One of the worst parts of having to get life insurance is the medical exam. Let’s face it, you have a busy schedule, and making time for some random nurse to come to your home or work in order to poke you with a needle doesn’t really make the top of your priority list.
What if there was a way that you could get life insurance protection for your family and not have to deal with the random nurse, the mouth swabs, or even the needles?
Fortunately this option is available now, and it’s almost the same price as life insurance with a medical exam!
In this article we will examine what no medical exam life insurance is, what options are available, and how you can get it!
What is No Medical Exam Life Insurance?
No medical exam life insurance is essentially the same as other types life insurance when it comes to the policy itself. The only difference is in how you apply for the policy and how the life insurance underwriting process works.
Many insurance companies require a medical exam before you can get approved for life insurance coverage. This allows the company to see if you have any potential health issues that may be a higher risk. When you apply for a life insurance policy with a medical exam, the insurance company will send out a nurse to your home/office in order to conduct a physical. During this exam, the nurse will check your height, weight, and blood pressure. The nurse may also give you a mouth swab or a blood test. The whole process generally takes about 20-30 minutes.
That doesn’t sound so bad right? Well the process of getting a medical exam also increases the time it takes for the life insurance underwriting. This can extend the time it takes to provide your family with life insurance coverage by up to 3 months.
Now with a no medical exam life insurance policy, you don’t have to get a medical exam. This completely simplifies the process of underwriting and you can get coverage from application to approval in under 30 minutes!
If you are in a time crunch and need coverage now or if you simply don’t want to have to deal with the medical exam process, a no medical exam life insurance policy might be right for you!
How Much Does A No Exam Life Insurance Policy Cost?
In recent years, the gap between the cost of a fully underwritten life insurance policy and a no exam policy has been closing significantly. In fact, depending on your age and health, the difference in cost between getting a medical exam and not getting one can be less than $2 per month. Not bad, right? Check out the real life insurance rate differences below!
Here is an example of life insurance rates for $500,000 of coverage with a medical exam for a healthy 30 year old male
Here is an example of life insurance rates for $500,000 of coverage with NO MEDICAL EXAM for a healthy 30 year old male
This is an example of life insurance rates for $500,000 of coverage with a medical exam for a healthy 30 year old female
Here is an example of life insurance rates for $500,000 of coverage with NO MEDICAL EXAM for a healthy 30 year old female
As you can see, there is very little difference in cost between the policies that require a medical exam and those that don’t when applying for life insurance. So why wouldn’t everyone just opt for no medical exam?
Who Should Get A No Medical Exam Life Insurance Policy?
A no medical exam policy is great for certain situations and can get you coverage fast with no hassle. Here are some examples of people who should think about getting a no exam policy:
If You Simply Don’t Like Needles
No exam policies are great for people who are healthy and just don’t want to get poked with a needle or have the hassle of a medical exam.
If You Have a Medical Condition
People with certain medical conditions that are not well controlled may not be able to qualify for a traditional life insurance policy. In this instance, they may need a guaranteed issue life insurance policy that has no health questions and will accept cases with severe medical impairments.
If You Have A High Risk Job or Hobbies
If you have a high risk job or hobbies, a life insurance company may be unwilling to offer you options for a traditional life insurance policy. In this case, you may be able to get a guaranteed issue life policy instead.
If You Need Coverage Fast
No medical exam life insurance is far quicker than policies with an exam. Often time you can get coverage in as little as 15 minutes!
Why A No Medical Exam Life Insurance Policy Isn’t Right For Everyone?
The reality is, there can be a catch for life insurance with no medical exam. Yes, they don’t cost too much more and yes they can provide coverage 10x faster, however, they are not right for everyone. Here are some things to think about:
Has Lower Coverage Amounts
The reality is that many of these policies only allow you to have up to a certain amount of coverage and not need a medical exam. Often this amount is $500,000 or less. Depending on your unique situation, you may require more than $500,000 of coverage in order to protect your family and in this instance and no medical exam policy may not be right for you.
Has More Strict Underwriting
These types of policies can have much more strict underwriting unless you are looking for final expense or guaranteed issue. If you are taking certain medications or have certain health impairments, you may not qualify for a no medical exam life insurance policy.
Can Cost Way More If You Aren’t Healthy
In the examples above you saw rates for healthy 30 year old adults. However, these are rates for healthy individuals. If you are not as healthy, are potentially overweight or have certain health impairments, you may still qualify for a no medical exam policy but it may come at a much greater cost.
These policies can still be a fantastic option for many situations, however it may be best to speak with a professional who can help let you know what may be the best and most cost-effective option for you!
Term vs Whole Life Insurance with No Medical Exam
There are four main types of life insurance with no exam:
Guaranteed Issue Life Insurance
This type of whole life insurance policy has no health questions and anyone is eligible for coverage as long as they are within the age guidelines. However, often coverage amounts are much lower and the death benefit may not be paid out if you die within the first 2 years of having the policy.
Simplified Issue Term Life Insurance
This type of policy is just like traditional term life insurance but it has no physical exam and a much shorter underwriting timespan. Often these types of polices will check your MIB report, pharmacy report and motor vehicle report in order to make a decision to approve you for coverage. If you are approved, you can get covered in less than 15 minutes.
Final Expense Life Insurance
This is essentially a small whole life that provides seniors with a way to provide $5,000 to $25,000 in coverage for their families in order to cover any funeral arrangements or final expenses if they were to pass away.
Graded Death Benefit Life Insurance
This type of policy has similar characteristics to guaranteed issue life insurance however it may have some health questions and it may also come at a much lower cost.
For a term life insurance policy with no medical exam, you have to be in good health. We have helped hundreds of people obtain this type of policy with many of the carriers above, even with some well-controlled conditions like diabetes, asthma, or high blood pressure.
For small whole life policies with no exam, there is usually more leniency in the underwriting. This is because final expense policies have smaller coverage amounts. You can have some moderate health issues and still qualify for these no medical exam whole life insurance policies.
What Do Life Insurance Companies Check On A No Medical Exam Policy?
Rather than performing a quick physical, life insurance companies will qualify you for coverage based on 3 things:
- MIB (Medical Information Bureau)- This is a secure database where life and health insurance companies share information regarding an individuals health and longevity based on prior applications and underwriting for insurance.
- Motor Vehicle Report- Your MVR or motor vehicle report is a database that lists all of your past driving infractions or violations and any accidents that you have been in. This database is checked by insurance companies to make sure you don’t have any DUI’s, reckless driving tickets, excessive moving violations or license suspensions.
- Pharmacy Report- This database holds a list of every medication that you have been prescribed or filled. Checking this database allows insurance companies to see if you are taking any medications for certain health impairments that may be a higher risk.
How To Get No Medical Exam Life Insurance:
There are many ways to get no medical exam life insurance but the best way is to work with a professional. An independent life insurance agent can help you shop rates from multiple different companies and find the best option for your unique situation.
At Metcalf Financial, we have helped hundreds of people get life insurance with no medical exam and we can help you as well. We will take you by the hand and find out how much coverage you can qualify, what type of policy will work best for you and ultimately get you the best rate in the industry.
Let us help you protect your family by:
Filling out our instant quoting tool to see your life insurance rates immediately
Or giving us a call at (928) 514-6150