No Exam, No Problem: How To Get Life Insurance Without a Medical Exam

Last updated 03/14/2024 by

There are many reasons why people decide to secure a life insurance policy. The primary reason is to ensure their children will be provided for in the event of their death.

If you’re uncertain whether or not you should purchase life insurance, ask yourself these questions: Will anyone be financially impacted adversely by my death? Are you leaving debt behind for a spouse or no income for your children and partner?

If the answer to either question is “yes,” then you should start shopping around for a life insurance plan.

A medical exam is typically required to get approved for life insurance. If all looks good, you can most likely expect to be approved for a life insurance policy in four to six weeks.

But what if you need a policy sooner? Or perhaps you’re worried that the results will prevent you from getting approved. Good news: you can get life insurance without a medical exam.

Experts say these types of policies are growing in popularity as more people insist on not having an exam, whether that’s because of fear, a negative health history, or the time involved.

Let’s take a look at the types of life insurance you can get without a medical exam, along with the pros and cons of each.

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Simplified life insurance

A simplified life insurance policy will not require a medical exam. However, you will be required to answer some medical questions, and your answers must meet the underwriting requirements of the insurance company.

Applicants with impairments such as Alzheimer’s may get declined right away, while other conditions such as high blood pressure will still be accepted if it is under control.”

The exact questions you are asked depends on the insurance company, but here are the four most common:

Do you smoke?
Do you have AIDS or HIV?
Are you terminally ill?
Do you currently live in a hospital or long-term care institution?

You may be able to smoke and still receive a policy, but you will likely pay a higher premium.

Jeff Smith, president of Castaline Insurance Agency, says, “Applicants with impairments such as Alzheimer’s may get declined right away, while other conditions such as high blood pressure will still be accepted if it is under control.”

He adds, “The company will also use data from several sources to underwrite the case, such as the MIB (Medical Information Bureau), driving records, prescription results, etc.”

However, if you answer “yes” to questions two, three, or four, you won’t be able to qualify for this type of insurance.

Check out Mutual of Omaha and Principal Financial Group, as both companies offer simplified life insurance policies.

Guaranteed life insurance

This type of insurance is similar to simplified life insurance, but you won’t be asked to answer any health questions. Often, people who are over the age of 45 and/or in poor health opt for this type of insurance. Some people purchase it as an option to pay for funeral expenses.

Expect to pay about 50% more than you would for a regular policy.”

This type of insurance is the easiest to qualify for. However, it’s usually the last resort for people with health issues. It’s also typically the most expensive type of life insurance. Hargraves says, “Expect to pay about 50% more than you would for a regular policy.”

Another negative is that, for most guaranteed policies, the full death benefit will not be paid out until a certain amount of time has passed. So, if you buy the insurance today and happen to die in the next six months, your beneficiaries will not get the full payout.

New York Life offers guaranteed life insurance policies, as does Principal Financial Group and American National.

Take action now: You’re not getting any younger!

A life insurance policy will be easier to obtain and will cost you less the younger you are, so find a policy as soon as you can.

If you’re young and healthy, you most likely won’t be interested in no exam life insurance. However, Smith points out, “These policies are perfect for busy individuals or those who have an aversion to needles and exams.”

Hargraves adds, “Be sure to weigh all the factors before deciding on a no-exam policy. In the long run, it may be worth having that exam.”

To find the best policy for you, compare top life insurance companies today.

Heather Skyler

Heather Skyler writes about business, finance, family life and more. Her work has appeared in numerous publications, including the New York Times, Newsweek, Catapult, The Rumpus, BizFluent, Career Trend and more. She lives in Athens, Georgia with her husband, son, and daughter.

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