If you need life insurance coverage fast, no-exam life insurance might be right for you. Because it does not require applicants to take a medical test before being approved, it allows many people a quick and easy way to get insured.
Our insurance agents at McKnight & McKnight discuss why someone might want to go the no-exam route when applying for life insurance and the types of coverage you can choose.
Key takeaways:
- If you are concerned that a medical exam could prevent you from purchasing life insurance, a no-exam policy might be right for you.
- Premiums are usually higher and coverage amounts are often more limited with no-exam life insurance.
- Simplified issue life insurance has a detailed list of questions about your health and medical history, but does not require an exam.
- Guaranteed issue insurance is as the name implies, guaranteed.
The Basics of No-Exam Life Insurance
Traditional life insurance policies require a medical exam to help give insurers a better picture of your overall health. This lengthy process can include collecting medical data such as:
- Height
- Weight
- Blood pressure
- Blood and urine samples
- Possibly an EKG
No-exam life insurance, as the name suggests, is a type of permanent life insurance coverage that doesn’t require the applicant to take a medical exam before being approved for the policy.
No-exam life insurance policies tend to be more expensive than traditional policies due to the increased risk. However, they can be a great option for people who are unwilling or unable to take a medical exam.
The price of a no-exam life insurance policy is determined by a risk profile that includes:
- Your age
- Health history
- Lifestyle choices
- Other individual circumstances
Types of No-Exam Life Insurance Policies
There are three kinds of no-exam life insurance policies to choose from including:
Accelerated Underwriting Policies
The companies that offer these policies use the data that you provide, as well as third-party data and algorithms to decide to offer you coverage. They offer the convenience of not having to complete an exam, while still providing rates comparable to policies that require full underwriting.
They do have coverage limits of often $1 million which can make this choice less appealing if you need more coverage.
Simplified Issue Life Insurance
For this kind of policy, there are typically fewer questions to answer and fewer resources used to collect your data. Since the company has less to go on, you will likely pay more for this kind of life insurance.
These policies also have coverage limits that you should be aware of before applying.
Guaranteed Issue Life Insurance
With these policies, you are guaranteed coverage. There is no exam, and there are no questions that you will need to answer. Age is generally the only restriction.
These policies offer very limited coverage, typically about $25,000, and will cost much more than a traditional life insurance policy. Older people or those in poor health often have this kind of coverage as a way to help their loved ones pay for end-of-life expenses.
“I have been working with Bob for 10 years. He got me my first life insurance policy and helped with Medicare policies for my parents. He gives you personal 1-on-1 time and explains everything in detail to help get the correct coverage. He will never sell you anything to make a quick dollar.”
-Vinay
Who Should Get No-Exam Life Insurance?
No-exam life insurance can be a good option if you want to secure coverage quickly or have a clean medical history. But if you do have some health issues that could cause an insurance company to deny your application or issue an expensive policy, no-exam life insurance could also be a great option for you.
It could be worth considering no-exam health insurance if:
- You have health issues that would prohibit you from receiving coverage
- You need coverage quickly
- You have a clean medical history
- You want to get a higher death benefit
- You want more control over the amount of your death benefit
- You want more control over your monthly premiums
Applying for No-Exam Life Insurance
Getting a no-exam life insurance policy is simple. First, you will choose a policy or select a company by comparing rates.
We recommend choosing the company with the best rates and the highest death benefit that you can afford.
Since life insurance policies with no medical exam requirements are considered “quick-issue” policies, you can secure coverage right after applying.
Learn More > Why Work with a Health Insurance Agent?
Get the Life Insurance Coverage You Need
Getting the life insurance coverage you need doesn’t have to be complicated or time-consuming. No-exam life insurance policies are a great option for those who want to be prepared for the unexpected but without the hassle of a medical exam.
Don’t know where to start? Our licensed independent insurance agents at McKnight & McKnight Insurance Solutions are here to help! We will walk you through each kind of life insurance policy to help you make the best decision for you and your family.
Have greater peace of mind and schedule a consultation with one of our agents today!
