No Exam Life Insurance: How to Get Coverage Without a Medical Exam

Written by ChoiceLifeQuote

Is it possible to get life insurance without taking a medical exam? The short answer is... YES, with no exam life insurance.

Applying for life coverage can be a lengthy and somewhat complicated process that may include a completing medical exam, providing medical records, the review of medical, prescription, and driving reports, and other requirements.

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If you have a need for coverage quickly, or just don’t like needles, a no exam life insurance policy can be a great option. The following article, No Exam Life Insurance: How to Get Coverage Without a Medical Exam, provides an overview of no exam life insurance and highlights key considerations for this type of coverage.

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Introduction to No Exam Life Insurance

In considering an application for life insurance coverage, insurance companies evaluate your personal information, medical background,driving record, credit history, and other relevant information. This traditionally requires you to take a company specific medical exam. 

This exam consists of a series of medical and lifestyle questions, a blood pressure check, height and weight, blood and urine samples, etc. If you are in relatively good health completing this exam offers the opportunity to qualify for the best premium rates.

However, many companies also offer life insurance policies which require no medical exam. These policies use a simplified underwriting process which allows the company to evaluate your application without an intrusive medical exam.

No exam policies allow you to have coverage inforce quickly with no medical exam. These policies can range from simplified issue to guaranteed issue plans to meet a variety of coverage needs. If you need fast coverage, or simply don’t like taking physicals, no exam life insurance may be right for you.

According to PharmaJet, "Trypanophobia, or fear of needles, is a phobia affecting approximately 50 million Americans."

When to Consider No Exam Life

When should you consider no exam life insurance coverage?

The answer to this question varies by individual applicant, but basically if you need fast coverage without the hassle of a medical exam no exam life insurance may be a good fit.

In many instances, no exam life policies can be placed in force within a few days, if not the same day you apply. 

Considering no exam life insurance

However, you should be aware that you will pay for this convenience inthe form of slightly higher premiums. These types of policies are often used when an applicant’s need coverage quickly for business and/or legal purposes such as a Small Business Administration (SBA) loan, family court judgement(divorce and child custody), or other similar situations.

No exam life insurance policies are also recommended if you are in reasonably good health but have not seen a doctor in the past few years. During a life insurance exam, an applicant’s lab results may show values outside normal ranges, such as elevated blood pressure, cholesterol, or other abnormalities. In some instances, these relatively minor issues can increase premiums significantly. Choosing the right no exam policy will include consideration of your individual health and medical history, as well as company underwriting standards.

Different Types of No Exam Policies

The term “no exam life insurance” is often used related to several different types of policies.

These plans may include simplified issue, graded benefit, and/or guaranteed issue policies ranging from term life insurance to final expense (burial) policies. 

no exam life insurance policy

These policy types are listed in sequential order of increasing applicant risk, and premium rates. An experiencedindependent agent can help to identify the most advantageous policy type for your individual situation.

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    Simplified issue life insurance is coverage that can be obtained without taking a medical exam or physical. These policies typically offer term and/or permanent coverage of $250,000 or below, and may be placed in force very quickly (often the same day). Simplified issue policies require no medical exam; however, insurance companies do routinely check your medical information bureau, medication database, and motor vehicle reports as part of the underwriting process. Simplified issue plans may also include smaller level benefit permanent policies of $25,000 or below used for final expense (burial) coverage.
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    Graded death benefit life insurance is coverage that can be obtained without an exam, and with minimal underwriting questions. These policies typically offer permanent coverage of $25,000 or below used for final expense (burial) coverage. Graded benefit policies initially provide a graded or partial death benefit for a certain period, after which the full amount applies.
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    Guaranteed issue life insurance is coverage that can be obtained without an exam or underwriting questions. These policies also typically offer permanent coverage of $25,000 or below used for final expense (burial) coverage. Guaranteed issue policies provide guaranteed coverage after a waiting period determined by the insurance company.

Recommended No Exam Life Companies

There are literally hundreds of companies offering no exam life insurance policies in today’s market. In choosing the right company, and policy, it is important to consider insurance company ratings, product portfolio, underwriting standards, customer service, and other factors. The following recommended companies have been provided for review, but may not include all companies offered.

American National

anico no exam life insurance
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    "A" rated by A.A. Best (as of 01/2018)
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    Competitive pricing
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    No exam term $50K - $250K to age 65
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    Great for healthy non-smokers
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    If not approved offers second review
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Foresters

foresters no exam life insurance
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    "A" rated by A.M. Best (as of 01/2018)
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    Exceptional pricing
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    No exam term $50K - $400K to age 55
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    Living benefits (cancer, heart attack, stroke)
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    10 minute approval and notification
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Phoenix

phoenix no exam life insurance
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    "B" rated by A.M. Best (as of 01/2018)
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    Moderate pricing
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    No exam term $25K - $400K to age 50
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    Living benefits to 95%
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    Liberal underwriting standards
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Sagicor

sagicor no exam life insurance
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    "A-" rated by A.M. Best (01/2018)
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    Competitive pricing
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    No exam term $50K - $500K to age 65
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    Great for good to moderate health
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    1-hour approval and notification
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SBLI

sagicor no exam life insurance
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    "A" rated by A.M. Best (as of 01/2018)
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    Exceptional pricing
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    No exam term $100K - $500K to age 60
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    Best for health non-smokers
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    Annually renewable term available
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Applying for No Exam Life Coverage

When applying for a no exam life insurance policy you will complete an application that includes personal data, medical background, lifestyle information, family history, and other required information. This application may be completed over the phone or in person depending on the agent and/or insurance company. Often payment and/or bankinginformation may be required when submitting the application.

Once the insurance company receives your application it will be evaluated based on applicable underwriting standards.

Additional information that may be reviewed in evaluating your application to include Medical Information Bureau (MIB), Department of Motor Vehicle (DMV), and Pharmacy reports. Once a decision has been made you and/or your agent will be notified.

As previously stated, an underwriting decision is typically made on these types of policies within a few days of the application being submitted.

Need no exam life insurance?

Our team can assist you in choosing the right type of policy, appropriate amount of coverage, and best insurance company for your specific situation. Get the coverage you need, and save up to 73%. Give us a call at (800) 770-8229, or request an instant no obligation quote today!

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