No-Exam Life Insurance

Indeed, to get a life insurance policy, you’ll need to go through a medical examination. The insurance company uses the results from this exam to determine what suits you. However, it doesn’t always work that way when it comes to No-Exam Life insurance. 

In this post, you’ll figure out that you don’t need a medical examination to get a life insurance policy. With No-Exam Life insurance, it’s very possible to skip the entire process. Read on to the end of this post to get all the necessary information. 

Do all life insurance policies require a medical exam?

Most life insurance products, including term life insurance, necessitate a medical exam. This exam assists the insurance provider in assessing your risk and determining your premium. 

You may fear being ineligible for life insurance if you have a major medical condition. However, this may not be the case.

There are two types of no-medical-exam life insurance policies available. Like a simplified or guaranteed issue, a no-exam life insurance policy may be ideal for you and your loved ones.

What is included in a medical exam for life insurance?

Medical examinations are offered at no cost to you by your insurance carrier. A professional medical technician will conduct the exam at a location of your choice, like your home or place of business. Additionally, you’ll receive a copy of the results for your records.

The exam lasts approximately 30 minutes and consists of:

  • Taking your height and weight measurements
  • Determining your BMI
  • Performing a pulse and blood pressure check
  • Obtaining blood and urine specimens
  • The technician may conduct further tests, such as an EKG, in certain instances. This is especially common among applicants over the age of 50 or those seeking higher coverage amounts.
READ Also:  Health insurance- Definition, Types, and Benefits

Applying for standard coverage with a medical exam can get you better prices if you’re in good health. However, many insurance companies attempt to make the process as convenient as possible. 

Two forms of no-examination life insurance

There are two major types of life insurance without a medical exam requirement: simplified issue and assured issue. Understanding what they both offer can help you choose the best no-medical-exam life insurance policy for your specific circumstances.

Simplified Issue

A simplified issue policy needs you to complete a full health and medical history questionnaire. Additionally, you must grant access to your prior medical records. You will not be required to have a medical exam; your questionnaire responses and medical records are sufficient.

This type of policy has higher premiums than typical policies requiring a medical evaluation. Depending on the results of your evaluation, the coverage limit could range between $25,000 and $300,000. Also, simplified issue insurance may provide either term or permanent coverage depending on the policy.

A simplified issue may be suitable if you are seeking:

  • If you do not want to have a medical exam, simplified insurance is a fantastic option. A recent study indicated that 47% of Americans prefer a simplified life insurance process.
  • Quick approval: Without a medical exam, coverage can be obtained immediately instead of waiting weeks for processing and results. This may be useful if you require coverage quickly, such as for a forthcoming trip.
  • Coverage for medical conditions: Are you worried about your health? Conditions like diabetes can complicate acceptance for life insurance under control or a gastrointestinal disorder. A simplified issue is intended to assist those who may not qualify for regular plans in obtaining the necessary coverage.
READ Also:  What is 401(K)?

When applying for insurance, it is imperative to mention any medical issues. Your coverage may be invalidated if the insurance company discovers you failed to disclose something after your death. If this occurs, your intended beneficiaries will not get the death benefit.

Guaranteed Issue

You still have options if you don’t qualify for simplified issue life insurance owing to pre-existing conditions or exorbitant rates. Consider obtaining a guaranteed issue life insurance policy.

There is no medical exam required for guaranteed issue life insurance applications. Only a few inquiries regarding your health information and medical history are required for guaranteed-issue plans.

The death benefit of this insurance is typically set at $25,000 or less, resulting in higher premiums.

The guaranteed issue may be a good choice if you are interested in:

  • No-questions-asked coverage: Guaranteed issue stands up to its name, ensuring that you are covered regardless of your age or condition. It is permanent insurance that will continue as long as premiums are paid. If you have a terminal illness, such as cancer or heart disease, guaranteed issue insurance can assist provide for your family.
  • A means to cover final expenses: Many people purchase it as final expense insurance because the coverage amounts are lower than other types of life insurance. It can assist you in paying for funeral costs, related medical expenditures, and final debts. Guaranteed issue coverage might also enable you to leave a little inheritance to your children or grandkids.

How much does life insurance without a medical exam cost?

The cost of life insurance without a medical exam will vary depending on the policy you select. Life insurance products like whole life or guaranteed issue policies typically have higher premiums than policies that cannot accumulate cash value. The cost of no-exam life insurance also depends on the coverage quantity purchased. 

READ Also:  Cash value life insurance

The best way to determine the cost of a no-medical-exam life insurance policy is to obtain a quote or speak to agents.

Who needs life insurance with no medical examination?

No medical exam Life insurance is an option for people who are interested in coverage but fear they would not qualify. It could be due to their age, health, or other factors. Consider purchasing a no-medical-exam insurance policy if:

  • You are concerned that your health will prevent you from being approved for an exam-based policy.
  • A policy based on an examination may have higher rates depending on your health rating.
  • You have an acute need for life insurance and would want to avoid a medical check.
  • You are an elderly individual who wants to provide financial security for your loved ones.

Finally, you may be able to add riders to simplified issue or guaranteed issue plans. Such riders can be an accidental death benefit if you die in an accident or a premium waiver for disability.


Leave a Reply