Like most people, you must be aware that when applying for life insurance a physical examination is required. This requirement not only slows things down but can be a bit intrusive for some. Although the majority of companies still require an exam there are a handful of companies who let you apply without one. The key is to understand that there are different types of no exam plans out there. So read on to learn more or click on the no medical exam quoter to your right if you are ready to shop.
Quick Summary:
- You can get up to $500,000 of life insurance with a no medical exam plan.
- The plans are no different in coverage benefits than a traditional plan.
- Most of no exam plans on the market can be issued within 10 minutes to about 72 hours compared to 2 months for traditional plans.
- You can do an electronic application and e-sign the same day with all of the no exam plans.
- If you haven’t got physical in a while you may have better odds of securing better pricing by skipping the exam since abnormal levels will give you a higher rate.
- More and more carriers are offering simplified issue plans.
- You can stack up multiple no exam policy if you need more than $500,000 of coverage.
Life Insurance Without Physical Exam
The actual name of this product in our industry is simplified issue or non-med life. Before you even consider this product, please note that it is not for people who have serious illnesses or want to hide anything. Because even though there is no physical exam required the company will still do a thorough underwriting check. They will look into your driving history, pharmacy records, doctors’ notes and any other confidential information from third party sources. In other words, it is no different from the traditional route except for the no exam. In some cases, we notice that the companies that offer this option can be more strict with pre-existing conditions since they have less information to go off. So you have pre-existing medical conditions such as diabetes, heart disease, major mental health or background history.
If you are in good health but just don’t like the idea of having to complete a medical exam then this is the ideal option. In fact, most of no physical exam plans allow applications which can be submitted online with an agent and signed electronically via email. On top of that, you can usually get approved for coverage in a matter of days instead of months like the traditional medical exam plans. The convenience and speed of these plans are unmatched. Just remember that most companies will have a maximum coverage amount limit of $250,000 or $500,000 depending on the company.
Product Highlights
- Online application
- Approvals within 10 minutes to 72 hours
- No waiting period
- E-policy Delivery
- Up to $500,000 of life insurance
Accelerated Underwriting Life Insurance Plans
This is a set of plans that usually get confused with no physical exam plans due to some similarities. The big difference between accelerated underwriting plans and no physical plans is that accelerated underwriting can skip the exam if you’re in perfect health and ace the phone interview but it will require an exam if the underwriter deems it necessary. Some accelerated underwriting plans can get you approved up to $1 million of coverage without an exam if you prequalify like Principal. If you’re looking for a strictly no exam policy than accelerated underwriting plan is not your ideal option since it’s a 50/50 chance you may have to do an exam.
Graded or Guaranteed Issue
This is the actual coverage usually people have in mind when they research a no exam plan. Graded or guaranteed issue plans are for people with serious health impairments and for those that don’t qualify for any other options. If you feel like this is the right type of plan for you, just remember the coverage is usually limited to 10k or 50k depending on the company. These options don’t require a physical exam, medical records and can be obtained by answering a few questions or none at all.
We call this the last resort, but it can be a great option since it gives uninsurable folks a form of protection. Since these types of plans don’t have any underwriting and are available to everyone they are more costly. It’s also important to note that depending on your situation or the company you choose the protection can kick in gradually. For instance, your family may only get the payments you paid if you pass within the first year, 30% payout second year, 70% third year and full benefit payout in the fourth year and so forth.
How to know what’s the best option for you
The best way to think about this is through tiers based on your health and lifestyle. For instance, for someone who is a health nut with perfect health and great family history, an accelerated death benefit would be best since you’ll get the most competitive rate with a greater chance of skipping the exam. If you’re healthy but not sure about your vital levels then a no physical exam is best for you. For someone who is in bad health than a graded or a guaranteed issue plan will be the best and is usually the last resort if you have been turned down for other life insurance options.
If you read everything above, you are now ready to shop for a plan. The best way to shop for a life insurance plan without a physical exam is by working with an independent agency. We are such an agency, so please feel free to use our no physical exam quote engine and compare rates with all the companies in one place. Once you find the plan that works just request an application online and will take care of the rest. Thank you for reading and don’t forget to show some love by liking or sharing the article below.
