A life insurance policy can help you continue financially supporting your loved ones after you’re gone. Whether some of your family members still depend on a portion of your income or you want to make sure no one will struggle to pay for your funeral, there’s a policy to match your needs and budget.

Permanent life insurance policies, like whole life insurance, can provide lasting reassurance because they never expire as long as premiums are paid. Many mistakenly believe qualifying for whole life insurance involves a lengthy application process and a medical exam, but if you have health challenges, are uncomfortable with poking and prodding, or don’t want the hassle of a complex application, don’t worry. You have options for whole life insurance without a medical exam, meaning you can quickly and painlessly offer your loved ones added financial security.

What is whole life insurance?

Whole life insurance is a type of permanent life insurance that accumulates cash value over time. The policies never expire, and you never have to renew them; as long as you continue paying your premiums, you can rest assured your beneficiary will receive a death benefit when you pass away.

Whole life insurance policies also accrue tax-deferred cash value over time, as your monthly premium goes in part toward each the death benefit and the policy’s cash value. You can borrow from your policy’s cash value if you run into emergency expenses throughout your life, like medical needs or home repairs.

You have until you pass away to repay the loan. Otherwise, it simply comes out of your death benefit. If you have ongoing expenses, significant inheritable debts, or want to leave a financial legacy, consider whole life insurance.

Can you get whole life insurance without a medical exam?

Typically, whole life insurance policies require a medical examination as part of the application process, prolonging approval or denial by several weeks. However, Fidelity Life offers several different options for no medical exam whole life insurance that can accommodate different medical situations, budgets, and coverage needs:

• Simplified issue final expense coverage – Final expense life insurance, also known as burial or funeral insurance, covers funerals, memorial services, debts, and other end-of-life expenses. Funerals cost, on average, about $9000 in the United States, which families frequently struggle to cover on short notice. Fidelity Life’s RAPIDecision® Final Expense insurance offers up to $40,000 in coverage without a medical exam. Instead of an exam, applicants answer questions about their health history, and coverage starts immediately.
• Guaranteed issue final expense coverage – Guaranteed issue life insurance provides whole life insurance for people whose health history might otherwise prevent them from obtaining coverage. Health issues can’t disqualify candidates from guaranteed issue policies. Fidelity Life’s RAPIDecision® Guaranteed Issue life insurance provides up to $25,000 in coverage, and applicants don’t have to provide any health information. They only have to meet the policy’s age requirements. While guaranteed issue life insurance typically costs more than policies with health requirements, its lasting protection may be worth the higher price to individuals with barriers to other coverage.
• Senior whole life insurance – Adults between 50 and 85 might be interested in Fidelity Life’s RAPIDecision® Senior Whole Life policies, which offer between $10,000 and $150,000 in coverage. If your loved ones will have to pay for a significant ongoing expense after you pass away, or if you’d like to leave them with additional financial support, senior whole life insurance could be a good fit.

Choose the right whole life insurance policy

The best whole life insurance policy for you depends on your unique circumstances, family, and budget. As you assess your options, keep your age and health in mind.

Fidelity Life offers whole life insurance coverage options through age 85. If you’re in excellent health, you might minimize premiums by applying for a policy that includes a medical exam. If you have some health issues, however, no-exam life insurance may better fit your needs. Likewise, if you know your health disqualifies you from some types of life insurance, or if you’ve struggled to qualify for coverage in the past, a guaranteed issue policy could provide you with the protection you need.

As you weigh your options, you should likewise consider your coverage needs. If anyone depends on your income, you might want to apply for a senior whole life insurance policy that allows you to secure a more significant death benefit. On the other hand, if you don’t have any major expenses and no one depends on your income, you might opt for the smaller coverage of a final expense policy.

Find a whole life insurance policy that works for you

Whole life insurance can help you plan for your family’s future and set them up for success. There are several whole life insurance options without medical exams that could meet your life insurance needs. If you have trouble navigating your options, Fidelity Life is here to help. You can call today to speak with a trusted, licensed insurance agent or get started with a quote online.