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No Exam Life Insurance Explained

No Exam Life Insurance Explained

If you’re interested in no exam life insurance it’s always important to do your research. With 85 percent of consumers agreeing that most people need life insurance it isn’t shocking that life insurance is a topic that comes up frequently when discussing a person’s financial preparedness.

The concern we see for many people is that they do not qualify for standard life insurance.  They have filled out multiple applications and keep getting rejected.  This could be a for health conditions, a disability, or even a lifestyle choice, but the one constant factor is that people frequently have trouble getting approved for life insurance.

As an independent life insurance brokerage with over 38 years of experience, we represent over 60 of the nation’s highest-rated life insurance companies and have worked with thousands of people to get approvals for life insurance.

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What Is No Medical Exam Life Insurance?

Applying for a fully underwritten life insurance policy requires that a medical professional visit you at your home to complete a brief health examination.

This examination can be as quick as 15 minutes and requires the examiner to take a small blood and urine specimen as well as confirming your height, weight and blood pressure (sometimes an EKG is needed depending on age and health history).

No medical exam life insurance is exactly as it sounds; it’s life insurance that you can acquire without having to take a medical exam. Sounds simple and great right? Sign me up! However, before doing so I want to provide you with an explanation of the Pros and Cons of acquiring life insurance without a medical exam.

Pros of No exam life insurance:

  • You suffer from Needle phobia: As much as 10 percent of people suffer from an extreme fear of needles and injections and as much as 20 percent of those individuals avoid medical treatment like the plague. If you are one of these people, life insurance without a medical exam is just for you.
  • You need coverage approved sooner than later: Often time’s people need their life insurance approved as soon as possible. Typically this is associated with someone waiting on approval for a small business loan, divorce settlements or any other court-ordered life insurance policy. No exam life insurance can be approved within one to ten days.
  • You have multiple “minor” health issues: Depending on your health history this could result in your coverage being rated. A no exam policy only uses a brief insurance history check to approve you for coverage so you should qualify just fine.
  • You want buying life insurance to be easy: With no exam life insurance, the entire process is quick and easy. Since you don’t have to take the health exam we can have approval for you as soon as the same day. With the eSignature technology we use, finalizing the policy is as easy as clicking a few buttons.

Cons of no exam life insurance:

  • You pay more for a no exam policy: When you undergo a health exam for a fully underwritten life insurance policy you are allowing the insurer to evaluate your current health. A lot can be determined by a simple blood pressure reading as well as a current blood and urine specimen. By giving the insurer insight into your current and real-time health they are better able to determine your insurability which can result in lower life insurance premiums.
  • Restrictions on how much you can buy. Unlike a traditional term insurance policy with a medical exam, there are some restrictions on how much life insurance you can buy. With a medical exam, the insurance companies are more willing to offer larger plans. Each insurance carrier has different restrictions on how much no exam coverage they offer. In most cases, you may not be able to buy enough protection.

Who Needs Life Insurance Without A Medical Exam?

Now that we understand the pros and cons of a no exam life insurance policy it’s pretty easy to see who would benefit from such a policy and who is better off applying for a fully underwritten plan.

If you know you need life insurance but are deathly afraid of needles and are willing to do anything to avoid providing a blood specimen then life insurance without a medical exam is right for you.

If you have a few minor health conditions that may result in a fully underwritten policy being rated or declined for life insurance coverage then a no exam life insurance policy may be a good fit.

If you need a policy approved rapidly as collateral on a small business loan or need coverage approved sooner than later for any other reason, then a policy that doesn’t require a medical exam may be perfect for you.

If you are willing to pay more for your life insurance in exchange for not having to undergo a brief health examination and just want the process to be simple and quick, then a no exam policy is the way to go.

When To Purchase No Exam Life Insurance 

At this point we understand the pros and cons of a no exam policy and are familiar with the various scenarios of when purchasing such a policy would make sense for you. However, I want to cover another very similar topic that we get asked quite often at our agency.

Why do I need life insurance?

Whenever we’re ready and willing to make an important buying decision it’s natural and quite essential that we justify the need for that purchase. After all, no one wants to simply throw their money away without making an informed decision.

Following are some more common scenarios that may support your need for a life insurance policy:

  • You’re married, will be soon or have recently divorced.
  • You are looking for life insurance because you are a parent, are expecting or have recently adopted.
  • You own a home or recently purchased one.
  • You want to make sure your funeral expenses are covered.
  • You want to assure payment of a loved one’s education in the event of your passing.

As you have probably noticed there’s a common theme regarding the need for life insurance and it mostly revolves around the necessity of providing income replacement for your dependents, through income protection with life insurance.

Now that we understand what no exam life insurance is, who would be a good fit for it and when someone would need to purchase life insurance, it’s important to understand…

How Much No Exam Life Insurance to Purchase

As we mentioned earlier, the carriers are going to determine how much insurance you can buy without the exam. There are a few companies out there who sell a $1 million with no exam, but those aren’t common.

Most companies are going to offer around $500,000 no exam insurance. For a lot of the customers we talk to, this isn’t nearly enough protection.

Before you buy a plan without a medical exam, you need to make sure they will give your family the money they need.

How do you do this? Math!

Add up any major expenses, plus your funeral costs, and your paycheck. These are the three main parts of life insurance protection:

  • Pay off your mortgage and major expenses
  • Pay for a funeral and burial expenses
  • Replace your salary

If a no exam plan doesn’t cover these three parts, it’s probably too small. You can either buy two policies or spring for a traditional plan with an exam.

How To Purchase No Exam Life Insurance

Purchasing no medical exam life insurance is a very simple process and can be done quite quickly and efficiently. Once you’ve found the right life insurance broker (and hopefully you decide to work with us), the following are the simple steps taken to complete life insurance purchasing process with us, which is completed entirely online to make the process as simple and convenient for you as possible:

  1. Fill out the quote request form.
  2. We’ll be reaching out to you for additional information.  We want to make sure you are getting the right policy (no exam whole life insurance vs. no exam term life insurance vs no exam universal life insurance) and to make sure we match you up with the right life insurance company to get you the best rates available to you.
  3. Once you are comfortable with the life insurance company and plan design we discussed with you, we can begin the application process for the life insurance.
  4. After we’ve submitted your application request to the life insurance company it will take approximately 1 to 10 days for us to receive an approval from the insurance company we apply to.
  5. Once we have the approval from the life insurance company we can finalize the policy as is if you are happy with it, make any changes to the policy to fit it into your budget, or you can decline the coverage entirely at that point.

You are NEVER obligated to purchase or take a plan at any point in the application process, even if we have received an offer from the insurance company.

Bottom Line of No Exam Life Insurance

The purchase of no medical exam life insurance policies is becoming increasingly popular every year that goes by. With our busy lifestyles, the appeal of acquiring life insurance in a quick and efficient manner online, without the need to meet face to face with a salesperson is quickly becoming the preferred method to buy life insurance.

Most importantly, when you make that final decision to purchase your life insurance (whether it be for your family, business or any other reason), we hope you chose an insurance broker like us, who will go to bat for you at the insurance companies, and has decades of experience when it comes to life insurance policy design, sales, and service.

If you are interested in a quote for no medical exam life insurance please give us a call at 888-229-7522 or fill out the quote request form on this page.

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