No-medical-exam life insurance utilizes your previous health documents rather than a physical examination to evaluate your health and ensure you can obtain low-cost life insurance sooner.
What is no-medical-exam life insurance?
The no-medical exam life insurance (also known as no-med or no exam life insurance) utilizes your previous health records rather than the traditional physical examination to determine your health and determine your rates. You can purchase no-medical exam life insurance in just just a few days and is quicker than a couple of months to purchase the traditional insurance policy. Because these types of insurance policies are non-contact and non-contact, they’ve become increasingly popular since people continue to practice social distancing throughout the current COVID-19 outbreak.
Its 2022 Policygenius Trend Report shows that the COVID-19 pandemic has caused an increase in no-medical exam policies, and consumers are chomping at the bit. “Even when no-med policies are slightly more expensive, say $5 to $10 more per month, customers are still opting for those because of the quick turnaround time,” says Eloise Spinello the director of account management as an associate at Policygenius.
Different types of no-med insurance
The most popular kind of life insurance with no medical exam is an insurance term life insurance policy that comes with rapid underwriting. Instead of a test, an underwriter will use your medical background, previous labs as well as your prescription history and any diagnoses from the past to determine the amount of your premium.
In a telephone interview, the agent will inform you of the age and health of your client permits you to be considered for a no-medical exam policy. You’ll be asked questions and could receive an answer to your application within just one or two days.
Life insurance term without medical exam
Term life insurance without medical exams provides the same level of protection as fully insured policies. They also offer riders and millions of coverage — all at the same price. The main difference is that without a medical examination the decision on your policy is much faster.
Because term policies that don’t require the requirement of a medical examination are like the traditional insurance policy anyone who’s eligible should think about applying.
Life insurance with no medical exam: a quick comparison
Life insurance with no medical exam term has advantages and disadvantages in comparison to a conventional policy: The pros
- Price is comparable (if not less expensive) than an entirely written policy
- Decisions on applications can be made in just a couple of days
- It comes with riders and extensive death benefit coverage.
- Does not cover wealthy candidates who require an extremely large death benefit
- Individuals who are old age or have poor health might not be qualified
- If you are not accepted If you are rejected, you must be examined by a doctor.
What is the cost of no-medical-exam term life insurance expense?
life insurance plans with no need for the need for a medical examination are competitive in price and usually cost the same as a traditional insurance policy or even less. Take a look at the chart below to find out the amount you’ll pay per month for a no-medical exam life insurance policy.
The most reliable life insurance with no medical exam companies
If you are a minor risk to your health or risk factors and need a fast application process, we suggest no-exam term life insurance offered by three of our insurer partners:
The three policies all offer benefits of a traditional term life insurance policy with a reasonable price and much shorter times to pay that are a couple of minutes instead of 5 or six weeks.
We at Policygenius want affordable and reliable insurance coverage to be simple to locate for all. To help you sort through the choices, we analyze and rate businesses, including those who offer no-med life insurance. We do not get paid to write reviewers and assess each life insurance company with a thorough and objective analysis to help you select the right insurance.
Who qualifies for no-medical-exam life insurance?
The majority of healthy individuals in their 30s, 20s, 40s, and 50s can be eligible for a medical-free exam policy. However, should they be eligible for one? Absolutely, no-medical-exam policies can provide flexibility, competitive pricing and coverage that’s just as comprehensive as an insured policy. It is worthwhile, particularly in the following situations:
- You’re in good or moderate health.
- You should skip the exam in person because of the COVID-19 pandemic.
- You’re looking for or require immediate coverage
- You’re looking for a reasonably priced insurance
If your request for a no-medical exam policy is rejected but you still have the option of getting an insurance policy for life for a low cost and you’ll only be required to take the medical examination. Insurance agents can assist you in finding the best policy for you.
Life insurance without medical exam for senior citizens
Seniors and those with severe health issues may not be qualified for life insurance with a term without a medical exam, but they do have a medical-exam-free policy option which is burial insurance.
Burial insurance that does not require a medical examination
There are two kinds of burial life insurance (also known as”final expense insurance) that do not need a medical examination, but provide low coverage to pay for funeral costs:
- The Guaranteed Issue Life Insurance gives almost 100% approval, as long as you are able to afford the cost of premiums.
- Simple Life insurance issued by the government provides somewhat lower rates and greater protection than the guarantee issue. However, you may be excluded for aid in your care, or you have a more complex medical background.
They offer amounts of coverage for an expensive price, but they’re an alternative to the term insurance you need without having a medical examination.
How do I purchase no-medical-exam life insurance?
We’ve got all the information you’ll require to choose the right policy for your needs: the most current and expertly vetted information, in-depth reviews of the top no medical exam life insurance providers, and hundreds of agents available to help you with your queries. Additionally, since Policygenius as an independently-owned brokerage representative can assist you in comparing the prices for life insurance policies without an exam for medical conditions among insurance providers and help you find the best policy option for you -for the most affordable price.