It’s never fun to think about your own mortality. But if you have children or other dependents, it is crucial you leave them some kind of financial safety net in the event of your passing.
Having a life insurance policy gives you the peace of mind that the lives of your family members won’t be thrust into financial turmoil if you die unexpectedly.
But for people in good health, taking a life insurance medical exam can feel like an inconvenience. For someone not in great health, they might worry the results of their exam could raise their rates.
Getting a life insurance policy without a medical exam might be the right choice for you.
What Is No Medical Exam Life Insurance?
This life insurance refers to certain types of life insurance policies people can qualify for without going through the process of getting a medical exam.
A typical life insurance medical exam involves the following:
- Measuring weight and height
- Blood samples
- Urine samples
- Blood pressure check
- Electrocardiogram test
These tests determine whether you qualify for life insurance coverage. They also set your premium rate. When you opt for a no medical exam life insurance policy, insurers use other data to assess whether you qualify for coverage.
The types of life insurance that do not require a medical exam include whole life insurance, guaranteed life insurance, simplified issue life insurance, or living benefits life insurance.
What Are the Benefits of Life Insurance Without a Medical Exam?
Even life insurance policies without a medical exam vary in their assessments, costs, benefits, and application processes. However, there are several benefits that apply to almost all types of no medical exam life insurance policies.
No Health Questions
Applications that don’t require health questions are great for both the elderly and those living with health conditions that would raise their rates or disqualify them from receiving life insurance benefits.
Guaranteed life insurance policies don’t require any medical questions at all. Simplified issue life insurance policies require only a short health questionnaire.
If your insurance company does require that you answer health questions, they might include the following easily answerable questions:
- Medical history
- Recent hospitalizations
- Height and weight
Some companies might also ask about your history of drug, alcohol, and tobacco use.
Easy Application Process
The application for a life insurance policy that does not require a medical exam is often quick and easy. You will need to fill out some personal information and in some situations answer a few basic health questions.
You’ll see just how simple it is to apply when you check out this Transamerica Term life insurance review to learn whether you qualify for a living benefits life insurance policy.
Algorithms Determine Your Benefits
The best part about no medical exam life insurance policies is your rates and benefits are determined by an algorithm rather than the results of your medical exam.
There are some life insurance policies that employ this streamlined approach. It is called accelerated underwriting. It makes the process of buying a life insurance policy much easier and faster.
The application process for these policies includes answering a few health questions. They’ll also need your driving record, prescription history, and previous life insurance applications.
Some no medical exam policies guarantee approval if your age is within a certain range. That age range is usually 45 to 85, but it can vary between insurance companies.
This is true of all guaranteed life insurance policies.
No Medical Exam Life Insurance Takeaways
Life insurance provides huge benefits to your dependents in the event of your unexpected death. If you’re in poor health or want a quick application process, applying for a life insurance policy without a medical exam is a good solution.
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