Restrictions on Medical Exams? You Might Get Coverage Without One!

As people face uncertainties about their finances due to the global economic downturn after the COVID-19 outbreak, individuals are applying for life insurance at much higher rates— applications are up 40%. Having life insurance provides you with a higher level of financial security that can help mitigate the stress of the coronavirus.

If you are wondering whether or not you can buy a life insurance policy even during the COVID-19 pandemic, the answer is yes—insurance companies haven’t stopped selling policies. However, the application processes might be altered by medical exam services that some carriers use to test applicants.

How Has COVID-19 Changed the Life Insurance Application Process?

Many new life insurance customers are now facing a challenge in their application process that has grown since the pandemic. This challenge is in the medical examination, which is often a major part of life insurance underwriting. Generally speaking, insurance companies have their applicants go through a physical examination to determine their health risk for what are called “fully underwritten policies.”

This can happen in one of two ways. The company may send a paramedical practitioner to your house, who will measure height, weight, blood sugar, blood pressure, and other tests as needed by the company. The company does this by setting up an appointment for you with the third-party medical labs with which they’re contracted to conduct the exam.

But in an attempt to comply with social distancing and shelter-in-place orders, some of those labs and insurance companies have placed restrictions on medical exams in order to protect both the examiner and the applicant. This new adjustment poses challenges to both insurers and buyers. If you need life insurance coverage but are finding it difficult due to medical exam restrictions, the good news is that there are alternatives to explore.

Alternatives to the Life Insurance Medical Exam

Even before these new measures were put in place, the typical life insurance medical exam was something many applicants tried to avoid, as it generally involves doing urine and blood tests. Some applicants are averse to blood draws and others just don’t want to deal with the prolonged process.

This has made life insurance without medical examination a preferred option, especially now. Not only can a non -medical exam policy be a viable option for many during the COVID-19 outbreak, but the approval or denial process is faster than most other types of policies.

How Does No Medical Exam Life Insurance Work?

No medical exam life insurance is a type of purchasing process that allows you to skip the usual physical exam required for traditional life insurance processes. You will, however, be required to provide answers to a number of questions about your health status, and other lifestyle and financial details for the company’s accelerated underwriting requirements.

With a no medical exam policy, you will experience a faster and easier application process for those applicants who fit the profile. In fact, there are some no medical life insurance products that guarantee coverage, regardless of health status, but those are usually for lower coverage amounts.

How Can I Buy No Medical Exam Life Insurance During the COVID-19 Lockdown?

The COVID-19 lockdown might have affected the traditional life insurance process, but it hasn’t impacted the easy access to life policies without a medical exam. As long as you can afford the premium, and meet the specific criteria delineated by the provider, you might qualify to become a no medical exam life insurance policyholder within days.

The flexibility and accessibility of no medical exam policies may streamline the process for many and provide the needed coverage you desire. To be safe, we always recommend that you consult a trusted life insurance agent when shopping for a policy.

What Are the Types of No Medical Exam Life Insurance?

There are two types no medical exam life insurance policies you can choose from. They are guaranteed-acceptance life insurance and simplified-issue life insurance.

Guaranteed Acceptance Life Insurance

The name, “guaranteed-acceptance” means you are virtually assured of being approved when you apply for this type of policy, regardless of whether or not you are a high-risk individual. Guaranteed-acceptance does not require any form of a medical exam or review of your medical records. Instead, you will only be asked a few general simple questions. The insurance provider may want to know whether you smoke or whether you are currently in a long-term medical facility or hospital.

The company may also want to know if you are HIV positive and may ask you if you have previously declared terminally ill. Asking these questions doesn’t mean you will be denied coverage. Keep in mind, however, that most companies have age restrictions for their guaranteed acceptance life insurance policy, and have lower coverage amounts with higher premiums.

Simplified-Issue Life Insurance

Though simplified-issue is also a life insurance policy without a medical exam, it requires some more detailed information about your health history. The insurance provider may also want to view your medical records to know your health status. You may also need to answer a few questions, such as:

• Do you have any heart disease?
• Have you been diagnosed as HIV positive?
• Do you have any cognitive impairment?
• Do you have any disability that requires the use of walking aids or a wheelchair?
• Do you have a stroke?
• Have you been diagnosed with kidney disease?

Depending on each company’s policy, answering yes to any of these questions could lead to coverage denial, or getting a “graded premium rate”, which is a premium that starts off low and gradually increases over the life of the policy.

Why You Should Buy No Medical Exam Life Insurance Coverage

Apart from the ease and speed of the application process, plus the security you get with no medical exam life insurance, these policies contain the same benefits as the “normal” medical exam policies such as providing a death payout to your beneficiaries when you pass and satisfying various financial needs such as medical bills and final expenses, settling outstanding debts such as credit card bills as well as paying off student loans and mortgages.

How LifeQuote Can Help

Here at LifeQuote, we understand that life insurance is a key component of your family’s financial health, especially in these trying times. This is why we are committed to helping you navigate through any possible hurdles in the application process. Even with the current COVID-19 restrictions, you could qualify for quick coverage today with a no medical exam policy. To get started, contact us or get a quote from our free online generator.