I am sure you have heard several horror stories about how long it takes to get approved for life insurance or how inconvenient an insurance exam can be.
But here’s the thing:
In the last few years, there have been a ton of new life insurance companies with new technology that have made buying life insurance fast, simple, and more affordable.
In this post today, I will go over what no medical exam life insurance is, how it works, and why it’s one of the best options for buying insurance today, either online or offline.
What Is No Medical Exam Life Insurance?
No medical exam life insurance is a life insurance policy that doesn’t require you to take a medical exam to get approved for a policy. This type of insurance has quickly become the best way to get life insurance, especially with the current pandemic.
The way it works is simple when you apply for life insurance, instead of requiring you to take a physical; the insurance company pulls the below reports:
These reports used to be pulled once the application was submitted, but newer companies pull them in real-time as you complete your life insurance application online.
This process is called real-time underwriting, and it is relatively new to the life insurance space.
What’s the Goal Of Real-Time Underwriting?
The purpose of real-time underwriting is to give you an actual answer at the end of your life insurance application.
While you are answering the application questions, the underwriting tool will ask additional questions to get the best scope of who you are and your health.
At the end of the process, you are going to get 1 of 3 outcomes, which we list below:
THE SIMPLY INSURANCE WAY
Life Insurance made easy.
Agents not required.
Get quotes and sign up online without talking to an agent. But, we are here if you need us.
Unbiased, expert advice.
Get unbiased insurance education from licensed experts and also avoid dodgy sales calls.
Coverage in minutes.
You can get life insurance coverage within minutes of getting your quotes and applying.
What Is Life Insurance With No Medical Questions or Exam?
Also known as guaranteed Issue whole life insurance, life insurance with no medical questions or exam lets you avoid both the medical exam and question parts of your life insurance application.
This policy is best for people between the ages of 45 - 85 who can’t get approved for a traditional life policy due to health reasons.
These policies will usually have a waiting period before 100% of the benefits payout and are way more expensive than a traditional life plan.
The best way to avoid needing this type of policy is to buy insurance when you’re young.
Can You Get Whole Life Insurance With No Medical Exam Or Health Questions?
Yes, you can get whole life insurance with no exams or questions. However, this type of product should be your last resort.
It is often called guaranteed acceptance whole life insurance and usually has a waiting period before coverage starts.
If you're healthy and can get coverage through a traditional life insurance policy, you should avoid this type of product.
Is There No Medical Exam Life Insurance For Seniors?
Yes, a few life insurance companies go up to age 65 for no exam term life insurance, and some companies offer no exam whole life insurance up to age 85.
However, if you are between the ages of 50 to 65, you should try your best to go with the term life option first before trying the whole life option.
What Types Of Life Insurance Don’t Require An Exam?
While most sites only claim there are two, there are a few types of life insurance that don’t require an exam, so we break them down below:
No Exam (Traditional)
A traditional “No Exam” policy only removed the requirement for you to complete a medical exam. You still had to go through the rest of the process of:
While much faster than a traditionally underwritten plan, this entire process still puts you in a position of waiting about 2 weeks for a decision.
Simplified Issue Life Insurance
A Simplified Issue life insurance policy can be thought of as an upgrade to a no physical policy.
The benefits of this type of policy are that you:
The simplified issue process allows you to get approved in as little as a few hours and as long as a few days.
If your policy is inside of underwriting for more than a week, then you probably need to give additional information.
Instant-Approval Term Life Insurance
If you thought the Simplified issue process was fast, then Instant Approval term life insurance will blow your mind.
The best thing about this policy is that:
In my opinion, there is no better way to buy life insurance, and below, we review a few companies that offer this option.
Group Life Insurance
While it’s perfectly fine to go for life insurance with your employer, I still recommend having a policy outside of work.
Most companies only offer you 1 times your annual income in life insurance coverage, which is nowhere nearly enough for a family to survive on if you pass away.
Also, if you lose the job, you can’t keep your policy most of the time.
The benefit of a group policy is that you don’t have to worry about exams or anything because everyone is rated together “as-a-whole.” Usually, your employer will cover the cost.
Guaranteed Issue Life Insurance (Last Resort)
A guaranteed issue policy should be your last resort. This policy is best for people between the ages of 45 - 85 who can’t get approved for a traditional life policy due to health reasons.
These policies will usually have a waiting period before 100% of the benefits payout and are way more expensive than a traditional life plan.
The best way to avoid needing this type of policy is to buy insurance when you’re young.
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How Much Life Insurance Can You Get Without An Exam?
Most life insurance companies limit how much coverage they will allow you to purchase without an exam. In general, the limits are either $500,000 or $1,000,000 in coverage.
If you find yourself needing more coverage than that, you might have to go the more traditional (medical exam) route for life insurance coverage.
I usually recommend between 10 and 20 times your annual income, so if you make $50,000 a year, you will need between $500,000 and $1,000,000 in coverage.
How Much Does No Exam Life Insurance Cost?
Since you aren’t being required to take a medical exam and in some cases, your medical records won’t even be needed, the cost of a no-exam policy is usually higher than a traditional term policy requiring an exam.
With this being said, the policies don’t cost that much more than policies that require an exam; just check out the sample rates below, they are pretty affordable:
No Medical Exam Life Insurance Quotes For Women | ||
|---|---|---|
Amount | 10 Year Term | 20 Year Term |
$100,000 | $9.00 | $10.00 |
$250,000 | $13.00 | $15.00 |
$300,000 | $15.00 | $17.00 |
$400,000 | $18.00 | $21.00 |
$500,000 | $22.00 | $26.00 |
*Rates are based on a 33 year old female in preferred health non-tobacco
No-Medical Life Insurance Quotes For Men | ||
|---|---|---|
Amount | 10 Year Term | 20 Year Term |
$100,000 | $10.00 | $12.00 |
$250,000 | $14.00 | $17.00 |
$300,000 | $16.00 | $19.00 |
$400,000 | $20.00 | $25.00 |
$500,000 | $25.00 | $30.00 |
*Rates are based on a 33 year old male in preferred health non-tobacco
THE SIMPLY INSURANCE WAY
Life Insurance made easy.
Agents not required.
Get quotes and sign up online without talking to an agent. But, we are here if you need us.
Unbiased, expert advice.
Get unbiased insurance education from licensed experts and also avoid dodgy sales calls.
Coverage in minutes.
You can get life insurance coverage within minutes of getting your quotes and applying.
Who Should Get No Medical Exam Life Insurance?
I won’t confess to you that everyone should get a no exam policy or that everyone can even qualify for one.
However, there are a few people that should absolutely look into a no exam policy first:
Best Companies For Term Life Insurance With No Medical Exam
Check out our top 3 life insurance companies for no exam below. All companies offer a 100% online process; their rates and approval speed will vary.
 |  |  |
|---|---|---|
Available For Ages: 21 to 55 Years Old | Available For Ages: 18 to 65 Years Old | Available For Ages: 21 to 60 Years Old |
Coverage Amounts: $50,000 to $1,000,000 | Coverage Amounts: $50,000 to $3,000,000 | Coverage Amounts: $100,000 to $1,000,000 |
20 Year $250,000 Quote: | 20 Year $250,000 Quote: $18.90/month | 20 Year $250,000 Quote: $20.39/month |
Need more info? Check out our Bestow review | Need more info? Check out our Haven review | Need more info? Check out our Fabric review |
*Rates are based on a 35 year old male non-tobacco user in excellent health
While all three companies are a great choice, if you need less than $1 Million then you should check out Bestow first.
Not only do they seem to have lower premiums, but you also can get approved much faster than with the other companies.
Taking Action
There is no need to wait around to get a no medical exam life insurance policy.
Now that the process for buying life insurance is much simpler, more people (including you) should be getting covered.
If you understand your coverage needs, all that’s left to do is read a few product and customer reviews and apply online.
Frequently Asked Questions
Can you get life insurance without a medical exam?
Yes, you can get term life insurance without taking a medical exam and it’s usually as simple as answering a few medical questions online and submitting your application. Some companies can issue instant results; however, your premiums can be higher based on how you answer the health questions.
How does no medical exam life insurance work?
The way no exam life insurance works is that it allows you to apply for life insurance without having to complete a medical exam. Some no medical exam companies even have the ability to approve you without medical records as well.
How much term life insurance can I get without a medical exam?
Without taking an exam you usually can get between $250,000 to $500,000 in term life insurance. However, with companies like Bestow or Haven Life you can get up to $1Million or $3Million in coverage without an exam.
What does a life insurance medical exam consist of?
A life insurance medical exam consists of a detailed questionnaire and a full physical exam which includes checking your height & weight, blood pressure, taking a urine sample and also drawing blood. Depending on your age you might also have to take a resting EKG test to check your heart.
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