How to Buy No-Medical-Exam Life Insurance

By Abdul Ghofur July 07, 2023 Post a Comment

Life insurance is a financial product that pays a lump sum to your beneficiaries if you die while your policy is in force. It can help your loved ones cope with the loss of your income, pay for your final expenses, and achieve their financial goals.

However, buying life insurance can be a hassle for some people. You may have to fill out a long application, take a medical exam, and wait for weeks or months for approval. You may also have to disclose personal and sensitive information about your health and lifestyle.

But what if you could get life insurance without a medical exam? What if you could skip the needles, urine samples, and doctor visits? What if you could get coverage faster and easier?

That’s where no-medical-exam life insurance comes in. No-medical-exam life insurance is a type of life insurance that does not require you to take a medical exam as part of the underwriting process. Instead, you only have to answer some health questions and provide some basic information about yourself.

No-medical-exam life insurance has many benefits, such as:

Convenience: You can apply for no-medical-exam life insurance online or over the phone in minutes. You don’t have to schedule or attend a medical exam or deal with any paperwork.
Speed: You can get approved for no-medical-exam life insurance within days or even hours. Some policies even offer instant approval and coverage.
Privacy: You don’t have to share your medical history or records with anyone. You can keep your health and lifestyle details confidential.
Accessibility: You can get no-medical-exam life insurance even if you have a preexisting condition or a high-risk occupation or hobby. You may also qualify for lower rates than you would with a traditional policy.

However, no-medical-exam life insurance also has some drawbacks, such as:

Higher premiums: You may have to pay more for no-medical-exam life insurance than for a policy that requires a medical exam. This is because the insurer has less information about your risk level and charges higher rates to compensate for the uncertainty.
Lower coverage: You may not be able to get as much coverage with no-medical-exam life insurance as with a policy that requires a medical exam. Most no-medical-exam policies have a maximum coverage amount of $500,000 to $3 million, depending on the type and company.
Limited options: You may not have as many options with no-medical-exam life insurance as with a policy that requires a medical exam. Most no-medical-exam policies are term policies that last for 10 to 30 years. You may not be able to find permanent policies or policies with riders or features that suit your needs.

So how do you get life insurance without a medical exam? How do you know what type and amount of coverage you need? How do you find the best rates and options for your situation?

In this article, we will answer these questions and more. We will discuss the types of no-medical-exam life insurance, the factors that affect no-medical-exam life insurance rates and availability, how to compare and choose no-medical-exam life insurance policies, and some frequently asked questions about no-medical-exam life insurance. By the end of this article, you will have a better understanding of how no-medical-exam life insurance works and how it can benefit you and your family.

Types of No-Medical-Exam Life Insurance

No-medical-exam life insurance is not a single product, but a category of products that share one common feature: they do not require you to take a medical exam as part of the underwriting process.

However, there are different types of no-medical-exam life insurance that vary in their features, requirements, pros, and cons. Here are some of the most common types:

Simplified Issue

Simplified issue is a type of no-medical-exam life insurance that only requires you to answer some health questions on your application. The insurer may also check your medical records, prescription history, driving record, and other sources to verify your information.

Simplified issue policies typically offer coverage amounts ranging from $25,000 to $500,000 and term lengths ranging from 10 to 30 years. They usually have higher premiums than policies that require a medical exam, but lower premiums than guaranteed issue policies.

Simplified issue policies are suitable for people who are in good or average health and want to get coverage quickly and easily. However, they are not guaranteed to be issued. You may be declined or rated up if you have a serious medical condition or a high-risk lifestyle.

Some examples of companies that offer simplified issue policies are:

Haven Life: Haven Life offers term life insurance with up to $3 million of coverage without a medical exam for eligible applicants aged 20 to 60. The application process is online and takes about 15 minutes. You can get an instant decision and coverage if you qualify.
Ladder: Ladder offers term life insurance with up to $3 million of coverage without a medical exam for eligible applicants aged 20 to 60. The application process is online and takes about 10 minutes. You can get an instant decision and coverage if you qualify.
Bestow: Bestow offers term life insurance with up to $1.5 million of coverage without a medical exam for eligible applicants aged 18 to 60. The application process is online and takes about 10 minutes. You can get an instant decision and coverage if you qualify.

Guaranteed Issue

Guaranteed issue is a type of no-medical-exam life insurance that does not require you to answer any health questions or provide any medical information on your application. The insurer does not check your medical records, prescription history, driving record, or any other sources. You are guaranteed to be approved and issued a policy regardless of your health or lifestyle.

Guaranteed issue policies typically offer low coverage amounts ranging from $5,000 to $50,000 and term lengths ranging from 10 to 30 years. They usually have higher premiums than policies that require a medical exam or simplified issue policies.

Guaranteed issue policies are suitable for people who are in poor health or have a high-risk lifestyle and cannot qualify for other types of life insurance. However, they often have a graded death benefit, meaning that the full death benefit is not paid out if you die within the first two or three years of the policy. Instead, your beneficiaries may receive a refund of your premiums plus interest or a percentage of the death benefit.

Some examples of companies that offer guaranteed issue policies are:

AIG: AIG offers guaranteed issue whole life insurance with up to $25,000 of coverage without a medical exam for applicants aged 50 to 85. The application process is online or over the phone and takes about 10 minutes. You can get an instant decision and coverage if you qualify.
Gerber Life: Gerber Life offers guaranteed issue whole life insurance with up to $25,000 of coverage without a medical exam for applicants aged 50 to 80. The application process is online or over the phone and takes about 10 minutes. You can get an instant decision and coverage if you qualify.
Colonial Penn: Colonial Penn offers guaranteed issue whole life insurance with up to $50,000 of coverage without a medical exam for applicants aged 50 to 85. The application process is online or over the phone and takes about 10 minutes. You can get an instant decision and coverage if you qualify.

Accelerated Underwriting

Accelerated underwriting is a type of no-medical-exam life insurance that uses advanced technology and data analytics to evaluate your risk level and determine your eligibility and rates. The insurer may ask you some health questions on your application, but they do not require you to take a medical exam or provide any medical records.

Accelerated underwriting policies typically offer high coverage amounts ranging from $100,000 to $3 million and term lengths ranging from 10 to 40 years. They usually have lower premiums than policies that require a medical exam or simplified issue policies.

Accelerated underwriting policies are suitable for people who are in excellent health and want to get high-quality coverage at competitive rates. However, they are not guaranteed to be issued without a medical exam. You may be asked to take a medical exam if the insurer needs more information about your health or lifestyle.

Some examples of companies that offer accelerated underwriting policies are:

Pacific Life: Pacific Life offers term life insurance with up to $3 million of coverage without a medical exam for eligible applicants aged 18 to 60. The application process is online or over the phone and takes about 15 minutes. You can get an approval decision within one day if you qualify.
Banner Life: Banner Life offers term life insurance with up to $2 million of coverage without a medical exam for eligible applicants aged 20 to 50. The application process is online or over the phone and takes about 15 minutes. You can get an approval decision within one day if you qualify.
Prudential: Prudential offers term life insurance with up to $3 million of coverage without a medical exam for eligible applicants aged 18 to 60. The application process is online or over the phone and takes about 15 minutes. You can get an approval decision within one day if you qualify.

These are some of the types of no-medical-exam life insurance that you can choose from. Each type has its own advantages and disadvantages, so you should compare them carefully and pick the one that best suits your needs and preferences.

Factors That Affect No-Medical-Exam Life Insurance Rates and Availability

No-medical-exam life insurance rates and availability are determined by various factors that reflect your risk level as an applicant. The higher your risk level, the higher your premiums will be. The lower your risk level, the lower your premiums will be.

Some of the factors that affect no-medical-exam life insurance rates and availability are:

Age: Age is one of the most important factors that influence no-medical-exam life insurance rates and availability. The older you are, the more likely you are to die during the term of your policy. Therefore, no-medical-exam life insurance companies charge higher premiums for older applicants than younger ones. They may also limit the coverage amount and term length for older applicants or decline them altogether.
Health: Health is another crucial factor that affects no-medical-exam life insurance rates and availability. The healthier you are, the less likely you are to die prematurely or develop a chronic or terminal illness. Therefore, no-medical-exam life insurance companies charge lower premiums for healthier applicants than those with medical conditions or poor health habits. They may also offer higher coverage amounts and longer term lengths for healthier applicants or decline them altogether.
Lifestyle: Lifestyle is another factor that impacts no-medical-exam life insurance rates and availability. The safer and more responsible your lifestyle is, the less likely you are to die from accidents or injuries. Therefore, no-medical-exam life insurance companies charge lower premiums for applicants who have low-risk occupations, hobbies, and behaviors than those who have high-risk ones. They may also offer higher coverage amounts and longer term lengths for low-risk applicants or decline them altogether.
Gender: Gender is another factor that affects no-medical-exam life insurance rates and availability. On average, women live longer than men and have lower mortality rates. Therefore, no-medical-exam life insurance companies charge lower premiums for female applicants than male ones. They may also offer higher coverage amounts and longer term lengths for female applicants or decline them altogether.

These factors affect your eligibility and affordability for no-medical-exam life insurance. As you go through different stages of your life cycle, your risk level may increase or decrease depending on various events and circumstances. For example:

Getting married: Getting married may increase your need for no-medical-exam life insurance because you now have a spouse who depends on your income and support. It may also decrease your risk level because married people tend to live longer and healthier than single ones.
Having children: Having children may increase your need for no-medical-exam life insurance because you now have dependents who rely on your income and care. It may also increase your risk level because having children can be stressful and expensive.
Buying a home: Buying a home may increase your need for no-medical-exam life insurance because you now have a mortgage and other financial obligations. It may also decrease your risk level because homeowners tend to have more stable and secure lifestyles than renters.
Retiring: Retiring may decrease your need for no-medical-exam life insurance because you no longer have an income to replace or dependents to support. It may also increase your risk level because you are older and more prone to health problems.

These are just some examples of how different life stages can impact your no-medical-exam life insurance rates and availability. There are many other factors and scenarios that can affect your no-medical-exam life insurance situation. That’s why it’s important to review your no-medical-exam life insurance needs and options regularly and adjust them accordingly.

How to Compare and Choose No-Medical-Exam Life Insurance Policies

No-medical-exam life insurance policies are not all created equal. They vary in their features, requirements, pros, and cons. Therefore, you should compare and choose no-medical-exam life insurance policies based on your needs and preferences.

Here are some of the factors that you should consider when comparing and choosing no-medical-exam life insurance policies:

Coverage amount: The coverage amount is the amount of money that your beneficiaries will receive if you die while your policy is in force. You should choose a coverage amount that meets your income replacement and financial planning needs. A common rule of thumb is to buy no-medical-exam life insurance that’s equal to 10 to 15 times your annual income. However, this may vary depending on your situation and needs. You can use an online calculator or consult a financial advisor to determine how much coverage you need.
Term length: The term length is the period of time that your policy provides coverage. You should choose a term length that matches your longest financial obligation or goal. For example, if you have a 30-year mortgage, choose a 30-year term policy. This way, you can ensure that your mortgage will be paid off if you die before it’s paid off.
Policy type: The policy type is the type of no-medical-exam life insurance that you choose, such as simplified issue, guaranteed issue, accelerated underwriting, etc. You should choose a policy type that suits your health and lifestyle situation and offers the best features and benefits for your needs and preferences. For example, if you are in excellent health and want to get high-quality coverage at competitive rates, choose an accelerated underwriting policy. If you are in poor health or have a high-risk lifestyle and cannot qualify for other types of no-medical-exam life insurance, choose a guaranteed issue policy.
Riders: Riders are optional features that you can add to your policy for an extra fee. They can enhance or adjust your coverage according to your needs and preferences. Some of the common riders that no-medical-exam life insurance policies may offer are:
- Child rider: This rider provides coverage for your children until they reach a certain age (usually 18 or 25). If one of your children dies while the rider is in effect, you receive a small death benefit (usually $5,000 to $25,000) that can help you pay for their funeral and other expenses.
- Spouse rider: This rider provides coverage for your spouse or partner until they reach a certain age (usually 65 or 70). If your spouse or partner dies while the rider is in effect, you receive a death benefit (usually equal to your policy’s face value) that can help you cope with the loss of their income and support.
- Waiver of premium rider: This rider waives your premium payments if you become disabled and unable to work for a certain period of time (usually six months or more). This way, you can keep your policy active and avoid losing your coverage.
- Accelerated death benefit rider: This rider allows you to access part or all of your death benefit if you are diagnosed with a terminal illness or have a limited life expectancy. It can help you pay for medical bills, hospice care, or other expenses.
Company reputation: The company reputation is the reputation and reliability of the no-medical-exam life insurance company that you choose. You should choose a company that has a strong financial strength rating, a low complaint ratio, a high customer satisfaction rating, and a good track record of paying claims. You can check these factors by looking at the company’s website, online reviews, ratings from independent agencies, such as AM Best, BBB, J.D. Power, etc., and complaints from state regulators.
Customer service: The customer service is the quality and availability of the no-medical-exam life insurance company’s customer service. You should choose a company that has a friendly and helpful customer service team that can answer your questions and resolve your issues quickly and efficiently. You should also choose a company that has multiple ways of contacting them, such as phone, email, chat, etc., and convenient hours of operation.

These are some of the factors that you should consider when comparing and choosing no-medical-exam life insurance policies. You can use some resources and tools that can help you compare and choose policies, such as:

Online platforms: Online platforms are websites or apps that allow you to compare quotes and buy no-medical-exam life insurance policies from multiple insurers in one place. They can save you time and money by showing you the best options for your needs and budget. Some examples of online platforms are Policygenius, Ladder, Haven Life, etc.
Independent agents: Independent agents are licensed professionals who work with multiple insurers and can help you find the best no-medical-exam life insurance policy for your situation. They can offer you personalized advice and guidance based on your needs and preferences. They can also help you with the application process and any issues that may arise after you buy your policy.
Calculators: Calculators are online tools that help you determine how much coverage you need and how much it will cost. They can help you plan your budget and avoid buying too much or too little coverage. You can find calculators on many online platforms or insurers’ websites.

Frequently Asked Questions About No-Medical-Exam Life Insurance

No-medical-exam life insurance is a complex and confusing topic for many people who want to buy it or have it. There are many questions that people have about no-medical-exam life insurance, such as:

Who should buy no-medical-exam life insurance?

No-medical-exam life insurance is suitable for anyone who wants to get life insurance without taking a medical exam. However, it may be more beneficial for some people than others, such as:

People who are in good or average health and want to get coverage quickly and easily
People who have a preexisting condition or a high-risk lifestyle and cannot qualify for other types of life insurance
People who have a fear of needles, doctors, or medical exams
People who value their privacy and do not want to share their medical information with anyone

How much does no-medical-exam life insurance cost?

No-medical-exam life insurance costs vary depending on the type, coverage amount, term length, policy features, and your personal factors, such as age, health, lifestyle, gender, etc.

Generally speaking, no-medical-exam life insurance costs more than life insurance that requires a medical exam. This is because the insurer has less information about your risk level and charges higher rates to compensate for the uncertainty.

However, no-medical-exam life insurance costs less than guaranteed issue life insurance. This is because the insurer has some information about your risk level and charges lower rates to reflect the lower risk.

The best way to find out how much no-medical-exam life insurance costs is to compare quotes from different insurers. You can use an online platform or work with an independent agent to compare quotes from multiple insurers and find the best deal for your needs and budget.

How long does it take to get no-medical-exam life insurance?

No-medical-exam life insurance takes less time to get than life insurance that requires a medical exam. This is because the underwriting process is faster and easier without a medical exam.

The exact time it takes to get no-medical-exam life insurance depends on the type, company, and your personal factors. However, here are some general estimates:

Simplified issue: It can take from a few hours to a few days to get simplified issue life insurance. The application process is online or over the phone and takes about 15 minutes. The approval decision is usually made within hours or days after the insurer checks your information.
Guaranteed issue: It can take from a few minutes to a few hours to get guaranteed issue life insurance. The application process is online or over the phone and takes about 10 minutes. The approval decision is usually made instantly or within hours after you submit your application.
Accelerated underwriting: It can take from a few hours to a few days to get accelerated underwriting life insurance. The application process is online or over the phone and takes about 15 minutes. The approval decision is usually made within hours or days after the insurer analyzes your data.

What are the disadvantages of no-medical-exam life insurance?

No-medical-exam life insurance has some disadvantages that you should be aware of before you buy it. Some of these disadvantages are:

Higher premiums: You may have to pay more for no-medical-exam life insurance than for a policy that requires a medical exam. This is because the insurer has less information about your risk level and charges higher rates to compensate for the uncertainty.
Lower coverage: You may not be able to get as much coverage with no-medical-exam life insurance as with a policy that requires a medical exam. Most no-medical-exam policies have a maximum coverage amount of $500,000 to $3 million, depending on the type and company.
Limited options: You may not have as many options with no-medical-exam life insurance as with a policy that requires a medical exam. Most no-medical-exam policies are term policies that last for 10 to 30 years. You may not be able to find permanent policies or policies with riders or features that suit your needs.
Graded death benefit: Some no-medical-exam policies, especially guaranteed issue policies, have a graded death benefit, meaning that the full death benefit is not paid out if you die within the first two or three years of the policy. Instead, your beneficiaries may receive a refund of your premiums plus interest or a percentage of the death benefit.

How reliable is no-medical-exam life insurance?

No-medical-exam life insurance is reliable as long as you buy it from a reputable and trustworthy company. You should choose a company that has a strong financial strength rating, a low complaint ratio, a high customer satisfaction rating, and a good track record of paying claims.

You should also be honest and accurate when you apply for no-medical-exam life insurance. You should answer all the questions truthfully and provide all the information requested by the insurer. If you lie or omit any information on your application, you may risk having your policy canceled or your claim denied.

Conclusion

No-medical-exam life insurance is a type of life insurance that does not require you to take a medical exam as part of the underwriting process. It has many benefits, such as convenience, speed, privacy, and accessibility.

However, no-medical-exam life insurance also has some drawbacks, such as higher premiums, lower coverage, limited options, and graded death benefit. Therefore, you should compare and choose no-medical-exam life insurance policies based on your needs and preferences.

If you are ready to buy no-medical-exam life insurance or want to learn more about it, you can use our online platform or contact our independent agents. We can help you find the best policy for your situation and answer any questions you may have.

Thank you for reading this article and we hope you found it informative and helpful. Remember, no-medical-exam life insurance is not a myth, but a reality. Don’t wait until it’s too late. Buy no-medical-exam life insurance today and protect your family’s future.

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