No Medical Exam Life Insurance: Find Out If You Are A Good Candidate

Avoiding the medical exam is a great option for a lot of people—but it isn’t the right choice for everyone. Find out if you are a good candidate for no medical exam life insurance in our latest post.

As a parent, protecting your family is always at the top of your mind. One of the ways that you can protect your family—no matter what—is by purchasing a life insurance policy. Life insurance is the only way you can guarantee that your loved ones are financially provided for after your passing. Without a life insurance policy, your family may struggle to replace your income, cover funeral costs, pay for child care. To avoid creating a financial burden for your family, you need to purchase life insurance coverage. 

What prevents many parents from taking out a life insurance policy is that there are so many different options for coverage. That’s why it is important to explore how some people are able to get life insurance with no medical exam. This type of life insurance is often called “simplified life insurance” because the underwriting and approval process is expedited. While this sounds like a great option, it isn’t the right choice for every individual. 

Are You Scared of Needles?

One of the biggest reasons for skipping the medical exam is due to fear of blood tests

Fear of needles is super common!

It is normal to be afraid of blood tests—and needles in general. For some, getting blood taken for a test is easy, and for others, it is nearly impossible. When you apply for a regular term life or permanent life insurance policy, then you will have to undergo a medical exam. However, if you opt to get no exam life insurance, you can skip the blood tests altogether.

Of course, there is a caveat to skipping the medical exam. In general, no medical exam policies tend to be more expensive than regular term life insurance. Since insurance companies prefer to have as much information about your health as possible, skipping the exam triggers a price increase. In general, the price increase is not too much if you are young and healthy. Plus, for some avoiding needles is practically priceless.

You Are Young And Don’t Have Any Chronic Illnesses

In some cases, people who are young and healthy are not penalized for skipping the medical exam

It is easy to compare different types of insurance quotes online.

While simplified life insurance tends to be more expensive, there is a good chance that the difference in price is negligible if you are young and in good health. Age and health status tend to be the most common factors that contribute to the underwriting process. The underwriting process is when the insurance companies evaluate your application, place you in a risk class, and decide whether or not to offer you coverage.

If you are in your 20s or 30s and have a clean bill of health, you can get the best possible price on insurance without needing to take a medical exam. Of course, it is best to compare prices before applying, that way you can be sure that you aren’t facing a price hike by getting no medical exam life insurance.

You Are Too Busy To Schedule an Appointment & Wait for Approval

Being a parent can get overwhelming fast. Save time in your schedule by securing simplified life insurance

If your schedule is already booked, it makes sense to skip the medical exam.

Even if you aren’t scared of needles, the medical exam is still a hassle for many. You have to schedule an appointment for your medical exam either at a facility or at your home. Then, you need to wait until the blood test results come back for your life insurance application to be approved. The process can take up to 8 weeks, which is too long to wait for many people. When you search for life insurance with no medical exam, you get to skip this whole process and can be approved for coverage in a matter of days.

This type of coverage is perfect for new parents or for people who have recently taken on a lot of debt. For example, you may have taken out loans to start a business or you have recently taken out a mortgage to buy a home. Not only are these major debts that should be covered by life insurance—these also tend to be the most chaotic and busy times in our lives. If you are finding yourself overwhelmed with your life and want almost instant approval for life insurance, you should consider skipping the medical exam.

You Only Need a Limited Amount of Coverage

Another caveat of simplified life insurance is most providers cap the amount of coverage you can purchase

Don’t apply before you know how much coverage you need.

If you are interested in purchasing a life insurance policy over $500,000, then you should elect to take the medical exam. While getting life insurance without an exam is easy, insurance providers will limit the amount of coverage you can purchase. 

For some providers, this limit is $500,000. While this is a good amount of coverage, it is not the ideal amount for everyone. Your policy amount should be determined by your income. That way, in the event of your passing, your surviving family members won’t have to make any major lifestyle changes. Should you purchase too little coverage, your loved ones may still have trouble getting by without your income.

Before you decide to skip the medical exam, calculate the amount of coverage you need to protect your family. If that number is around or lower than $500,000, then you may be a good candidate for life insurance sans medical exam.

Only you can determine the best coverage for your loved ones. It is highly recommended that you do as much research as possible on different policy types before you decide to apply. If you fall into one of the 4 categories listed, then you should definitely explore getting life insurance without a medical exam. By weighting the pros and cons of no medical exam life insurance, you can decide on the best policy for you.