Life Insurance No Medical Exam

In planning for your financial well-being and the security of your family, purchasing adequate life insurance is an important step. It can also be a daunting task with waiting periods, tiresome forms to complete, undergoing a medical examination, and waiting weeks for a reply.

With many life insurance policies, it is necessary to obtain a physical examination in order to help the insurance company determine your risk level and premium rates.

If you are looking for a life insurance no medical exam policy, a life insurance agent can guide you in the right direction. There is an abundance of information on the Internet that can help you find and study life insurance no exam policies and review their advantages and disadvantages.

Can you get life insurance with no medical exam?

Term life insurance generally requires a medical exam before being approved for coverage. There are some life insurance policies that will allow you to skip the medical exam.

With some of these life insurance no medical exam options, you may be asked to fill out a form with answers to some simple questions about your health and medical history.

Simplified Issue policies are also available with whole life insurance. Because they cover an indefinite period of time, the benefits include the bare basics and are only available to individuals age 45 and older.

Although many people qualify for coverage with a life insurance no medical exam policy, having a terminal condition or some types of cancer will make you ineligible for Simplified Issue coverage. Other conditions or circumstances that would preclude you from getting a Simplified Issue policy include:

• Being bedridden in a nursing home or long-term-care facility
• Currently requiring oxygen equipment or a wheelchair or electric scooter
• Having a diagnosis or having been treated for Alzheimer’s disease or other dementia, diabetic coma, congestive heart failure (CHF), or having had a bone marrow or organ transplant
• Having a diagnosis of heart disease or having had heart surgery in the past 12 months

Two types of no-exam life insurance policies (Simplified & Guaranteed Issue)

The following types of life insurance no medical exam policies are:

• Simplified Issue Policy: You must complete a comprehensive questionnaire concerning your health, your medical history, and family medical history – you must allow access to your previous medical records
• Guaranteed Issue Policy: With this type of policy, only a few simple questions must be answered concerning your health and medical history – Premiums may be somewhat higher for this type of policy and coverage may have a cap of usually no more than $25,000

There are advantages for some people in purchasing a life insurance no medical exam such as a Guaranteed Issue Policy or a Simplified Issue Policy. The premiums will likely be a little higher than those paid for traditional policies. Still, if you know that you have a compromising health condition, it might be best to answer a few questions honestly and receive your coverage much faster than if you went the traditional route.

Who needs no medical exam life insurance?

Those who are seeking life insurance no medical exam may have concerns about being approved for coverage due to age, current health status, or certain other factors.

Life insurance no medical exam coverage is generally available to applicants up to 65 years old.

Applicants who have a chronic or life-threatening condition like diabetes, heart disease, or some forms of cancer may be candidates for life insurance no medical exam coverage.

If you need effective life insurance quickly and need to avoid a long wait, such as when planning for an upcoming trip, some form of life insurance no medical exam policy might meet your needs.

If you obtain a Term Life policy that is life insurance no medical exam, a death benefit will be paid to your beneficiary if you die within the specified term of the policy (10, 20, 30 years, etc.).

How much is no exam life insurance?

Because life insurance no medical exam coverage is most often used by people with pre-existing conditions who are afraid they will not qualify for traditional coverage, the premium rates are often higher than those charged to people with no significant underling medical conditions.

To help you understand better what the actual costs may be, consider these statistics.

For life insurance without a medical exam, the current national average is approximately $68 per month ($816 per year).

The actual rates will vary according to health, gender, age, and tobacco use.

A 36-year-old female would likely pay about $10.17 per month for $250,000 of coverage.
For a 36-year-old male, the cost would be about $14.96 per month for the same amount of coverage.

The 5 most expensive states for monthly rates on No Exam Life Insurance policies are:

• Washington: Monthly premium average $83 per month
• Montana: Monthly premium average $81 per month
• Alaska: Monthly premium average $81 per month
• California: Monthly premium $80 per month
• Rhode Island: Monthly premium $78 per month

The 5 most affordable states for monthly rates on No-Exam Life Insurance policies are:

• Wyoming: Average monthly premium $48 per month
• Wisconsin: Average monthly premium $52 per month
• Mississippi: Average monthly premium $55 per month
• Nebraska: Average monthly premium $55 per month
• Washington, D.C.: Average monthly premium $55 per month

Notice that as affordable as these rates sound, the person’s age is 36. An individual looking to buy a simplified issue policy or a guaranteed issue policy would probably be considerably older. The premiums would be higher and the coverage amount much smaller, especially for a guaranteed issue policy.

For those who know that they have a serious medical condition that could cause them to be turned down for coverage, seeking a no exam life insurance policy is a wise choice. It can be researched and purchased online by simply answering some basic questions about your health and medical history.

Be open and honest in answering the questions, and you may be surprised at the possibilities of coverage you find.

Some websites will provide a quick estimate for you based on some basic information on a form they provide.

Many insurance companies now provide rates to people with pre-existing conditions that are comparable to those of healthier individuals. Start your search today!

Further research: https://www.nerdwallet.com/article/insurance/life-insurance-no-medical-exam