Can I Get Life Insurance With No Medical Exam?

iQuanti: Many traditional life insurance policies require you to fill out a health questionnaire and undergo a medical exam as part of the life insurance application process. If you're in poor health, a smoker, or have a terminal illness, this may make it more difficult to get approved for one of these plans.

Many life insurance companies offer policies with no medical exam. These plans tend to be more affordable and take less time to get, so you may be able to get coverage quickly and give your loved ones the financial security they need. Let's dive deeper into who should get no-exam life insurance and a few types of policies available so you can compare life insurance quotes and find a plan that can protect your beneficiaries if you pass away.

Who should get life insurance with no medical exam?

Health history is one of the biggest factors insurers look at when deciding whether to approve you and how much to charge in premiums. So, traditional life insurance policies can be more expensive for seniors and people with poor health or a family history of health issues. Additionally, the medical underwriting process can take a long time, leaving you uninsured as the company analyzes your exam results.

That's where life insurance without a medical exam can help. When issuing this type of policy, the insurer won't weigh your medical history or current health issues. These policies tend to have smaller death benefits, but the premiums are quite affordable, and you can get your policy much more quickly. 

Types of life insurance with no medical exam

Here are two types of life insurance policies that don't require a medical exam:

Final expense insurance

Final expense insurance is a type of small whole life insurance policy that is designed to help beneficiaries cover your end-of-life costs, such as medical bills and funeral expenses. The death benefit is smaller than a traditional whole life policy, but it offers lifelong coverage, and the premiums are much lower than a traditional whole life policy. 

Final expense insurance policies can also come with a cash value growth component. Part of each premium goes into this component, which grows at a fixed interest rate. Once the cash value becomes large enough, you can:

• Withdraw from it: You can withdraw some of your cash value. Keep in mind that this can reduce your death benefit, and you may owe taxes on gains.
• Borrow from it: You can get a low-interest, no-credit-check loan from your cash value. There's no set due date, but interest adds to the balance, and your policy lapses if the loan grows larger than the cash value.
• Surrender the policy: You can get your full cash value minus surrender charges if you surrender your policy. Any gains may be subject to taxes.

Guaranteed issue life insurance

Guaranteed issue life insurance is a small whole life insurance policy that you can get without a medical exam. With this type of policy, the death benefit is smaller and premiums tend to be higher than life insurance plans with similar coverage amounts. If you want to give loved ones added financial protection but don't qualify for a policy with more coverage, guaranteed issue life insurance may be a good option.

Sometimes, guaranteed issue life policies come with a waiting period where you pay premiums but the policy isn't yet in force. If you die during this waiting period, your insurer will refund the premiums to your beneficiary plus interest. Guaranteed issue policies generally come with cash value components as well.

Get the coverage you need without a medical exam

Life insurance policies with no medical exam can help seniors and people with poor health get affordable coverage much faster than traditional policies. Final expense insurance can work well if you'd like to help your loved ones cover end-of-life expenses, like funeral and medical costs. Guaranteed issue life insurance is another option for getting life insurance with no medical exam.

Regardless of the life insurance plan you choose, every insurer may offer you different quotes for the same type of policy. Shop around and gather several quotes to get the coverage you need at a rate you can afford.