What is No Exam Life Insurance?
While standard life insurance policies require a medical exam and take a long time to underwrite your application, no exam life insurance without a physical exam, or life insurance without a health check can be obtained much quicker. Standard life insurance policies typically require a medical exam, whereas no exam policies are term life insurance policies without a medical exam.
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, with no waiting period.
Still have questions? Read more about no exam life insurance here.
Types of No Exam Life Insurance: Term and Whole
Two main types of traditional life insurance policies are Term and Permanent. The most popular type of Permanent Life Insurance is Whole Life Insurance.
Term no exam life insurance
​
Has a duration of a specific number of years: 5, 10, 15, 20, etc. When the policy ends, so does the coverage.
Whole no exam life insurance
​
has no limit on duration. It can last a person’s entire lifetime, along with the coverage and the premiums.
What Are Popular No Exam Life Insurance Policies?
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.
Final Expense
​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.
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 amount.
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. If approved, this is life insurance with no exam and immediate coverage.
Approval is Fast & Easy
Depending on the type of no exam policy, approval is guaranteed or at the very least, granted much more easily than traditional life insurance policies. People with different health standings can get approved within days. There is little-to-no underwriting involved when calculating the premiums.
An Entirely Online Process
No exam life insurance can be purchased entirely online
Ideal when getting out of the house is impossible and dangerous. *
It takes just a few minutes and the online interface is easy and straightforward.
The process involves basic background questions. No invasive questions about your medical history, just brief, general health questions. (In the case of a GI policy, there are no questions at all.)
Anyone Can Apply
Anyone can apply for no exam life insurance, but not everybody will qualify. Different insurers have varying criteria, but typically you will need to be within certain health and financial boundaries in order to qualify.
Health criteria typically cover nicotine use, specific medical conditions, prescription drugs, height and weight.
Popular among people with relatively good health that wish to buy completely online.
Desirable for people who do not have preexisting health conditions and those who don’t like doctors or needles and prefer to skip the medical exam.
Approval for Most
While anyone who applies for a Guaranteed Issue policy is approved, when it comes to other policies not everyone is approved. If you’re in good health and in good financial status, approval is usually guaranteed. Issues may occur if you have extreme BMI in either direction, if you’ve filed for bankruptcy, or if you have specific medical conditions.
How to Find the Best Deal
No exam life insurance policies can be more expensive than traditional life insurance policies, but they don’t have to be. If you’re in good health and don’t have serious financial issues, you can find a great policy for you in minutes at no extra cost.
How do you do this? That’s where Sproutt comes in. As an insurance aggregator, Sproutt combs the internet for the best deals on life insurance
Sproutt researches the offerings which are best for you.
Free of charge.
Sproutt’s insurance advisors are available to walk you through the options.
How to Get a Quote
Sproutt insurance advisors are available to help you determine what kind of life insurance is best for you. Simply answer a few questions and we’ll find the best-value plan for your lifestyle, needs and budget.