Is it possible to get Life Insurance Policy Without Medical Exam? Yes, Some companies offer life insurance that may not require you to take a medical exam in order to get coverage. These types of policies may be available if you’re in good health in a certain age range—or if you simply prefer to skip the exam altogether.
One reason why some may avoid purchasing life insurance is because they don’t want to take part in a medical exam. Some traditional life insurance policies require an applicant to undergo a physical examination performed by a medical professional, and the results of that test can play a major role in calculating policy rates or even in approving coverage at all.
Some individuals may be scared of the insurance policy rate quotes that are presented to them. Others might just assume that they won’t be approved for a plan because of their health. And still others may just be terrified of the medical exam itself and the blood work that they often require.
What if you were told that you can get a life insurance policy without having to sweat your way through needle pokes or stressful questions? Guaranteed issue and simplified issue life insurance can provide just that.
Life Insurance Policy Without Medical Exam
The good news is that it’s possible to get life insurance to provide financial support for your surviving family members regardless of whether you are in perfect health or not. That’s because certain insurance companies offer coverage without requiring medical exams.
With guaranteed issue whole life insurance, you can avoid having to undergo a medical exam as part of your insurance application process. This type of coverage, available through AIG insurance companies, does not require a medical exam or a coverage waiting period.
No medical exam required
Some individuals may prefer to avoid a medical exam because of a distaste for needles, doctors or tests. If the idea of undergoing a physical examination makes you uncomfortable, guaranteed issue whole life insurance provides a way to apply for coverage without having to take an exam.
Certain individuals may also prefer to avoid a medical exam because they fear being charged higher life insurance premiums because of their health (or even being denied coverage altogether). Many life insurance rates are dictated in part by health, and many applicants can end up faced with more expensive policies based on medical exam results during the insurance underwriting process. Others may assume they won’t be able to obtain aﬀordable coverage because of their health and don’t even bother going through with the exam.
With guaranteed issue whole life insurance, you cannot be turned down for health reasons and no medical exam or labs will be required.
Coverage is subject to receipt of payment and verification of identity as required by law and is eﬀective upon receipt of policy.
When can you get life insurance without a medical exam?
If you’re healthy, there are some companies that will waive the medical exam entirely for certain types of life insurance. Pending health risks and likelihood of an early or premature death may seem less likely. That means you’re a lower risk, and the approval process can be expedited. Plus, your lifestyle profile could also help you get lower life insurance rates.
This can hold true for many types, including final expense insurance, permanent life insurance, and term life insurance.
You may also be able to skip the exam entirely if you’d like. You could do this for personal reasons, such as having a riskier occupation (window washer, construction worker, racecar driver, etc.), being a smoker, managing a health condition—or even a fear of needles and doctors. But, choosing not to get a medical exam may not always be your best choice.
What else should you know about without a medical exam?
Death benefits may be smaller
The death benefits offered by a no-medical exam life insurance policy are sometimes lower than what might be offered by some other types of life insurance. Part of the reason for having smaller death benefits is to keep premiums as low as possible. Without any medical exam to determine the state of an applicant’s health, the insurance company is taking on a significant amount of risk in providing coverage to an individual for which so little is known about their health. By keeping the death benefits relatively lower, the company can keep rates competitive.
Premiums may be higher
While it’s true that the smaller death benefits can help keep premiums lower, life insurance that does not involve any underwriting will typically have rates that are a little higher than some other types of policies because of the increased risk to the insurer.
Because some forms of life insurance use medical underwriting and exams to determine rates, someone in poor health or old age may find that guaranteed issue or simplified issue life insurance offers more affordability.
Coverage can be approved quickly
Medical underwriting takes time, and it’s not uncommon for a fully underwritten policy to take several weeks to become approved and activated.
When the underwriting process is eliminated, guaranteed and simplified issue life insurance can be put into place in a matter of days. For this reason, these types of policies are often used in legal proceedings like divorce settlements or business buyouts when a life insurance policy must be implemented quickly and easily. Many lenders will even accept life insurance policies as loan collateral, and a policy that does not require a medical exam presents a more streamlined way of securing a loan.
Shopping for life insurance with no medical exam
Shopping for life insurance that doesn’t require a medical exam is no different than browsing for any other type of policy. One thing consumers can do is work with a reputable agent who can map out coverage options and compile quotes from available carriers.
How to get a medical exam for life insurance
The medical exam for life insurance is arranged and paid for by your insurance company. The examiner will review your medical history, take your height, weight, and your pulse. They may also take some tests, including blood pressure, blood test, and ECG/EKG, if necessary. This routine exam usually takes under 30 minutes. The life insurance medical exam can be done at the location of your choice, like your home, work place, or local clinic. In most cases, the exam gets scheduled right away and can take place in a couple of days of your initial application.
What Is No Medical Exam Life Insurance?
As the name suggests, a no medical exam life insurance policy is one that does not require customers to undergo a medical exam before purchasing coverage, meaning you can get coverage much faster than a traditional life insurance policy that requires a medical review. You may be able to get term life or whole life coverage, depending on the company you get your insurance from.
Who Is Eligible for No Medical Exam Life Insurance?
Nearly everyone is eligible for a no medical exam life insurance policy, from healthy individuals looking to get a term insurance policy to seniors looking to add another layer of financial protection to cover any expenses after their passing. Some companies included in this list offer plans covering seniors up to age 90.
Should I Get No Medical Exam Life Insurance?
No medical exam life insurance is a convenient option if you do not have the time to deal with the hassles of getting a medical exam or may not qualify for traditional life insurance due to your health history. However, the coverage can be limited—the highest coverage amount on this list is up to $100,000—and the rates vary depending on the coverage you get and the type of plan you choose. If you are a healthy individual who wants a higher coverage policy, you will be better off going with a policy that requires a medical exam, as you’re more likely to find better rates and a greater range of options.
What Are the Expected Costs of No Medical Exam Life Insurance?
The price for no medical exam life insurance varies by the state you live in, your biological sex, age, and policy coverage. From the list above, you can expect to pay as low as $3.49 up to $134.44 per month. The older you are, the more expensive the premiums get. If you are a nonbinary individual, you will need to speak directly with an insurance agent, since most of the quotes available are based on the person’s biological birth assignment.