With a life insurance policy, you can safeguard your loved ones from financial distress if you pass away, so they can focus instead on mourning and healing. Yet while the benefits of life insurance are plenty, the life insurance application process presents a challenge for many people. Perhaps the most daunting part is the life insurance medical exam. The exam helps insurers assess risk and determine eligibility and rates, but it can be nerve-wracking and time-consuming for applicants.

You may have a busy lifestyle and not have time to attend extra appointments or wait for approval. Or you may be worried that a history of injury or illness could bar you from life insurance coverage altogether. If any of those scenarios resonate, don’t worry. You can still qualify for life insurance coverage without a medical exam.

Read on to learn more about no-exam life insurance policies and find the best life insurance option without a medical exam.

What types of life insurance are available without a medical exam?

The best no medical exam life insurance policy meets your coverage needs without exceeding your budget. Fortunately, you can choose from several types of no-exam life insurance to find the best option for your family and your finances.

Instead of a medical exam, some policies include a medical questionnaire as part of the application. Other types of life insurance instead guarantee acceptance for applicants who meet basic demographic requirements. Understanding the differences between these policies equips you to make an informed decision for yourself and your loved ones.

Simplified issue

If you want to avoid undergoing a medical exam, one option is a simplified issue life insurance policy. These policies require only a short application with some questions about your medical history. For this reason, you can often get coverage quickly and skip the hassle of a lengthy application process.

Fidelity Life’s RAPIDecision® Final Expense life insurance is a simplified issue policy that provides a death benefit of up to $40,000. Final expense life insurance, also known as burial or funeral insurance, helps cover funerals, memorials, and the many other expenses families can face when their loved ones pass away.

If no one depends on your income, and your loved ones’ education and other needs are already taken care of, you might not need a significant death benefit. Final expense insurance can help you fill the gaps with affordable premiums and without a medical exam. Plus, the policies accrue cash value, which can provide extra financial security during your life. However, certain severe medical conditions can still disqualify you from final expense coverage.

Guaranteed issue

Fidelity Life’s RAPIDecision® Guaranteed Issue life insurance provides adults between 50 and 85 with $5,000 to $25,000 in final expense life insurance coverage. Guaranteed issue policies generally have higher premiums than simplified issue policies or those that require medical exams. However, they can still be a worthwhile investment for people who might otherwise struggle to obtain life insurance. Partial coverage starts right away, with full coverage starting in year four. So beneficiaries receive a reduced death benefit if the policyholder passes away within the first three years and the full death benefit afterward. Since guaranteed issue policies are a type of permanent life insurance, they also accumulate a cash value you can borrow from during your lifetime.

Term Life Insurance

Term life insurance can help you offer your loved ones added security during specific parts of your family’s lives, like while children or grandchildren grow up. While many term life policies require a medical exam, some healthy people may be able to waive the exam requirement when purchasing one of Fidelity Life’s 10, 20, or 30-year RAPIDecision® Life policies. Applicants who need or choose to take a medical exam will have up to 6 months to do so.

Many seniors applying for RAPIDecision® Senior Life Term policies can bypass the exam as well. Instead of requiring a medical exam, Fidelity Life’s RAPIDecision® Senior Life Term plan depends on your answers to health questions in the application and information from public databases. Applicants only occasionally have to complete medical exams to clarify any discrepancies or questions about the medical history they provide.

Pros and cons of no medical exam life insurance

Many people with complex medical histories or high-risk careers benefit from life insurance policies without medical exams, but they aren’t necessarily the best fit for everyone. If you need clarification on whether a policy that forgoes a medical exam is the right fit, it can help to weigh the pros and cons before applying. You can also speak to a licensed agent to help you decide.

Pros

• Secure coverage quickly without having to schedule a medical exam or await the results. Wait days, not weeks.
• If you have pre-existing conditions, you can choose a no-exam policy that doesn’t assess health at all, or requires only a health questionnaire, to improve your chances of approval.
• If your job makes qualifying for coverage difficult, you could opt for a guaranteed issue policy that doesn’t require information about lifestyle choices.
• Avoid the hassle of an invasive or uncomfortable medical examination.

Cons

• No-exam insurance often costs more than policies requiring a medical exam for comparable coverage amounts.
• A medical exam can help you save on premiums if you’re in relatively good health.
• No-exam life insurance policies typically have lower coverage caps than other types of life insurance, meaning your beneficiaries may still need help covering large debts or ongoing expenses.

Find the best no-exam life insurance for you

Fidelity Life has a long history of helping everyday families from a wide range of backgrounds find the life insurance coverage they need. A licensed life insurance agent can help you choose the best life insurance policy with no medical exam. Call today to speak with a licensed agent, or go online to get a quote.