Medical exams can be one of the most stressful situations people put themselves through on an annual basis. With a number of Americans facing coverage obstacles posed by preexisting health conditions, it’s no wonder so many shake in their boots at the thought of going – especially when it’s a requirement for so many life insurance policies.
No-medical exam life insurance does not require the standard medical exam that most life insurance policies need to make you an offer.
What is No-Medical Exam Life Insurance?
No-medical exam life insurance is a type of life insurance policy that does not require a medical exam as part of the application process. A medical exam is normally a requirement for obtaining a life insurance policy, but it’s a requirement that doesn’t sit well with most.1
Due to the waiving of a medical exam, no-medical exam life insurance is sometimes considered to be a more expensive option than term life insurance, so it’s not suggested for everyone. However, those with underlying health issues, preexisting conditions, or family history of certain diseases may find no-exam medical insurance well worth considering.
How Does No-Medical Exam Life Insurance Work?
As mentioned, no-medical exam life insurance does not require the standard medical exam that most life insurance policies need to make you an offer. The insurance company will determine your eligibility for a no-medical exam insurance policy. If you are eligible, you should receive a policy offer. Once received, all that’s left to do is sign and pay your first premium!
Pros and Cons of No-Medical Exam Life Insurance
Like all things in life, there are pros and cons to every decision. When making a choice about life insurance, that is no different. As such, for those considering a no-medical exam life insurance policy, consider some of the main pros and cons to consider:1
How to Obtain a No-Medical Exam Insurance Policy
- Good alternatives for individuals with health issues that may otherwise disqualify them from traditional life insurance policies
- No need to meet with a technician
- No need to give a blood or urine test
- Faster approval times due to no medical exams being required
- Typically more expensive than traditional life insurance policies
- Fewer coverage levels available
- Fewer riders available
- There may be a waiting period
If you’ve decided on a no-medical exam life insurance policy, you may be wondering where – and how – to get one. There are a few ways in which you can go about enrolling in a no-medical exam policy. Your first option is to speak to your job’s human resources department and find out whether they offer a no-medical exam insurance policy.1
Should your employer not offer a no-medical exam life insurance policy, you can always speak to your insurance agent or insurance company about the no-medical exam policies they offer.1
Of course, there are a number of no-medical exam life insurance policies to choose from, so it’s important to do your research in order to ensure you make the best policy decision.
- U.S. News, What Is No Exam Life Insurance, 2020