What About No Medical Exam Life Insurance?

There are several different types of life insurance products that will allow you to get coverage without a having to take a medical exam.   This might be a great option for those who don’t like needles or simply need coverage in a hurry. There are two main trade-offs for not having to go through the medical exam – higher rates and lower coverage amounts.  Because the insurance company gathers less information about you, it considers you a higher risk than if you went through the full underwriting process.  Here are some of the different no medical exam life insurance products that are available on the market and how they work.

Who Should Consider No Exam Life Insurance? No exam life insurance can be a good option for those who want to avoid a paramedical exam, need life insurance coverage immediately or need a smaller amount of coverage.

No Exam Coverage Options

Simplified Issue Term or Universal Life – These policies usually require a full application but no medical exam. The term policies usually have the standard term options such as 10, 15 and 20 year terms.  Some policies will offer coverage amounts to $350,000 depending on the company. In most cases you must answer “no” to all of the medical impairment questions on the application in order to qualify.

Click Here for Sample No Medical Term Life Insurance Rates

Simplified Whole Life – These policies allow for level premiums and death benefits for the life of the policy. No medical exam is required and some companies only ask a few medical questions.  These policies are usually limited to coverage amounts of between $5,000 and $50,000.

Graded Benefit Whole Life – These policies will not pay the full death benefit if you die within the first two years of owning the policy, but rather a graded benefit. The premiums stay level for the entire life of the policy and the underwriting criteria for these policies is very liberal, including no medical exam. Coverage amounts are usually limited to $25,000.

Guaranteed Issue Life – These policies do not require you to answer any medical questions or take a medical exam and you cannot be turned down for health reasons. They are usually reserved for older applicants.  The premiums stay level for the life of the policy and coverage amounts are limited.

Quick Turnaround – Along with fewer underwriting requirements, the decision on many of these policies is fast.  Some companies will approve applications immediately while others will take 48 hours to 2 weeks (if no other information is required).

Other Personal Information Considered  – One important thing to remember is that even though you are not going through a full underwriting, the insurance company will still go to third party sources to get more information about you.  For almost all no exam policies, the insurance company is still going to verify your history with the Medical Information Bureau (MIB), Motor Vehicle Records and the Pharmacy Database.  That is why it is always important to answer all questions on a life insurance application truthfully and in as much detail as possible when required.

We offer no medical life insurance coverage from many of the industry’s most trusted companies.  If you are interested in no medical life insurance coverage, contact us and we will be happy to find you the best option.