policy. Lincoln may adjust your premiums and benefit amount at their discretion.
Notes: Smokers can also get this policy. The only difference is the age limit to apply for the 30-year term drops to 50. 

Lincoln also uses an e-application. 

It’s one of the largest benefits available on the no-exam market. 

How to Save Money on a 2 Million Dollar Life Insurance Policy

The best way to save money on a high-limit life insurance policy is to shop the market. 

Insurance companies have varying guidelines regarding health conditions and BMI. They charge different rates for age and cost per thousand of benefits. 

While we find ourselves often recommending the two companies above for no exam policies, you might save more money by taking the medical exam. The more an insurance company knows about you, the more comfortable they are with making you an offer with lower monthly premiums. 

To compare companies, you can use an online life insurance quotes tool, like the one on this page. You can also work with an independent agent who can sell products from many different companies to find the one that best fits any medical history you might have. 

On the other hand, a captive agent can only show you products from the company they work for. You’ll know because they have the name of the company over their office door. All of those products use the same underwriting. 

How Much is a 2 Million Dollar Life Insurance Policy? 

It will vary by your state of residence, sex, age, and health status. The type of policy will also determine your premium range.

Men typically pay more than women. The older you are, the more likely you’ll have higher premiums. The healthier you are, the lower your premiums. 

Smoking tobacco can also double your rates. 

Most people (in standard health) can expect to pay between $105 and $945 each month for a $2 million 20-year term policy or save a little by paying annually. That range varies widely based on age and health.

If your health qualifies as preferred or preferred-plus, you’ll pay less than the average range above.

What About a $2 Million Dollar Whole Life Insurance Policy Cost? 

Whole life costs more than term because the insurance company will someday have to pay your beneficiaries. 

Most people outlive their term life insurance. This is why we like companies (like Hero and Lincoln) with conversion options at the end of the term. 

Converting a term policy gives a family a good opportunity to reassess their insurance needs – an often recommended but rarely followed practice. 

For a $2 million whole life insurance policy, a 40-year-old male is looking at around $2,600 a month or a little over $29,000 a year. A 40-year-old woman in good health will pay closer to $2,000 a month or $25,000 annually. 

Rates will vary based on age, benefit amount, and health. 

You can get more information on whole life insurance here.

The instant quotes tool on this page will also show you what you might pay. Make sure to select whole life in the “type of insurance” section. 

Conclusion 

Hero Life (underwritten through Assurity) offers up to 2 million in a no-exam policy. Lincoln ups the ante with a 2.5 million dollar term life insurance policy. 

Lincoln can make an offer within 2 days. Hero gives the opportunity to get an instant decision with their e-application. 

To get quotes for Hero Level Term or Lincoln TermAccel, give us a call at (858) 703-6178, or use the free, instant quotes tool on this page and look for any result saying “no-exam” or “non-med”. 

How Abrams Insurance Solutions Can Help

We’re a family-owned independent insurance agency whose goal is to help families find the right life insurance policy for their unique situation at the lowest rates possible. 

No exam life insurance makes the process easy and painless. It’s not drawn out while you wait for the medical exam or the lab results. 

If you have questions about whether a no exam policy is a good choice for you, give us a call at (858) 703-6178. We’re happy to review options to get you covered as soon as possible.