How to get no-exam life insurance

BY RACHEL LAYNE​​​

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No-exam life insurance policies can be beneficial for a variety of policyholders. 

Life insurance helps you provide for loved ones after your death. With life insurance policies, your beneficiaries get a cash payment when you're gone, which they can use toward funeral expenses, unpaid bills, or other expenses.

Most insurance companies require a medical exam before they approve you for life insurance coverage. You may be uncomfortable with this, or want to avoid it. Enter no-exam life insurance.

Many kinds of people may find no-exam life insurance appealing. No-exam policies can be wise if you have a pre-existing health condition, or terminal illness is a smoker, or have a risky job (like fire fighting or construction). 

Or, you may need life insurance as collateral for a loan or a sudden change in marital status like divorce. Seniors may bump up against age limits for some traditional kinds of policies and find no-medical exam life insurance worthwhile. 

If you think you would benefit from a no-exam life insurance policy then reach out to an insurance pro now. They can help you get started with a free price quote so you know exactly what to expect. 

No medical exam life insurance comes in both whole life and term life policy forms. Though there's no medical exam, each insurance type may ask for some health information on the application. Premiums are often more expensive than traditional life insurance policies that require medical exams. They can also provide significantly lower coverage. Guaranteed life policies, for instance, are often $25,000 in coverage or less.

Types of no-exam life insurance policies to know

The first step in getting no-medical exam insurance is deciding what kind is right for you. Here are four main types

• Simplified issue: This insurance is often for people, including seniors, who are generally in good health but may have a few chronic health issues or medical conditions. The application typically includes a short health questionnaire.
• Guaranteed issue: These life insurance policies are aimed at older seniors or those who are in poor health. They don't require a medical exam and guarantee a comparatively small death benefit for your beneficiaries. A few medical questions may be required.
• Accelerated underwriting: Sometimes called "instant" life insurance, this type uses artificial intelligence to gather and analyze data instead of a physical exam. Insurers may seek information like prescription history, driving records, or previous medical exams to determine risk and cost. You may also be asked to fill out a detailed questionnaire or do a phone interview. The method can cut approval time from days or weeks to hours.
• Group life insurance: If you're working, your employer may also offer group life insurance policies without requiring a medical exam, sometimes for free. The drawback? You likely lose coverage if you leave or lose your job.

If you think you would benefit from a no-exam life insurance policy, reach out to a professional now or use the table below to start searching for providers.

Finding a provider for no-exam life insurance

Seek advice from an insurance agent, your financial adviser, or another expert before you apply to be certain that no-exam life insurance is the best option for you. 

From there: 

• Shop around for several quotes. Coverage and premiums can vary widely. 
• If you are a veteran, check the U.S. Veterans Administration for lower-cost providers.
• If you are working, check to see if your employer is offering group life insurance.
• Consider whether a whole life or term life type of policy is right for your circumstances.
• Seek out customer reviews and complaints to review.  

Filling out the application

Once you've decided on a no-exam life insurance provider, you'll need to fill out an application. Depending on the policy type, you can expect:

• Some basic questions, including those about your weight, date of birth, lifestyle habits such as smoking, drinking, recreational drug use, exercise, and activities like extreme sports. 
• Details of your health history and medication use (except with most guaranteed life insurance applications, which can be pricey). 
• A request for financial information such as income and credit history.
• A request letter from your primary care doctor about your health.

Be honest with your answers. A life insurance company can deny coverage or payout if you aren't being truthful on your application, like if you lie about smoking. 

Follow the instructions to submit your application. Once you've submitted, it can take just hours for accelerated underwriting approval to weeks depending on the type of no-exam policy you're seeking.

Get started now and see what you can qualify for!