Compare ALL the top rated life insurance companies that don’t require a medical exam to purchase life insurance.
We can secure you over $2,000,000 of life insurance with no exam required. Ask us how!
We have life insurance options without an exam for those who have health complications as well.
The truth is – If you have loved ones who depend on you financially, odds are, you need life insurance.
Fortunately, there’s never been a better time to purchase life insurance, especially if you are interested in skipping the medical exam.
Why? Life insurance companies realize quite a few of us have no interest in being poked with a needle. They are expanding their no physical life insurance policy options, while lowering premiums (what you pay in exchange for life insurance).
While no exam life insurance can be an excellent fit for many, there are some specific circumstances in which it’s highly recommended:
Often, life insurance is needed in a hurry. No exam policies, in comparison to medically underwritten policies, can shave weeks off of the process of policy issuance.
Common situations in which life insurance is required quickly:
White coat syndrome, also called white coat hypertension, refers to a condition in which a patient’s fear – and consequently their blood pressure – spikes in a medical setting.
It’s common to loathe medical settings. You may experience:
In fact, for some, the idea of being poked with a needle has prevented them from making a life insurance purchase.
Fortunately, there’s never been a better time to purchase term life insurance with no physical. Your options have increased while the cost has decreased.
Multiple minor health issues may preclude you from a Standard or better health rating if you participate in medical underwriting.
Here’s why: Often, if you take a couple medications, or are being treated for a few minor health issues (i.e. high cholesterol, high blood pressure), your lab work might indicate concerns that you may be unaware of.
In other words, your lab work, should some red flags pop up, could place you in a Rated health class, meaning that you will have to pay a surcharge on your life insurance premiums of somewhere between 20 – 200%.
A Standard approval for no exam life insurance will, in all likelihood, cost you significantly less than a Rated approval for medically underwritten life insurance. Remember, no exam life insurance uses less scrutiny during the underwriting process (how life insurance companies evaluate risk).
Life insurance underwriters want to see proactive care of your health. If you haven’t had a checkup in the last couple years, there’s a possibility that something surprising could show up in your lab work.
Think: high cholesterol, elevated blood sugar, elevated liver enzymes or high triglycerides.
Keep in mind, honesty is always the best policy. Accurately answer all questions asked during the interview.
Bottom Line: Life insurance with no physical is an excellent fit for many, especially if you can’t stand needles, have a few health conditions, have not seen your doctor recently, or need coverage in a hurry.
While each no exam life insurance carrier uses their own process, you can expect a streamlined application that generally follows these steps:
Here’s why: Independent agents have your best interest in mind. They are not held captive to a particular life insurance carrier. Independent agents will shop the top-rated no exam life insurance carriers to find the best policy at the best price for you.
Almost always, you will submit your no exam life insurance application electronically.
Electronic applications are cost effective and are much faster than tedious paperwork and snail mail.
Usually, the next step will be a phone interview.
Anticipate a phone conversation lasting between 20 – 30 minutes.
You will be asked straightforward questions about:
Underwriters (that’s who evaluates your life insurance application) will usually lookup records from three sources:
Often quickly, you will receive an answer to your life insurance application. Sometimes, the decision comes almost instantly – within minutes. Other times, you may need to wait a few weeks.
Expect one of three possible decisions:
Bottom Line – No exam life insurance is usually a convenient, quick and affordable way to secure financial protection for loved ones.
There are four primary types of no exam life insurance:
When you hear the term, “no physical term life insurance”, Simplified Issue is likely what’s being discussed.
As the name implies, Simplified Issue means the underwriting process is simplified – you get to skip the medical examination.
Today, this type of life insurance is sold more often than ever before.
Here’s why: Life insurance carriers realize many of us have no interest in being poked with a needle. Carriers would like your business and have, as a result, expanded coverage amounts and lowered premiums.
What you need to know about Simplified Issue:
2. Graded Benefit
Graded Benefit life insurance is often your next stop if you don’t qualify for traditional life insurance (stricter underwriting).
A key detail about Graded Benefit is that the death benefit is not entirely available until, typically, 2 – 3 years after your policy is issued.
In other words, should you pass away during the first or second year of your policy, your beneficiaries can expect to receive a percentage of the death benefit:
After year three, you can expect 100% of the death benefit to be paid. Keep in mind the benefit payment structure is an example and carriers differ.
Expect to be asked a few questions during the application process. We’re talking about a lenient health questionnaire with basic knockout questions, like:
What you need to know about Graded Benefit:
Graded Benefit life insurance is typically an excellent option for someone who has been declined for traditional life insurance. Most can qualify for Graded Benefit.
While $50,000 may not be an ideal coverage amount for a family, some life insurance is better than zero life insurance.
Guaranteed Issue (GI) life insurance is best for those who are, and we mean this in the nicest way, uninsurable. If you have exhausted all other life insurance options, you will want to consider GI.
Keep in mind that the death benefits will not typically pay out until 2 years after the policy has been issued. That is to say, should you die during the first 2 years of the policy, your beneficiaries will not receive payment.
What you need to know about Guaranteed Issue:
Guaranteed Issue life insurance should be considered your last resort for coverage.
Aptly named, Final Expense (FE) life insurance works best for those looking to cover costs associated with end-of-life needs.
Final Expense policies typically do not have a waiting period, meaning that full coverage starts immediately.
What you need to know about Final Expense:
Final Expense policies are designed to provide financial protection during a vulnerable time for your family.
|Simplified Issue||Guaranteed Issue||Graded Benefit||Final Expense|
|Wait Period For |
|Capped Coverage At $50,000||No||Yes||Yes||Yes*|
*Some final expense policies cap at $100,000.
**Some carriers use Accelerated Underwriting, with the possibility of a medical exam being ordered. Communicate with your independent agent whether or not you are okay with a chance of a physical.
Often overlooked, riders are provisions to your life insurance contract that provide additional benefits.
Let’s examine the most popular riders:
When you are deciding which no physical life insurance company to apply with, be sure to be familiar with their available riders. Each company’s riders are different and an independent agent should help you compare and contrast.
Your life insurance needs are entirely unique to you.
To get started, grab a pencil, paper and calculator to consider the following:
Note – Commonly, life insurance needs change throughout your lifetime. We recommend purchasing an amount of life insurance that meets your current needs. In the future, your independent agent can always guide you in making changes to your life insurance planning as needed.
So, why would you not want to purchase no exam life insurance?
Circumstances do exist in which no exam may not be the best fit for you:
Let’s consider a tree.
A tree’s three primary parts provide an excellent analogy for how your finances can be categorized:
Why Roots Are Essential
The wind cannot defeat a tree with strong roots. – The Revenant
While each part of the tree is important, truly, you need the roots to thrive in order to have a healthy tree.
Strong roots are an excellent representation of life insurance protection because, without them, you are not safe from potential storms.
It’s not fun to think about, but purchasing life insurance is the right thing to do if people you care about depend on you financially. Your life insurance policy can protect your family during a storm: loss of life, terminal or chronic illness, loss of employment (with proper riders).
Two things need to happen in order for you to apply for life insurance with no physical exam required: