There are three main types of life insurance policies that don’t require you to take a medical exam: traditional term life and two different types of permanent life insurance — simplified issue and guaranteed issue life insurance. In some cases, you can get other types of permanent life insurance, like guaranteed universal life, without an exam, too. It ultimately depends on the insurer.
Term life insurance
Term life insurance is usually the cheapest way to provide your family a financial safety net if you were to pass away unexpectedly, but it only lasts for a set period of time — often 10 to 30 years.
It can take up to six weeks to get approved for term life if you have to take a medical exam. But with some no-exam term options, like instant issue or accelerated underwriting life insurance, your application can get approved in a matter of days — or in some cases even during the initial phone interview. And the good news is that no-exam term life policies are just as affordable as term life policies with the medical exam.
Just keep in mind that depending on your age and health profile, some insurers might still ask you to take the medical exam even if you initially applied for a no-exam term policy.
Learn more >> How does term life insurance work?
Simplified issue life insurance
Simplified issue life insurance is a type of coverage that requires fewer health qualifications for approval. The term “simplified issue” can refer to some term life policies, but most commonly it refers to simplified issue whole life insurance, which doesn’t expire and usually offers a small payout — up to $40,000 — to cover final expenses. It’s commonly reserved for people aged 45 and above who may not qualify for traditional life insurance due to health reasons.
While you don’t have to take a medical exam, you do need to answer a few questions related to your health. Certain conditions, like some types of cancer or a terminal illness, might disqualify you for this type of policy. Getting approved can take up to two weeks.
Learn more >> How does simplified issue whole life insurance work?
Guaranteed issue life insurance
Guaranteed issue life insurance is another type of policy that offers permanent coverage — usually up to $25,000 — to cover final expenses. You don’t have to take a medical exam or answer any questions about your health as part of the application, and you can get approved in up to three days. Acceptance is near-guaranteed — you just have to be of sound mind to complete the application, so people with conditions such as dementia may not qualify.
If you have a pre-existing condition that would disqualify you for other types of policies, guaranteed issue life insurance can offer a solution.
Learn more >> How does guaranteed issue life insurance work?
No-exam life insurance riders
The rate for your no-exam life insurance policy will vary based on a number of factors, including any type of rider that is added to your coverage. Here are just a few of the riders you may be able to add to your policy:
Accidental death benefit rider
Sometimes referred to as a double indemnity rider, this coverage adds an additional payout to the beneficiaries if an insured dies in an accident. But each company has their own definition of what constitutes an accident, so make sure you review the coverage carefully before adding it to your policy.
Accelerated death benefit rider
This coverage allows you to access some or all of your life insurance payout prior to death. The accelerated death benefit is only available in certain circumstances, such as a terminal illness diagnosis or hospice care, but it allows you to use your life insurance payment to help pay for your end of life care.
Learn more >> How does the accelerated death benefit rider work?
Waiver of premium rider
This coverage allows you to waive payment of premium if you become totally disabled before a certain age, typically before age 60 or 65. This allows you to maintain your life insurance coverage if you are unable to pay the premiums due to a disability. Keep in mind that this rider will have specific definitions for total disability, so read the fine print carefully before adding the coverage to your policy.
Learn more >> How does the waiver of premium rider work?
Comparing no-exam life insurance policies
Policy type | Waiting period | Coverage limit | Coverage length | Age availability |
|---|---|---|---|---|
No-exam term life | Around 1 week, but depends on the company | $1 million to $3 million | 10 years to 30 years, 40 years with some companies | 18 to 60, depends on the company |
Accelerated underwriting term life | 1 to 3 days | $1 million to $3 million | 10 years to 30 years | 18 to 60, depends on the company |
Instant term life | 0 to 3 days | $1 million to $3 million | 10 years to 30 years | 18 to 60, depends on the company |
Guaranteed universal life | Varies by applicant | $500,000 to $1 million | Permanent | 18 to60, depends on the company |
Simplified issue | 3 to 5 days | $40,000 | Permanent | 45 to 85, depends on the company |
Guaranteed issue | 1 to 3 days | $25,000 | Permanent | 45 to 85, depends on the company |
