No Medical Exam Life Insurance: Cheap Term & Whole Life Insurance Without a Physical

No medical exam life insurance, also known as simplified issue, provides coverage without the need for physicals, blood tests, or urine testing. If you need coverage quickly or have pre-existing issues that would make passing a medical test difficult, simplified issue term life insurance can be a practical and cost-effective option.

No medical exam life insurance policies

There are no medical exam life insurance policies available for both term and whole life insurance, but the death benefits for whole life coverage are often limited to $50,000 or less — ten times less than the normal term life benefit maximum. If an insurer offers no medical exam coverage with a greater death benefit, it usually indicates that the medical exam is based on your answers to health-related questions.

When you apply for no medical exam insurance, you will be asked numerous questions about your health and medical history, and your answers will be used to evaluate whether you are eligible for coverage. The list of questions varies every insurer, so you may be refused by one company only to receive coverage with another.

Honesty is essential regardless of the questions posed. If insurers discover that you misled or misrepresented something, they have the right to cancel your insurance without return during the first two years of coverage. Keep in mind that even if you do not get a health checkup, insurers can confirm the information you supply in a variety of ways. Insurance companies routinely compare your responses to:

• Prescription registries
• The Department of Motor Vehicles
• The Medical Information Bureau
• Physician statements

No medical exam term life insurance

If you do not qualify for fully underwritten life insurance but require more than $50,000 in coverage, a no medical exam term life policy is your best alternative. Term policies are also among the most affordable types of no medical exam insurance. No medical exam policies normally have term lengths of up to 30 years and can be purchased until you reach the age of 75, while some insurers limit term lengths based on your age.

When looking for simplified issue term life insurance, look for policies that are described as "level term" or have "guaranteed level rates" during the term duration. These phrases indicate that the term life insurance quotations you obtain are for the whole cost of the policy.

Some insurers provide no medical exam term insurance, with quotations depending on your age group (typically a 5-year period, such as ages 50-54). The term period for these plans is effectively one year, and premiums increase each time you join a new age group, making them extremely expensive over the period of 15 or 20 years.

Assume you're a 45-year-old male who wants $150,000 in coverage for 20 years. New York Life provides coverage based on your age, thus you would be quoted:

Despite the fact that your original no medical exam term life insurance quote was for $119, the average monthly cost during the period is $182. Over the course of 20 years, this equates to a $15,120 premium increase over a $119-per-month basic term coverage. Level term insurance is typically more reasonable because rates can fluctuate based on criteria other than age, and the insurer can price your risk profile more accurately.

Accidental death insurance is another product to look for while shopping for no medical exam term life insurance. Accidental death insurance is a valid product similar to term life insurance in that it only pays a death benefit if you die in an accident. Because accidents account for only about 5% of all deaths, premiums are low, and coverage is frequently available without a medical evaluation. Natural causes of death, such as strokes and heart attacks, are not covered by accidental death coverage.

No medical exam whole life insurance

Because coverage is perpetual and death benefits are normally limited to a maximum of $25,000 or $50,000, no medical exam whole life insurance is commonly utilized as a type of final cost insurance. This means that your beneficiaries could receive a significant enough payout to cover your funeral, other end-of-life expenses, and possibly a small loan. However, it is not a high enough death benefit to cover a mortgage or offer long-term income replacement.

If you need final expense insurance but do not qualify for regular coverage, simplified issue whole life insurance is less expensive than a guaranteed acceptance policy.

Should I buy no medical exam life insurance?

No medical exam life insurance is often more expensive than fully underwritten coverage and offers fewer options, such as the opportunity to enhance your death benefit or convert a term policy to permanent coverage. Furthermore, the medical exam is free, often lasts less than 30 minutes, and may be performed at your home or workplace. This is why, if you can qualify for regular coverage, we do not propose no medical exam life insurance.

Consider a no medical exam policy if:

• You have a history of pre-existing medical issues that were diagnosed during the last two years.
• You have a serious pre-existing medical condition, such as diabetes.
• Your parents both died before the age of 60.
• You have a history of DUIs or other severe concerns on your driving record during the last two years.
• You have a history of drug or alcohol misuse within the last five years.
• Your job is particularly high-risk, such as being a firefighter
• You engage in high-risk activities such as base jumping or outdoor rock climbing.

If any of these scenarios apply to you, we recommend that you first look for an insurer that provides fully underwritten coverage for your specific circumstances, as insurance companies all have various constraints. Independent insurance agents represent a variety of firms and are knowledgeable with each insurer's underwriting standards, so an agent may be able to assist you in locating an insurer that accepts your health profile.

There will be no medical examination. Life insurance is also useful if you require immediate life insurance to acquire a personal or corporate loan, which is a regular need from institutional lenders. No medical exam policies frequently provide same-day coverage or may take up to five business days to approve, whereas typical policies might take several weeks. In these situations, we recommend obtaining no medical exam coverage before applying for a fully underwritten term insurance. This way, you can meet the bank's or another lender's immediate needs while minimizing your long-term costs.

No medical exam vs guaranteed acceptance life insurance

Guaranteed acceptance life insurance is comparable to no medical exam coverage in that you do not need to take a physical examination or blood and urine tests to apply. The primary distinction is that there are no health considerations for guaranteed issue life insurance, therefore anyone within a certain age range will be accepted. As a result, guaranteed issue policies are even more expensive than no exam insurance, but they're still a viable option if you don't qualify for no medical exam coverage.

Each insurer has its own set of requirements and questions for no-exam life insurance applicants. However, you should probably think about implementing a guaranteed acceptance policy if:

• You're undergoing dialysis.
• You are confined to a wheelchair or reside in a nursing home.
• You've had a medical problem, such as diabetes, in the last two years.
• You are infected with HIV or have kidney problems.

Guaranteed issue policies are only available for whole life insurance and are often limited to less than $25,000 in coverage. As a result, it's often marketed as final expense insurance, with a death benefit substantial enough to cover a funeral and other costs related to your death. Without supplying certain personal information, there are no options for term life insurance.

Because guaranteed acceptance policies provide life insurance coverage without asking about your health or medical history, they typically have a two to three year waiting period. If you die during this time period, the insurer will not pay your beneficiary the entire death benefit. Instead, they pay your beneficiary the amount of premiums you've paid plus interest (usually 6-10 percent ).

There will be no medical examination. Life insurance policies typically do not have a waiting period, but if you die during the first two years of coverage, the company will investigate the circumstances of your death. If they discover evidence that you committed suicide or supplied false medical and personal information during the application procedure, they have the authority to decline the claim, and your beneficiaries will not be compensated.