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Understanding No Medical Exam Life Insurance


Do all life insurance policies require a medical exam?

Most life insurance policies, like term life insurance, require a medical exam. This exam helps the insurance company accurately assess risk and set your premium. If you have a serious medical condition, you may worry life insurance is off-limits to you, but this may not be the case.

There are two types of life insurance policies available without a medical exam. A no-exam life insurance policy, like a simplified issue or guaranteed issue, may be just the option for you and your family.

What’s involved in a life insurance medical exam?

Medical exams are free to you and provided by your insurance company at their expense. A licensed medical technician will come to a place of your choice, like your home or your workplace, to perform the exam. You’ll also get a copy of the results for your records.

The exam takes about 30 minutes and includes:

In some cases, the technician may perform additional tests, like an EKG. This happens mostly for applicants over 50 or anyone applying for higher coverage amounts. Learn more about taking a medical exam.

If you’re in good health, applying for a traditional policy with a medical exam can get you better rates – and many insurance companies are working to make the process as hassle-free as possible. With Fidelity Life’s RAPIDecision® Life, we can delay your medical exam for up to six months, so you can take it when it’s convenient. In some cases, you may be able to skip it altogether. If you have health issues that affect your rates or eligibility, though, no-exam insurance can help you get the protection you need for your family.

Two types of no-exam life insurance policies

There are two common types of life insurance policies that don’t require a medical exam: simplified issue and guaranteed issue. Understanding what they both offer and the differences between them can help you make an informed decision about which no medical exam life insurance policy will work best for your needs.

Simplified Issue

simplified issue policy requires you to answer a detailed questionnaire about your health, your medical history, and your family medical history. You will also need to provide access to your previous medical records. You will not have to undergo a medical exam, the answers to your questionnaire and medical records are all that’s needed.

The premiums for this kind of policy are higher than for a traditional policy with a health exam. Coverage may be capped at anywhere from $25,000 for $300,000, depending on the results of your evaluation. Depending on your policy, simplified issue insurance may be written for term life or whole life coverage.

Simplified issue can be a good fit if you’re looking for:

  • Convenience: If you don’t want to deal with a medical exam, simplified insurance is a good bet. A recent study found that 47% of Americans would prefer to buy life insurance through a simplified process.
  • Quick approval: With no medical exam, you can get covered right away, rather than waiting weeks for processing and results. This may work well if you need coverage fast, like for an upcoming trip.
  • Coverage with health issues: Concerned about your health? Health issues like controlled diabetes or a GI condition can complicate life insurance approval. Simplified issue is designed to help people who may not qualify for traditional policies get the coverage they need and protect their families.

One reminder: It’s important to disclose any medical conditions when applying for a policy. If the insurance company discovers you didn’t disclose something after you die, your policy can be voided. If this happens, your beneficiaries won’t receive the death benefit you planned.

Explore simplified issue policies from Fidelity Life.

Guaranteed Issue

If you don’t qualify for traditional or simplified issue life insurance, either due to pre-existing conditions or premiums that are unaffordable for you, you still have options. You may want to consider a guaranteed issue life insurance policy.

When you apply for guaranteed issue life insurance, there is no medical exam. Guaranteed issue policies require answers to only a few questions about your health information and medical history.

These policies generally have higher premiums in relation to the death benefit, which is usually capped at $25,000 or less. Many policies come with graded death benefits, meaning that if you die within the first two or three years after policy issuance, your beneficiaries may receive an amount equal to only premiums plus interest.

Guaranteed issue may be a good fit if you’re looking for:

  • No-questions-asked coverage. Guaranteed issue lives up to its name, helping to make sure that you’re covered regardless of your health or age. A type of permanent insurance, it will last as long as your premiums are paid. If you’re facing a serious condition, like cancer or heart disease, guaranteed issue can help provide for your family after you’re gone.
  • A way to cover final needs. Since the coverage amounts are lower than other types of life insurance, many people use guaranteed issue as a form of final expense insurance. It can help you cover funeral expenses or related medical bills and pay off end-of-life debts. Guaranteed issue can also give you the means to leave a small legacy behind for your children or grandchildren.

How much does no medical exam life insurance cost?

The cost of life insurance with no medical exam will vary based on the type of policy you choose. A life insurance policy like whole life or guaranteed issue policies, will often have higher premiums than a policy, like term life, that cannot accrue cash value. The cost of no exam life insurance also depends on the amount of coverage you get. The best way to find out how much you’ll pay for a no medical exam life insurance policy is to get a quote or talk to an agent.