No Exam Life Insurance Makes It Easy
When you begin the tedious task of searching for an inexpensive term life insurance plan, you’re bound to become frustrated with what seems like the never-ending process of information gathering. Insurance companies want to find out everything they can about you: your personal details, your habits, your family history, your health. Not only is it stressful and invasive but it also requires a huge time commitment.
One of the most annoying aspects of the process is the physical exam. Be prepared to set aside a chunk of time for a paramedical physical exam. During the exam, you’ll spend about 30 minutes going through your medical history and your current health. You’ll also have to have blood drawn, and some insurers ask for saliva and urine samples as well. Some companies even require an EKG, or electrocardiogram, to check your heart health.
After the appointment, you’ll have to wait for the medical examiner to send the results to the insurance company. Meanwhile, you’ll naturally be anxious to know if the exam turned up anything that could affect your access to a good life insurance plan.
There are ways to speed up the process and eliminate 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 goes something like this: After speaking with an insurance agent, you set up an appointment with your doctor for a physical exam. Your doctor shares the results with the insurance company, and an underwriter reviews your information. Eventually, you receive your policy — probably about 6 to 8 weeks after your initial contact with the agent.
Some people either don’t want to or can’t wait more than a month to get coverage. For instance, some need to find a life insurance plan quickly so they can apply for an SBA loan (Small Business Administration loan). Others discover that their divorce settlement requires life insurance, and they must hurry to find an acceptable insurance plan so that the proceedings continue. In cases like these, people need to get a life insurance plan as soon as possible so as not to disrupt other areas of their life.
And, some people just like the idea of forgoing the physical exam. No need to fit in a half-hour appointment. No getting poked and prodded. No stress of wondering whether their health is good enough to get a decent rate, or if the test results will turn up something they didn’t know about. Perhaps most important, there’s no waiting. Some insurance companies approve no exam life insurance policies in as little as a day!
What a No Exam Life Insurance Plan Won’t Do for You
At this point, we need to level with you. There are those who consider buying a no exam life insurance policy because they think they can hide a health problem from the insurance company. It doesn’t work that way. If something fishy comes up on an initial review of your information, an underwriter will be called in to do a more thorough investigation.
There are a few ways an underwriter can find out if the information you provide is accurate.
- The MIB Report – The Medical Information Bureau is an organization that shares information about applicants, such as previous applications for life insurance, health concerns, and dangerous activity. When a life insurance company asks to see your record after you’ve submitted an online application, the company will 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 lot easier. Life insurance companies can check with the department of motor vehicles to see if you’ve had any speeding tickets or accidents. They’ll use that information to decide whether you’re at higher risk for a driving accident.
- Pharmacy Reports – Just because you’ve chosen to avoid the medical exam, that doesn’t mean the insurance company can’t track down your medical history through an Rx report.
How Much Does It Cost?
The increasing popularity of these plans has made them more competitively priced. A few decades ago, it would have been difficult to find an insurance company that would let you apply without the physical. These days, though, more and more insurers are getting on board. That means you have more competitive options than ever before, and we’re here to help you sift through the best insurance companies out there.
While a no exam life insurance plan has some clear advantages for you, it means higher risk for the insurer. When insurance companies issue a policy without conducting a medical examination, they are really rolling the dice.
One way companies cover their risk is by limiting the amount of coverage available with no exam policies. Most companies have a maximum coverage amount of $500,000, although some are beginning to increase the maximum to $1,000,000.
The cost you will pay for no medical exam life insurance will vary, of course, depending on the information you provide. Let’s use a healthy 45-year-old man as an 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 it gives you a good idea of what you can expect to pay, before you even enter your name or contact us to officially apply.
That said, it’s good to keep in mind that there are a few factors that could raise this rate. 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 their rate. Even a history of mental illness, as documented in a pharmacy report, could make things a bit more expensive.
How Long Does It Take to Get a Policy?
In many cases you can apply for a no medical exam insurance policy using an electronic or voice signature. So, depending on the insurance company you choose, your policy could be issued the same day you apply.
If your application needs to be reviewed by an underwriter (for instance, to check your identity verification documents), it could take from 2 to 10 days for your policy to be issued. Keep in mind that this is still a shorter waiting period than you would have with the traditional process involving a medical exam, which generally takes about 6 to 8 weeks.
What are some of the red flags that might keep your application from being approved right away? A long list of prescription medications, a criminal conviction, a current bankruptcy, or a recent trip to a not-so-safe part of the world are all things that might cause an underwriter to take a bit more time in reviewing your information.
What to Expect When Applying
If you’ve considered the pros and cons of a no exam life insurance plan and you’re ready to apply, it’s a relatively simple process. Here are a few things you can expect:
- First, you’ll want to get an instant quote. Just fill out a few questions on our No Medical Exam Life Insurance form to receive your quote. At this stage, the only questions you’ll need to answer about your health are whether you currently use or have used tobacco or nicotine products. You’ll select the type and amount of coverage you want, and how often you prefer to pay your premium. You’ll also need to provide your age, height, weight, and gender. You’ll receive the quote immediately and can then decide whether you want to continue with the application process.
- You’ll see a list of insurance companies that are interested in providing you coverage, based on your profile. You can print the list or have it emailed to you so that you can start investigating to see which company is right for you. Our website makes it easy to learn quite a bit about 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 company’s A.M. Best rating (A.M. Best is a global insurance credit ratings and information service that lets you see which companies are the most reliable)
- Company reviews written by people just like you
We strongly encourage you to explore your options and compare the coverage plans. The policy you buy is intended to help your family during a time when they’re extremely vulnerable, so it’s not a good idea to just pick the first option on the page. You’re already shortening the overall process by forgoing the medical checkup. You don’t want to hurry through this part of the process. If you have any doubts or questions, one of our trained agents will be happy to assist you so that you can make the right decision.
- Once you have a company in mind, you’ll need to complete the Health Questionnaire. To get started, click on “Do I Qualify” from the Health Class category. What sort of questions can you expect? At least 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. You’ll be asked if you have a family member who experienced a heart attack, a stroke, or cancer before the age of 60.
- Your personal medical history. Even if no one in your immediate family has had any medical emergencies, you’ll be asked if you take medication for high blood pressure or if you’ve experienced any severe medical issues.
When filling out the Health Questionnaire, be sure to answer the questions truthfully, to the best of your knowledge. Don’t be tempted to hide information such as recent hospitalization or having been declined for life insurance in the past. As we noted earlier, this information usually shows up in a Medical Information Bureau (MIB) check. If you were turned down for another life insurance policy, your no physical exam application will probably be declined as well. There are exceptions, though, so just be truthful with your information. Honesty is always the best policy.
- After you’ve carefully reviewed your application, you can submit it online. A licensed True Blue Life Insurance agent will verify your medical history and be in touch with you — usually within 10 minutes during business hours. You won’t receive any automated calls, and your details won’t be sold to a third party. We’ll only share your information with the insurance company you’ve chosen.
- Once your application has been approved and your policy is in force, you can start enjoying the peace of mind that comes from knowing your loved ones are protected.
Taking the Next Step
If you’re interested in getting approved quickly and easily, consider an inexpensive life insurance policy with no exam. We’ve told you some of the advantages of these plans, such as time saved and a hassle-free application process. As long as you’re truthful on the questionnaire, you don’t have any medical concerns lurking around, and you’re willing to pay a little extra per month, a no exam life insurance plan might be perfect for you.
At True Blue Life Insurance, we represent over 60 outstanding insurance companies. We’re happy to help you find the best no exam life insurance rates, and we will never try to push additional products on you. We’re not a call center. We don’t have quotas to meet. We’re here for you, providing personal customer service you can count on.
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|