Getting life insurance without a medical exam is far from impossible. In fact, more and more companies are offering no exam coverage as a way to make getting insurance not only easier but contactless—a definite selling point in this particular time in history.
No medical life insurance is available as a term and whole life policies, meaning you can buy insurance for a pre-specified time (most often 5-35 years) or you can buy insurance that will last a lifetime (i.e. whole and universal life insurance).
So, no medical life insurance helps you get the coverage you want and need, without having to have someone come to your home or office to give you the usual battery of tests.
But that doesn’t mean you don’t have to give any proof of your health to get no medical exam life insurance. There are often other caveats.
Keep reading. We’re going to tell you everything you need to know about getting the best life insurance no medical exam required.
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As mentioned, just because you don’t have to endure a medical exam doesn’t mean that your medical history isn’t important. Most no medical life insurance policies will still consider your medical records.
What’s more, getting life insurance without a medical exam doesn’t necessarily make the process any faster. Underwriting still takes time—though there are some companies who will expedite the process.
The catch?
Not everyone qualifies for this accelerated service. You will also need to choose between term and whole life insurance with no medical exam.
Term life insurance without a medical exam is affordable and an excellent choice for people in good health. Your eligibility for this plan will hinge on your past medical reports, your labs, surgeries, and so forth.
Whole life insurance without a medical exam, on the other hand, is more expensive but is a good choice if you’re looking to cover the cost of final expenses. Yes, the death benefit is smaller, but if you are in poor health and need life insurance, whole life insurance with no medical exam is a smart option.
With whole life insurance with no medical exam policy, there is usually no extensive look into your medical history. A phone interview in which the provider ensures you can pay for your coverage is all that is required. After this, if you’re approved, the next step is simply paying your first premium.
Whole life insurance with no medical exam can be subdivided into a couple of different types of policies.
Guaranteed life insurance is typically the choice of no exam life insurance for seniors who, because of health problems, would not qualify for simplified insurance. With guaranteed life insurance, you’re (as the name implies) guaranteed to be accepted under two conditions:
The death benefit from guaranteed life insurance is small but enough to cover the basic end-of-life expenses. Payouts for people 50 to 80 years of age often range from $25,000 to $40,000, depending on your provider and your coverage.
Group life insurance can be obtained without a medical exam since it is an employee benefit. This is an excellent form of supplemental life insurance, but it is worth noting that the death benefit tends to be modest at best, so—unless you have little to no debt and no dependents—it should not be your only form of life insurance.
To apply for simplified life insurance, you need to be in fairly good health. While there is no medical exam, there is a health questionnaire and the provider will look into your medical history, so unlike guaranteed life insurance, you may not be approved for coverage.
Another thing: Simplified life insurance with no medical exam does not tend to have high payouts. The amount caps at around $50,000.
Finally, there’s temporary life insurance without a medical exam. This type of plan is a solid choice if you want to ensure you are covered while you’re waiting for another, more substantial policy to take effect.
Temporary life insurance isn’t a separate form of life insurance. Rather, it is an option you can choose while applying for your policy so that you are protected in the event something happens to you while you’re awaiting approval of your main plan.
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As mentioned, if you’re in good health with no serious health conditions or if you’re in poor health and need life insurance, fast, then term life and whole life insurance with no medical exam are your best options, respectively.
Smokers with no other medical conditions may also be able to benefit from no exam life insurance since the lack of examination may result in better rates than possible with traditional insurance.
People with moderate health risks who would not otherwise be covered by standard policies may also want to consider applying.
But there’s something else we haven’t touched on that you should consider: your income. If you make a lot of money, no medical exam life insurance will not give you the coverage you need to replace your income, should anything happen to you. In this case, it’s wise to apply for a standard life insurance policy.
Generally, the coverage isn’t as high as with standard life insurance policies. However, there are some companies that will pay out up to $2 million.
If you fall into one of the categories of people who could benefit from no exam life insurance, then it’s definitely worth considering this type of policy. Getting life insurance with no medical exam can get you the coverage you need—and might otherwise be denied—quickly, easily and even affordably.
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That depends on the type of policy and how much you can afford, but you can get up to $50,000 coverage with whole life insurance with no medical exam and up to $2 million with term life insurance with no medical exam.
No, you can still be denied based on your medical history and current diagnoses. However, guaranteed life insurance is an excellent option if you’re a high risk candidate—albeit, a more expensive one.
Contact us. We’ve curated a list of the best life insurance, no medical exam required, and we’ll pair you with the most affordable option for you.
