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No exam life insurance 2020 (Ultimate Guide)

ife insurance with no exam

A no exam insurance policy is a life insurance policy that does not require you to take a medical exam to qualify for the policy. no medical exam is an excellent life insurance option for USA seniors over 60 who are afraid of being rejected due to preexisting health conditions. Other than that, it is like any other life insurance plan. You pay your life insurance company premiums for the policy, and in return, the company pays your beneficiaries a death benefit when you pass away.

Since your insurance company is insuring you without knowing much about your health, no exam insurance policies cost a lot more than regular insurance policies. No exam policies also offer less coverage compared to other life insurance policies. Their death benefit is usually below $500,000, although some insurance providers now offer up to $1 million in coverage. The age limit for qualifying for a no exam insurance policy varies, but most insurance companies have a maximum age limit of 60 or 70 years.

What are the types of no exam life insurance?

Simplified issue life insurance

This insurance will ask you about your health history, weight, height, use of alcohol and drugs, etc. Simplified insurance offers a maximum of $500,000 in coverage in most cases. This amount is often not enough as it is recommended that you purchase a life insurance without medical exam plan that offers coverage that equals around 10 to 12 times your income. Insurance providers provide both term life insurance and whole life insurance policies with a simplified issue process.

Guaranteed Life Insurance

Guaranteed life insurance is a type of whole life insurance policy. This policy does not check your health records; instead, they have knockout questions. Guaranteed life insurance is expensive and usually offers coverage between $1,000 and $25,000 only. It is mostly designed for seniors between the ages of 50 and 85. It comes with a graded death benefit. This means that if you pass away during the first few years of the policy, your beneficiaries will not receive the full death benefit. This time period is mostly the first two or three years of the policy. Guaranteed life insurance is an excellent option for seniors who cannot qualify for any other insurance policy due to age or preexisting health problems.

Guaranteed life insurance is also an excellent option for seniors who want to ensure that their beneficiaries have enough money for their burial and funeral expenses.

Group Life Insurance

Life insurance policies offered by your employer counts as no exam policies as well as you don’t need to answer any questions or take any health exams. Most companies offer these policies as an added work benefit and pay all or most of the insurance premiums. The coverage offered by group life policies is usually around one or two times your annual salary and ends when you leave the company.

Accelerated Acceptance or Accelerated Underwriting

This insurance type has a speedy approval process. This term can apply to simplified issue policies, guaranteed insurance policies, and even regular standard life insurance policies. For standard life insurance policies, it means healthy people clients can get fast approval. It does not require a health exam, but you might need to answer questions on your lifestyle and health

types of no exm lie insuranceseniors

Do I need a no exam insurance policy?

With most life insurance policies in United States, you take a medical exam, and its results are shared with your insurance provider. The insurance provider then decides to approve or reject you based on those results. Depending on the insurance provider, this process can take between 6 to 8 weeks. For some people, this is too long as they require instant coverage, it may be that they need to apply for a loan or require a policy for their divorce settlement, etc.

So if you require instant coverage or don’t want to stress about scheduling appointments, taking exams, or comparing policies to find the right one for your health, a no exam policy is perfect for you.

A no medical exam no waiting period policy is also an excellent option for you if you are denied coverage from other insurance providers due to poor health or certain health conditions.

A life insurance no exam policy may also work for you if you have a risky job or hobbies as many life insurance companies charge such people higher premiums. Read also life insurance FAQ’s.

What do no exam insurance policies require?

Most life insurance companies will require the following for you to qualify for a no exam policy.

  • A medical report that has a list of any medication you have been prescribed in the past 5 to 10 years
  • Motor Vehicle Department Report
  • MIB (Medical Insurance Bureau) file. This lets the insurance provider know if you had applied for insurance before and were rejected Financial history

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How do I apply for a no exam insurance policy?

Applying for a no exam policy is pretty simple and easy. The approval time for this policy is shortened from weeks to days. The application process may vary depending on the insurance policy you are applying for. Ask your insurance provider for the application form.

For a simplified insurance policy, you may need to fill out a questionnaire on your health history and lifestyle. Some insurance providers may ask for a phone interview instead. A guaranteed life insurance plan will require a few questions in the application process. You can apply for group life insurance through your employer.

Can I be denied no medical exam life insurance ?

You may not qualify for a no exam insurance policy if you have the following health problems.

  • Alcohol or drug abuse
  • Cancer
  • Heart, Live, or kidney disease
  • HIV
  • Neurological condition

What insurance companies offer no exam insurance policies ?

This section will list the life insurance companies offering no exam policies and brief elaborate them. For M-life insurance assistant talk to our agent.

American Amicable

american amicable

American National

Assurity Life Insurance Company

Assurity Life Insurance Company

Banner Life

Banner Life

John Hancock

John Hancock

Lincoln Financial Group

Lincoln Financial Group

Mutual of Omaha

Mutual of Omaha

Pacific Life

Pacific Life





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