You may be able to find life insurance that doesn’t require you to have a physical examination if you are unable to schedule a medical exam or don’t want to do blood draws.
It is possible to get life insurance without having to undergo a medical exam. A group plan purchased by an employer may offer life insurance without requiring any medical exams. You may be able to apply for life insurance even if your employer doesn’t offer it or you wish to add to your coverage.
What is life insurance that doesn’t require a medical exam?
Life insurance that doesn’t require a medical exam is exactly what it sounds. It is a policy that doesn’t require you to have a physical in order for the underwriting approval.
If you have pre-existing conditions, your physical may result in you having to pay higher premiums or being denied eligibility. Many insurance companies allow you to apply online from your laptop or tablet and get a quote for life insurance. No-exam life insurance can be more costly and has fewer coverage options.
You should know that life insurance policies without a medical exam will likely have a waiting period. Your death benefit, for example, may not be paid in full until your policy has been in force for at least two years. Many life insurance companies will reimburse you at least 110% of your monthly premiums if your waiting period ends.
Types of life insurance with no exam
There are three main options available to consumers for life insurance that do not require a medical exam. They are guaranteed acceptance, simplified issue, and group life insurance.
Simple issue life insurance
For simplified issue life insurance policies, applicants must complete a short health questionnaire. This is usually a quick and simple survey that focuses on your general health.
The industry’s upper limit for coverage is $500,000 but it varies from one insurance company to the next. New York Life offers simplified term insurance policies up until $100,000 for consumers aged 75 and older without any medical examinations or lab tests. Consumers up to 75 years old can get simplified whole-life, or permanent insurance policies for as low as $50,000 without the need to undergo a medical exam.
Life insurance with guaranteed acceptance
Although guaranteed acceptance policies can be more costly, they are still attractive because everyone is eligible. Guaranteed acceptance policies, also known as final expense or guaranteed issue insurance, are used to pay for burial costs and other expenses at the end of life. Although guaranteed issue whole life is usually available up to $50,000, some companies limit it to lower amounts.
Group life insurance
Group life insurance is usually offered through an employer-sponsored plan. It is often part of a company’s benefits package. This policy covers many people. Group life insurance is often not required to have a physical, and the premiums are discounted.
How to get life insurance with no medical exam
There are many options for finding life insurance policies that don’t require a medical exam. MetLife, for example, sells these services through its affiliations with various financial and alumni organizations.
You can also identify and buy no-exam life insurance coverage.
- Phone – Insurance companies market guaranteed issue life insurance through TV advertising. These plans can be used to cover funeral expenses as well as other costs. Colonial Penn is an example of a company that advertises this policy. To find out if you are eligible, call the number shown on the screen.
- Online – Search for this type policy using Google or another search engine. Type in “guaranteed-issue whole life insurance” and you will see a list with companies offering this type coverage. You can then compare quotes from different insurers to determine which one provides the best coverage at the most affordable price.
- Through an agent This type of life insurance product is offered by many insurance agents. You should receive multiple quotes from them so you don’t have to do all the research.
- By mail- Life insurance companies, like Colonial Penn, frequently send flyers that recipients can fill out and return to obtain coverage. For someone from the life insurance company, you may only need your contact information.
What is the cost of no-exam insurance for life?
You will usually pay more for no exam coverage than someone who has a medical examination and buys the same amount of protection. A policy with a guaranteed issue can cost twice as much as one that requires a medical examination. Your insurer is taking a risk by issuing you a policy without learning much about your current health and level of wellness.
Higher premiums are a way for insurers to pass on the higher risk. If you are aware that you have a pre-existing condition, it is a good idea to try to get cheap life insurance without a medical exam. Smokers may be able get coverage that doesn’t require a physical. If you’re generally healthy, however, you may be able to purchase less coverage by having a physical done as part of the underwriting process for life insurance.
The Insurance Information Institute recommends that you compare quotes from at least three insurance companies to begin your search for the best life insurance policy. This will allow you to compare your options and ensure you get the best coverage.
Questions frequently asked
What if I don’t have to take a medical exam in order to get life insurance?
There are many highly rated life insurance companies that offer no-medical exam life insurance. You will pay more for a policy that does not require a physical exam than one that does.
How can I get cheap life insurance with no medical exam?
You should expect to pay more if you get life insurance without having to have a physical. You can save money by comparing quotes and reviewing the coverage offered by different insurers.
Are there any requirements to obtain life insurance without having to have a physical?
The type of life insurance that you choose will determine if you are eligible for life insurance without having to submit a physical. When you turn 18, simplified issue life insurance will be available. To be eligible for guaranteed issue life insurance, however, you might need to be 40, 45 or 50 years old. To find the best coverage for your life, you can look at age limits provided by specific insurers.
