Most people who are seeking a no exam policy are looking to get coverage quickly and free of hassle. You may not want underwriters digging through your medical records and you may not want to deal with getting a medical exam.
Be aware, however, that you may be paying a little more for a no exam policy. If you’re applying for a no exam policy, we suggest holding off on seeing a doctor until you’ve been approved. If you’re healthy and haven’t been to the doctor recently, you don’t want to risk your life insurance because of a minor change, like high blood pressure. This could raise your premium.
Every insurance provider has its own set of standards when reviewing applications and calculating premiums. Be sure to shop around. The best no exam life insurance policy will depend on your personal risk factors.
Every insurance company has its own strengths and weaknesses. The only way to know which no exam life insurance policy is right for you is by obtaining quotes. Your ability to get a no exam life insurance policy also depends on your health risks and the state in which you live.
Why Would You Need A No Exam Policy?
If your healthy and simply busy, it may be worth your time and investment to get a life insurance policy in the traditional way. However, you may be in a position where you best bet is a no exam policy. Consider these situations to make your decision.
You Haven’t Visited A Doctor In 2 Years Or More
Has it been awhile since your last doctor visit? You may not be aware of underlying health problems that could impact your ability to obtain life insurance. If you visited a doctor today, he or she might require tests that could reveal any number of issues, from high cholesterol to unbalanced glucose levels in your blood.
If these tests are performed and you discover medical issues you weren’t aware of, you could find yourself being denied by life insurance providers. Diabetics may also decide to opt for a no exam life insurance policy to ensure that you and your loved ones are covered.
You Are Too Busy To See A Doctor
Typically, life insurance applications are time consuming. A life insurance application can feel like a menial task that is easy to put off. If you’re looking to skip the complete process and simply get your family covered, a no exam life insurance application may be your best bet to actually getting it done.
You Have A Medical Phobia
Medical trauma is not an uncommon occurrence and many people experience a medical phobia as a result. If you are willing to pay a higher price in order to avoid the doctor, then a no exam policy is a good fit for you.
You Only Need Life Insurance In Order To Fund An SBA Loan
You may not even need life insurance to protect your family. Even single, childless individuals will not be granted an SBA loan until their life insurance plan is set in stone. Skip the medical exam and get your life insurance policy quickly.
How To Qualify For Term & Whole Life Insurance Without A Medical Exam
No exam life insurance covers you with guaranteed life insurance, death benefit life insurance, simplified issue life insurance, and final expense life insurance. Everyone qualifies for guaranteed issue life insurance as it has no health questions. As long as you’re in the age bracket, you’re in. However, there is a waiting period before you receive your benefits.
Graded death benefits typically have health questions, but it’s often less expensive life insurance. Again, you must be within the provider’s outlined age range. Simplified issue life insurance is simply no-exam term life insurance. You can get coverage immediately if you qualify, but they will usually check your MIB report, motor vehicle report, and your pharmacy report. Final expense life insurance is a smaller version of whole life insurance. You can expect to be insured between $5k-$20k. You do need to answer health questions, but if you qualify, you get access to your benefits straight away.
Insurance providers will typically qualify applicants for a no-exam term life insurance policy if they’re in good health. This includes controlled diabetics, controlled high blood pressure and cholesterol, mild asthma, and perhaps other minor health problems.
For small whole life insurance policies, meaning final expense or burial policies, you can usually get coverage more easily.
No-Exam Life Insurance Policies Check The Following
- Motor Vehicle Report – Insurance companies check for DUIs, reckless endangerment charges, moving violations, and suspended licenses.
- MIB, or Medical Information Bureau – This is the database of statistics that insurance companies use to gauge your risk factors against those of other applicants.
- Pharmacy Report – Insurance companies will request a list of all your prescriptions.
Tips For No Medical Exam Life Insurance
Remember: you do pay more to skip the medical exam. If you’re in good health and you know it, it may be wise to simply take a medical exam and get lower rates. However, if you simply can’t wait 6 weeks for a traditional life insurance policy because you’re just trying to obtain an SBA loan, go for the no-exam policy. If you haven’t been to the doctor in more than 2 years, don’t bother risking increased premiums because of underlying medical issues you aren’t aware of.
Lastly, many people are simply afraid of doctors or needles, especially due to past medical trauma. We understand that you want to avoid reawakening that fear. If that’s the case, a no-exam policy may be worth the slight increase in cost for you.
Request a Life Insurance Quote
About Sam Goldsmith
With over fifteen years experience in Finance and Insurance, Sam Goldsmith brings a wealth of keen judgment, knowledge and understanding to his profession. As the Principal broker of Goldsmith Insurance Agency, based out of Denver, Colorado, he is responsible for the sales and management of the organization specializing in Life Insurance, Disability Insurance, Annuities, and Pension Planning. Licensed in over 45 states has helped Sam grow his business exponentially. Since starting our website in 2007 Sam has helped placed over 800 policies into force, well over six hundred thousand dollars in annual premium.