No Medical Exam Life Insurance
Want to get life insurance without having to go through the tedious process of a medical exam?
Don’t worry. We have you covered.
What exactly is a no medical exam life insurance?
A no medical exam policy does not require you to undergo any medical exams, unlike traditional life insurance policies. This gets rid of the hassles of scheduling a medical test, waiting for the results, and shelling out additional money to pay for it.
With a no exam life insurance plan, you get the advantage of having the same guaranteed coverage as other life insurance plans. However, this also means a higher risk for the insurance company. To cover this risk, insurance providers limit the amount of coverage available to this type of policy.
Most insurance companies with no medical exam policies offer maximum coverage of $500,000. Meanwhile, you’ll find some insurance companies that extend the coverage up to $1,000,000.
Why Should You Consider Getting a No Plan Medical Exam Life Insurance?
To give you an overview of the conventional method of obtaining traditional life insurance, here’s how the process goes. The client is required to set up a schedule with a doctor for a physical exam. The results, regardless if it is positive or negative, will be forwarded to the insurance company.
This will be reviewed by an underwriter. Once you are approved, your policy will be sent to you between six and eight weeks from your first meeting with your insurance agent.
While this process may be simple and straightforward, some people may find this inconvenient. Some people simply don’t have the time to get a physical exam while others need to purchase a life insurance quickly which is often one of the requirements for getting a loan or a divorce settlement. In some cases, clients do not want to stress over the idea of receiving bad results from their screening.
With this type of scenario, clients are left with no choice but to get the most valuable insurance in the shortest time possible without disrupting their daily schedule. No more waiting. All you need is to fill-up a brief online survey and you’re done. Some insurance companies even approve applications in one day.
Do all life insurance policies require a physical exam?
No. However, you still need to provide information about your health. The insurance company will review your public records as well. However, there are also guaranteed acceptance term policies that do not require medical tests or ask questions.
Can you get approved without a medical exam?
Yes, you can. Purchasing a life insurance policy without being required to undergo a medical exam makes everything easier. There’s no stress, pressure, and waiting. However, you need to be aware that while you don’t need a medical exam, insurers will still ask for your health history.
How much does a no exam policy cost?
With the growing popularity of this type of policy, the rate of a no exam policy is quite competitive. A couple of decades ago, people will find it hard to find an insurance policy without getting a physical exam. However, through the years, more and more companies are offering this service.
Generally, there are four types of no medical exam insurance policies. They vary in costs depending on the type of policy.
How much coverage can I get without a physical exam?
Most insurance companies offer plans with a maximum coverage of $500,000. This type of plan has the same policies as life insurance plans that require a medical exam.
How does insurance agencies qualify you without a medical exam?
Insurance agencies rely on various reports including pharmacy reports which list all the medications prescribed within the last 5 to 10 years. Other reports are taken from the motor vehicle department, medical insurance bureau as well as your credit history. Agencies need to verify if you have been denied insurance before.
Four Types of No Medical Exam Term Life Insurance Policies:
- Group Life Insurance
- Accelerated Underwriting Life Insurance
- Express Issue Life Insurance
- Simplified Issue Life Insurance
Group Insurance Policy
A group term or whole life insurance policy requires individuals to answer a couple of health questions. Individuals should not be under the care of a medical facility or any full-time medical care. This type of policy is specifically offered to groups.
The individual members should acquire the same type of insurance policy. This means that every member is under one type of health class which makes it suitable for individuals with poor health. The cost of a group insurance plan usually goes up every five years.
What are the requirements of a group insurance policy?
Accelerated Underwriting Life Insurance
This policy is also known as an accelerated acceptance policy and is one of the most competitively priced plans in the market. Hence, the insurance agency does not require any medical exam anymore. This makes it the best option for healthy individuals. However, only a few insurance companies offer this option.
What are the requirements of an accelerated acceptance policy?
Express Issue Policy
With an express issue policy, individuals are immediately advised if they are approved or declined without having to wait. Some insurance companies may use an underwriter to review your application and the approval process may take up to 24 hours. This type of policy is suitable for anyone who wants to get insurance regardless of their health status. However, some insurance companies may decline an individual based on their medical history.
What are the requirements of an express issue policy?
Simplified Issue Policy
This type of policy is ideal for individuals with average to excellent health. Therefore, it does not require any physical exam. Individuals with excellent health will receive immediate approval.
However, if the individual has a history of a serious ailment, the insurance company may ask for a medical report or may require a physical exam.
What are the requirements of a simplified issue policy?
Steps on applying for a No Exam Life Insurance:
Step #1 - Ask for a quote
The first step you can take is to request for a quotation. You can fill-up this form to receive your free quote.
Step #2 – Fill-up our health questionnaire (optional but highly recommended)
With our list, you’ll see different insurance companies that provide the best coverage based on your needs. If you want to know the exact rates, make sure to complete the questionnaire.
Step #3 – Compare the policies and submit an application request
Choose an insurance company that offers the best rate for your needs then submit an application request. Fill-up the application form directly on our website.
Step #4 – Verify the details and affix your signature
Once you’ve checked all the information and sign the application form, one of our experts will contact you to complete your application. Expect a call within the business hours. After completing the process, we will coordinate with the insurance company and handle all the paperwork for you.
Step #5 – You will receive your contract policy
Once approved, the insurance company will provide you with a contract of your life insurance plan.
Step #6 – Sign the contract and settle the payment
After you hand over the contract and issue your first payment, you are now insured. Remember that you only have 30 days to accept the contract and once you do, you are only allowed another 30 days to reconsider the contract and refund your initial payment. Another important note is that as long as you keep on paying your premiums, your life insurance contracts will remain the same.
Frequently Asked Questions:
What is the difference between standard life insurance policies and no medical exam policies?
The main difference is the amount of coverage offered. No exam insurance policies offer a lower face amount.
How does an insurance company determine the health class?
Excellent:
- Overall good health
- Normal blood pressure and cholesterol level
- Clear medical history
- Uses only one prescription medication
Good:
- Good health condition
- Uses medication for minor health issues only
Average:
- Average health condition
- Undergoes treatment or medication for one or more medical conditions that do not disrupt daily life
Below Average:
- Undergoes treatment or medication for one or more serious medical conditions