No Exam Life Insurance
Life Insurance No Medical Exam Comparison Chart
|Is a medical exam required?||How long will the application approval process take?||Will my doctor have to send in a copy of my medical history records?||What will underwriting look at?||Coverage amounts|
|No medical exam is required for policies $150,000 and under. Must be employed.||Policies are instantly approved and issued.||No. No medical files or information is required from your doctor.||$10,000 – $100,000|
|No medical exam is required.||Policies are reviewed by underwriters. 48 – 72 hour approvals in best case.||Possibly. Underwriters may request doctors’ records.||$50,000 – $250,000|
|No medical exam is required.||Policies are reviewed by underwriters. 1-2 weeks.||Possibly. Underwriters may request doctors’ records.||$50,000 – $350,000|
|No medical exam is required.||Usually, Fidelity Life will provide a decision on your application within 24 hours.||No. No medical files or information is required from your doctor.||Up to $250,000|
|No medical exam is required.||Policies are issued the same day.||No. No medical files or information is required from your doctor.||$50,000 – $500,000|
|No medical exam is required.||Policies take from 1 to 25 days, depending on whether doctors’ records are requested.||Possibly. Underwriters may request doctors’ records.||$50,000 – $500,000|
|No medical exam is required.||Polices are typically issued in 1-7 days.||No. No medical files or information is required from your doctor.||$50,000 – $500,000|
|No medical exam is required.||Policies are reviewed by underwriters. 2-4 weeks.||Possibly. Underwriters may request doctors’ records.||$25,000 – $249,999|
|No medical exam is required for policies under $250,000.||Policies are reviewed by underwriters. 1-2 weeks.||Possibly. Underwriters may request doctors’ records.||$50,000 – $250,000|
|No medical exam is required depending on health history.||Policies are reviewed by underwriters. 1-2 weeks.||Possibly. Underwriters may request doctors’ records.||$100,000 – $500,000|
When beginning the tedious task of searching for a cheap term life insurance plan, you’re bound to become frustrated with what seems like a never-ending process of information gathering. These companies want to find out everything they can about you: your personal details, your habits, your family history, your health. Not only is it stressfully invasive, but it’s also a huge time commitment.
And one of the most aggravating aspects of the process is the physical exam. Get ready to have to take out a chunk of time during the week to set up an appointment for a para-medical physical exam. Once there, you’ll spend about thirty minutes going through your medical history and your current health. You’ll also have to have blood drawn, and maybe even saliva and urine samples depending on the insurer, for testing. Some companies go so far as to require an EKG, or electrocardiogram, to check your heart health.
After the appointment, you’ll have to wait for the medical examiner to send over the results to your insurance company, all the while you have to sit and wait anxiously to know if anything less-than-perfect showed up on your exam that could affect your access to a good life insurance plan.
While it can seem like a huge inconvenience for you, there are ways to speed up the process and cut out the hassle. One option? A no exam policy.
That’s right. You can bypass the physical exam, altogether.
Why Consider A Life Insurance Plan With No Medical Exam?
The traditional process of obtaining life insurance went something like this: you set up an appointment with your doctor to check out your physical health, the results were shared with the insurance company, an underwriter reviewed your material, and you eventually received your policy about six to eight weeks after the initial contact with an agent.
But for some people, the idea of waiting over a month is either undesirable or unfeasible. Some, for instance, must find a life insurance plan quickly in order to apply for an SBA loan or Small Business Administration Loan. Others find out that their divorce settlement requires life insurance and they must hurry up to find an acceptable insurance plan so that the proceedings continue. In these cases, you might need to get a life insurance plan as soon as possible so as not to disrupt other areas of your life.
For many of us, the idea of forgoing the physical exam altogether is simply appealing. No scheduling in a half-hour appointment. No getting poked and prodded. No stress of wondering whether our medical health is sufficient to get us a good rate or if there’s anything lurking in our tests that we didn’t know about. And, most importantly, no waiting. Just one online survey and you’re done, with some companies approving life insurance plans in as little as a day!
What A No Exam Life Insurance Plan Won’t Do For You
At this point, we should probably level with you. Many people consider a no exam life insurance policy because they are under the impression that they can hide their less-than-ideal health. This isn’t true. If something fishy comes up on an initial review of your information, an underwriter will be called into to a more thorough investigation.
There are a few ways for an underwriter to find out if what you say matches up with your records.
- The MIB Report – the Medical Information Bureau is an organization that collaborates to share information on client details, such as previous applications for life insurance, health concerns, and dangerous activity. When a life insurance company requests to see your record after you’ve submitted your online application, they’ll be able to cross-check your answers.
- Motor Vehicle Records – Believe it or not, a pristine driving record can make getting a life insurance policy a whole lot easier. If you’ve gotten a ticket for speeding or have had to contact your department of motor vehicle after an accident, life insurance companies can request that information and make a judgment about whether you’re at higher risk for a driving accident.
- Pharmacy Reports – Alright, so you’ve opted to avoid the medical exam, but that doesn’t mean that the insurance agent can’t track down your previous history through an Rx report.
How Much Does It Cost?
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 these days, more and 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.
While there are some clear advantages for you to consider a no exam life insurance plan, what does this all mean to the insurer? Well, unfortunately for you, it means higher risk. We say this because when an insurance company issues a policy without conducting a medical examination, they are really rolling the dice with you.
One way that the company covers the risk is to limit the amount of coverage available with no exam policies. Most companies have a maximum coverage amount of $500,000, but some are beginning to increase this to $1,000,000.
The cost you will pay for no medical exam life insurance will vary, of course, depending on the information you enter. But, let’s take a healthy 45-year-old man, for example.
As long as he isn’t a smoker and his health history checks out favorably, he could get a 20-Year Guaranteed Level Term Policy with $100,000 worth of coverage for somewhere between $30 and $50 per month, depending on the insurance company he chooses.
The nice thing about our online comparison engine 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.
How Long Does it Take to Get a Policy?
Oftentimes, no medical exam insurance policies use electronic or voice signatures, so depending on the insurance company, your policy could be issued the same day you apply. You simply go through the steps and wait to be confirmed.
If a policy needs to be reviewed by an underwriter, however—checking things like your identity verification documents—it could take somewhere between two to 10 days. Keep in mind, this is still a shorter waiting period than the traditional option which generally takes about six to eight weeks.
What are some of the red flags that prevent your application from being approved right away? Things like a long list of prescription medication, a criminal conviction, a current bankruptcy, or a recent trip to a not-quite-safe part of the world are all things that make your application look a little shaky.
If these warning signs show up, it means that an underwriter may take a bit more time and care in reviewing your information. And just like it would have taken a while for the results of your physical exam to come through and be released to the insurance company, waiting for the results from the underwriter will take time.
What to Expect When Applying
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 are a few of the things you can expect as you start to fill out the questionnaire:
- First things first. You’ll want to get an instant quote. Simply fill out a few questions about yourself on our No Medical Exam Life Insurance form to receive your quote. At this stage, the only questions pertaining to your health will be whether or not you currently use or have used tobacco or nicotine products. You select the type of coverage you want, how often you want to pay your premium, and how much coverage you will like. There are a few other simple questions about your age, height, weight, and gender. The quote will come to you immediately, at which point you can decide whether you want to move through the application process.
- You can start looking through the insurance companies that are interested in providing you coverage, based on your profile. This list can be printed or emailed to you so that you can start doing some investigating of your own into which company is right for you. Our website allows you to learn quite a bit about these insurers, such as:
- the name of the insurance company and product (for example, Sagicor/Simplified Issue, No Medical Exam)
- how much you can expect to pay per month
- what health class you might qualify for
- the A.M. Best rating of each insurance company (for those of you unfamiliar with this standard, A.M. Best is a global insurance credit ratings and information service that lets you know which company is the most reliable)
- and reviews from people just like you
At this point, we really encourage you to look through your options and compare the coverage plans. Because this is a policy that will help your family in an extremely vulnerable time, it’s not a good idea to just pick the first option on the page. In other words, while you’re shortening the entire process by foregoing the medical check-up, you’ don’t want to hurry through this stage of consideration. If you have any doubt, make sure to reach out to one of our trained agents who can clarify any questions and help you make the right decision.
- Once you’ve got a company in mind, you’ll complete the Health Questionnaire. To get started, just click “Do I Qualify” from the Health Class category and answer the questions. What pops up on the questionnaire? A few of the following:
- History of substance or alcohol use or abuse. This will include any instances of driving while under the influence or other substance-related complications
- Family history. If you have a loved one that experienced a heart attack, stroke, or cancer before the age of 60, the questionnaire will ask about it.
- Your personal medical history. Even if your family hasn’t experienced any medical emergencies, you will be asked whether you take medication for high blood pressure or have experienced any severe medical issues.
When filling out the Health Questionnaire, remember to answer all the questions truthfully, to the best of your knowledge. Don’t be tempted to hide certain information like a recent hospitalization or whether you’ve been declined when applying for life insurance before. Like we mentioned before, this information will usually show up in a Medical Information Bureau (MIB) check. As a result, if you have been previously turned down for another life insurance policy, you will likely also be declined on your no physical exam application. There are sometimes exceptions, so just be truthful with your information. Honesty is always the best policy.
- You submit your information. After you have had a chance to review your application and all the details on it, you can click submit on your application. A licensed True Blue Life Insurance agent will verify your medical history and be in touch with you within 10 minutes. You will not receive automated calls or texts, and your details will not be sold or provided to a third party. Your information will only be shared with the insurance company you are applying for.
- You can enjoy your life insurance plan.
Taking The Next Step
Overall, if you’re interested in getting approved quickly and easily, it’s time to consider a cheap life insurance policy with no exam. In this article, we’ve reviewed some of the pros of such plans, such as time saved and a hassle-free application process. As long as you’re truthful in your questionnaire, don’t have any lurking medical concerns, and are willing to pay a bit extra per month, a no exam life insurance plan is perfect for you.
At True Blue Life Insurance, we represent over 30 outstanding insurance companies. We shop with you to find the best no exam life insurance rates and we never try to push additional products on you. Our experienced, licensed agents sell over 1,000 policies each year and we do it quickly because we have a refined process that works. We are not a call center. Rather, we act on your behalf to provide personal, ongoing customer service you can count on.