There are life insurance policies without a medical exam. Smaller policies – such as final expense insurance (also known as “burial insurance” or “funeral insurance”) – generally only require answers to health questions.
For large policies – such as term insurance – several factors determine whether a life insurance medical exam is necessary. These may include the applicant’s age, the amount of coverage they are applying for, the type of policy, the applicant’s family history, and any existing policies the applicant has.
Obtaining accurate health information is an important part of the insurance process. In fact, some insurance providers will deny coverage to those who refuse to answer health questions or take an exam.
While this may seem like an inconvenience, it can work in your favor if you’re in good health. For example, if you can answer “no” to all of the health questions on the application, you may qualify for lower premiums
Even if you have health problems, most insurance companies have a special policy you may qualify for, which helps ensure that the death benefit is processed easily when the time comes.
What you can expect from a life insurance medical exam
A life insurance medical exam is typically performed by a nurse or other medical professional and can often be completed in your home or office as an added convenience.
In most cases, the medical professional will measure your height and weight, take your blood pressure, and take blood and urine samples. The most important component of the exam is the blood test, which helps confirm the answers you have provided on the insurance application. Your blood will most likely be tested for:
- cholesterol levels
- Indications of heart, liver, or kidney disease
- High blood pressure
- tobacco use
- AIDS and HIV.
Some insurance companies also require an electrocardiogram (ECG) – especially if you are over 50 – to measure heart health. Some insurance medical exams may test your blood for tobacco, marijuana, and other drugs, so it’s important, to be honest when completing your insurance application. Lastly, the examiner may ask about any medications you are currently taking, so it’s a good idea to prepare a list ahead of time.
What Happens After a Life Insurance Medical Exam
The results of the medical exam may take several weeks. Once the process is complete, copies of your results will be sent to the life insurance company and to you. The results will also be sent to an approvals representative who will assess your risk factors and determine if you are eligible for coverage and the cost of your monthly premiums. The more risks identified in the exam, the higher your premium will be once your policy is issued. Some companies may also look at factors such as your criminal history and drug use to determine eligibility and premiums.
Can you take out life insurance without a medical exam?
You should know that not all life insurance policies require a medical exam. There are options for those who do not wish to undergo a physical exam. In these cases, coverage is generally issued based on answers to health questions on the application.
What types of life insurance can be contracted without examination?
Aside from term life insurance without a medical exam, you can also get instant permanent life insurance without a medical exam. Unlike term insurance, permanent life insurance does not expire; they last as long as you pay the premiums. There are several types of permanent life insurance without medical exam:
Life insurance with guaranteed approval
Guaranteed approval life insurance is a type of final expense life insurance or also known as funeral insurance that does not require a medical exam. It is usually contracted by older people who present a health risk that is too high to be eligible for a simplified issue policy.
As the name suggests, acceptance of your application is virtually guaranteed as long as you can afford the premiums and you are not terminally ill – there is no medical exam or health questionnaire. It is life insurance without questions, but the amount of the benefit is much lower: it is usually only enough to cover the expenses of the end of life, which is why it is sometimes called burial insurance. The premiums are much higher than other policies.
The payment of guaranteed issue policies can be used to
- Burial and Funeral Expenses
- Another end of life expenses
- medical bills
- Outstanding debts, such as credit card debt
You can purchase guaranteed issue life insurance from AIG, which offers coverage up to $25,000 for people ages 50-80, and from Mutual of Omaha, which covers up to $40,000 for people ages 45-85.
Guaranteed approval life insurance should only be purchased as a last resort and is not recommended for most people. There is almost always a better option in terms of cost and coverage, but for applicants too old or too unhealthy to qualify for another type of insurance, it can provide much-needed coverage.
Read our complete guide to guaranteed approval life insurance
Simplified approval life insurance
Mutual of Omaha offers simplified approval life insurance for applicants who need a low level of coverage. The death benefit of these policies is much less than that of a term policy without a medical exam and usually has a maximum of about 150,000.
Applicants must be in good enough health to qualify for this policy; there is a medical questionnaire and a background check, just like with the no medical exam term life policy. This also means that not everyone who applies will be eligible. Pre-existing conditions may require a more comprehensive examination of your health.
Unlike standard whole life insurance, no medical exam whole life insurance does not include a cash value component that acts as an investment.
Read our complete guide to simplified issue whole life insurance
group life insurance
Group life insurance (also called group term life insurance) is an employee benefit provided by some employers. You can’t buy it individually, but it’s worth mentioning because it doesn’t usually require a medical exam and can be a backup or supplemental insurance option.
If you have dependents or debt, you should not use group life insurance as your primary form of financial protection, as it provides low coverage amounts that are insufficient for most people.
If your company offers you life insurance at no extra cost, it’s still a no-exam benefit you should take advantage of, as long as it’s not your only form of coverage. The experts at InsuranceLatino.com suggest that people aim for life insurance coverage 10 to 15 times their income to cover long-term costs and create a financial cushion.
Read our complete guide to group life insurance
What is the cost of life insurance without a medical exam?
The cost of a life insurance policy without a medical exam varies depending on the insurer and the type of policy. Some no-exam life insurance policies, like instant decision life insurance policies, can be even cheaper than traditionally written policies, for the same amount of coverage. These policies continue to conduct extensive evaluations of your medical history. But no-exam life insurance policies that take on a certain risk, like guaranteed issue life insurance policies, will end up costing more for lower coverage amounts.
Who can take out life insurance without a medical exam?
There are several no-exam policies, some for people in good health and others for people who may not be eligible for a traditional life insurance policy. The price of life insurance without a medical exam can also vary widely: It can be practically the same price as a policy with a medical exam, or it can be much more expensive because it is aimed at unhealthy people who pose a higher risk. It all depends on your individual circumstances.
Here are some examples where it might make sense to take out life insurance without a medical exam:
- He is in relatively good health.
- Comply with social distancing mandates and cannot undergo an in-person medical exam
- You are a 30-year-old man, smoker, and without any other medical condition. By skipping the exam, you could get a better rate than with a traditional policy.
- You are a moderate-risk 55-year-old who does not qualify for traditional life insurance.
- You are a person over the age of 75 with health problems who wish to use the death benefit to cover burial expenses.
- You don’t have time to complete the subscription process and you want to be covered fast.
High net worth individuals who need a large financial safety net above $2 million shouldn’t buy no-exam life insurance. A traditional life insurance policy can reach figures in the millions, while a policy without a medical exam can be limited to one or two million.
