Life Insurance without a Medical Exam

Getting life insurance without a medical exam is possible, even for seniors, but there are some important things to understand and consider before you choose to forgo an exam.

Young couple at desk

Understanding no-exam life insurance

Life insurance without a medical exam is not a new concept, but it wasn’t often recommended until recently. New technology and algorithms have made it easier for insurance companies to offer no-exam insurance at more competitive rates. Here are some things you should know as you shop:

You may not get as much coverage

When you choose no-exam insurance, there will be a cap on the coverage amount you can qualify for. If you want a higher coverage amount to ensure your family’s financial stability, you may have to get that medical exam after all

No-exam life insurance may cost more

When insurers offer no-exam life insurance, they take on additional risk by not knowing how healthy you are. For that reason, most charge higher premiums to balance that risk. No-exam policies have become very competitive, but you may even be paying more than you would for a medically underwritten policy.

You will likely still need to answer health questions

Even if you do not take a medical exam, most companies will ask you to fill out a health questionnaire. Some have relatively few questions, while others can be very in-depth. It’s important to be honest when answering as it will ensure the best offer for premium and protect your policy and its future benefits.

What’s involved with a life insurance medical exam?

If you are healthy, you may want to consider a policy with full medical underwriting to get the most options and best rates. A life insurance medical exam is a relatively painless process that involves a few tests you’re familiar with from yearly checkups, like a physical and a blood draw. It’s normally free and takes about 30 minutes. Depending on your age and health, it can lower your premiums considerably.

Types of no-exam life insurance

Every insurer will have different products with different terminology and different options. When shopping, it’s important to understand the limits and benefits of each. Ask questions, and make sure you work with a life insurance agent you can trust. We can help you connect with an agent

Simplified Issue life insurance

This is the most common no-exam life insurance, and it can come in a variety of forms. Most of the time, you complete a short questionnaire about your health and get covered immediately.

Guaranteed Issue life insurance

Offering limited coverage amounts for a predicable premium, these policies may not be enough to secure your family’s needs, but they can help cover final expenses.

Related: Final Expense Insurance

Accident protection insurance

These policies generally provide a lump sum payment to your beneficiaries if you die in an accident, like a car crash. It does not cover death by natural causes.

When should you get life insurance without an exam?

There’s no simple answer to finding the best life insurance policy for you and your family. A lot of flexibility and customization comes with most insurance products, and it’s important to research all your options and compare premiums to make sure you’re getting the best protection that meets your unique needs.

If you don’t need much...

If you need only a small amount of coverage to help your family with final expenses at a stressful time, and you don’t want to complete an insurance exam, no- exam life insurance may be right for you.  

If you have health issues that may disqualify you ...

It’s an unfortunate reality that many people start to think about life insurance only when they begin having health problems. By that time, it can be difficult to get the policy you want at a cost you can afford. If you want coverage but have health conditions that would likely disqualify you from receiving medically underwritten life insurance, no-exam life insurance may be your best option. A life insurance agent can help you decide.

No-exam insurance has benefits, but it also has limits you’ll need to consider. If you’re in good health, regular life insurance policies may be a better choice. Whether or not you're willing and able to complete a medical exam, we encourage you to speak to an agent, who will help you fully explore your unique situation and find the insurance product that best meets your needs.

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Want to learn more about life insurance? 

A New York Life financial professional can help determine what’s right for you.