Table of Contents
Best No Medical Term Life Insurance
Term policies with online applications and same-day underwriting approvals. These policies are issued with or without an agent’s involvement.
Best No Medical Exam Final Expense Insurance
Final expense life insurance is a type of life insurance designed to cover the costs associated with end-of-life expenses, such as funeral costs, medical bills, and other related expenses. This type of insurance does not require a medical exam to qualify, making it an accessible option for those with health concerns or other factors that may make it difficult to qualify for traditional life insurance policies
Best No Exam Guaranteed Universal Life Insurance
Guaranteed Universal Life (GUL) insurance is a type of permanent life insurance that offers a guaranteed death benefit while requiring level premiums throughout the policy’s duration.
Best Indexed Universal Life Insurance (IUL) Without a Medical Exam
Indexed Universal Life (IUL) is a flexible life insurance product that combines investment opportunities with traditional life insurance benefits. Policyholders can allocate premiums to different investment options, typically linked to stock market indexes.
Best No Exam Whole Life Insurance
Whole life insurance is a type of permanent life insurance that provides lifelong protection. It’s a straightforward policy that includes a death benefit and a cash value component. Whole life insurance policies typically have level premiums that never increase, making it a dependable choice for those seeking long-term financial security.
Frequently Asked Questions
How does no medical exam life insurance work?
No medical exam life insurance policies don’t require a medical exam as part of the application process. The key word is “require.” Some companies that offer no-exam insurance policies may request that you take a medical exam, depending on how complex your responses are on the application.
No exam does not necessarily mean there are no health questions!
Features of a non-medical term life insurance application include:
- Digital/online process
- Shorter applications
- In many cases, a medical exam is not required
- Lower coverage amounts
- Use of an algorithm to decide whether to approve, decline or send the application to an underwriter for review
Is non medical exam life insurance more expensive than traditional life insurance?
No medical exam life insurance policies do not cost more than those requiring an exam. Like all life insurance, it depends on the company that you choose. Policies from Ethos, Ladder, Haven, Fabric, and Assurity are less expensive than 90% of fully underwritten term policies, including New York Life, Prudential, and Metlife.
Can I convert my no medical exam life insurance policy to a traditional policy in the future?
- Most instant-issue term policies do not offer a conversion option. Especially if the application is taken online without the assistance of an agent. For example, Haven, Fabric, and Ladder do not offer term conversions.
- Companies like Assurity, Foresters, and United of Omaha offer term conversions.
The option to convert your term policy to a permanent one is crucial when purchasing a policy. Make sure to find this out before making your decision. The best way to find this feature out is to ask a customer service rep, or an independent life insurance agent.
What is the maximum coverage amount life insurance without an exam?
Coverage amounts range from $25,000 up to $3,000,000.
What is the difference between traditional life insurance and no medical exam life insurance?
A traditional underwriting process includes a paramedical exam.
An exam includes:
- blood pressure taken
- blood drawn,
- asked to provide urine, and
- complete a health questionnaire.
- your height and weight will be recorded.
- a few insurers even require an electrocardiogram or EKG.
Then, after the exam, you’ll have to wait. The whole process typically takes 4 – 8 weeks.
Can I get approved for no exam life insurance if I have pre-existing conditions?
Companies that offer instant decisions online have to give you a decision immediately, and when in question, you get declined. If you are unsure whether you are uninsurable or have a financial or medical history that includes a low credit score or a major illness, it is better to talk with an agent before applying.
How long does it take to get approved for no medical exam life insurance?
The approval time for no medical exam life insurance varies depending on the insurance company and the policy you choose. Some companies will approve you for a policy instantly. However, some companies may take longer to review your application and medical history.
The time varies from instant approval to about 5 days.
Why do life insurance companies want an exam?
The exam ensures the insurance company is making a sound investment in issuing you a policy. An examiner assesses your current full medical condition.
What does the underwriting process include when there is no physical?
With the exception of guaranteed issue, accidental, and group life insurance, insurance companies run public reports on applications — with the applicant’s HIPAA authorization, of course. These reports include the following:
- MIB report
- Rx/pharmacy report
- Motor vehicle report
- LexisNexis risk assessment score (not all companies use this)
Using the above reports along with the application responses, most companies provide one of the following instant decisions:
- Approved as applied
- Approved better than applied
- Approved other than applied
- Referred to an underwriter for manual review
- Declined
No Medical Exam Life Insurance Customer Reviews
See what you qualify for by answering some health questions.
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Brian is the founder and CEO of Insurist and carries Life, Health, and Property & Casualty licenses in all 50 U.S. states. Since 2013, Brian has been a member of Million Dollar Round Table, a designation for the top 1% of financial advisors worldwide. Brian has been featured in Yahoo! Finance, Money.com, Entrepreneur.com, Life Happens, Forbes, MSN, and Good Financial Cents. Brian’s goal is to show customers the best products, the quickest answers to their questions, and provide expert advice.
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Lisa worked as a medical claims specialist for five years, adjudicating claims, developing appeals training programs and liaising with insurance auditors. As a full-time freelancer, she now completes work that includes writing and fact-checking life and health insurance content for a variety of online publications.
