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Can You Buy Life Insurance With No Medical Exam?

Yes, it is possible to purchase a life insurance policy with no medical exam. Simplified-issue plans require you to answer certain health questions, but eliminate the medical exam.

Guaranteed-issue life insurance is a type of permanent life insurance that does not require a medical exam or health questions. These policies could be an attractive option to people who cannot qualify for other types of life insurance policies.

Understanding Life Insurance Options With No Medical Exam

Simplified-issue policies are a good option for people who are in relatively good health but don't want to deal with the hassle of scheduling a medical exam and waiting for a fully underwritten policy to be issued. The underwriting process on a traditional term or permanent policy can take several weeks. Plus, you'll need to time to schedule a medical exam at your home or business, which can take up to an hour. With a simplified-issue policy, you'll get an answer much faster. Issuance of the policy may depend upon answers to health questions set forth in the application. These plans may have a graded death benefit for an initial period of time.

One trade-off for simplified issue policies — you likely won't be able to obtain a death benefit as large as you could with a fully underwritten policy. Premiums may be more expensive than if you qualified for a fully underwritten policy.

Guaranteed-issue policies don't require any health questions or a medical exam. These plans are typically reserved for people in an older age bracket (50-85, for one example). Death benefits are much smaller, usually $25,000 or less. Some policies may allow for larger payouts. These plans may have a graded death benefit for an initial period of time.

If you're an older person or a person with a preexisting medical condition who has had difficulty securing a fully underwritten or simplified-issue policy, a guaranteed-issue policy may be a good option for you.

A Note About Term Life

Term life insurance is typically the most affordable type of life insurance, especially for young people. Although most term life policies require applicants to pass a medical exam and answer some health-related questions, you may find that the the cost savings is worth it if you are young and in good health.

A licensed insurance agent can help you better understand your options and match you with a policy type that works for you. You can speak with a licensed agent now at 1-800-966-7169.

*Applications for insurance may be subject to acceptance by insurer. Rates and coverage amounts will depend upon the carrier selected.

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