What is no medical exam life insurance?
No medical life exam insurance is exactly what the name implies: It’s life insurance where you don’t have to undergo a medical exam to get coverage.
Why do some life insurance policies require a medical exam?
Medical exams help insurance companies manage the risk of insuring someone. A medical exam gives them a full picture of your overall health, which means they’re able to make a more accurate assessment of how “risky” you are to insure.
What are the benefits of a no medical exam life insurance policy?
The biggest advantage is that you don’t have to deal with the hassle (and sometimes needles!) of a medical exam. This can also mean that approval times for coverage are quick and can even be instant in certain situations.
Are there any disadvantages to a no medical exam life insurance policy?
Because these policies aren’t based on specific risk profiles, premiums might be higher and coverage limits lower than in some situations than you’d pay for a life insurance policy that requires a medical exam. For instance, if you’re young, healthy and don’t work in a high-risk job, you might get a better deal – lower premiums and more coverage – by looking into a life insurance policy with a medical exam.
No medical exam doesn’t mean “no questions asked”
While you don’t have to undergo a full medical exam with blood samples and a complete physical, most life insurance policies will ask you questions about your health. This helps make sure you don’t have certain pre-existing conditions that would make you ineligible for coverage, and can also determine your premium cost.
Who should consider a no medical exam life insurance policy?
You might consider a no medical exam life insurance policy if:
- You have severe anxiety around medicalized situations, like a phobia of needles
- You have certain pre-existing health conditions
- You’re older when you’re applying for life insurance
- You work in a high-risk job, or have high-risk hobbies like skydiving