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What is no exam life insurance?
As its name suggests, a no medical exam life insurance policy does not require a medical examination as a part of the underwriting process.
This means that the applicant does not need to provide a blood and urine sample for testing for insurance. These types of policies do, however, still ask for health information on the application.
Other information is also required, too, such as a Medical Information Bureau (MIB) report, a Motor Vehicle Report (MVR) report, and information about prescription medications that the applicant takes.
How does no medical exam life insurance work?
Just like any life insurance policy, a named beneficiary will receive a lump sum payout of the proceeds if the insured dies while the policy is in force.
As with other types of life insurance, these proceeds are not taxable to the beneficiary. This type of policy just does not require a medical exam to qualify.
Cost of no exam life insurance
Unlike in the past, the cost of a no exam life insurance policy may not cost more than a fully underwritten policy. Some applicants may even be able to qualify for preferred plus rate class. See this guide to learn about what a rate class means.
Several factors will go into the premium pricing of no exam life insurance. These include:
- Tobacco use
- Health condition
- Insurance carrier
- Prescription medication history
- Type of coverage (i.e., term or permanent)
- Length of protection (for no exam term life policies)
What are the different types of policies offered?
You can buy both term insurance and permanent policies that do not require a medical exam.
A term life insurance policy with no medical exam offers death benefit protection, without any cash value or savings build up.
Term policies are purchased for a certain amount of time, such as 10 years, 20 years, or 30 years.
Because of its pure life insurance coverage format, the premium that is charged for term policies is less than that of a permanent plan, with all other factors being equal.
Permanent Insurance that Offers No Exam
Permanent life insurance consists of both death benefit protection and a cash value component.
Two types of permanent policies:
- Universal Life Insurance No Exam
- Whole Life Insurance No Exam
Unlike term life insurance, permanent coverage does not have a set length of coverage, or “term.” Instead, these types of policies are intended to last for the remainder of the insured’s life.
The cash value in a permanent life insurance policy is allowed to grow tax-deferred. Also, these funds may be borrowed or withdrawn by the policyholder for any reason.
Is there underwriting?
While there is no medical exam required for this type of policy, an applicant will still undergo the underwriting process before the insurance company makes an approval decision.
The underwriting decision is determined by:
- Medical questions on the application
- MIB report
- MVR report (driving record)
- RX report (prescription history)
Is there a waiting period?
No. The only type of life insurance policy that has a waiting period is a guaranteed acceptance life insurance policy which you can learn more about here.
Remember, no exam does not mean there is a waiting period before a death benefit would pay out. It just means you don’t have to take a medical exam for underwriting purposes.
How much coverage can I get with no exam?
Although some life insurance carriers only offer a small amount of coverage with their no exam life insurance policies, today some companies provide up to $1 million of term life insurance with no medical exam. Here are some of the product details for the best no exam carriers in the country. As well as how much coverage you can buy.
|Carrier||Coverage Limit||Issue Ages||Approval Time|
|Assurity||$350,000||Ages 18 – 65*||3 – 7 Days|
|Sagicor||$1,000,000||Ages 16 – 65||15 Minutes|
|SBLI||$500,000||Ages 16 – 60||3 – 7 Days|
|Phoenix||$500,000||Ages 18 – 65||15 Minutes|
What no exam life insurance won’t provide*
Even though no medical exam life insurance could be a viable option for some individuals, it is important to understand what is and isn’t provided with this type of policy. For instance, no exam life insurance will not typically offer:
- Coverage if you are high risk
- Guaranteed acceptance for coverage
- Over 1 million in death benefit
Which companies offer the possibility of no exam policies?
Some companies offer a no exam possibility. You have to go through a tele-app phone interview where you will answer certain medical questions. If you are healthy and can meet the guidelines the carrier might not require an exam. These carriers below offer a possibility of no exam.
- American General
- ANICO (American National)
- John Hancock
- Lincoln Financial
- Minnesota Life
- Pacific Life
- United of Omaha
See our carrier reviews. Find the best.
At Insurance Geek, we work with more than 30 of the top no exam insurance carriers in the industry today. So, there is no need to spend time and effort sorting through policies and companies when we’ve already done the legwork for you.
As an independent insurance brokerage, we will help you to narrow down the coverage and find the best no exam life insurance companies – as well as the premium – that works the best for you and your specific needs.