Do you have a specific medical condition and want to shop life insurance without a medical exam? If it is your case, we suggest you to understand this insurance policy is and whether it is the right kind of shopping for you or not. Continue reading and explore more.

What is Life Insurance Without Medical Exam

Standard insurance policy requires you to pass a medical exam before you get approval. If you have certain medical conditions such as cancer, heart disease, etc. then you will be either rejected by the insurance company or have to shop an expensive life insurance policy.  In such a scenario, Life Insurance Without Medical exam is a great relief for those older people who have a certain medical condition. Also, they don’t want to pay high.

When you get a life insurance policy without going through any medical exam and paper-work, then it is known as Life Insurance without Medical Exam.  They are also known as term life insurance policies, whereas terms are 10 years, 20 years, or 30 years.  A policyholder will get death benefit if he dies within the policy term. They are available with the low face value. However, a few companies offer you life insurance without medical exam policies with high face value such as $250,000 to $500,000 range.

In this kind of insurance, the company won’t have any insight into your medical information. Therefore, you will have to pay high premiums for the amount of coverage you want to buy. To obtain the quotes for this policy, you don’t have to do a medical exam at all.

Many times you are looking for a quick life insurance policy, and you don’t want to stuck in paper-work. Instead of getting life insurance. You can say it is the fastest way of getting life insurance.

Types of Life Insurance without Medical Exam

An insurance company offers two variations of this policy.

Guaranteed Issue Life Insurance: To get this insurance, you don’t need to have any medical exam, or even company won’t review your medical records. What is required from your side is to answer some standard medical questions?  You will be asked about smoking, HIV and AIDs. You need to disclose whether you are in a hospital or medical care facility for long-term at this moment. 

Guaranteed Acceptance Life Insurance policy is expensive as compared to other life insurance policy.  They offer you medical coverage to some extent.  It offers fewer benefits in comparison to other policies, but people with a certain medical condition can cover some expense through it.

Simplified Issue Life Insurance:  It is another version of No Exam Life Insurance in which company will ask you to answer detailed questions. Also, it will review your medical history. You might not get policy coverage just when you have some medical issues.

When is life Insurance without Medical Exam the best Choice?

It is a kind of insurance policy which is featured with low benefits, high premium, and quick approval. Reality is that not every person is the right candidate for it. There are only a few people who should consider shopping.  I want to highlight some situations where this policy works great.

When you have an out-of-control chronic health condition such as diabetes, then you can’t opt for a life insurance policy; since it would be an expensive option. Or you might get rejected for it. In such a case, guaranteed acceptance life insurance will come to rescue you.

When you are in a hurry for a life insurance policy and can’t wait for a month, then you should consider getting Life Insurance without Medical Exam. Because it generally takes less than a week.

Certain people are involved in a risky occupation or who don’t mind going for a life-threatening hobby; they can’t get life insurance policy even when they are healthy. However, they can still have a safety net in the form of No Exam Life Insurance.

Many older people with serious health problems don’t want to burden their loved ones with their funeral expenses. Therefore, they often like to get guaranteed acceptance life insurance.

When your employer doesn’t offer group life insurance, and you have health problems, then you can easily cover your medical expenses through No Exam Life Insurance. It would be the best choice when you can’t go for other life insurance policies.

When shouldn’t you Shop No Exam Life Insurance?

Above you can find details of all those circumstances when you should think of Life Insurance without Medical exam. However, there are certain cases when you shouldn’t seek this kind of policy.

When you are looking for only funeral expenses coverage, it is not the right policy to sign up for.

If you are a young and healthy person and have some children, then you should not opt for No Exam life insurance policy. It might seem a fast option, but it is not the right choice to make. Only standard life insurance will offer you more benefits with less premium.  It involves paperwork and medical tests and you will have to wait until the whole underwriting process is completed. But you should not buy life insurance in a hurry because it doesn’t worth it.

 How to Find the Best Life Insurance Without Medical Exam?

You can avail of this kind of insurance policy quickly. But you should do your homework before you get any policy. It is suggested to get insurance quotes from different companies. Compare their quotes and check the financial strength rating of every company. The exciting thing is that you can review the financial strength and stability of an insurance company by checking its score through A.M.Best and Standard & Poors. You can read expert and customer reviews regarding a specific policy and plan online. You need to grab a policy which suits to your budget and requirements.

Top 10 Best Life Insurance Without Medical Exam Companies

If you don’t want to do your homework and you are in a hurry to get this policy then you should consider a company from the list.

  1. American Amicable
  2. American National
  3. Assurity
  4. Fidelity Life
  5. Foresters
  6. Gerber Life
  7. Mutual of Omaha
  8. North American Company
  9. Phoenix Life
  10. Principal Financial Group

Wrap Up:

Life Insurance Without Medical Exam is often marketed as the fast alternative of standard Life insurance policies or as a policy without paper-work. It might sound tempting, but one must make a smart choice always.