No-medical-exam life insurance is a type of life insurance plan that doesn’t require physical examination as part of the application process. It is customary for term or whole life insurance policies to need a medical test so that insurance firms can assess your health and estimate how much you will pay in premiums, which can lengthen the application process by weeks or even months.
No-med policies, however, omit this step and instead determine how much you should pay based on your personal background, past medical data, and medical history. This can speed up the application process dramatically. Even instant coverage is available under some policies.
Insurance firms are starting to catch up to the times, whereas in the past no-medical-exam policies gave limited coverage at a premium cost and were typically designated for people who couldn’t get a standard policy owing to health or age. No-medical-exam life insurance policies are now widely available and offer the same high coverage as a regular term policy at the same competitive price—or less—as well as an increase in online buying due to COVID-19.
No-med policies provide customers with a quick and economical method to purchase coverage. There are still options for policies that are geared for folks who might not otherwise qualify for coverage.
How to Get Life Insurance With No Medical Exam?
It’s really simple to apply for a no-medical-exam life insurance policy.
Normally, a phone interview and medical exam are required for coverage when you apply for a typical term or whole life insurance policy. On the other hand, no-medical-exam policies fully eliminate touch from the procedure.
Although you will still have a phone interview, the insurance agent will let you know if you don’t need to take an exam for coverage once they have a better understanding of your needs and past. Instead, you’ll agree to a review of your prior lab results, prescriptions, and medical records. Insurance companies will use this information to determine your premium cost and present you with a policy.
Some no-med policies don’t even need a phone interview. Most of these policies promise fast clearance, and the interview process will be conducted entirely online.
Consult an insurance professional who can assist you in locating the best provider before purchasing a no-med coverage.
Two basic categories of no-medical-exam life insurance include:
Term life insurance: A classic term life insurance policy is comparable to term no-med life insurance. It doesn’t have any extras, such a cash value component, and just provides coverage for a specific term period. The amount of coverage for term no-med insurance can reach millions.
Whole life insurance: Whole life no-med policies differ from regular whole life policies in several ways. They are essentially burial insurance policies, which provide modest coverage amounts for final costs like the price of a funeral or end-of-life medical expenses. Burial insurance policies come in two flavors: guaranteed issue and simplified issue.
Your profile determines the kind of no-medical insurance you receive. Term life insurance without a medical checkup is recommended for healthy persons. However, you’ll need to purchase a complete no-med insurance if you’re normally disqualified for coverage.
How Much Does a no-medical-exam Life Insurance Cost?
The cost of a no-medical-exam life insurance policy is influenced by the kind of policy you choose. Term no-med policies cost the same as standard term policies, and occasionally even less. There are practically no drawbacks to purchasing a term no-med coverage, especially in terms of cost.
However, whole no-med policies cost significantly more than any conventional life insurance policy. This is so that people who are too old or unwell to obtain a standard policy can benefit from burial insurance policies, which are often designed for such persons. A funeral insurance policy has far higher costs but provides very little coverage.
Who Should Get a no-medical-exam Life Insurance?
People in good health and those who are ill can get no-med life insurance. It’s basically available to everyone, but the kind of no-medical-exam life insurance you can get depends on your health and risk factors.
Term life insurance: People who are 50 years of age or younger, in good or average health, and who don’t fit the insurance industry’s definition of a “risky” profile.
Whole life insurance: Individuals who are too old or in bad health to qualify for regular life insurance may choose this type of protection.
A whole no-med policy is typically only appropriate for people who are ineligible for any other kind of life insurance. Whole no-med insurance policies are expensive and provide limited coverage, so those who can find cheaper policies will find better value elsewhere.
Finding a policy that gives comprehensive coverage at a reasonable cost is still simple, despite the fact that more and more insurers are starting to offer term no-med insurance. To learn more about your possibilities, speak with a life insurance advisor.