Most life insurance policies, like term life insurance, require a medical exam. This exam helps the insurance company accurately assess risk and set your premium. If you have a serious medical condition, you may worry whether you need to take a medical exam to get life insurance.
The good news is there are two types of life insurance policies available without a medical exam or waiting period. A no-exam life insurance policy, like a simplified issue or guaranteed issue, may be just the option for you and your family.
Medical exams are free to you and provided by your insurance company at their expense. A licensed medical technician will come to a place of your choice, like your home or your workplace, to perform the exam. You’ll also get a copy of the results for your records.
The exam takes about 30 minutes and includes:
In some cases, the technician may perform additional tests, like an EKG. This happens mostly for applicants over 50 or anyone applying for higher coverage amounts. Learn more about how to prepare for a medical exam.
If you’re in good health, applying for a traditional policy with a medical exam can get you better rates – and many insurance companies are working to make the process as hassle-free as possible. With Fidelity Life’s RAPIDecision® Life, we can delay your medical exam for up to six months, so you can take it when it’s convenient. In some cases, you may be able to skip it altogether. If you have health issues that affect your rates or eligibility, though, no-exam insurance can help you get the protection you need for your family. If you’re having trouble deciding between a medical exam vs. no medical exam policy, Fidelity Life has licensed insurance agents standing by to help you choose the right fit.
There are a range of affordable Fidelity Life products to choose from based on your situation and financial responsibilities.
There are two common types of life insurance policies that don’t require a medical exam: simplified issue and guaranteed issue. Understanding what they both offer and the differences between them can help you make an informed decision about which life insurance policy will work best for your needs.
A simplified issue policy requires you to answer a detailed questionnaire about your health, your medical history, and your family medical history. You will also need to provide access to your previous medical records. You will not have to undergo a medical exam, the answers to your questionnaire and medical records are all that’s needed.
The premiums for this kind of policy are higher than for a traditional policy with a health exam. Coverage may be capped at anywhere from $25,000 to $300,000, depending on the results of your evaluation. Depending on your policy, simplified issue insurance may be written for term life or whole life coverage.
Simplified issue can be a good fit if you’re looking for:
One reminder: It’s important to disclose any medical conditions when applying for a policy. If the insurance company discovers you didn’t disclose something after you die, your policy can be voided. If this happens, your beneficiaries won’t receive the death benefit you planned.
Explore simplified issue policies from Fidelity LifeIf you don’t qualify for traditional or simplified issue life insurance, either due to pre-existing conditions or premiums that are unaffordable for you, you still have options. You may want to consider a guaranteed issue life insurance policy.
When you apply for guaranteed issue life insurance, there is no medical exam. Guaranteed issue policies require answers to only a few questions about your health information and medical history.
These policies generally have higher premiums in relation to the death benefit, which is usually capped at $25,000 or less. Many policies come with graded death benefits, meaning that if you die within the first two or three years after policy issuance, your beneficiaries may receive an amount equal to only premiums plus interest.
Guaranteed issue may be a good fit if you’re looking for:
The cost of life insurance with no medical exam will vary based on the type of policy you choose. Whole life insurance without a medical exam, will often have higher premiums than a term life insurance policy with no medical exam that cannot accrue cash value. The cost of life insurance also depends on the amount of coverage you get. The best way to find out how much you’ll pay for a life insurance policy is to get a quote or talk to an agent.
No medical exam life insurance can be an option for people interested in coverage but who are concerned about not qualifying because of their age, health, or other concerns.
You might want to consider a no medical exam insurance policy if:
You may be able to add riders to simplified issue or guaranteed issue policies, such as an accidental death benefit in case you die in an accident, or waiver of premium for disability, in the event that your health becomes so poor you can’t work or pay your premiums.
A no medical exam life insurance policy can also be used to cover final expenses if you can’t obtain other life insurance and want to avoid burdening your family with funeral and burial costs after your death.
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