Life Insurance Without a Medical Exam
What is Life Insurance with no medical exam? Simply put, no medical exam life insurance is exactly what it sounds like. It is a life insurance policy that doesn’t require you to undergo a medical examination in order to qualify. While life insurance with no medical exam sounds great, it will not work for everyone. Keep reading for details that will help you decide and compare rates for no medical exam life insurance.
While nobody likes to think about their own mortality, life insurance is a must for anyone with heirs or dependents. In the unfortunate event of an untimely death, you life insurance will help replace your income, pay medical debts, create an inheritance, and more.
Achieving the peace of mind that life insurance provides isn’t always easy. Luckily, no medical exam life insurance makes the process a whole lot simpler.
What is No Medical Exam Life Insurance?
It is a term life insurance plan that is underwritten solely by your answers to medical and prescription questions and then the company reviews your information with the MIB (medical insurance bureau)
Any insurance policy (for anything) is about financial protection from unexpected risks, insurers must weigh the risk that the insured person poses. This is why,for example, car insurance costs more for people who have been in a lot of accidents—they are more of a financial risk for the insurer.
Along the same lines, traditional life insurance policies require the insured to undergo a medical exam prior to enrollment. This physical examination often includes blood samples, EKGs, and other burdensome procedures—all aimed at discovering if you have any significant health risks that might increase your premiums or even deny you coverage.
If you want to avoid all the hassle, then you should consider applying for one of the many no medical exam life insurance policies available.
Advantages of No Medical Exam Life Insurance
Beyond the obvious benefit of being able to skip out on an extra doctor’s appointment, there are a few other advantages to consider when deciding whether or not life insurance without medical exam is for you.
For starters, the process of obtaining life insurance is much quicker. Rather than having to schedule the appointment, wait for the appointment, go to the appointment, and then twiddle your thumbs while you wait for the physician to communicate with the insurance provider—you can cut out weeks or more from the application process.
The whole ordeal, from the time you contact an insurance agent to the time you actually get approved for a policy, could take a month or more! No one wants to let the insecurity of being uninsured hang over their heads for that long—especially when getting life insurance without medical exam generally doesn’t take longer than 10 days.
How Much Does No Medical Exam Life Insurance Cost?
Term life Insurance with no medical exam obviously means more risk for your insurance provider because they aren’t operating with quite as much information as they have on traditional policies. Because of this, insurers do take steps to limit their financial risks, which may affect your life insurance costs.
For starters, no exam life insurance policies tend to have lower coverage maximums compared to traditional policies, typically capping at $500,000. Beyond that, your premium costs will vary depending on the health history determined during your underwriting. Other factors like age and smoking can also affect the cost.
If you are interested in getting an accurate idea of the cost for your no medical exam life insurance policy, check out our instant quote tool. Or don’t hesitate to contact us directly to speak with a live agent who can help you find the best policy for the best price. To see some sample rates for your age group, just click on one of the links below.
The Best No Medical Exam Term Life Insurance Companies.
There are several companies that offer life insurance without taking an exam, and the list is growing every day. With the hectic lifestyles and long work hours of today’s society, companies are seeing the need for simplifying the life insurance process. We have reviewed the top 5 no medical exam term life insurance companies to help aid you in your search. While it is true that price has a lot to do with your choice of life insurance, you also need to be with a strong, top rated company.
How Do Insurers Qualify Applicants for No Medical Exam Life Insurance?
Just because you aren’t getting a medical exam doesn’t mean that your insurer won’t require a risk assessment to determine your policy details. Instead, you’ll follow an underwriting process that typically includes a medical questionnaire (to learn your health history), and may involve a review of other important elements of your medical background.
For example, the insurer may inquire about prescription medications you’ve taken in the past decade, look into past life insurance applications, or even review your credit history.
Types of Life Insurance Without Medical Exam
When applying for a no exam life insurance policy, there are two types of policies to consider: guaranteed issue and simplified issue.
A guaranteed issue no medical exam life insurance policy involves a much simpler medical history review. The insurer won’t perform a complete search of your records. Instead, you will only have to ask a few simple questions. While guaranteed issue policies are very easy to acquire, the increased risk on the insurance company means much higher premiums for you and lower benefits.
A simplified issue no medical exam life insurance policy involves all of the more rigorous measures we’ve described previously—thorough questionnaire, prescription review, etc. While premiums and benefits are better than guaranteed issue policies, you may be rejected for a simplified issue plan due to your health.
No Exam Life Insurance is Not a Way to Hide Health Problems
Don’t fall into the misconception that no exam life insurance is a means for you to hide medical issues from your insurer. As previously mentioned, you’ll still need to complete a questionnaire and provide other information about your medical history, so your underwriter will still be aware of issues that may be relevant to your coverage.
For example, if the review of your prescription drug history demonstrates increased health risk, your insurer will be sure to take this information into consideration. Likewise, a report from the Medical Information Bureau (MIB) can be used to verify that the information you have already provided to your insurance company is accurate.
All-in-all, the important thing to keep in mind is that the best course of action is to always be upfront and honest with your no medical exam life insurance provider about past and current medical issues.
Find the Right No Medical Exam Life Insurance Policy For You Today
At LJM Life Insurance, we work with people just like you across the nation to find affordable no medical exam life insurance policies from reliable providers.
We believe in education first, and our commitment is to helping you make an educated decision about the best policy for your needs and your budget. So get your instant quote today or give us a call at 844-528-8688 to learn what sets LJM Life Insurance apart from the competition