Life Insurance Companies That Don’t Require Medical Exam

Best No Medical Exam Life Insurance Policies Of September 2022

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Looking for the best no medical exam life insurance? Here are our top nine policies from highly rated U.S. insurers. Some of these policies guarantee acceptance regardless of your health, while others require you to answer a few health questions to qualify for coverage. But no matter the situation, they never require a medical exam.

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What Do They Test For In A Life Insurance Medical Exam

A routine examination mayinclude a review of the person’s medical history, the doctors he has consulted,the dates of those consultations as well as any treatments recommended by them.There is also a physical test, which covers basic information like weight,height, pulse and blood pressure. Blood and urine specimen testing are usuallyincluded.

For more details about the blood and urine test that you may be required read our Q& A “What are they looking for in life insurance blood test?“

For certain cases, theinsurance company may require an EKG especially if the individual is older oris requesting a larger policy.

In most cases, the insurancecompany pays a licensed, independent medical examiner to carry out the test. Onaverage a medical exam gets completed in about 30 minutes.

How Much Life Insurance Can You Get Without An Exam

Ultimately, life insurance companies and agencies are in the risk-management business. Because of that, they will typically limit how much coverage you can get without an exam. Were not implying you would lie on a medical questionnaire its just that you might have a condition youre not even aware of that would affect your rates if discovered in a medical exam. Your insurer will factor in the unknowns when assigning you a rate for no-exam coverage.

The coverage limits will vary depending on the type of policy you buy. For example, at Haven Life, if you qualify, you can buy a medically underwritten Haven Term policy without a medical exam for up to $1 million. If you were to go with Haven Simple, a simplified issue product, coverage is available up to $500,000.

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What To Do If You Dont Get The Results You Want

If the medical exam doesnt provide the health classification that you had hoped for, you still have a few options:

Whichever option you pursue, keep in mind that even for a healthy individual, the cost of purchasing life insurance increases by 4.5% to 9% each year that you age. A Policygenius agent can work with you to determine what the best option is for you.

Top 4 The Best No Medical Exam Life Insurance

At Haven Life, a distinction is drawn between life insurance without a medical exam, and its attendant drawbacks. While this company does offer guaranteed issue policies, they try to resolve the dissonance by offering an InstantTerm policy service, where medical questions are asked online, without a proper exam. With the answers to said questions, their algorithm can make an insurance assessment within seconds. Ideal candidates may be of any age, provided that the insured does not smoke cigarettes or suffer from chronic illness, high cholesterol, or poor blood pressure.

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Affordable Life Insurance Without A Medical Test

Looking for affordable coverage without a medical test because you have a fear of needles?

Well, youâre not alone. Up to 20% of the adult population have a needle phobia, according to research.

If youâre in good health but donât like the idea of taking a medical exam, consider an accelerated life insurance policy. It only asks you a few questions to prove your eligibility.

And the best part?

The premium rates are similar to life insurance policies with full medical insurance underwriting.

Are There Life Insurance Companies That Don’t Require Medical Exams

Yes, nowadays there are manycompanies who do. Many even offer these no physical term life insurancepolicies online. You simply fill up an application on an insurance company’swebsite and then you get approved in just about 15 minutes. You can immediatelyprint a copy of your policy. There is even no need for you to see an agent.

These policies are offered inperiods of 5, 10, 20 to 30 years. As expected, premium rates are higher thanpolicies that require a physical test but they remain constant throughout thepolicy’s term. Once you get to renew your coverage the rates will go upsignificantly.

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If You Want: The Convenience Of A 100% No

Consider: Simplified issue life insurance

Heres why: If you under no circumstances want to take a medical exam, then consider a simplified issue policy first. Youll generally be limited to a face amount of $500,000 or less, so make sure thats enough coverage for your familys needs. Use a life insurance calculator to estimate how much coverage you may need.

With a simplified issue policy, youll have to pay higher premiums to compensate the insurer for taking on more risk by not fully knowing your medical history. But the convenience may be worth paying more.

Get Coverage Even With Health Issues

If you have an underlying health condition and are denied traditional coverage, all is not lost, there are still options for you to get the care you need.

Give simplified issue life insurance a try. You just need to answer some health questions to qualify. However, if you are too unhealthy or too old, guaranteed issue life insurance may be your only option.

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Instant Approval Life Insurance

Also called accelerated underwriting, instant approval life insurance typically grants you a decision on your application within minutes.

Companies are able to offer such fast decisions by using your personal data in place of medical exams, running it through sophisticated algorithms to assess you as a risk.

The good news is that the application process is fast and convenient, and the pricing can be competitive with companies that do require medical exams. Instant approval products also tend to allow for higher coverage amounts than simplified issue products.

However, approval isnt guaranteed. Some people who apply for instant approval may be asked to submit to a medical exam.

The application for this type of life insurance can be pretty invasive. Companies need plenty of your personal data to replace what theyd learn through a medical exam. In most cases, companies require your permission to access that data. It can include not only your medical records but also prescription history and even property deeds, criminal records, tax filings, professional licenses, bankruptcy documents and more.

What Is Life Insurance

Life insurance is a contract between a policyholder and an insurer, in which the latter guarantees to pay a sum of money to the life insurance beneficiary upon his or her death. This sum of money, known as the death benefit, is funded by premium payments made by the insured throughout their lifetime.

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No Medical Exam Whole Life Insurance

No medical exam whole life insurance is typically used as a form of final expense insurance, as coverage is lifelong and death benefits are generally limited to a maximum of $25,000 or $50,000. This means your beneficiaries may receive a large enough payout to cover your funeral, other end-of-life costs and potentially a small loan. However, its not a large enough death benefit to cover a mortgage or provide income replacement for an extended period of time.

If you want final expense insurance and are unable to qualify for traditional coverage, simplified issue whole life insurance will be less expensive than a guaranteed acceptance policy.

Type : Simplified Issue

As expected, this type of coverage doesnt require a medical exam. However, the no medical exam term life insurance companies will ask in-depth questions about your medical history and request to review your medical records. If you have chronic or serious health issues such as high cholesterol, elevated blood pressure, diabetes, cardiovascular disease, or cancer you may not be offered coverage.

So what kinds of questions will the insurers ask? Here are the most common:

• 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? If so, for what?
• Any history of cancer, stroke, or heart issues?
• Any felonies, bankruptcies, or hazardous activities?

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What Is No Medical Exam Life Insurance

Back to the no medical exam thing. Its a way to purchase a policy that does not require you to go through a medical exam to get covered. But there are some conditions. In certain age groups, customers shopping policies of $2 million or less can sometimes skip the exam completely and still get the most competitive term life rate available. Typically were talking about healthy people. These policies are great if you want to get coverage as soon as possible.

But are you guaranteed a no medical exam policy if you fit the right criteria? Not necessarily. Even if you feel really healthy and youre under 65, youll still need to answer questions about your medical history and disclose any conditions you have on your application for a term life policy.

Based on your answers, the insurance company will decide if you still need lab work or medical records to be approved for a policy. Honest and complete answers are a must because if they find youve hidden something on your application and you end up dying, your death benefit will most likely be withheld from your beneficiaries. And . . . thats the whole reason you’re getting the insurance in the first place, right? Honesty is the best policy, and it will help you get the right policy for you and your family.

What Life Insurance Companies Will Give Me Insurance Without A Medical Exam

There are two basic types of life insurance that doesnt require a medical exam. If you have any medical conditions that you dont want your life insurer finding out about, you should consider:

• Guaranteed life insurance
• No-exam term life insurance

Both of these policy types will help you get coverage without having to go through medical underwriting. Of course, you may still have to answer some basic health questions, but it wont include a medical exam or any tests.

Below are the average monthly rates for a guaranteed whole life insurance policy. Because the insurance company takes on additional risk without full medical testing, it will cost more than a traditional life insurance policy.

Guaranteed Whole Life Insurance Average Monthly Rates

As you can see, the monthly rates can quickly get over $200 depending on your age and the death benefit.

Life insurance companies that do require a medical exam do so to reduce the risk they are taking on by insuring you.

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How Does Life Insurance Work

Life insurance is meant to protect dependents and loved ones from financial hardship upon the death of a primary breadwinner. Yet, life insurance is not exclusively available for adults and the elderly. Many companies also offer life insurance for children, which can cover any expenses in the case of death, help with future insurability and provide economic support through the cash value component of the policy. The life insurance experts at Money have also prepared a list of the best life insurance for seniors and best life insurance for young adults.

At its most basic, life insurance has two main components, a death benefit and a premium.

• The death benefit, also called the face value, refers to the lump sum of money the insurer agrees to pay out to named beneficiaries upon the policyholder’s death.

• Premiums are payments made by the policyholder to the insurer in exchange for the policy. Life insurance premiums are determined by the insureds projected life expectancy. High-risk individuals, or those who purchase larger death benefit amounts or a permanent life insurance policy, generally pay higher premiums.

Permanent and whole life insurance policies also include a cash value component that can serve two functions:

• As a savings account in which cash accumulates on a tax-deferred basis, and which the insured can usually access during their lifetime. Some policies may restrict withdrawals, depending on how the withdrawn money will be used.

Simplified Issue Life Insurance

Simplified issue life insurance is a type of life insurance where companies use a streamlined approach to underwriting. These policies typically involve only a few health questions and do not require medical exams. The cost of simplified issue policies tend to be higher than policies done with accelerated underwriting or medical exams, because the insurer has minimal information about you.

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What Type Of Medical Exam Is Required For Life Insurance

During a typical life insurance medical exam, a health professional will check your height and weight and may take blood and urine samples. Youll also probably be asked questions about your medical history, pre-existing conditions, and smoking or drinking habits. Exams are usually scheduled at no cost to you at a location of your choice. Learn more about taking a medical exam here.

If youre concerned that your health may affect your ability to get approved for a life insurance policy, ask your agent about one of the following no medical exam insurance options:

Does Life Insurance Without A Medical Exam Cost More

When you purchase life insurance without a medical exam, youre asking the insurer to turn a blind eye to any red flags that would show up in the underwriting or exam.

This is a considerable risk for the insurer and, because the underwriters will base your prices on risk, they will charge higher rates.

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Getting The Results Of Your Life Insurance Medical Exam

You may be able to access the results of your blood and urine tests, depending on the paramedical company that conducted the test. For example, ExamOnewhich is one of the top paramedical servicesprovides results within seven to 14 days after an exam. Applicants can register on the ExamOne website and be notified by email when their results are available.

To find out whether you can get your exam results, ask the representative you speak with when you schedule your exam. Or contact the paramedical companys customer service.

Which Life Insurance Companies Dont Require Medical History

A few life insurance policies may serve your situation, each varying in price depending on the risk the insurer takes. The policy types that dont look at your past medical history include:

• Guaranteed issue

You can bypass portions of the medical underwriting or have your medical history not considered with these policy types. However, because your insurer bases your rates on risk, you can expect to pay much more when the insurer doesnt fully underwrite you.

Life insurance companies that require medical history dont want to take on the risk of ignoring such an important part of underwriting. Medical questions may consider not only your own medical history, but also your familys history. Insurers may ask questions about your familys history of cancer, diabetes, asthma, alcohol-, tobacco- or drug use, among other health concerns.

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What A Life Insurance Medical Exam Entails

A life insurance medical exam doesnt require you to give up an entire day. It can take just 15 to 45 minutes, depending on what tests are included.

Youll generally be asked questions about your medical history during a phone interview before your exam, and the examiner will review them again in person.

Heres a sample of the type of information you should have on hand:

• Names and dosages of medications, for past and current conditions.
• Names, addresses and phone numbers of doctors visited in the past five years.
• List of medical conditions, dates of diagnoses, treatment, treatment outcome and treating physician contact information.
• Drivers license number and expiration date.

During the exam, your height, weight, pulse and blood pressure will be recorded. You likely will have to provide a urine sample and have blood drawn to test for health issues such as elevated cholesterol or blood sugar levels, and to screen for nicotine and drug use.

If youre over age 50 and applying for a high amount of life insurance, such as $1 million and up, you might be required to take an electrocardiogram which is painless. Electrodes will be placed on you to record the electrical activity in your heart. The guidelines for who needs an EKG will vary by insurer.You wont have to undress during the exam, but its good to wear loose clothing if your test involves an EKG.

If youre age 70 or older, you might have to take an additional test of your cognitive ability.