Life insurance allows you to keep caring for your loved ones after you’ve passed away by providing them with a payout they can put toward expenses. However, the application process can discourage people from seeking life insurance, in part because many policies require medical exams. This added hassle can be stressful, especially for people managing serious health concerns. Similarly, the waiting time for approval can likewise cause a lot of anxiety.

Fortunately, you have options if you want to avoid the exam and the wait. Some policies don’t require a medical exam, streamlining the application process so you receive approval quickly. Read on to learn whether life insurance with no waiting period and no medical exam might be a good fit for you.

What type of life insurance has no medical exam and no waiting period?

Final expense life insurance, also known as funeral or burial insurance, provides permanent coverage quickly without requiring a medical examination. Guaranteed issue final expense policies have few requirements; your medical history has no bearing on your eligibility or rate. Eligibility for simplified issue life insurance, on the other hand, depends on information from a short medical questionnaire and public databases, like motor vehicle registration. Both policies can help you get life insurance expediently without a medical exam, but they do have some key differences.

Guaranteed issue

If you have serious health concerns that could disqualify you from traditional life insurance coverage, a guaranteed issue policy can help. Guaranteed issue policies are a type of permanent life insurance, which means coverage lasts through the end of your life as long as you keep paying premiums.

You don’t have to disclose health information to apply for a guaranteed issue policy, and insurers don’t consult any databases for qualifying information. Instead, approval is guaranteed as long as you fall within the policy’s age requirement.

Fidelity Life offers people between 50 and 85 up to $25,000 in coverage through their RAPIDecision® Guaranteed Issue policy. Once you decide on a coverage amount, you can submit your application and receive approval within days. Your coverage begins as soon as you’re approved, but be mindful that guaranteed issue often has a graded death benefit. This means the full amount of the death benefit may not pay out until a few years after the policy begins. However, if you pass away during that time, loved ones will still receive a benefit; it may just be a smaller amount or a refund of premiums paid.

Simplified issue

Simplified issue is another type of life insurance with no medical exam or waiting period. Unlike guaranteed issue insurance, simplified issue insurance requires applicants to answer a few medical questions as part of their application. Insurers also consult databases for additional eligibility information.

Simplified issue policies offer more coverage than guaranteed issue policies at a lower cost, but people with severe health barriers may not qualify. Fidelity Life offers older adults up to $40,000 in coverage through the RAPIDecision® Final Expense simplified issue life insurance policy. These policies provide an affordable way to help your family pay for end-of-life expenses.

What are the benefits of these life insurance policies?

There are many benefits to final expense life insurance, including:

• Fast approval: Medical exams take time to schedule, complete, and evaluate, prolonging your life insurance approval timeline. With final expense policies, approval typically takes only a few days.
• Cash value accrual: Final expense life insurance is a type of permanent life insurance policy. Permanent policies provide coverage indefinitely and accrue cash value over time. You can borrow from that cash value to cover emergencies or sudden expenses.
• Death benefit payment: Final expense policies provide modest death benefits designed to cover the rising costs of funerals. Simplified and guaranteed issue policies can both ensure that your loved ones won’t have to scramble to cover end-of-life expenses. Your policy could also pay remaining debts, like credit card bills, that may otherwise come out of your estate.

Who is no medical exam no waiting period life insurance good for?

People with complicated health histories, who have had severe injuries or illnesses, can struggle to access life insurance coverage when policies require health exams. Others may not want to endure the poking and prodding that comes with a medical exam. If you’re in either situation, a no-exam, no waiting period insurance policy can help you meet your insurance needs.

The application process is straightforward and fast. Applicants don’t have to wait long before full life insurance coverage kicks in. That also makes these policies a great option if you need life insurance urgently due to changes in your health, family, or financial situation.

No-exam, no-waiting period life insurance policies are not the best fit for everyone. Final expense death benefits can be smaller compared to other permanent or term life policies. So, if family members depend on your income, or if you’re still paying for a significant expense like a mortgage, you might want to apply for a more comprehensive policy. Likewise, a medical exam can actually save you money or help you access more coverage if you’re healthy.

The best life insurance policy for you is one that meets your needs and fits your budget, so it helps to weigh the pros and cons. Fidelity Life can help you navigate your options if you’re unsure what might work best for you.

How much does a no medical exam no waiting period policy cost?

Like other policies, life insurance without a medical exam or waiting period varies in cost based on your policy type, coverage amount, and demographic information. Guaranteed issue policies are typically more expensive than simplified issue policies. However, in both cases, the more coverage you want, the higher your premiums will be.

Health does not influence guaranteed issue rates, but age and gender do. Simplified issue policies consider more factors to calculate premiums. Gender, health, and age affect your rate, with women generally paying less because they have longer life expectancies. Ultimately, your cost will come down to your specific situation. RAPIDecision® Final Expense and RAPIDecision® Guaranteed Issue policies offer level premiums, which means your price will not increase over time.

Find life insurance without the exam or wait

If you want a life insurance policy without the hassle of a medical exam or a long waiting period, you have options. To learn more about no-exam, no-waiting period life insurance, speak with a trusted licensed insurance agent or get started online with a quote. Fidelity Life is here to help you find the best policy for you and your family.