Since most life insurance policies require a medical exam to be considered, it’s no surprise that the carriers won’t offer coverage without more information about you. Aside from a physical, a comprehensive health check is usually required to qualify.
What is a “No Medical Exam” Life Insurance Plan?
A medical exam is typically part of the insurance company’s process when it comes to determining if you’re eligible for coverage. It involves performing various tests such as blood pressure checks and urine sample testing.
Not all insurance companies require a medical exam. Some will require you to provide additional information such as your medical history and lifestyle to be considered for coverage. If an insurance company considers you to be high risk due to your lifestyle or health, it might not sell you a policy.
Although some companies will not allow you to skip the physical, others will only ask a limited number of questions during the application process. Full-service insurance companies require applicants to complete a variety of questions to be considered for coverage.
1. Guaranteed Issue
Although the application process may seem challenging, guaranteed issue life insurance ensures approval—even if you’re over 50. Since it skips medical exams, you won’t need to provide extra health information to secure coverage.
2. Simplified Issue
A simplified issue policy doesn’t require a medical exam. However, it still requires you to provide some health information to be considered for coverage. Unlike guaranteed issue life insurance, a simplified issue policy can limit the death benefit to a certain amount. This type of insurance is ideal if you’re looking to skip the application process and need a small amount of coverage.
3. Accelerated Underwriting
Unlike traditional exams, accelerated underwriting uses external sources to verify details you include in your application. It gathers data from credit reports, motor vehicle records, and other sources to assess your overall risk.
Why Choose “No Medical Exam” Insurance Policies?
No-exam life insurance works well for older adults who want coverage without a medical exam.
However, available coverage options depend on your situation. If you’re healthy and seeking better rates through accelerated underwriting, you likely won’t qualify for a guaranteed issue policy.