Life Insurance With No Medical Exam Requirement

A medical exam required by the insurance provider makes many individuals not bother to attempt to obtain quotes for insurance because they fear they will fail the exam. They may not realize there are policies for insurance with no medical exam requirement.

What Policy Types Do Not Require a Medical Exam?

1. Simplified Issue Life - the applicant provides information regarding their medical history on the policy application but no exam is required.

2. Graded Benefit Life - no questions are asked about health history and no exam is required. Graded Life policies are more complicated to purchase than other policies and are intended for those in late middle age and older.

3. Guaranteed Issue Life - no health history or medical exam required; no applicant can be turned down, which is why this insurance is also called Guaranteed Acceptance.

Why Purchase Exam-Free Life?

For typical insurance policies, the application process can take anywhere from 3-6 weeks before a policy is issued. The underwriting process is shortened when no medical exam is required, making it possible to have a policy issued in hours or days rather than weeks.

Also take into account that another reason for no-exam life insurance is that it makes it possible for applicants with health problems and/or in their advanced years to obtain coverage when they will most likely be denied for exam-required policies.

The Cost of Exam-Free Insurance

Life insurance premiums are calculated based on life expectancy. Naturally lower rates apply to applicants in good health and in their younger years. A medical exam gives the insurer a more accurate picture of life expectancy.

Without an exam, the insurance provider is placed at a higher risk which in turn dictates a higher premium rate. While a medical exam can be a hassle and an inconvenience, if you are in good health it is the wiser choice because of the potential rate savings and everyone loves saving money. The exam allows the insurance provider to place you in the right rate class and charge you based on your actual health profile.

While no-exam life insurance might be a quick and convenient way to obtain coverage, don't expect it to be the cheapest. Then again, any coverage is better than none, and if you are avoiding seeking life insurance coverage because of health problems or your age, no-exam life insurance may be the perfect solution for your personal situation.

My Insurance Expert will help you find term life insurance that fits all of your individual needs. The world of life insurance doesn't have to be difficult. With the right advisor you can give your family the protection they need and have peace of mind.

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