What is no exam life insurance?
It’s the only type of life insurance you can buy where you can completely skip the medical exam. That’s right, there is literally no physical to go through when you buy your insurance policy.
The normal exam consists of scheduling a time to have an examiner come to your house or workplace to complete a medical exam for the insurance company. It includes measuring your height and weight, drawing a vial of blood for lab testing, and a urinalysis to test as well. If you are requesting a life insurance policy at an older age or higher face amount, it can also require an EKG (electrocardiogram) which measures activity of the heart.
No exam life insurance skips this step.
When you buy a no exam life insurance policy, you can expect much faster processing and significantly faster underwriting as well. The only requirements are an application, which can be submitted online or over the phone, and you’re immediately into the approval stage. Additional processing time for things like blood profiling, urinalysis and medical records (also called attending physicians statements) are all skipped.
Your motor vehicle report, MIB (Medical Information Bereau) history, and prescription reports are still run, so keep this in mind.
There are only a few companies who offer a no exam life insurance policy. Because it is a relatively new way to purchase insurance, most of the major insurance companies have yet to craft underwriting guidelines to compete in this arena. The good news is, the companies who have begun a no exam life insurance program are all reputable.
Here is more information about each one, listed alphabetically: Click Here
No exam policies are best for those who are looking to buy a mid- to long-duration term life insurance product as fast as possible with as little hassle possible. Circumstances like buying a policy to cover an SBA loan might make purchasing a no exam life insurance policy specifically attractive.
Even if you aren’t applying for a loan or have to have it for any reason in particular, it’s still a great choice if you want to avoid lengthy underwriting decision periods, or if you’re simply afraid of needles and don’t want to deal with the examiner coming to your home at inconvenient hours.
As with most other standard life insurance policies, there are several riders still available to you for your convenience, although each may be available in different capacities depending on the company and it’s policy specifications. Here are a few:
View more details: Available Riders.
When considering a traditional life insurance policy, you may have to wait as long as 4-6 weeks (even longer if you have an extensive medical history). With most of the no exam life insurance carriers, you can expect a response or even approval in as little as a few minutes, up to approximately one week.
The approval time period is largely dependent on the carrier you choose, as well as the product you choose and any current health issues which need to be taken into consideration. Most no exam companies don’t allow much of a medical history, but a couple are willing to take on a few discreet medical impairments.
Yes! No exam life insurance prides itself on being fast and efficient (we’re one of the internet’s only completely web-based no exam life insurance resources), and the process is so fast because of online applications and over the phone telephone interviews. In some cases, just the online application is required and you can go as far as paying your first premium immediately. The faster you can pay your premium, the faster you’ll have an effective date on your no exam life insurance policy.