Montana Finance

Feb 11 2019

No Medical Exam Life Insurance — get covered without the hassle, term life insurance quotes no medical exam. #Term #life #insurance #quotes #no #medical #exam

No Medical Exam Life Insurance

Get the term life insurance you need without the hassle of the medical exam. Get Quotes

What is No Medical Exam Life Insurance?

The right insurance policy is an important piece of your financial protection puzzle, but getting it can be a drag. The application process takes up to 8 weeks and usually involves a medical exam. And that medical exam usually involves taking blood. Ack!

If you’re looking for life insurance with no medical exam and no waiting period, there are a few options available:

  • If you’re fairly young and healthy (i.e. at a low risk of actually dying while you hold the policy), you may qualify for something called simplified term life insurance. We’ll discuss this in depth below. Read on!
  • If you’re a senior with health issues and are looking for a policy to help cover end-of-life costs and outstanding debts, there’s a different category of life insurance policies for you called final expense life insurance that will allow you to bypass the medical exam. For more on those policies, go here.

How Simplified Issue Term Life Insurance Works

  • Just like regular term life insurance, simplified term is a life insurance policy that protects your family for a set period of time and then expires—usually 10, 20 or 30 years. You can adjust the policy size to suit your family’s needs, but coverage for simplified term usually maxes out at $250,000. Unlike with a regular life insurance application, which involves a medical exam to assess your risk, insurers ask you detailed questions and use third-party data such as prior medical records, your driving record, etc to assess your risk level. This information substitutes for the medical exam.
  • Not everyone will qualify for simplified term life. In order to be eligible, the insurance company must consider you low-risk enough to allow you to skip the medical exam.
  • The policyholder pays monthly or annual premiums to keep the policy in force.
  • If the policyholder dies while the policy is in force, the coverage amount (grimly called a “death benefit”) is paid out in one tax-free lump sum to the beneficiaries named in the policy.

Average Cost of No Medical Exam Life Insurance

They say there’s no such thing as a free lunch—and unfortunately the same is true with life insurance. For the added convenience speed of getting your life insurance policy quickly and without any needles along the way, you’ll probably pay extra.

How much extra depends on a number of factors—your age, gender, overall health history, etc. And in general, the more coverage you want, the more you’ll pay versus a traditional term policy for the same coverage amount. For instance, here’s a look at what an average 30 year-old male (non-smoker) would pay for a 20-year simplified term policy vs fully underwritten (traditional) term policy:

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