How are no medical exam policies different?
The only difference is the maximum coverage amount available. There is no difference in how and when the insurance provider pays the death benefit or any additional features the policy may provide.
Is there a cost difference?
Only for about 5% of people, those that are super healthy.
Most individuals who choose a no medical exam policy are approved at Preferred and Standard health classes, which translates to healthy and average health.
If you think you qualify for the Preferred Plus health class, or in other words, exceptional health, you could save money by taking a medical exam.
When is a no exam policy a great fit?
- If you need less than $500,000 of coverage.
Most no exam policies max out at $500,000. There are a few that go up to one million.
- If you need a life insurance policy immediately.
No exam policies typically get approved in 1 – 10 days. Compared to 4 – 8 weeks for policies that have an exam.
- You’re too busy to use the traditional life insurance process.
Applications are done over the phone. Signatures are collected digitally. If you have 20 – 40 minutes, that is all that is required to complete the process.
- You have a fear of needles.
Nobody likes needles. Some people really don’t like needles.
- If you haven’t been to a doctor in a long time (over three years).
Undergoing a medical exam poses the risk of revealing unknown medical conditions. If you haven’t seen a doctor for a while we recommend you first secure a no medical exam policy. This way you avoid surprises that can increase your rates or cause uninsurability.
How Long Does it Take to Get a No Medical Exam Policy?
Depending on the company as well as your health, approval time is anywhere from instantly to 30 days.
While there is no medical exam involved, insurance providers rely on public records to determine your health.
If you’re not certain if an instant approval company would be the right choice for you or not, we’re here to help. We know all the differences between companies, and can recommend the ideal company based on your needs.
|Instantly||Some policies we offer are instant approval, though these are typically more expensive because they only have a single health class for everyone.|
|1-4 days||If you have few health minor conditions that are well controlled and are taking 2 or fewer medications, then you are looking at 1 – 4 days.|
|5-14 days||If you have a few health conditions and are taking more than 2 or more medications, then this can extend the timeframe to 5 – 14 days.|
|14-30 days||If you have recent health conditions you are being treated for then someone at the insurance company (an underwriter) reviews your application and may order medical records from the doctors you have seen. This can extend the timeframe to 14 – 30 days.|
If I don’t take a medical exam, how do they determine my premium?
The insurance companies can pull four main reports when you apply for a policy.
|Pharmacy Report||This report contains every prescription medication you have been prescribed over the last 10 years.|
|MIB Report||The Medical Information Bureau report includes any previous life insurance applications. If you have been declined by another company this will show up.|
|Motor Vehicle Records||Life insurance companies can see information about past tickets, DUI’s, and warrants.|
|LexisNexis||Some insurance companies, also use LexisNexis to crosscheck your financial and criminal history. They can see credit scores, any bankruptcies, short sales, foreclosures, tax liens, late payments, and residential history.|
What is the process to get a no exam policy?
Getting a no medical exam term life insurance policy is simple, and depending on the company you apply with, the entire process typically only takes an hour or less.
1. Get an Instant Quote:
Run a free and anonymous quote on our comparison engine. We compare the rates from over 40 different top-rated life insurance companies.
2. Choose a policy
We provide prices, reviews, features of the policies, and a health questionnaire that takes into account the questions and guidelines of every company we represent. Don’t worry if you are not 100% sure. We verify your information and make sure you choose the best company. Or just give us a call.
3. Complete the application online or over the phone with an agent:
After you choose a policy you can either request for an agent to call you and take your application, or you can complete the application online.
4. Confirm your identity and sign the application:
Law requires that we need to briefly speak with you over the phone to confirm that it is you submitting the application.
5. Let us handle getting your policy approved
From here we take over. We check on the status of your application daily and answer any questions the company needs to clarify. We act on your behalf to get you approved at the lowest premium possible. It typically takes 2 – 10 days for us to get you the policy to you.
Let True Blue do the heavy lifting
Do you like the sound of everything a no medical exam term life insurance policy has to offer, but you don’t feel like doing the shopping and comparing yourself?
We’re here to make the entire process a breeze. Have us shop for you and present you with options at no-cost and no-obligation.
Not the online type? Give us a call. We are here to help make getting life insurance easy for you. 866-816-2100