Seeking out a life insurance policy can be an overwhelming, invasive experience. Thankfully, a no medical exam policy can speed the process up and cut out a lot of hassle.
Insurance companies want to find out everything they can about you: your personal details, habits, family history, and health. Many people may consider a no exam life insurance policy because they think they can hide their less-than-ideal health or blemishes on their records. This isn’t true. On top of that, the process can be very time-consuming.
One of the most aggravating aspects of the process is the medical exam. You have to take time out of your busy schedule to see a doctor, review your medical history, and have multiple tests done. Get ready to take out a chunk of time during the week to set up a physician appointment. Once there, you’ll spend about thirty minutes going through your medical history and your current health with your doctor. You’ll also have your blood drawn, give saliva and urine samples for testing, and, depending on your insurer, take EKG (electrocardiogram) to check your heart health.
After all of that, you’ll still have to wait even longer to get your results and send them to the insurance company before you can get a life insurance policy. And if something unexpected pops up on your test, you run the risk of having your application denied, which can make the process even more difficult.
For many, the idea of forgoing the medical exam altogether is simply appealing. No scheduling a half-hour appointment to get poked and prodded. No stress of wondering whether your medical health is sufficient to get a good rate. And, most importantly, less waiting. Just one online survey and you’re done, with some companies offering life insurance plans in as little as a day!
What Situations Are Best Suited For a No Medical Exam Life Insurance Policy?
There are specific situations where no medical exam policies are beneficial.
Here are a few to consider:
- If you need a life insurance policy immediately.
- This is ideal for a situation like a family scrambling to get life insurance before having a child.
- You’re too busy to use the traditional life insurance process.
- Approval for a no medical exam policy generally takes less time than a traditional policy.
- You have a fear of needles.
- Fears of blood or needles are relatively common and no medical exam policies offer a workaround for those who need it.
- If you are in excellent health with no prescribed medications.
- For those with little to no negative health history, insurance companies are quick to offer up to $1 million in coverage with no medical exam.
- If you don’t need high amounts of coverage.
- This type of policy typically maxes out at anywhere between $500,000 and $1 million in coverage. For those that need less than this in coverage, no medical exam policies are an excellent option.
- If you haven’t been to a doctor in a long time (over three years).
- For these people, undergoing a full medical exam poses the risk of revealing unforeseen medical conditions. We highly recommend that people who haven’t seen a doctor for a while to first secure a no medical exam policy to avoid these surprises that can increase their rates or cause uninsurability.
- Your policy has lapsed, and you want a policy quickly to avoid a lapse in coverage.
- This most often happens if you are part of a group insurance plan.
- You need a life insurance policy quickly to close on a small business loan.
- Buying life insurance is a key part of getting a small business loan. These life insurance policies can also fund a buy-sell agreement to protect their interests.
- You need a life insurance policy quickly for a court-ordered settlement.
- In a divorce settlement, you may need to have a life insurance policy in place to cover child support payments in the event of your death.
Whatever your reason may be, the no medical exam policy can be surprisingly versatile. But, even with its versatility and ease of use, that doesn’t mean there aren’t caveats and levels of oversight to consider as well.
How Long Does it Take to Get a No Medical Exam Policy?
Oftentimes, no medical exam insurance policies use electronic signatures, so depending on the insurance company, your policy could be issued the same day you apply.
If something fishy comes up in an initial review of your information, an underwriter will conduct a more thorough investigation to see how risky you are to insure.
If a policy needs to be reviewed by an underwriter it could take anywhere between one to four weeks. Keep in mind, this is still a shorter waiting period than the traditional option. Those generally take about four to six weeks. It really all depends on any complications that come up with the review process.
Some of the red flags that prevent your application from immediate approval include:
- A long list of prescription medication.
- A criminal conviction.
- A current bankruptcy.
- A recent trip to a not-quite-safe part of the world.
If these warning signs show up, it means that an underwriter has to take a bit more time and care in reviewing your information.
Here are a few ways an underwriter can find out if what you say on your application matches up with your records:
- MIB Report: The Medical Information Bureau collaborates to share information on client details. These details include previous life insurance applications, health concerns, and dangerous activity. When a life insurance company requests to see your records, they’ll use this to cross-check the answers on your application.
- Motor Vehicle Records: A pristine driving record can make getting a life insurance policy a whole lot easier. Life insurance companies can request information about past accidents or tickets and judge whether you’re a high risk to insure.
- Pharmacy Reports: Even if you opt to avoid the medical exam, agents can track down your prescription history through a Px report. They can find out about past prescriptions and health conditions to help calculate your risk as well.
- LexisNexis: Some insurance companies also use LexisNexis to crosscheck your financial and criminal history. This way, they can see if you have ever declared bankruptcy or have any arrests that you didn’t list on the application.
Just like how it takes a while for the results of your physical exam to get to the insurance company, waiting for the results of these reports all take time. After all, you’re dealing with several different agencies who all must coordinate to gather your information, send it to the right people, review it, and then make a judgment about what kind of life insurance policy you qualify for.
How Much Does a No Medical Exam Policy Cost?
In most circumstance, no medical exam policies are the same price as traditional life insurance policies. You’re getting most of the same features, but they have to account for added risk.
One way that the company covers the risk is by limiting the maximum coverage amounts. The majority of companies are now charging the exact same rates for no medical exam life insurance policies. The premiums you pay for no medical exam life insurance will vary depending on the information you submit.
The nice thing about our online Instant Quote form is that you will have a good idea of what you can expect to pay before even entering your name or contacting us to officially apply.
That said, it’s good to keep in mind that there are a few factors that could raise this rate even more. A history of poor health, for instance, is a difficult thing for insurance companies to swallow. What some people don’t realize is that habits like smoking cigarettes or drinking to excess could double your rate. Even a history of mental illness, as documented in your pharmacy report, could make things a bit more expensive.
The good news is that the increased popularity of these plans has made them more competitively priced. A few decades ago it would be difficult to find an insurance company that would allow you to apply without the physical, but more insurers are getting on board. Why should you care? Because you now have more competitive options than ever before, and we’re here to help you sift through the best insurance companies out there.
What Can I Expect When Applying For a No Medical Exam Policy?
So, you’ve considered the pros and cons of applying for a no exam life insurance plan. You’re ready to take the leap and apply online. Luckily, applying for life insurance without having to go through a physical exam is a relatively simple process. Here’s a quick rundown of what that process looks like:
Get an Instant Quote:
Enter your information into an online quote engine and find the insurance provider that offers the level of coverage that you’re looking for.
Chat With An Independent Agent:
If you want to make sure you’re choosing the best insurer based on your health personal history, you should chat with an independent agent. At True Blue, our agents help prospective insureds find the best insured with the best odds of getting accepted. If you’d like to chat with us directly you can call (866) 816-2100.
Fill Out A 20-Minute Health Questionaire:
This quick questionnaire tracks your medical history and helps the insurance company determine how risky you are to insure.
Review and Sign Your Application:
Some no medical exams will give you approval the same day. But, if it needs to be reviewed by an underwriter, it can take up to one-four weeks.
Overall, if you’re interested in getting approved quickly and easily, or you feel like it is the right fit for your situation, you should consider a no medical exam life insurance policy. As long as you’re truthful in your questionnaire and don’t have any lurking medical concerns a no exam life insurance plan is perfect for you.
At True Blue Life Insurance, we’re here to help you find the policy that works best for you. We represent over 30 outstanding insurance companies., and shop with you to find the best rates.
If you’d like to talk with one of our experienced agents about getting a no medical exam policy today, you can give us a call at (866) 816-2100!