“Can I get a no medical exam life insurance policy?” is a question many life insurance shoppers ask themselves. Trying to get a fully underwritten life insurance policy can be a longer process that never seems to get done for many people…people are busy, and these policies have more hoops to jump through.
Simplicity is where no medical exam life insurance policies really shine. Whether you want a no exam term life insurance policy, a no medical exam whole life insurance policy, or no medical exam universal life insurance policy, the application process is simple, and you can get approved for insurance coverage quickly.
Most people can easily qualify for life insurance with no medical exam. You will simply have to answer basic personal and medical questions and wait for the underwriters to give you a decision on your insurability.
Having a knowledgeable insurance agent is the key to getting the best policy and the best rates!
What exactly is no medical exam life insurance?
A non-medical exam life insurance policy does not require you to have a medical exam prior to getting your life insurance policy approved. The only thing required of you is to answer a few simple questions on a life insurance application to start the process.
A no medical exam term life insurance policy protects the policyholder if they die within the specified period (such as 10, 15, 20, 25, or 30 years).
A no medical exam whole life policy covers you for the rest of your life.
Why would I need (or want) a non-med life insurance policy?
The first rule of life insurance is to have life insurance! Getting a non-medical life insurance quote and policy is a quick and easy process.
Life insurance provides peace of mind and helps to ensure your family and/or business will have the critical financial safety needed to operate and function in your absence.
What are the policy coverage limits for a no medical exam policy?
With a no physical exam life insurance policy, you can typically get approved for life insurance within the $250,000 to $500,000 range.
Some no medical life insurance companies are now offering no physical exam life insurance policies with up to $1 million in face amount coverage.
Will a no medical exam life insurance policy be right for me?
There are reasons no physical exam life insurance policies are so popular. Here are a few:
- The best life insurance no medical exam policies protect you in days, not months. If you need life insurance right away and do not want to wait for 1 to 3 months to get your life insurance policy, these policies will be an excellent fit for you.
- If you do not like needles, getting blood drawn, peeing in a cup (and handing it to a stranger), having your entire family history, medical history, driving history, credit rating, and other areas of your life questioned, then these policies will be an excellent fit for you.
- If you want to make sure your family and loved ones do not get stuck having to pay for your end-of-life expenses, such as funeral and medical expenses, then these policies will be an excellent fit for you.
How do the insurance companies check on my health with a no medical exam life insurance policy?
The insurance company will require you to complete a questionnaire on the life insurance application that will ask health-related questions. The application will also typically ask if you are involved in any high-risk sports, activities, or lifestyle choices.
You should always answer every question on the application truthfully. The insurance companies will check your prescription and medical records; if you lie on your application, you will get denied coverage.
Does my life insurance begin right away with a non-medical life insurance policy?
In almost all cases, yes.
If your health is good and you have applied for the right life insurance plan, then your life insurance guaranteed coverage will begin immediately. You will be protected from the moment your life insurance policy is approved.
If your health is not optimal, and you had to apply for a “graded benefit life insurance” policy or a “guaranteed issue life insurance” policy, then there may be a waiting period for your guaranteed coverage to begin. This is because these life insurance policy types are issued to people who would not qualify for a fully underwritten term life insurance policy or a permanent life insurance policy.
Graded or guaranteed issue life insurance policies typically pay an accidental death benefit in the first two years. The guaranteed life insurance benefit begins after the two-year waiting period. If you die of a non-accidental reason within the first two years, then you get your premiums paid back, with a favorable interest rate return (typically 8-10%).
What is a no medical life insurance “contestability period”?
Your life insurance company will have a two-year period, when they may investigate any information you provided on your life insurance application.
The life insurance company can also investigate any policyholder “cause of death” when a life insurance beneficiary files a claim. This contestability period is generally two years.
If you answered your application questions dishonestly and the insurance company finds out about it, they have every right to deny your life insurance application and any future payment.
Most life insurance policies will deny a claim if the policyholder committed suicide in the first two years of the policy. This prevents a suicidal person from getting a policy, making a rash decision, and expecting the insurance company to pay out a great deal of money.
Honesty is the best policy!
If you are dishonest, or do not disclose all the facts about your health background and your prescription medicine usage, the insurance companies will find out and deny your life insurance application. If they do not deny your life insurance and you die within the first two years of your policy, they also will not pay your beneficiaries life insurance proceeds if they catch your deception.
Should I get no medical exam life insurance or fully underwritten life insurance?
If you need life insurance right away then a non-med exam policy is often a great fit. Buy your life insurance now, get protected, and you can always shop around for a fully underwritten life insurance later.
If you want to shop for a fully underwritten life insurance later, wait 12-13 months to do so. This respects the insurance company’s time and your insurance agent’s time they have invested in you. After 12-13 months, it would be appropriate to shop for a fully underwritten life insurance policy with your life insurance agent.
Getting a fully underwritten life insurance policy can sometimes save you some money. Remember that a much greater percentage of fully underwritten life insurance policies do not get issued versus non-med policies. Fully underwritten policies can also take months to get approved (non-med policies are often approved within days of your application submission).
Inexperienced life insurance agents will often quote you incorrect rates (rates you do not qualify for, based on your health status). A qualified life insurance agent will ask you many questions to determine which health category the insurance company underwriters will place you in for a more accurate quote.
This will just be a quote…not a guaranteed price. The insurance company underwriters will ultimately determine your life insurance rates after reviewing your full medical profile and diagnostic tests.
If you need an affordable life insurance no medical exam policy, then we can help you. These life insurance products protect you quickly and affordably. They are fast, convenient, and often fit into people’s busy schedules better than fully underwritten life insurance policies.
Life-Wealth-Win Life Insurance and Wealth Services would love to help you get your loved ones, family, and business protected! Call us or get your free life insurance estimate by clicking the link below.