No medical exam life insurance eliminates the need for a medical exam. These policies can also be underwritten and approved in less than 24 hours. There are a lot of excellent life insurance product types available today. One of them is No Medical Exam life insurance.
Many people today are choosing this plan design over the traditional versions. People’s most significant fear when buying a conventional plan is the Para-Med nurse’s visit. A nurse would typically visit the applicant’s home or place of employment.
No Medical Exam life insurance policies can skip the physical exam and request your medical records, not to mention approval times, as quickly as the same day you apply.
Table of Contents
- What is No Medical Exam Life Insurance?
- Can You Get Life Insurance Without a Medical Exam?
- How Much Life Insurance Can I Get Without an Exam?
- Types of No Medical Exam Life Insurance Policies
- What Are the Best Companies for Non-Med Life Insurance?
- No Medical Exam vs. Traditional Life Insurance
- How Large of a Policy Face Amount Do I Need?
- Do I Still Have to Answer Medical Questions?
- What Are the Advantages of Non-Med Life Insurance?
- What Are the Disadvantages of Non-Med Policies?
- How Does the Application Process Work?
- How Can I Compare Non-Med Life Insurance Quotes?
- Should I Work With An Independent Agent?
- What Is the Best Way to Submit An Application?
- Why Should You Consider Working With Us?
- In Conclusion
No-Medical-Exam life insurance uses your past medical records or simple answers to questions on an application. The traditional life insurance policies require a para-med nurse to give you an actual physical exam.
They would take your height & weight, blood pressure, urine test, and a blood test, plus ask many questions. They would then send the results to your insurance company for review. A lot of time can be consumed between requesting medical records from your doctor and ordering your physical exam. Buying a no-medical-exam life insurance policy can take as little as 24 hours up to a few days.
A traditional policy design could take several weeks to over two months. Life insurance companies like these Non-Med policies because they don’t have to pay for a paramed exam or the cost of financially compensating a doctor’s office for putting a file together and delivering it.
Yes, you can, as long as you are in reasonably good health. The life insurance companies will not process an application with serious health concerns or significant height and weight issues. The underwriters would need more information to further process the application in depth. Consumers continuously conceal health conditions by using no medical exam life insurance applications. Since the companies are well aware of this, they make sure nothing slips by them.
The face amount varies with what company you choose to apply with. Years ago, the face amounts were much lower than they are now. No Medical Exam life insurance underwriting is much more relaxed than before.
As a result, the top-rated A+ companies that most people have heard of, such as Sagicor and Liberty Financial, will go as high as 1 million dollars. Some other companies will even go higher, up to 3 million dollars. We recommend going the traditional application route if you want a high face amount (death benefit) over $1 million.
As I previously stated, non-med policies cost more money. This will become apparent when you go into the higher face amounts that naturally have much higher premiums. No medical life insurance policies have their limitations and time, and place.
You first must realize that a no-medical exam life insurance policy is not a specific type of life insurance product. It should be considered more as an option for applying for life insurance. You can either go the traditional route with a physical exam or the no-medical exam alternative without taking a physical.
Taking the physical will be your best choice if you want the lowest possible premium. However, a no medical exam life insurance policy will work out great if you are looking for fast underwriting, no physical, and still competitive rates.
Here are the two different types of non-med policies available to you:
Term Life Insurance:
The term plans are just like any other design, with the only exception being that the face amounts are more limited. Depending on the company you are applying with, the maximum face amounts can range from $350 to $500,00. Some companies will go up to 2 million in some situations. Don’t forget these non-med plans do cost more than their fully underwritten counterparts.
Whole Life Insurance:
You can also apply for Whole life plan designs with the no-physical-exam feature. Most of the time, people get a quote on whole-life policies and instantly take a pass to their very high-cost factor. They could easily cost more than ten times the cost of a term policy.
They can only come into play and benefit from final expense life insurance for senior citizens looking for coverage for end-of-life expenses. The second situation would be for people in feeble health that would typically be declined from purchasing life insurance. They could then purchase Guaranteed Issue Whole Life insurance.
An essential concept to remember is applying for no-medical-exam life insurance STOPS becoming a no-medical-exam when severe health conditions are indicated. Serious health conditions along with height & weight issues, if severe, will prevent you from going the non-med option.
Sagicor is a highly sought-after company for no medical exam life insurance. No medical exam is required, and policies are usually approved within 1-7 days. No medical files or information is required from your doctor. Face amounts range from $50,000 – $500,000.
Sagicor has become one of the most popular companies for non-med policies in the United States. They also have some of the lowest rates you will find, which puts them in great demand.
Fidelity Life is also one of the most popular companies specializing in no-medical exam life insurance. They have been in business since 1896 and are a highly-rated company. Their Rapid Decision term product offers a choice of 10, 15, 20, and 30-year guaranteed level premium periods.
Their premium class categories are straightforward. You are either “Standard Non-Nicotine” or “Standard Nicotine.” In other words, these two classes distinguish between smoker and non-smoker health classifications.
Applicants who choose a simplified issue policy appreciate Banner’s quick approval times. Banner Life also has highly competitive premiums. Banner’s parent company, Legal & General, offers no medical exam policies with some of the best life insurance rates in the industry.
Instead, they use Banner Life and their well-known sister company William Penn located in New York. These policies do not require a medical exam and are offered at the exact cost of the fully underwritten term policies. This is excellent for consumers who want a no-medical exam policy but can’t afford the higher rates of some other carriers.
Lincoln National is a first-class company with some of the most competitive rates. In 1905, a group of businesspeople from Fort Wayne, Indiana, decided to form a new life insurance company.
The Lincoln National Insurance Company was built on honesty, dependability, and the very best customer service in the industry. Lincoln National lived up to its expected reputation just as it does today.
As of the third quarter of 2018, Lincoln Financial has reported managed assets of 246 Billion Dollars. Operating revenue of $4.7 Billion, a net income of $572 million, and income from their operations totaling over 498 million dollars.
Honorable Mentions for Excellent Non-Med Insurers:
United of Omaha
No exam is required for face amounts under $250,000. It is possible underwriters may request doctor’s records. Face amounts from $50,000 – $250,000.
No exam is required. Underwriters may request doctor’s records. Face amounts from $25,000 – $249,999.
No exam is required. Underwriters may request doctor’s records. Face amounts from $50,000 – $350,000.
No exam is required. Policies are issued on the same day. No medical files are required from your doctor. Face amounts from $50,000 – $500,000.
No exam is required. Policies are reviewed by underwriters with 48 – 72 hour approval times. Underwriters may request doctor’s records. Face amounts from $50,000 – $250,000.
No exam is required. Policies take between 1-30 days to be approved. Underwriters may request doctor’s records. Face amounts from $50,000 – $500,000.
Savings Bank Life Insurance (SBLI)
No exam for policies $500,000 and under. Policies can take up to 30 days to be approved. Face amounts from $100,000 – $500,000.
No medical exam is required
This is the main advantage. No Para-Med Nurse performs an exam which means no blood or urine test. Many people do not appreciate meeting with a nurse and having blood drawn.
Shorter Approval Time
We are looking at about 85% less time than traditional full underwriting. Agents can complete the application by calling you on the telephone. You then sign it electronically with an electronic signature. If approved, your policy can be in force in as little as 24-48 hours. On average, traditional underwriting could take 4-8 weeks to complete the application.
Limited Face Amounts
Usually, the highest face amount will be limited to the maximum of $500,000, which is very limited to specific companies. So if you need a higher face amount, the traditional Term will be the way to go.
Sagicor Life policies, for example, will be available to people from ages 18-65 years old.
Depending on your age and the selected face amount, you may pay more for a no-medical exam term policy. It pays to investigate these policies to see if they are right for you. When you apply for a no-medical exam policy, you pay for the speed of approval time and added convenience. If this is worth paying a little more, it will be a good choice for you in the long run.
You need to consider multiple categories when determining your life insurance needs. The main goal is to buy enough coverage but not make your premium a financial burden. Never buy more than you can comfortably afford.
Most financial experts recommend purchasing a face amount (death benefit) 10 times your annual income and another $100,000 for each child for college tuition. This is probably an excellent formula, but not every American can afford that much. One of the most important numbers to consider is how much you owe monthly.
Your financial liabilities are the first consideration when deciding how much coverage you should apply for. After you have calculated your significant expenses, you can go from there. You will now have a good starting point. You will have to take your time and jot down all the miscellaneous expenses you are exposed to because they all add up fast.
You will still have to answer a much smaller series of health questions. Because there is no physical exam, your insurance company still needs information about your health history.
They can ask for medical records, review your pharmacy purchases and run a motor vehicle report. Suppose you purchase a guaranteed issue plan or group term policy. They do not require an exam or even ask any health questions.
However, we usually run a quick medical pre-screen when applicants have severe medical conditions. This tells us what company will be your best choice for offering the lowest rates. As independent life insurance agents, we work with over 40 of the most competitive insurers.
When you first think about no-medical-exam life insurance plans. They always look like the best thing since sliced bread. Unfortunately, we don’t always recommend these non-med plans to our clients. Here are some reasons why they may not be your best plan.
The most significant advantage is that you will not have to take a Paramed exam and a blood test. I’m not too fond of needles and possibly a bruised-up arm if you are like me.
- You will not have to set an appointment and possibly take time off work to meet with a nurse to perform the exam. This is usually always some inconvenience for most people.
- There is no question about it; these plan designs are usually fast for approval times, sometimes less than 24 hours. Conventional underwriting times could easily take over one month or even more. So if you need life insurance quickly, non-med plans can be the best.
There are only two slightly negative aspects to non-med life insurance. First, always remember that these are conventional life insurance policies but with a shorter underwriting path to getting approved.
- Face Amount – No medical exam life insurance limits the face amount (death benefits). You might want to go the conventional route if you want a higher death benefit, such as over $500,000. Most of these companies go up to approximately $300,000 to $500,000.
- The Premium – A no-medical exam policy can average costs between 5-15% more. The underwriters do not have the usual amount of information about you. When you eliminate the para-med exam, many areas of information, such as your height and weight, blood test results, saliva, and urine, will be unknown.
It is elementary to apply and get approved. Therefore, we use a basic system that is quick and easy.
- Pre-screen any medical conditions that you have with your agent.
- Start by comparing multiple no-medical exam life insurance quotes.
- Choose the most applicable life insurance company with the most competitive rates and submit your application.
- Receive your approval from some companies as soon as 24 hours.
- Pay your first month’s premium, which will put your policy into force.
The most important part of the application is being upfront with your agent and telling him about any health conditions, dangerous sports, or high-risk occupations you may have.
A simple 10 minutes medical pre-screen can help you get the best rates. Your agent will be the key to getting the best rates. Your agent will be doing all the work, and all you have to do is answer questions.
If you are looking for the lowest rates for no medical exam life insurance, you can compare rates from over 40 of the best life insurance companies on our rating system. Finding the best no-medical exam life insurance quotes begins with comparing all the best insurer rates displayed side-by-side.
However, the proof is in the pudding, and you can review instant life insurance quotes in less than a minute with our website’s rate comparison system. The rates you will see are pulled from the insurance company’s data servers, making them 100% up-to-date and accurate.
You can also use the quoting on the right side of this blog post. Feel free to use it as much as you would like. However, keep one concept in mind: the life insurance company underwriter will determine the final rates after the underwriting process.
You always have two choices when working with an insurance agent. The two choices connect with an independent agent, and the other is a captive agent. Here are the differences below:
An independent agent, a broker like us, does not work for an insurance company. They also have access to all the major insurance companies and have their client’s best interests in mind. They can shop the entire market for you and zero in on who will offer you the lowest rates. Independent agents will always be the most logical choice regardless of what type of insurance you are looking for.
The captive agents work for insurance companies like Geico or State Farm. They only have access to the one company that they work for. They always have their company’s best interest in mind. They cannot shop the entire market, so they are constrained to the one company they work for. Usually, their companies specialize in auto and homeowners insurance.
When anyone decides to apply for life insurance, they usually have three different ways to apply. The first way is the old conventional way of using a paper application. This method, in my opinion, is obsolete and very time-consuming. Some of the paper life insurance applications can contain over 20 pages. I don’t know anyone who appreciates all the writing they must endure by applying with a paper application.
The second option is the online application, where you would apply online over the internet on your home computer. This system works out very well, especially if you are computer savvy and have a relatively fast internet connection. However, some people don’t have much computer experience and feel uncomfortable applying online.
The third option is the quick and straightforward telephone application, which is the only way to go. A representative in the application department would first set up a time to call you at your convenience. The next step is sitting back and simply answering the questions over the phone, and in about 15-20 minutes, I will complete the telephone interview. By far, the telephone application is the easiest and fastest way to apply for life insurance.
Here are a few humble reasons to consider researching your life insurance with us. As many of our competitors do daily, we never make promises we can’t keep or tell you what you want to hear. We tell you the way it is, no more or no less. We can tell you that we have over 25 years of experience and work hard to get our clients the best policy and the lowest premiums possible.
The best part is you don’t have to listen to any sales-related BS or fluff. We show you your options by researching our list of over 40 companies we partner with and letting you take it from there. If you decide to apply, we will provide you with the best customer service every inch of the way until you are approved with the rates that we both are happy with.
There is no sales pressure or a song and a dance whatsoever. We want an excellent professional experience with which we know you will be more than happy. If you’re happy, you will tell others about us, which a business should be about.
Here is one concept to remember about purchasing no medical exam life insurance. In most cases, applying and going the traditional entire underwriting route will be the most cost-effective. However, the primary medical exam will stand the best chance of receiving the best life insurance rates.
No medical exam policies are the quickest way to secure coverage, but they will usually cost a little more in the long run. We always recommend considering the standard application process first unless you do not want to take a medical exam. If you need life insurance quickly, no-medical-exam life insurance will be your best alternative.
All the best,
If you have questions about No-Medical-Exam Life Insurance, contact us today to help you with no cost or obligation. We are insurance brokers that work for our clients, not the insurance companies. Our job is to help you get approved for the best policy with the best rates. You can also set up a time at your convenience to talk. Thank you for taking the time to read this blog post!