4 Situations Where You Should Consider Life Insurance With No Medical Exam

CHICAGO, January 20, 2023 (Newswire.com) - iQuanti: Many traditional life insurance policies, such as term and whole life insurance, require you to take a medical exam when applying. During this exam, the examiner will ask numerous questions, record your height and weight, take several vitals, and more.

The medical exam can extend the application process and may be inconvenient. LIMRA found that over half of life insurance customers like the idea of skipping the exam entirely. With that in mind, this article will dive into four situations where you might consider getting life insurance with no medical exam.

1. You want to get coverage quickly

When applying for regular life insurance policies, the medical exam is often the longest part of the application process. You must spend time scheduling and taking the exam, then wait a couple of weeks after you're done.

A life insurance policy with no medical exam cuts all of this out. No-exam life insurance applications take a maximum of a few days to process. Some insurers can even process your application and offer policy terms within 24 hours. This can work well for people who need insurance right away. For example, if you're worried about protecting your family, getting quick coverage helps alleviate that worry as soon as possible.

2. You want to skip the medical exam

To take a life insurance medical exam, you must either travel to a facility or have the examiner come to your home. This can be inconvenient for many prospective policyholders. Plus, some people just find medical exams or certain aspects of the exams to be too invasive. No-exam life insurance lets you skip this process, saving you the inconvenience and keeping your medical data as private as possible.

3. You don't need a lot of coverage 

Many no-exam life insurance policies tend to have less coverage than life insurance policies that require the exam. So, if you don't need a lot of coverage, skipping the medical exam could be worth it.

For example, perhaps you only want enough coverage to help your loved ones cover your funeral expenses when you pass away. A final expense insurance policy can provide a large enough death benefit for this purpose while letting you skip the medical exam.

4. You want to save money

Since many no-exam life insurance policies provide much lower coverage amounts, they tend to cost less than traditional permanent life insurance options. Therefore, these policies can work well for shoppers who have a smaller life insurance budget and want smaller coverage amounts. 

The bottom line

Research shows many prospective policyholders don't like the idea of taking a medical exam before getting life insurance. Fortunately, many life insurance policies — like final expense insurance and guaranteed issue life insurance — don't make you take a medical exam.

You can get these no-exam policies much quicker and with less inconvenience and invasiveness than traditional policies. Plus, with smaller coverage amounts, the premiums may be lower too, which works well if you don't need a large death benefit. Make sure to shop with multiple insurers for your no-exam policy. This will help you get the best policy for your budget.