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No Exam Life Insurance Explained

At Sproutt, we’re all about getting you the best life insurance to suit your needs. For many people, standard life insurance is sufficient, but there are some instances in which no exam life insurance is more appropriate.

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What is No Exam Life Insurance?

It’s exactly what it sounds like — life insurance that you can get without undergoing a medical exam. While standard life insurance policies require a medical exam and take a long time to underwrite your application, no exam life insurance requires no exam and can be obtained much quicker. People who need to get life insurance for a business venture or because they’re going through a divorce typically choose no exam life insurance because it’s so easy — and quick — to get.

Sproutt’s expert insurance advisors can help you compare no exam life insurance policies and find the right one for you. Our goal is to ensure that you get maximum coverage at the best possible rates.
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How is No Exam Life Insurance Different Than Standard Life Insurance?

Standard life insurance policies require a medical exam, whereas no exam policies don’t. Because a medical exam allows insurance companies to better assess their risk, no exam life insurance is usually more expensive — but if you’re in good health, the difference may not be significant.  Plus, no exam life insurance is a great option for people who don’t have time to go to the doctor, who hate needles or who simply need to get life insurance quickly.

How Does it Work?

With no exam life insurance, you simply fill out a short form online and wait for approval. Purchasing no exam life insurance is easier than getting standard life insurance since you do not have to fill out a lengthy medical questionnaire, schedule a medical exam or endure the whole underwriting process. With no exam life insurance, you simply fill out a short form online and wait for approval.

What Are the Benefits of Choosing No Exam Life Insurance?

There are many benefits of choosing no exam life insurance:
  • Get the coverage you need: People who have a chronic health condition, a dangerous job or hobby or who are above age 60 may have a hard time qualifying for standard life insurance policies. On the other hand, no exam life insurance policy can give them the coverage they need.
  • Fast approval: Because there is little to no underwriting involved in no exam life insurance, approval is typically much faster than standard policies. This is a great option for people who need approval quickly, whether it’s for a business venture or for an impending divorce.
  • A completely online process: With no exam life insurance, the entire application process can be done online. And when you use Sproutt, you’re not limited to one quote — you can get many quotes from top insurance providers without having to do any legwork.
  • Avoid the doctor (and needles): Some people can’t stand doctors or are afraid of needles — if this sounds like you, no exam life insurance is a great option to get coverage without having to come face to face with your fears.

Who Should Get No Exam Life Insurance?

No exam life insurance is ideal for people who need life insurance quickly (approval can be as little as just a few days!), who don’t have time to go to the doctor or who hate needles. It’s also good for people who wouldn’t get the best rates with traditional life insurance.
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How Do I Know if I’m Qualified to Get Life Insurance Without an Exam?

There’s no way to know 100% if you are qualified to get no exam life insurance until you apply, but if you’re in good health, you should have no problem. However, there are a few factors that may disqualify you including age, height/weight, specific medical conditions, if you haven’t recently been to the doctor or if you’ve filed for bankruptcy. If those do not apply to you, you have a good chance of qualifying for no exam life insurance.
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What Are Popular No Exam Life Insurance Policies?

Just as there are different types of standard life insurance policies, there are different types of no exam life insurance policies. The most popular ones are:
  • Simplified Issue: With this type of policy, the insurance company may request medical records from your doctor and perhaps a phone interview, but you can skip the actual exam. Because there is some underwriting involved, approval isn’t always instant or guaranteed. However, it is much quicker than a traditional policy, and if you’re in relatively good physical health, this is a good option.
  • Guaranteed Issue: No underwriting is involved in this type of policy and the insurance company won’t request any information from you. Of course, this convenience usually comes with a higher price tag. However, if you’re applying for GI no exam life insurance, whether it’s because you need life insurance quickly or don’t have time to get to the doctor, the price is probably worth it. That way, you know you’re covered and can rest easy.
  • Graded Death Benefit: Similar to Guaranteed Issue, only here, you’ll be asked a few questions about your health. Then, the death benefit payout will be graded. Typically, it’s something like:

    • - Death in first year = 25% of death benefit paid
    • - Death in second year = 50% paid
    • - Death in year 3 and beyond = 100% paid

    Of course, the exact terms depend on the policy you choose. The benefit of this over Guaranteed Issue is that it’s typically less expensive and offers higher coverage.

  • Final Expense: This policy is not for leaving money to your loved ones, but rather, for covering funeral costs so they don’t have to. These policies typically come with fixed premiums, a fixed death benefit (not graded) and no expiration date.

Is There a Maximum Amount of Life Insurance Coverage I Can Get Without an Exam?

Many no exam life insurance policies offer less coverage than standard policies because the risk is greater to the insurance company. Practically, this means that coverage ranges between $1,000,000 and $5,000,000 — however, some insurance companies do offer payouts of as much as $1 million. Qualifying for such high coverage will depend on your specific situation.
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Best No Exam Life Insurance Companies

You can get the best quotes from Sproutt because we aren’t affiliated with any insurance carrier; therefore, all the information we provide is completely unbiased. Our insurance advisors are trained to evaluate your unique needs and our technology continuously scans the market to find the most up-to-date quotes. We regularly follow the best no exam life insurance companies including Guardian, Allianz, Protective, Prudential, John Hancock, Lincoln Financial Group, Penn Mutual, Nationwide, Pacific Life and TransAmerica.
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