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Can I Get More Affordable Insurance if I Agree to a Medical Exam?

Interested in obtaining more affordable insurance coverage?

If you find yourself in this position, you’re probably trying to figure out whether agreeing to a medical exam would make your life insurance any cheaper.


Simplified issue life insurance is a more convenient form of life insurance. With this type of policy, no medical exam is required. However, medical questions are typically still asked.

What is a Medical Exam?

Typically, a medical exam is required with most traditional life insurance policies. It’s a physical exam usually completed by nurses from an exam company, not the proposed insured’s doctor. With it, you might be required to provide urine and blood samples. Additionally, you may be requested to release records from your doctor and past medical treatments.

Attaining Cheaper Coverage

So, is this cheaper coverage attainable by agreeing to a medical exam? The answer is typically yes, it’s possible to attain because insurance companies are able to assess your current state of health and weigh the risk of insuring you. However, eligibility for and the cost of such coverage ultimately depends on the company and the specific policy.

Types of Insurance

There are two major, traditional types of insurance – permanent or whole life, and term life. Depending on your situation, you might find one more beneficial than the other.

Permanent or Whole Life Insurance

Whole life insurance, also known as a type of permanent life insurance, provides lifelong coverage. While it’s possible for a company to charge a premium that increases every year, the premium typically remains level.4 Additionally, this type of insurance builds up cash value over time.1 Other types of permanent life insurance include universal life and variable life insurance.2

Term Life Insurance

Unlike permanent life insurance, term life insurance issues a policy for a certain period of time. The cost is determined by factors including age, term length, coverage amount, and overall health. This type of policy typically doesn’t offer cash value buildup.1

Alternative Types of Insurance

In addition to traditional types of life insurance, it’s important to know there are other options – simplified issue life insurance and guaranteed issue life insurance. The following information will help you learn the similarities and differences between the two.

Simplified Issue Life Insurance

Simplified issue life insurance is a more convenient form of life insurance. With this type of policy, no medical exam is required. However, medical questions are typically still asked. Some questions that may be asked include, but are not limited to, the following:3

  • Are you a smoker?
  • Is your current place of residence a hospital or long-term-care institution?
  • Have you been declared terminally ill?
  • Do you have HIV or AIDS?

With this coverage, premiums are typically high, sometimes 2-4 times higher than other life insurance policies.3 This is because it’s more of a risk to insure someone since a medical exam isn’t required.

Guaranteed Issue Life Insurance

Guaranteed life insurance is usually the quickest method of obtaining coverage, because it doesn’t require you to undergo a medical exam or answer medical questions. Since it’s guaranteed, it’s also usually the most expensive form of life insurance.3 This is because you’re seen as a high risk to life insurance companies, since they have no knowledge of your current health status.

Choosing the Best Coverage for You

Ultimately, your health plays a large role in determining the best coverage for you.

Once you weigh all of your options on your own, it’s important to consult your insurance company or local licensed insurance agent for more information, before making a final decision.