How Can I Get a Life Insurance Policy with No Medical Exam?

Buying a life insurance policy can be overwhelming. Many people don’t even consider buying a life insurance policy because they are afraid they won’t pass the medical exam. Contrary to what many people may have heard, there are life insurance policies available that do not require a medical exam. They are somewhat more expensive and may not provide a higher payout, but they are available for individuals who are willing to look for them.

Medical Exam or No Medical Exam?

People who are in good health will usually have no problem passing a medical exam for a life insurance policy. Others, however, may be worried that they will not pass. During a medical exam for a life insurance policy, the doctor will look for any existing or potential health concerns that may mean a shorter lifespan. They may also include information about your family history as well. Even if nothing major is currently wrong with you, the potential risk of devastating illness may impact what the doctor says about your exam.

Discuss the Different Types of Policies

Many policies do not require you to have a medical exam prior to purchase. Simple term life policies are set up for a pre-determined amount of time and the payout will not change. Universal policies that can build up cash value may also be available without a medical exam. It’s important to understand that, in most cases, you can buy different types of policies without an exam. The major difference is how much it will cost you and the trade-offs that are included. Higher premiums and reduced payouts for the first few years are common downsides to any policy that doesn’t require a medical exam.

Types of No-Exam Life Insurance

  1. Simplified Issue Term Life Insurance- It has a set term length with no cash value component.
  2. Simplified Issue Universal Life Insurance-It offers fixed cost and death benefits throughout the policy’s life.
  3. Level Death Benefit Whole Life Insurance-It is a permanent form of life insurance with fixed costs and death benefits.
  4. Guaranteed Issue Life Insurance-It is a “no questions asked” policy and is usually purchased by people with medical problems or advanced age.
  5. Graded Benefit Whole Life Insurance-It offers lifetime coverage but at higher costs, and the death benefit is reduced for the first 2 years.
  6. Rapid Decision Senior Whole Life Insurance-It is often issued in less than a week, hence the name “rapid decision.”

Start Early If You Can

The earlier you consider buying your life insurance policy, the less likely you are to have health issues. In many cases, a young man or woman in their 20’s may not be required to submit to a medical exam if they are in good health when they first apply. Starting early has two primary benefits. First, the younger you are the better your health. Secondly, your monthly premiums will be much lower than if you purchase your life insurance when you are much older. Set your goals and purchase your first policy now. You can adjust it as needed later.

Be Willing to Pay a Little More

The older you are when you buy your insurance, the more you will have to pay monthly premiums. Almost any type of insurance policy can be purchased without a medical exam if you are willing to pay the higher cost for your monthly premiums. Some insurance companies will allow you to purchase a life insurance policy without a medical exam if you are willing to make a few concessions. First, would be the higher premiums, and second, you may be required to take a reduced payout for the first two to five years.

Having trouble understanding your life insurance and why you may need a medical exam?  Contact the experts at Miller Carlisle Insurance Services in Carlisle, PA. We will help you get the right coverage you need.