Life Insurance with No Exam

With Traditional Life Insurance, there is usually a medical exam that is required to be approved for a policy. This will usually consist of a mini-physical, blood & urine sample. And we make it convenient for you to complete this by giving the option of having you come into one of the local offices of our approved vendors to complete the exam or have one of our approved vendors come directly out to you at a time that works best for you. Unfortunately, some of our clients have extremely busy schedules and/or would prefer not to complete an exam to save time and get their coverage set up as soon as possible. If this describes your situation, there are options available for you to avoid having to complete an exam.

Firstly, you could apply for coverage that allows for accelerated underwriting. Accelerated Underwriting is a computer-generated program that allows an applicant the potential to be approved for coverage without having to complete an exam and lab work that would normally be required for traditional life insurance. The Accelerated Underwriting program would review all answers provided on the application, complete an MIB check (reviews current & past prescriptions, past exams, labs, and treatments), and other life insurance policies you’ve applied for in the past), a motor vehicle report, criminal background check, and a life risk score. If after the computer-generated review, you are eligible for accelerated underwriting (availability and criteria for accelerated underwriting will depend on the insurance carrier), your policy will be approved without an exam and lab work. If you end up not being eligible for the accelerated underwriting, you will have to complete an exam and lab work to be approved for coverage. Accelerated underwriting is usually available for most term, whole life, and indexed universal life ranging from $250,000 to $2,000,000, but will vary depending on the insurance carrier.

Secondly, you could apply for simplified-issue life insurance. Most insurance carriers will offer this type of coverage with options for term, whole life, and even universal life insurance. With simplified-issue, a medical exam and lab work are not completed. Instead, an application, an MIB check, a motor vehicle report, a criminal background check and a life risk score are all that is required for the underwriting process. Now, if there are any discrepancies on the application, or if any medical information provided on the application or that pulls up in the MIB check needs verification and/or further clarification, the underwriter can request an attending physician statement. An attending physician statement would provide the underwriter with the necessary documentation from the medical provider to verify any discrepancies on the application or to clarify anything on the application or MIB check in further detail. For this type of coverage, face amounts usually range from $25,000 to $500,000, depending on the carrier. And because neither an exam, nor lab work is completed, premiums will usually be much higher than traditional life insurance policies with the same face amounts.

Thirdly, you could apply for express-issue life insurance. Some insurance carriers will offer this type of coverage with options for term, whole life, and even universal life insurance. Like simplified-issue, express-issue life insurance does not have an exam or lab work in the underwriting process. And while the application will have health questions, there are a lot fewer than applying for a simplified-issue policy and the underwriting will be more lenient on certain health conditions, treatments, medications and even the applicant’s BMI (Body Mass Index). Also, with this type of insurance, underwriting will not order an attending physician statement, which will usually limit face amounts to between $1,000 and $500,000 (depending on the carrier and whether you are applying for term, whole life, or universal life). On top of that, express-issue premiums will most certainly be higher than traditional life insurance, due to the much less invasive health underwriting. And are usually priced higher than most (but not all) simplified-issue premiums as well, since an attending physician statement will not be ordered, and fewer health questions will be asked on an express-issue insurance application.  And although the prices are usually higher, this option can still be affordable and is convenient for those who do not have the best health and are looking for coverage that can be being approved in minutes, without an exam or an underwriter reviewing medical records.

Fourthly, you could apply for guaranteed acceptance (guaranteed issue) life insurance. Most carriers that offer this type of insurance only offer it as a whole life policy, but there are some carriers that offer a term option as well. You cannot be turned down or rejected for this type of coverage as there is no medical underwriting or health questions whatsoever. Policies can range anywhere from $5,000 to $100,000 in coverage (depending on the carrier and if it is a term or whole life policy). Compared to traditional, simplified-issue, and express-issue, this will be the most expensive policy option because it does not have any form of health underwriting. On top of that, guaranteed acceptance life insurance will have a waiting period, usually 2 years, where the full death benefit is only eligible if you pass away due to an accident. If you pass away from anything else during the first 2 years, the beneficiary will receive the monthly premiums that were paid for the policy plus interest (usually 10%). After the waiting period of 2 years, the full death benefit will be paid out for any kind of death, whether it be by accident or health related. Some people can be discouraged by this type of insurance because of the waiting period. But if you are not eligible for anything else, it is your best option to get coverage that is guaranteed to be approved and last your entire life. So, if you need coverage, it’s best to get the clock started for the 2-year waiting period as soon as possible. Not to mention that earning guaranteed 10% interest on your premiums is better than anything you could get by putting the same amount of money in the volatile stock market, let alone a certificate of deposit or a savings account. Not to mention that whether it’s the premiums plus interest or the death benefit, either would be paid to your beneficiary tax free.

And finally, you could apply for an accidental death or accidental death and dismemberment policy. Most carriers off this type of coverage, and it is incredibly cheap compared to regular life insurance as the benefits are only paid out if death or dismemberment is caused by an accident. You cannot be rejected or turned down for accidental death and dismemberment insurance as there is no health underwriting, and there is NO WAITING PERIOD for being eligible for the full the death benefit. This is a great option for getting a large amount of insurance quickly, since there is no exam and is often paired with guaranteed acceptance life insurance to maximize overall coverage.