If you are considering buying no exam life insurance, you are in good company. Life insurance without a medical exam is becoming an increasingly popular option among Americans due to the ease with which it can be purchased. Whereas it can take weeks or months to get approved for a traditional policy, approval for no medical exam life insurance is typically granted within days. It’s also a good option for people who are afraid of needles or don’t have time to get to the doctor.

Commonly Asked Questions About No Exam Life Insurance

To help those who are on the fence about whether no exam life insurance is right for them, the insurance advisors at Sproutt have rounded up the top 5 questions about it and provided their expert answers.

What is no exam life insurance?

No exam life insurance is exactly what it sounds like — life insurance that doesn’t require a medical exam. There are different types of no exam policies. Some ask a few health questions and others don’t ask any. All types allow you to skip the doctor’s appointment.

How much does no exam life insurance cost?

The cost of every life insurance policy is determined by underwriters who take into account a number of factors. Traditional life insurance underwriters take an applicant’s entire medical history + current conditions into account, whereas no exam life insurance underwriters consider only minimal health questions or none at all. 

Even without the consideration of health, there are many factors that determine the cost of a life insurance policy:

  • Gender
  • Age
  • Smoker/non-smoker
  • Dangerous job or hobbies
  • Duration of the policy
  • Amount of coverage

The exact cost of each policy is determined on an individualized basis. That being said, policies that don’t require an exam tend to be more expensive than traditional policies, because the risk to the life insurance carrier is greater when it has no information about your health. You can get a free quote for no exam life insurance here. 

Why would someone get no exam life insurance?

Since no exam life insurance is more expensive, why would someone choose it over traditional life insurance? There are many reasons why people choose no exam life insurance:

  • They need life insurance quickly (for a divorce or loan)
  • They are afraid of needles
  • They don’t have time to go to the doctor
  • The entire process can be done online
  • They may not be approved for a traditional policy (due to health conditions)

What types of no exam life insurance are available?

There are four main types of no exam life insurance:

  • Simplified Issue: This is a type of term life insurance that requires you to provide some health information, but you don’t need to undergo an exam. Because there is some underwriting involved, approval isn’t instant but it’s still quicker than a traditional policy. 
  • Guaranteed Issue: This is a type of whole life insurance that you can get with no medical exam. No questions about your health will be asked and approval is guaranteed and immediate. Because of the nature of the policy, this is the most expensive type and coverage is usually capped at $25,000.
  • Graded Death Benefit: Similar to Guaranteed Issue, but requires you to answer a few health questions. Coverage can go up to $50,000 but the payout is graded, which means that you only get the full death benefit if the policy-holder dies 3 years after the policy was purchased. 
  • Final Expense: Another type of whole insurance that provides coverage only for funeral/burial costs, which range between $7000 and $12,000. Premiums are fixed and so is the death benefit. 

What is the maximum coverage that no exam life insurance provides?

The amount of coverage depends on the type of policy you get. As detailed above, whole insurance only provides up to $50,000 in coverage. If, however, you choose Simplified Issue, you can get coverage up to $500,000 or even $1 million from some carriers. Getting such high coverage will depend on your specific situation, including your medical history. 

Choose Wisely, Choose Now

Whether you need life insurance quickly, don’t like needles, or have been turned down for a traditional life insurance policy, no exam life insurance can give you the coverage you need. The most important thing is not to delay getting coverage. While we all hope for the best, being prepared for the worst is the best gift you can give to yourself and your loved ones.