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Medical exams are among the top reasons people hesitate to buy life insurance. You imagine sitting in a doctor's waiting room, doing blood draws, standing on a scale, and many other things that make us uncomfortable.
But it's easy to understand why life insurance medical exams remain an industry staple — an insurer must gauge its risk before it grants you a policy. Ironically, medical exams lower insurance premiums for the average life insurance customer.
Medical exams may sound overwhelming, especially if you've abandoned a life insurance application or been denied. This is where no medical exam life insurance comes in. While these policies won't force you to sit on a bench covered in paper, you're not exempt from sharing all medical information. It isn't quite that simple.
These are important components to understand about no medical exam insurance before purchasing it.
Look at the primary differences between no medical exam life insurance and traditional life insurance.
No medical exam life insurance
Traditional life insurance
Traditional life insurance companies schedule buyers for paramedical exams, which take 30 minutes for the average applicant. Medical professionals take blood pressure, heart rate, and weight. Some subjects may be required to complete a treadmill test or electrocardiogram.
Medical professionals also take blood and urine samples, which allow insurers to screen for heart disease, diabetes, cancer, HIV, and certain drugs, including nicotine. However, you can bypass that entire process by opting for no medical exam insurance. Depending on the type of policy, insurers rely on your existing medical record and responses from a basic health questionnaire.
Because no medical exam insurance allows you to skip this often lengthy procedure, approvals for coverage tend to be faster approvals, typically taking no more than a few days.
Life insurance companies sell four types of life insurance policies without a medical exam. Coverage, pricing, and the application process are a few of the things that vary widely. So, what are your no medical exam life insurance options?
Simplified issue life insurance looks to streamline the approval process. No blood tests or medical exams are required, but applicants answer basic health questions. If the answers given meet underwriting guidelines (the company uses electronic medical records to verify), you may qualify for a policy.
Generally, these policies cover non-smokers with minimal known risk factors. However, premiums are higher, and benefits tend to be lower to account for the elevated risk.
Guaranteed issue is also commonly referred to as guaranteed acceptance. These whole life insurance plans require no medical exam or health surveys. Age limits are imposed, with most policies issued to seniors. But you are guaranteed a life insurance policy if you're within the stated age range.
Guaranteed issue life insurance offers death benefit policies topping around $20,000 to $30,000, depending on the company. The company does not guarantee the death benefit or premiums, only the policy. So, the same policy may or may not be budget-friendly.
The company may also utilize a waiting period during which beneficiaries receive a premium refund. However, the full benefit would only apply once the waiting period passes.
Accelerated underwriting uses everything except the medical exam. Underwriters access applicants' public medical records and credit data. Typically, companies take applicants between the ages of 18 and 60. Regular life insurance underwriting could take weeks or even months.
Simplified underwriting life insurance policies can be issued the same day with some online insurance providers. It is not guaranteed issuance, and licensed agents may refer some customers for a medical exam life insurance policy. However, death benefits could be higher than other no medical exam policies.
Group life insurance is part of many employer benefit packages. No medical exam is required, and death benefits are typically small. More importantly, it's tied to your employment. So, if you separate from your employer, the policy will lapse. You can invest in higher death benefits by increasing your monthly deductions, but this is not required.
No medical exam life insurance typically has quick approvals, sometimes even on the same day. Consider this policy if you want to save time by skipping a medical exam.
High-risk applicants may not qualify for traditional life insurance policies. If you fall into this category, skipping the medical exam or the comprehensive health questionnaire may increase your chances of approval.
People who fall into high-risk classification include but aren't limited to those who:
Insurance companies take on additional risk by providing no medical exam insurance, as this policy leaves out crucial details regarding your risk profile. To offset the risk, insurers typically limit the amount of coverage you can get.
If your coverage needs are minimal, for example, if you only need to cover end-of-life expenses, a no medical exam insurance policy may be an option.
When it comes to eligibility, some small funeral cost policies are more flexible, especially if you have workplace life insurance. However, more sizable policies not connected to your workplace can only accept limited risk.
That said, seniors, buyers with pre-existing health conditions, tobacco users, and other high-risk buyers may not qualify. However, whether you're eligible for no medical exam life insurance depends on the insurance company and your overall risk profile.
How do insurance companies know who presents a more considerable risk? First, no medical exam doesn't mean your insurer won't check your medical records. Applications still include basic medical questions, and companies can rescind life insurance policies if you get caught lying on your application.
More importantly, life insurance companies may still order a copy of your medical records. So, companies would go off your last blood tests or appointment notes if you have a history of high cholesterol, heart disease, diabetes, etc.
That being said, the underwriting waiting period can be extended as insurers gather medical data from other sources.
One thing to note is that companies only issue small life insurance policies without an exam. So, if you're looking for a $1 million policy or retirement planning options, you should make time for a short medical exam.
As mentioned, insurers assume an extra layer of risk by allowing policyholders to bypass medical examinations. As a result, expect higher premiums for a smaller amount of coverage.
A workplace policy will be issued based on your employment and yearly benefit elections. If you want to find the best no exam life insurance companies, remember a few key things:
A no medical exam life insurance policy's simplicity may be deceiving. It takes one element out of the application process, but underwriters may pull medical records and be stricter about smoking, pre-existing conditions, age, and other common risk factors. Unfortunately, being denied by a life insurance company could make it harder to get life insurance coverage in the future.
Your agent can get a soft underwrite if you're working with a broker or company offering medical exam policies. If it looks like your application can be denied, your agent could run a medical exam life insurance application instead.
The great thing about no medical exam policies is that many companies offer online estimates. Before you start the application process, you can compare pricing based on age, smoking status, desired coverage amount, etc.
The most important thing to remember is underwriters still consider medical history. So, when answering medical questions, answer honestly. If discrepancies arise later, leaving out details about your health may cause significant problems.
Considering life insurance?
Business Insider has reviewed the best affordable life insurance companies to help you find a policy for your budget.
Can anyone get no medical exam life insurance? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Not everyone can get no medical exam life insurance. Some insurers may deny coverage if your risk profile is too high or if you don't meet certain qualification requirements (i.e., age limits).
How do health and age impact eligibility for no medical exam life insurance? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
No medical exams can benefit seniors and people with pre-existing conditions who are ineligible for the standard insurance policy. However, your insurer may deny coverage if you have severe or multiple health issues or don't meet age requirements (guaranteed issue life insurance is typically available to individuals between 50 to 80 years old).
How much coverage can I get without an exam? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
The amount of coverage you can get without an exam depends on your policy type. However, you'll likely receive less coverage than the traditional life insurance.
What are common coverage limits for no medical exams? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Coverage limits for noo medical exams depend on the policy. According to Guardian life insurance, guaranteed issues offer minimal coverage, typically maxing out at $50,000. Simplified issue offers more coverage at $500,000. In general, policies with fewer requirements offer lower coverage limits.
Is no medical exam life insurance more expensive? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Yes. Life insurance companies offering no medical exam life insurance policies take on an inherent risk. The companies still pull older medical records. But the fewer factors companies consider, the higher the risk. The higher prices and lower death benefits counterbalance the insurance company's risk.
Where can I find no medical exam life insurance? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
You can often find no exam life insurance within the group life insurance plan at your workplace. You can contact your benefits team if you have questions about the policy. In addition, we recommend talking to an insurance broker agent if you're shopping for a private plan.
Is no medical exam life insurance a good option? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
No medical exam life insurance can be a good option if you only require smaller coverage amounts, you want coverage quickly, or you don't qualify for the standard life insurance policy. Buyers and agents should work together to personalize life insurance. Agents can help buyers identify an appropriate policy.
