No Exam Life Insurance - LifeQuote

Did you know?

Most No-Exam term life insurance policies now cost almost the same as conventional term life insurance?

No medical exam life insurance is a type of life insurance coverage that does not require an applicant to undergo a medical examination as a part of what is called the “underwriting process” in insurance parlance.

 

Learn More about No Exam Life Insurance

Life insurance can be a hassle. While it should be a part of everyone’s financial health, the tedious forms, long wait times, and the obligatory medical exam make it seem not worth the trouble. For this reason, we offer what is known as “no medical exam life insurance” policies to those who fall under this broad category. As the name suggests, applicants do not need to undergo a medical examination in order to purchase coverage, dramatically cutting down on the amount of time it takes to get approval.

In fact, many of these types of policies can be bought over the phone or even online, with approval happening within a few days rather than a few weeks. For those that value both convenience and quality, no medical exam policies hold huge appeal.

Additionally, if you suffer from a chronic pre-existing condition, you may assume that you are uninsurable. While, by law, no insurance provider can deny you coverage solely based on your health, it may not be ideal for you to undergo the medical exam that is mandatory for most policies. This often results in concerns about high premiums, low coverage amounts, or even the process of going through a medical exam altogether.

During a medical exam, applicants are asked in-depth questions about their health, genetics, and lifestyles. Blood and urine samples will be collected and tested for conditions such as diabetes, high cholesterol, epilepsy, or any other issue that may have an effect on your life expectancy. If a condition is found, the applicant will be unable to purchase a medically underwritten policy, which will likely result in far more expensive rates for a lower amount of coverage.

While higher rates and lower coverage options can’t be avoided, no medical exam policies make it quick and simple to get approved and covered without the hassle of going through the uncomfortable, time-consuming, and complicated process of a medical exam.

Here are some things to consider about no medical exam policies:

  • No medical exam policies are term life insurance policies that pay a death benefit if the insured person dies within the policy term, such as 10, 20, or 30 years.
  • You can skip the paperwork, medical exams, and bloodwork. Just answer some key medical and lifestyle questions.
  • You have the choice of either “guaranteed-issue” or “simplified-issue” life insurance.
  • There are age limits. No medical exam policies are generally for applicants up to 65-years old.
  • They provide fast approval for qualified applicants and allow them to obtain coverage online or after a telephone interview within days.

Two Types of No Medical Exam Life Insurance

The first is called simplified-issue life insurance. This type of coverage does not require a medical exam, but the insurance company will go more in-depth about your medical situation, asking more questions and even requesting to review your existing medical records. You will likely be rejected for coverage if you have certain chronic or serious health issues such as high cholesterol, elevated blood pressure, diabetes, cardiovascular disease, or cancer. If you are uncomfortable sharing any information about your health, this may not be the option that is best for you.

Some common questions that may be asked include:

  • Have you been diagnosed with a terminal illness?
  • Do you smoke or use any form of tobacco?
  • Have you been diagnosed with HIV or AIDS?
  • Do you take any prescription medications, for what?
  • Any history of cancer, stroke, or heart issues?
  • Any felonies, bankruptcies, or hazardous activities?

The second type of no medical exam life insurance is called guaranteed-issue insurance. Guaranteed-issue policies—also called guaranteed acceptance life insurance—provide lower amounts of coverage. They are sometimes considered similar to a "Final Expense" policy for those who need at least some level of protection and comfort. These policies generally cost more than other no medical exam options.

Guaranteed issue life insurance policies do not require a medical exam, nor does the insurance company review your medical records. Usually, you will be required to answer a few simple questions to determine eligibility such as:

  • Are you a smoker?
  • Are you currently in a hospital or long-term care facility?
  • Do you have AIDS or HIV?
  • Have you been declared terminally ill by a physician?

Both simplified- and guaranteed-issue life insurance have their benefits for those who cannot or should not undergo a medical exam. However, the increased risk on the part of the insurance provider is not without its price. As mentioned earlier, the premiums will most likely be higher and the coverage amount lower than with other policies. Also, for guaranteed-issue policies, the insurance company may only offer graded benefits, meaning that the death benefit will not be paid out if the insured person passes within one or two years of the policy being en force.

Ultimately, the best strategy for purchasing a no medical exam policy is to work with your life insurance agent and shop around for the best rates and highest coverage amounts. Being upfront and honest with your agent can help them analyze your situation and help you find the best policy for what you need.

When or Why to Buy No Medical Exam Life Insurance

No medical exam life insurance can be as affordable as regular, medically underwritten coverage due to the fact that it has become a competitive area in the insurance industry. However, qualifying for these types of policies is typically easier for younger, healthier applicants because they are considered to be at lower risk of passing prematurely.

Additionally, carriers are answering the cry of consumers in an instant gratification world where people value convenience and speed. But that doesn't mean no medical life insurance policies are for everyone. Beyond your health and age, any issues on your financial records such as bankruptcy or driving violations such as DUIs will jeopardize your eligibility for these policies.

Another good example of applicants who seek the expediency of no exam coverage is a divorcee who has to comply with a court order to provide income replacement in the way of a death benefit payout for the child of a former marriage.

Get Started With No Medical Exam Life Insurance Today

If you believe that your health or your age makes it impossible for you to get life insurance, a no medical exam policy might be the perfect fit for you. However, even within this category, there are many different nuances and aspects to a policy that can make obtaining coverage seem more complicated than it’s worth.

Fortunately, we’re here to help. At LifeQuote, our expert life insurance agents have years of experience matching people with the policies they need to protect their loved ones. Even if you have a pre-existing health condition, we can help you find an affordable policy that meets your needs.

So don’t wait. Take the first step with us today and start breathing more easily knowing that your family’s financial future is secure.

The No Medical Exam Process

  1. Start By Getting a Quote
    Before making any decisions, you first want to see what kind of premiums you’ll be asked to pay over the course of your policy’s term. You can get a free quote from us in less than 30 seconds by using our quote generator.
  2. File an Application
    If you agree to the quoted rates, then it’s time to find a provider and file an application requesting coverage. Our LifeQuote agents will help you find the company that offers the best rates and will walk you through the application process step by step.
  3. Receive the Policy Contract
    If the company approves your application, they will send you your insurance policy contract to be reviewed by you and your agent. If you buy through us, we will act as the point of communication between you and the insurance company to make the process as simple as possible.
  4. Sign The Contract and Pay the First Premium
    If the contract looks good, all that’s left is to sign the contract and send payment for the first premium to the insurance company. Don’t worry, we’ll help with that too.

Get Started With No Medical Exam Life Insurance Today

If you believe that your health or your age makes it impossible for you to get life insurance, a no medical exam policy might be the perfect fit for you. However, even within this category, there are many different nuances and aspects to a policy that can make obtaining coverage seem more complicated than it’s worth.

Fortunately, we’re here to help. At LifeQuote, our expert life insurance agents have years of experience matching people with the policies they need to protect their loved ones. Even if you have a pre-existing health condition, we can help you find an affordable policy that meets your needs.

So don’t wait. Take the first step with us today and start breathing more easily knowing that your family’s financial future is secure.

Because more and more clients are requesting “no medical exam” life insurance policies, LifeQuote made a decision to represent some of the top-rated no medical exam companies that can get you approved online, or after a telephone interview for life insurance, in some cases within hours, as compared to the typical fully underwritten life insurance policies that can take weeks to process.

Many clients demand the convenience, ease, and speed of this type of term life insurance coverage. But it may not be for everybody. Let’s review the key components of no exam life insurance policy so you can decide if you’re a good candidate.

If you’re in excellent health, you’re in good shape; you will most likely qualify. But if you’re monitoring any health issue (even common things such as elevated cholesterol or blood pressure), success can vary. There is a difference among these companies. With the so-called “simplified issue” policy, there are some health questions that the applicant must answer in order to be considered for the policy. The answers that the applicant provides will help the insurance company determine the premium amount to charge for the coverage. With a true no medical exam policy— also referred to as a “guaranteed issue policy,” there may be no health questions on the application. Each company has their own specific underwriting guidelines and accept or reject your application based on those guidelines. The amount of health questions varies among carriers of the simplified issue, no exam life insurance— from a handful of questions, to close to a dozen. Here are some typical questions:

  • Have you been diagnosed with a terminal illness?
  • Do you smoke or use any form of tobacco?
  • Have you been diagnosed with HIV or AIDS?
  • Do you take any prescription medications, for what?
  • Any history of cancer, stroke or heart issues?
  • Any felonies, bankruptcies or hazardous activities?

The best way to qualify for no exam life insurance is to be open and honest with our independent life insurance agents about your health situation and let them compare the underwriting guidelines of the no exam life insurance or simplified issue life insurance companies.

A no medical exam policy will typically cost more – sometimes up to four times more than traditional underwritten term policies because of the added risk that the insurance carrier is taking on by insuring you.

The rates for simplified issue insurance products have dropped significantly so it pays to shop around to compare rates for your particular circumstances.

No Exam Life Insurance Providers - Comparison Chart

Company Ages Covered Coverage Details
Assurity Life 18-65 $350,000 Highly Rated
Banner Life 20-50 $500,000 Quick Turnaround
Principal Financial Group 18-60 $1,000,000 Difficult to Qualify For
Sagicor 18-65 $500,000 Guaranteed Level Premium Term
SBLI 18-60 $500,000 Accelerated Underwriting

No Medical Exam Life Insurance Companies

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Assurity Life Insurance

With more than a century of providing life insurance coverage and an AM Best Company rating of A, excellent, Assurity Life Insurance Company is a front runner when it comes to their no medical exam insurance products. One of their most popular options is called “Non-Med Term 350”, which is available to clients aged 18- 65 and offers up to $350,000 in coverage.

 

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Legal and General Life Insurance Company

Legal and General Life Insurance Company offers competitive no exam options with accelerated underwriting products for up to $500,000 in coverage for clients between the ages of 20 and 50 years old. Qualifying applicants can be approved by the next business day, with the same quick turnaround for policy activation.

 

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The Principal Financial Group

With strong financial ratings of A- and quick and easy underwriting, Principal Financial Group offers a no medical exam term life insurance with one of the highest coverage amounts in the industry—up to $1 million available for individuals. They offer competitive pricing on these insurance products and have even created an accelerated underwriting program for its no medical life insurance policy that cuts the processing time, allowing you to get an approval in two days or less.

 

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Sagicor Life Insurance Company

Sagicor is known for its fast approval times, in as little as minutes, and even offers no exam term life coverage for those with diabetes. Their newest product, Peace Assured, provides whole life insurance with locked-in rates and no medical exams. It also guarantees that benefits will be paid within a few days after confirmation of the insured’s passing rather than using graded benefits.

 

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Savings Bank Life Insurance

Savings Bank Life Insurance is another leader in the no medical exam market with its new accelerated underwriting product. The company’s innovative Guaranteed Level Premium Term policy offers term lengths of up to 30 years with up to $500,000 in coverage for applicants between the ages of 18 and 60 years old.

 
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