If you’re young and healthy enough to get approved for traditional life insurance, applying for a life insurance policy with no medical exam is a no-brainer — you’ll be able to skip the medical test, get covered faster, and pay the most affordable premiums available to you. According to LIMRA, 55% of Americans like the idea of avoiding undergoing a medical exam to buy their coverage. [1]
Is no-exam life insurance worth it?
For most people, no-medical-exam life insurance policies are worth it. “No-exam policies are the way to go because they skip all the hassle of medical exams and lengthy underwriting,” says Batul Rassiwala, carrier relationships manager at Policygenius. “It’s like fast-tracking your way to coverage without jumping through all those hoops.”
And if you might not be eligible for traditional coverage due to health reasons, no-exam options like simplified issue or guaranteed issue are worth considering, too. Both types of policies can give you access to a small amount of coverage to pay for final expenses.
At Policygenius, our agents can help you compare quotes from different insurance companies to ensure you find the right coverage at a price that works for you.
What is the catch with no-medical-exam life insurance?
No-exam life insurance policies often have stricter underwriting requirements than fully underwritten policies, which means that even though you won’t have to take a medical exam, it may be harder to qualify for coverage.
Additionally, there is often a cap on how much coverage you can purchase through a no-exam life insurance policy. Most no-exam policies have an upper limit of $1 million to $3 million, where fully underwritten life insurance policies often have much higher limits, typically between 10 and 30 times your annual income.
Does a no medical exam life insurance policy come with a mortality charge?
Yes, no-exam life insurance policies will have additional charges and fees, just like any other life insurance policy.
A mortality charge is the additional amount you pay to your life insurance company to compensate them for the additional risk in case you die unexpectedly. Most companies that add a mortality charge to your premiums only add an average of 1.25% per year, but this is dependent on a number of factors, including your age and overall health.
Can I get a million-dollar life insurance policy without a medical exam?
Yes, many insurers offer million-dollar no-exam life insurance policies. The amount of coverage available to you will vary based on your age, health, income, and other factors.The best way to make sure you’re getting the right coverage for your needs is to work with an insurance expert and compare quotes from multiple insurance companies.
