Find out about options for life insurance with no medical exam and whether these might be a better choice for you.
Table of Contents
- What Is No Medical Exam Life Insurance?
- What’s Involved in a Life Insurance Medical Exam?
- Benefits of No Medical Exam Life Insurance
- Types of No Medical Exam Life Insurance
- Simplified Life Insurance
- Guaranteed Issue Life Insurance
- What Are the Life Insurance Policies that Do Require a Medical Exam?
- Can you get a million-dollar life insurance policy without a medical exam?
- Average Term Life Insurance Rates Without a Medical Exam
- Are no medical exam life insurance policies more expensive?
- Can You Be Denied for No Medical Exam Life Insurance?
- Who is life insurance with no medical exam a good option for?
What Is No Medical Exam Life Insurance?
No medical exam life insurance policies are those you can qualify for without undergoing a physical medical exam. Instead, the insurer relies on answers you give to health questions to determine the risk it might take in insuring you. Insurance companies also review medical records or prescription history for this purpose.
What’s Involved in a Life Insurance Medical Exam?
Knowing what to expect in a medical exam for life insurance can help you understand whether applying for life insurance with no medical exam is preferable.
- Having blood drawn
- Submitting a urine sample
- Having your blood pressure checked
- Recording your weight and height
- Answering questions about your health and lifestyle
Individuals who are over the age of 50, have specific risk factors, or are applying for high amounts of coverage may need to undergo further testing, such as an electrocardiogram, for a policy that requires a medical exam.
Benefits of No Medical Exam Life Insurance
These policies may rely on risk rating factors that are less harsh than other policies, which can mean lower premiums. They also have a lower threshold for approval, making them beneficial for those that have had medical problems previously. Most policies with no exam only ask for major health issues in the last 5 years
Once a policy is issued, as long as the questions were answered honestly, your rate is locked in. It can’t be changed if other health problems arise after the fact.
Another benefit of this type of policy is convenience. You don’t have to take time to have a medical exam, so it removes one thing from your personal to-do list. Not having the extra step might also make it easier to get a life insurance policy in force faster.
For some individuals, the biggest benefit may be avoiding the medical exam. Someone who has a fear of needles, for example, may take comfort in the fact that they can buy life insurance without dealing with a blood draw. Not undergoing a medical exam can also reduce the chances something comes up related to your health that stops you from getting coverage.
Types of No Medical Exam Life Insurance
There are 2 types of no medical exam life insurance products that may allow you to skip the medical exam.
Simplified Life Insurance
Simplified issue life insurance policies don’t require a medical exam as part of the application process. The key word is “require.” Some companies that offer simplified issue policies may request that you take a medical exam, depending on how complex your responses are on the application.
Features of a simplified issue life insurance application include:
- Digital/online process
- Shorter applications
- No medical exam is required in many cases
- Lower coverage amounts
- Use of an algorithm to decide whether to approve, decline or send the application to an underwriter for review
Guaranteed Issue Life Insurance
As the name suggests, a guaranteed issue life insurance policy provides life insurance coverage, regardless of your health or financial history. This policy may also be called a guaranteed acceptance whole life insurance policy. This type of life insurance is available to individuals between the ages of 50 and 85, though some companies may provide coverage for people as young as 45 while others won’t approve coverage for someone older than 80.
Those aged 55 – 64 are most willing to pay more for life insurance that does not have a medical exam.
Guaranteed issue doesn’t qualify you based on your health. The price for a 50-year-old in supreme health is the same as for a 50-year-old with a long history of health conditions. Consequently, if you’re in good health, you could save a lot of money going with a traditional final expense life insurance policy instead.
Features of a guaranteed issue life insurance application include:
- Guaranteed issue life insurance is typically easy to get approved for, though exact rules depend on the company.
- If you’re in good health with an uneventful health history, you have options to save money. Consider getting a traditional final expense life insurance policy instead of a guaranteed issue.
- Guaranteed issue life insurance is a possible choice for individuals who have recently had certain types of cancer. It may also be an option for those with other health conditions that might render them high-risk or otherwise uninsurable.
What Are the Life Insurance Policies that Do Require a Medical Exam?
- Term life insurance (may or may not require an exam, depending on the insurer and product)
- Universal life insurance (may or may not require an exam, depending on the insurer and product)
- Whole life insurance (may or may not require an exam, depending on the insurer and product)
- Final expense life insurance (no exam)
- Guaranteed life insurance (no exam or health questions)
- Group life insurance (no exam)
- Accident life insurance (no exam or health questions)
Can you get a million-dollar life insurance policy without a medical exam?
Yes, in some cases, you can get as much as $3 million in life insurance coverage without a medical exam. However, your options for high-dollar life insurance coverage tend to be wider if you’re willing and able to undergo a medical exam.
Average Term Life Insurance Rates Without a Medical Exam
The cost of life insurance depends on a variety of factors, including your age, gender, and where you live. Consider the examples below to get an idea of the range of costs.
Example Cost for 20-Year Term Life Insurance Plan ($250,000 in coverage) for Men (average or low BMI)
Example Cost for 20-Year Term Life Insurance Plan ($250,000 in coverage) for Women (average or low BMI)
Are no medical exam life insurance policies more expensive?
Contrary to what you might have heard, no medical exam policies are not always more expensive than policies that require traditional underwriting. The increasing popularity of no medical exam life insurance has made these policies more competitively priced.
According to our Life Insurance Study 202, 78% of respondents would not pay more for a no medical exam life insurance product.
A few decades ago, it would have been hard to find an insurance company that would let you apply without taking a physical exam. But, more insurers are getting on board. This means you have more choices than ever.
Can You Be Denied for No Medical Exam Life Insurance?
Yes, you can be denied coverage for this type of life insurance, including for reasons related to your health. Some common reasons your application for life insurance without a medical exam might be denied include:
- Being overweight. Even if you don’t undergo a medical exam, the insurer is likely to ask for your height and weight.
- Age. Insurance companies may limit what age you can be and still get certain types of life insurance coverage.
- Having a risky occupation. Working in a hazardous occupation such as roofing, logging, or trucking may make it harder to get some types of life insurance.
- Health issues. The insurer uses your answers to various questions and, potentially, a review of your medical records and prescription history, to determine whether you present too big a risk due to chronic health conditions or issues such as a previous heart attack.
- Lying on the application. If the insurer discovers false information on your life insurance application, it could result in denial of coverage. Even if you’re approved for coverage, if the insurer discovers false information later, you could lose coverage and all your premiums—or your beneficiaries may end up with a claim denial. It’s always best to answer every question on a life insurance application as accurately as possible.
Who is life insurance with no medical exam a good option for?
Who is life insurance with no medical exam a good option for?
According to our 2022 Life Insurance Study, those that are married are most willing to pay more for life insurance that does not require a medical exam.
Generation Z is least likely to pay more for life insurance to avoid a medical exam.
Life insurance without a medical exam may be the right choice if you:
- Need or want to get life insurance quickly
- Aren’t comfortable with having a medical exam
- Don’t have time for a medical exam
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