How is this possible?
Thinking about getting life insurance can sometimes lead people to push it further down their to-do list just to avoid so much paperwork, long processes, and waiting for an agent to call but, most importantly, to escape from scheduling and getting a medical exam. I personally would cross out from my to-do list anything that has to do with needles. Medical exams can be a huge pain – between missing work and commuting to a testing location, or waiting for a medical professional, to be poked and prodded; the whole process is an inconvenience and complete waste of time. The exam itself may only last about half an hour but the whole idea of it is something that if I could avoid, I would.
Luckily, when it comes to applying for life insurance, there are ways to get covered without a medical exam. So, rejoice people! There are options for us that want everything instantly and 100% online.
Without sugarcoating it: insurance carriers want to know my likelihood of dying. It all starts by finding out my current health status and one way is of course the medical exam, which is the traditional way. They have done it for years, even centuries. This process is for “fully underwritten” policies. Blood and urine samples, as well as height, weight, pulse, and blood pressure measurements are collected.
Other very few insurance companies use sophisticated algorithms to eliminate the need for medical exams and endless questionnaires. Rather, they utilize prescription, criminal, credit, and driving records from third-party databases to evaluate and underwrite individuals. This alternative method is used for “simplified issue” policies.
We would like to help you better understand the different life insurance options that are out there. This way you’ll have the necessary tools to choose what’s right for you. After all, buying life insurance is a very important decision, so, let’s start by narrowing down the types of policies that don’t require a medical exam.
Life Insurance Options Without a Medical Exam
Simplified Issue Term life
Applicants qualify for coverage based on age, health history and other factors. This process usually doesn’t require speaking with an agent.
Typical death benefit range: 100K-250K
Price for $150K of coverage: $$
Accelerated Underwriting Term life
Applicants qualify for coverage based on age, health history and other factors. This type of underwritting is similar to simplified issue but in most cases may require speaking with an agent and/or answering additional (“reflexive”) questions.
Typical death benefit range: 100K-1M
Price for $150K of coverage: $$
Group Life Insurance
Applicants are not rated individually and are not required to undergo a medical exam. The insurer bases the premium on the risk of the group as a whole as per its age group, gender, affinity, and/or type of work. These policies are often provided by employers as a free benefit, but coverage ends when the employee stops working at the company that offered this benefit.
Typical death benefit range: 50K-150K
Price for $150K of coverage: 0-$
Accidental Death Coverage
Applicants are not required to undergo a medical exam or answer health questions. It can be purchased as a stand-alone product or as a rider on a life insurance policy.
AD&D policies pay out only if you are killed or injured in an accident. If you suffer an injury, the policy generally pays out only part of the full benefit.
Typical death benefit range: 30K-150K
Price for $150K of coverage: $
Applicants are not required to answer health questions and coverage is granted regardless of their condition.
Typical death benefit range: 2K-50K
Price for $50K of coverage: $$$
If you consider yourself young and healthy, with no pre-existing medical conditions, simplified issue life insurance is definitely your best bet. Simplified issue term life is much cheaper and convenient than other forms of life insurance, for example guaranteed issue and, of course, whole life.
Guaranteed issue policies are a good option for people with pre-existing health conditions and should be considered for covering final expenses (i.e. funeral cost). This form of life insurance doesn’t ask many questions which is why you will be covered regardless of your condition albeit at a higher price.
How much does a no-exam policy cost?
Prices are very competitive. A few years ago, it would have been difficult to find a good policy for a good price, but today you can find this with the new players in the industry. To estimate your rate would be one of the first steps you should take to start comparing prices. Make sure you opt for a good combo of price and convenience. There’s always a tradeoff
No-medical exam policies are more expensive since you get the convenience of foregoing the medical exam, thus getting covered immediately. Thanks to innovative underwriting you can have your policy “in-hand” (or downloadable) in 10 minutes. This can be a great deal if you need instant coverage for many reasons like pregnancy, divorce, and travel, amongst other time-sensitive events.
How much coverage can I get with a no-medical exam policy?
Policies and coverage vary between carriers, but usually you can get up to $500,000 of coverage without a medical exam. Any higher coverage would most likely require the typical fully underwritten approach. Make sure you understand how much coverage you need.
How to apply for a no-medical exam insurance?
- Get Your Personalized Quote
Most insurance providers offer you teaser rates that are distant from your actual final price. Be sure to get in front of a carrier that doesn’t deviate from its promise. Get an instant and accurate quote now that would be extremely close or exactly the same as your final price.
2. Apply and Get Covered in 10 Minutes
Once you have reviewed your rates, select your preferred option. Get approved in 2 minutes and covered in fewer than 10 by answering our exceptionally easy and friendly questionnaire. Should you have any queries or concerns, our friendly Chatbot and customer service agents will be ready to assist along the way.
3. Get Additional Benefits.
Once covered, you can login to your Lifefy portal – LifeHub where all of your documents and additional benefits will be available 24/7. Also, you will have complimentary access to LegacyShield, a platform where you can manage all of your succession documents and alert your designated heirs when the time has come. Amazing, right?