Learn more about no medical exam life insurance.
No Medical Exam Life Insurance
Whether you have health concerns, have been denied coverage in the past or are just hoping to avoid the exam, there are a number of life insurance policies that do not require a medical exam as part of the application process.
Typically, to obtain traditional life insurance, you not only have to complete an application, but are required to complete a 30-minute physical to better determine your health and risk. Although the actual physical is quick and easy, the process following—exam results shared with the insurance company, an underwriter reviewing and sending you an updated policy—can take anywhere from 4-8 weeks after you first speak with an agent. This wait time could be enough for you to find an alternative to traditional insurance, but it’s important to keep in mind that the insurance companies might rely on other information in its absence, such as a:
- Pharmacy Report
- Medical Insurance Bureau Report
- Credit or Financial History
- Motor Vehicle Department Report
Three Types of No Medical Exam Life Insurance
1. Accelerated Underwriting
Accelerated underwriting is a fast track to traditional life insurance, with the biggest difference being the amount of coverage available. Without the opportunity to determine your risk through an exam, you’ll likely find lower coverage amount options with accelerated underwriting. If the insurance company notices any irregularities in your application, they could end up asking you to take a medical exam.
2. Simplified Issue Whole Life Insurance
Simplified issue life insurance replaces the medical exam with a questionnaire that asks for more information about your medical history, health and lifestyle.
3. Guaranteed Issue Whole Life Insurance
Guaranteed issue life insurance does not require a medical exam or a questionnaire and, as the name implies, is guaranteed. This type of coverage relies solely on a basic application and you can’t be turned down for coverage if you’re between the age of 45-85.
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*$5/week example policy is for female age 45, $7k policy which is $240,96 annually or $21.45 for a monthly premium. This policy is a United of Omaha: living Promise WL and is a non-participating whole life insurance to age 100, policy form ICC12L080P, underwritten by Omaha Life Insurance Company, Omaha, NE 68175. The premium is guaranteed to age 100. Minimum issue amount is $2000, maximum issue amount is $40,000 for the level benefit policy and $20,000 for the graded benefit policy. Premiums include a $36 annual policy fee. For the graded benefit policy, if the insured dies due to natural causes in the first or second policy year, the death benefit will be 110% of the premiums paid. In the third policy year or later, the full death benefit will be paid for death due to all causes Forms and plan provisions may vary by state. Plan not available in all states. Suicide and other limits may apply. Rates effective as of 1/2020. SelectQuote Insurance Services, SelectQuote Insurance Agency. ©2020 SelectQuote Insurance Services. All rights reserved.
AIG Companies policies issued by American General Life Insurance Company (AGL). Issuing company AGL is responsible for financial obligations of insurance products and is a member of American International Group, Inc. (AIG).