In most cases, life insurance companies will require you to undergo a medical exam before you signup. They need to check to make sure that you are as healthy as you claim to be and they also look for things that you might not know about. However, there are exceptions as some life insurance policies require no medical exams at all.
What Are the Benefits of Life Insurance Policies with no Medical Exam?
There are two types of people who would opt for a life insurance policy with no medical exam. The first are those who have something to hide, something that would otherwise increase the premiums and lead to extortionate repayments. The second are those who simply don’t want to sit through a medical, whether because they are worried that something will be uncovered, or they don’t have the time.
If it’s a time saving thing or even a hypochondria thing then you should try and make the effort, no matter how difficult it is, because if you don’t have anything immediately and obviously wrong with you, you don’t smoke, you’re relatively young and you lead a healthy lifestyle, opting for one of these policies over a normal one could lead to massive overpayments.
If it’s about hiding something then you should know that health questions will be asked and you will still be liable for the answers that you provide. If you tell them that you do not smoke and then die of smoking-related diseases twenty years later, they may reject the policy and will be well within their rights to do so.
In some cases you may also be required to hand over medical files or to get a note from your doctor, but this is not true in all cases.
It is not something we would recommend for anyone in that position. This is purely a policy for people who don’t want the hassle of going through a medical exam.
What Are the Cons of Life Insurance Policies with no Medical Exam?
The main downside to these policies is that they charge a premium on the assumption that you have a health condition or that there is an issue that may cause problems in the future. You are high risk, and they are basically assuming that a problem will arise that will result in your policy being cashed in earlier than it would otherwise.
The Best Life Insurance with no Medical Exam
There are a few providers that offer these policies, each with its own list of pros and cons. We have discussed a few of these below to help you find the right one:
Fidelity Life No Medical Exam Life Insurance
Fidelity Life provide you with a quick decision, usually within 24 hours. You will not be required to hand over a doctor’s note and they will not check your medical files.
You can get a policy of up to $250,000 with Fidelity Life and they are one of the highest rated in this category, with a reputation that extends as far back as 1896 and a wealth of happy customers across the United States.
Of course, many of those customers are dead, so they can’t be that happy, but you know what we mean.
Assurity No Medical Exam Life Insurance
Your policy may take a little longer to go through with Assurity, as they take as many as 2 weeks to check the information you have provided and to tell you their decision. They are also a little less trusting and in some cases they will require both medical records and notes from doctors, however, this is not true in all cases and will depend on your circumstances and on the answers that you provide.
They have bigger policies available than those offered by Fidelity Life, going all of the way up to $300,000, with policies also available for as little as $50,000. The rates are very reasonable and they have a very good reputation.
North American Company No Medical Exam Life Insurance
This is probably the quickest on the list as they make a decision on the same day that you apply. You can get policies for anywhere from $50,000 to $500,000 and they do not need any details from your doctor, nor do they check medical reports.
They will run some basic checks, such as Motor Vehicle Department records, but this is true for everything on this list. The only thing that this company do that the others do not do is check your credit report. You might think that a credit report would have no bearing on a life insurance policy, but you would be surprised.
Not only can it tell them whether or not you will actually make the repayments, but red flags will also be raised if they discover that you have taken out multiple life insurance policies or are severely in debt.
Lincoln Financial Group No Medical Exam Life Insurance
The lack of a medical exam is not standard with this life insurance company and it will depend on your health history and on other information that you supply to them. If there are no concerns and no issues raised during the signup process then you should not need a medical exam or any doctor’s notes. However, if there are concerns than a medical exam may be requested before you get your policy signed-off on.
The whole process can take up to 2 weeks and you can get policies in the range of $100,000 to $500,000.
Mutual of Omaha No Medical Exam Life Insurance
If you get a life insurance policy of less than a quarter of a million dollars then a medical exam is not needed, for everything higher you will be required to undertake one. The process can take 1 to 2 weeks on average and they may request further details from you after the initial question and answer stage, including doctor’s notes, medical records and more.
Transamerica No Medical Exam Life Insurance
This is perhaps the longest process of everything on this list as it can take up to 4 weeks for you to get your policy signed-off on. They will give you anywhere from $25,000 to $249,000 and they may request extra details from you after completing the initial stage. If so, then you can expect to get closer to that 4 week timeframe, if not then the average time should be around 2 weeks.
Life insurance is something that everyone needs if they have dependents who rely on the money they bring in. There is no way of knowing what will happen to us and why we can expect to live a long and healthy life, that just isn’t always the case.
If you want more information on whether life insurance is right for you and how the process goes, take a look at our guide to Life Insurance Companies, Whole Life vs Term Life Insurance and our extensive Life Insurance FAQ.