What is term life insurance no medical exam? No medical questions life insurance. A complete guide.
Term life insurance no medical exam
Buying life insurance doesn’t need to be complicated.
Some policies allow you to simplify the process even further by offering life insurance that doesn’t involve a medical exam.
Term life insurance no medical exam is among the easiest ways to get the life insurance protection you need.
This type of insurance may appeal to you for reasons other than speed. Depending on your needs, life insurance with no medical exams may be precisely what you want.
Like most insurance, there are pros and cons to consider before choosing which product is right for you.
Read on to find out more, as we will explain the types of no-exam life insurance, analyze term life insurance, and weigh up the pros and cons of each plan to help you find the right coverage option.
Table of contents
- What is no medical exam life insurance?
- Is no medical exam life insurance right for me?
- No medical questions life insurance
- The types of no exam life insurance
- Pros and cons of no exam insurance
- How to choose the best no exam life insurance
- Term life insurance no medical exam cost
What is no medical exam life insurance?
As the name implies, no medical exam life insurance does not require you to undergo any medical exams before buying a policy.
This insurance type speeds up the process and comes in handy for other reasons.
Sometimes known as no medical life insurance, these policies attract those with critical health conditions or others who urgently need (or want) to speed up the application process.
This allows potential policyholders to skip the medical exam step involved with traditional life insurance underwriting.
With most traditional life insurance, you must complete a questionnaire about your past and current health condition and lifestyle and undergo a medical exam.
A traditional medical exam gives the insurance provider a picture of your health to help them determine the risk of insuring you and how much your premiums will be.
A typical medical exam is similar to a regular check-up with a doctor and includes collecting data such as the following:
- Height and weight
- Urine, blood, and urine samples
- Blood pressure and cholesterol levels
- An electrocardiogram (EKG)
Omitting the medical exam drastically reduces what can often be a lengthy ordeal.
Depending on the type of no-exam policy you apply for, you may still need to complete a questionnaire about your health condition and lifestyle — but some policies also omit that.
Specifically, no medical exam term life insurance is a temporary type of life insurance that skips the need to take medical tests.
Term life insurance is among the cheapest forms of no medical exam insurance and is typically offered in lengths between 10 to 30 years.
We will cover this in detail in this guide alongside other types of no-exam insurance.
Is no medical exam life insurance right for me?
No exam life insurance products are becoming increasingly popular (especially term life). This insurance allows policyholders to have some control over the application process.
While shopping around to find what product works for you, it’s best to understand what each type of no-exam life insurance covers and its limits.
In general, no medical questions life insurance is suitable for you if you are in good health. If you are unwell and the insurer classifies you as a high risk, you will be required to have a medical exam.
The factors that indicate no medical exam life insurance is right for you include the following:
- You are in good health
- You have no serious or critical illness
- You need a convenient and hassle-free choice
- You are a non-smoker and a “low-risk” applicant
- You are seeking average/low death benefit amounts
- You are on a budget and looking for a competitive price
- You are a young adult (or 50s and under) who wants a policy that’s easy to obtain
- You are an older adult (50s plus) looking into senior life and no-exam insurance options
You may decide to get no medical exam life insurance for occupational reasons, such as having a high-risk job (i.e., police officer, firefighter, or construction worker).
If you are disqualified due to your health condition or age, you may still be accepted by the insurance company, although unaccepted for no exam insurance.
Instead of turning you away, they might want to do a traditional underwriting process with a medical exam.
Knowing your budget, how much coverage you need, and how long you’re willing to wait will help you find the best life insurance product.
No medical questions life insurance
Many insurers offer no medical exam life insurance, sometimes called simplified or guaranteed issue policies.
No medical exam term life and permanent life insurance options are available, but these policies are usually more expensive than those that require medical exams.
Term life insurance no medical exam
This type of insurance policy is distinct from whole (permanent) life insurance, as it isn’t designed to cover the insured throughout their whole life.
Term life insurance is designed to cover a policyholder (and beneficiaries) throughout a specified period, typically between 10 – 30 years.
Once the specified period and policy expire, the policyholder may have the option to renew their policy or convert it to permanent coverage.
We will cover the various types of no-exam life policies below.
The types of no exam life insurance
You may be able to get any type of term or whole life insurance plan without medical exams.
Simplified and guaranteed issue insurance are the most common types of life insurance policies that don’t require a medical exam. A few more options are typically available.
Understanding the differences between each will help you decide which policy will work best for your needs.
The following no exam life insurance types allow you to apply for hassle-free coverage.
Simplified issue life insurance
This type of life insurance is best if you’re fit and in good health but want to skip a waiting queue and the medical exam.
Simplified issue life insurance policies typically involve some health-related questions and do not require medical exams. You must also provide access to previous medical records.
Your premium will be more expensive than what standard life insurance can offer, but you can be covered for a longer duration than most short-term policies.
Depending on your policy and insurer, simplified issue insurance may be written for term or whole life coverage.
Guaranteed issue life insurance
If you have had health complications and no luck getting insured, guaranteed issue life insurance might be right for you. Getting guaranteed issue coverage is guaranteed.
You won’t be asked any medical questions, and no exam is needed. However, you will need to meet age restrictions and specific requirements.
These policies usually have low coverage amounts and a graded death benefit (i.e., they won’t pay out the full benefit if you pass away in the first one – three years of owning the policy.)
Guaranteed issue life insurance is commonly targeted toward seniors looking to cover final expenses.
If you would like to read about senior life insurance, see here.
Like simplified life, coverage is significantly more expensive and has many limitations. These policies are the most costly option because anyone can be accepted.
Accelerated underwriting life insurance
This type of insurance allows the insurer to gather electronic information about you (medical history, criminal record, etc.), and algorithms quickly determine your life insurance quote.
Accelerated underwriting policies omit a medical exam and can be as competitively priced as standard policies with an exam.
Group life insurance
Most group life (or employer-sponsored) insurance is affordable or free and does not require a medical exam.
If you would like to read about group life insurance, see here.
Pros and cons of no exam insurance
Buying life insurance while skipping a medical exam is hassle-free but more expensive. Here are the pros and cons of no-exam insurance.
Pros
- Easy application process
- There is no waiting period
- Swift option to get coverage quickly
- Provides those otherwise trickier to insure with options (i.e., those with pre-existing health conditions or risky occupations.)
Cons
- Limits of coverage
- Higher costs and increased premiums
If you have a manageable medical condition, you may still qualify for a standard life insurance policy cheaper than no-exam plans.
Shop around for life insurance quotes before getting life insurance with no medical exam.
How to choose the best no exam life insurance
Here are tips to help you choose the best no-exam life insurance.
Understand your odds
Life insurance without any wait time looks appealing, but first, it’s best to understand your odds of getting no-exam life insurance before beginning the application process.
No-exam policies typically require you to be in excellent health for approval. A rejection will go on your insurance record, hindering your future applications.
Calculate the amount of insurance you need
A no-exam term life insurance policy may not provide adequate coverage, especially if you want to cover many years or your new family.
Before applying for life insurance quotes, calculate the amount of life insurance you need and speak with an insurance expert.
Be honest when you apply
Whether you’re applying for a term or whole life policy, answer the questions truthfully.
Misrepresentations and lies on your application can lead to denials or even a claim rejection after you pass away.
Have a rejection plan in place
Don’t give up if you are rejected for no-exam term life insurance due to age or health condition. There are other options available to you.
In this case, be prepared to undergo the traditional underwriting process involving a life insurance medical exam.
Contact an experienced insurance agent who knows who can cover your specific conditions.
The insurance agent can anonymously shop around so that you don’t risk another rejection.
Don’t be put off by the cost
While the cost of life insurance can be a driving factor, don’t be put off by the costs of policies alone.
Certain coverage options can be useful, such as converting term life to permanent or whole life insurance after purchasing.
Also, consider whether there’s an accelerated death benefit. While being more expensive, that benefit will allow you to withdraw money from your death benefit if you become terminally ill.
Term life insurance no medical exam cost
As noted, no-exam life insurance can cost more than standard plans, as the insurance company omits to evaluate your health before insuring you.
The higher cost of premiums is due to the higher risk of insuring you without a medical exam.
The cost of no exam life insurance will vary depending on the type of policy and coverage options you choose.
For example, term life policies with no medical exam that cannot accrue cash value are cheaper than similar whole life insurance plans.
The most effective way to determine the cost of no medical exam life insurance is to speak with an agent and obtain quotes.
Term life insurance no medical exam quotes
Failure to have adequate life insurance can cause unnecessary stress. Pitsas Insurances provide customizable life insurance plans for those seeking hassle-free financial protection.
We provide top life insurance packages at highly competitive rates.
Why choose life insurance with us?
- Quick settlement of claims
- Tax benefits and deductions
- 35 years of insurance expertise
- Flexible pricing to suit your budget
- Immediate mortgage payment cover
- Term and whole life options at competitive rates
- Coverage of expenses for your children’s education
- Considerable financial income for your family members
- Options to connect a policy with your medical insurance to save up to 25%
To learn more about our variable life insurance, see here.
To receive a hassle-free quote for variable life insurance, see here.
Pitsas Insurances Team