Searching for life insurance that does not involve a medical exam can be difficult, particularly when many providers offer life insurance that does involve a medical exam and a lengthy application process. Nonetheless, many options are out there that will relieve you from this pain point altogether. Overall, the trick to finding cheap life insurance with no medical exam is understanding the options available, the pros and cons, and then shopping smart. This guide will review how to find cheap life insurance with no medical exam and make sure you have the best value based on that decision.
What is No Medical Exam Life Insurance?
No medical exam life insurance is a type of coverage, called an accelerated underwritten policy, that does not require the consumer to obtain a physical medical exam or an extensive medical questionnaire approval. These types of policies are easy to apply for and get approved quickly, making them a popular option for an individual who would instead not go through a medical exam to obtain insurance or for a person who has had significant health concerns and would like to avoid any more scrutiny regarding the risk of obtaining health insurance.
In contrast to a life insurance approval process that can take weeks while the underwriters go through your medical history and obtain the exams, a life insurance policy with no medical exams can take as fast as 30 minutes from application to approval. It can be a great benefit for a younger individual or for someone in a reasonably good state of health who is in a hurry and needs some type of life insurance piece of mind without having to “wait” weeks for the approval process like you would for a traditional underwriting assessment.
Types of No Medical Exam Life Insurance
When you begin your search for cheap life insurance no medical exam, it is helpful to note that each type of life insurance meets both individual needs and circumstances. The most common types include:
Instant Term Life Insurance
Instant-term life insurance is a relatively simple product with a low cost. It offers coverage for a limited period, usually for a specified number of years, such as 10, 20, or 30 years, and the premium is fixed throughout that term. Usually, approval is obtained within minutes, so it works well for an individual under age 60 who is healthy and needs coverage quickly.
Simplified Issue Life Insurance
Simplified issue life insurance takes the place of a medical exam and substitutes a series of questions about health concerns. For this kind of life insurance, the age range generally is 45–85 for coverage amounts of up to $100,000. It is an attractive policy for buyers who want higher coverage, but the purchase of an insurance policy is not beautiful or feasible for the entire medical exam.
Guaranteed Issue Life Insurance
As the name describes, guaranteed issue life insurance is a policy that guarantees approval for coverage regardless of health conditions. The ages are generally the same as simplified issue life insurance (45-85) but the coverage limit is smaller, often limited to $25,000. Often this form of life insurance is used for someone looking to purchase a final expense policy to cover funeral costs.
Accelerated Underwriting Life Insurance
This is a faster alternative to traditional life insurance and still requires some health review in the application, but this review is done more quickly. This form of life insurance is an excellent selection for consumers who want a policy that looks like traditional life insurance but does not want to wait for medical exams and lengthy approvals.
Benefits of No Medical Exam Life Insurance
Individuals frequently opt for no medical exam life insurance due to its convenience and immediacy. This is particularly attractive for those for whom securing coverage quickly is an urgent issue, or someone who simply wishes to avoid the stress of sitting through a medical exam.
Key benefits include:
- Speedy Approval Process: With no medical exam policies, you can expect to receive approval for the insurance within an hour, meaning you aren’t left waiting weeks to find out if you are approved or not.
- No Medical Exam or Paperwork: In most cases, the application process is simplified, simply answering a few questions about your medical history, with no actual medical exam required.
- Competitive Rates: No medical exam life insurance can also be quite affordable, especially for younger, healthier individuals.
- Convenience: The main emphasis of the appeal of no medical life insurance is that it can be quickly done online and from the comfort of your home or office, which is particularly ideal for busy professionals or for anyone who does not want to spend time arranging a medical exam appointment.
For many, the ability to skip the medical exam is reason enough to choose this option. It’s an ideal choice for younger people, those in good health, or those who don’t want to deal with a long, cumbersome application process.
Considerations Before Choosing No Medical Exam Life Insurance
Although no medical exam life insurance is very convenient, there are some disadvantages. Because the insurer is accepting a higher risk, no medical life insurance is usually more expensive than traditional life insurance policies.
Key considerations include:
- Higher Premiums for Older Applicants: Individuals who are older, or have health issues, will usually pay more for no medical exam insurance than for traditional life insurance.
- The insurer does not have the applicant’s complete medical history during the exam, so they can charge higher premiums to offset the risk.
- Lower Coverage Limits: Medical exam policies normally have lower coverage limits, which makes that type of insurance the best type for covering one’s final expenses rather than significant financial obligations.
- Limited Customization: In the cases of no medical exam policies, particularly guaranteed issues and simplified issues, they usually don’t offer as much customization and flexibility as traditional life insurance policies do. However, if you are looking for a policy that covers a lot of medical issues and specific policies — it may be better to get a policy with a medical exam.
Before signing up for a no-exam policy, you need to make sure you are healthy enough and that your finances are strong enough to support the policy of not having to take an exam.
How do you qualify for life insurance without a medical exam?
If you are in good health and under the age of 60, then qualifying for cheap life insurance with no medical exam is easier than you might think. For instant term policies, qualification usually involves answering basic health questions and being underwritten.
To determine eligibility, insurers may look at the following:
- Your Health Status: Almost all policies ask a few health questions to determine whether you have any serious medical issues.
- Age: These policies are usually available to people up to 85 years old, but rates for those under 60 are generally lower.
- Medication History: Insurers require you to be asked about medications you are currently taking so they can identify potential risks.
- Driving Record: Particularly if there have been any accidents or DUI convictions, your driving history may be considered.
Despite the fact that underwriting is typically quick, your medical history and current health status will still come into play when it comes to determining your eligibility and rate.
How to Shop for the Cheapest Life Insurance Without a Medical Exam
Comparing cheap life insurance with no medical exam is the key. Here are some strategies for getting the best deal:
- Compare Multiple Quotes: However, no medical exam rates vary depending on the provider, so it’s essential to compare shops before committing to a rate. Some of the policies may have lesser premiums for the same coverage.
- Understand the Policy Terms: Read the fine print to understand the limits of coverage, including the death benefit, exclusions, and any riders or additional features.
- Consider Your Needs: Before choosing a policy, think about what you actually need. If you’re looking for a policy to cover final expenses, a guaranteed issue policy might be your best bet. For longer-term coverage, consider instant-term or simplified issue policies.
- Look for Discounts: Some insurers offer discounts for things like bundling policies or choosing automatic payment options. Make sure to ask about any available discounts to help lower your premium.
Conclusion
Finding the cheapest life insurance without a medical exam is entirely possible with a bit of research and careful consideration of your personal circumstances. While these policies offer fast approval and convenience, they may come at a slightly higher cost or with limited coverage. By understanding your options, comparing quotes, and being transparent about your needs, you can secure a policy that provides reliable protection for your loved ones without the hassle of a medical exam. Always take the time to shop around to ensure you’re getting the best deal possible.
