No medical exam life insurance, also called the simplified issue, provides coverage without physicals or blood tests.
This life insurance is convenient and affordable if you are in urgent need of insurance or have a preexisting condition which would make it difficult to pass a medical examination.
Whole life and term insurance do not require a medical exam.
The major difference between whole life and term is that whole-life coverage does not require an exam.
Term life benefits that do not require an exam may be double.
You will need to answer a few questions about your medical history and health when you apply for insurance without a medical exam.
Your responses will be used for eligibility determination.
Each insurance company has its own set of questions. This means that you might be denied by one company, but find coverage with another.
Guaranteed issue or guaranteed acceptance is a life insurance policy that does not require medical screening or asks for answers to health questions.
Honesty is important, no matter what questions you’re asked.
If you lie or misquote anything, your insurer can cancel your policy within the first two-years of coverage.
Keep in mind, however, that even if you don’t have a medical exam, your insurers have many options to verify the information you provide.
These issues are often and frequently checked by insurance companies.
- Prescription databases
- The Department of Motor Vehicles
- The Medical Information Bureau
- Physician statements
No need for a medical exam. Life insurance
A no-medical exam term policy is your best option if you are not eligible for fully underwritten life insurance but need more than $50,000.
Term policies, which are available for up to 30 year terms, are the most affordable form of no-medical exam insurance.
You can purchase them until you are 75 years old, but some insurance companies limit the term lengths based upon your age.
You should ensure that the simplified issue term life insurance policy you are looking for is either “level term” or guarantees level premiums.
These words mean that the life insurance quotes that you receive will reflect the cost you will pay for the entire policy’s duration.
A few insurers offer no-medical exam term insurance products. These quotes are based on your age group (typically, ages 50-54).
These renewable policies have a term of one year and the premiums go up each time you join a new age group.
The policy will become very costly over the next 15 to 20 year. Let’s take, for example, a 45-year old man who wants $150,000 coverage over 20 years.
New York Life provides coverage based on your age. Therefore, your monthly premium will increase every time you reach your new age bracket.
Whole life insurance without a medical exam
Because the coverage is lifelong and death benefits are limited to $25,000 or $50,000, there is no need for a medical exam for whole life insurance.
Your beneficiaries will receive a substantial payout to pay for your funeral and other expenses after your death.
It won’t pay enough to cover a mortgage, or provide income replacement over a long period.
Simplified issue whole life insurance is also available if you do not qualify for traditional insurance. It will cost less than a guaranteed acceptance policy.
Should I purchase no medical exam life insurance
If you are unlikely to be eligible for traditional coverage, we do not recommend no exam insurance.
Life insurance without a medical exam is less expensive than fully underwritten coverage, and offers fewer options.
You cannot, for example, increase your death benefit or convert a term insurance policy to permanent coverage.
Traditional coverage also includes a medical exam that is often almost free. It typically takes less than 30 minutes, and can be done at home or at work.
You should consider a policy that does not require a medical exam if you are:
- Pre-existing medical conditions have been diagnosed within the last two years
- A significant preexisting condition such as diabetes or another illness is present.
- Your parents both died before you reached 60.
- In the last two years, you have had DUIs or other serious issues on your driving record
- In the last five years, there has been a history of alcohol or drug abuse
- A job that involves high risks, such as firefighter, is one of the most dangerous.
- You take up a high-risk hobby such as BASE jumping, or rock climbing outdoors
We recommend that you first look for an insurance company that provides fully underwritten coverage for any of the above scenarios. Insurers have different restrictions.
Independent agents are insurance professionals who represent multiple companies and know the underwriting requirements of each insurer.
If you require instant life insurance to protect a loan (personal or business), there is no need for a medical exam.
While no medical exam policies are often approved within a few hours, approvals for traditional policies can take many weeks.
We recommend that you get no coverage for your medical exam and then apply for a fully-underwritten term policy.
No medical exam, guaranteed acceptance life insurance
Guaranteed acceptance life insurance works in the same way as no medical exam coverage. You don’t need to have a physical, or submit blood or urine tests to be accepted.
There are no health requirements for guaranteed issue life insurance. This means that anyone within a certain age bracket will be accepted.
Guaranteed issue policies are more expensive than no-exam coverage, but they can be a good option if you don’t meet the criteria for no medical exam coverage.
Every insurer has its own standards and questions for applicants who do not need life insurance.
If you are looking for a policy that guarantees acceptance, it is advisable to consider:
- Dialysis is being performed
- You can only use a wheelchair or a nursing home if you are in a restricted area.
- In the last two years, been diagnosed with a medical condition such as diabetes
- HIV positive?
- You may have kidney disease.
|Policy||No need for a medical exam. Life insurance||Whole life insurance without a medical exam||Whole life insurance guaranteed acceptance|
|Length of coverage||Maximum term length 35 years||Lifetime||Lifetime|
|Underwriting for medical purposes||Database checks and health questions||Database checks and health questions||None|
|Waiting period||None||None||2-3 years|