Yes, you can secure life insurance without taking the medical exam that is normally required. There are several companies that specialize in the “no exam” life insurance market with very competitive rates. Premiums for a policy without a medical exam will be higher than the same amount of coverage from a company that does require an exam. This is because the company requiring an exam has a more complete picture of your overall health and can then offer you a lower rate, depending on your health.
Companies that do not require a medical exam have a limited “snapshot” of your health. They may still pull reports on your health from a central database to see if there are any red flags, check your motor vehicle history report, check your prescription history, or require a phone interview. Requirements will vary by company.
Generally, a policy that does not require an exam will be approved and issued to you within a week. Some companies can approve and issue policies in less than 48 hours if the application is submitted in good order.
Types of no-exam policies include:
- Term insurance – immediate coverage for larger benefit amounts up to $500,000, guaranteed for a specific period of time (usually 10, 15, 20, or 30 years)
- Permanent insurance – immediate coverage with benefits generally guaranteed for life (whole life insurance). Some companies offer universal life insurance without an exam, which may or may not be guaranteed for life.
- Final expenses – a smaller whole life policy, usually $5,000-50,000 of coverage, that features a guaranteed cash value and death benefits and premiums guaranteed for life.
- Guaranteed-issue – similar to final expense coverage, but with a modified or graded death benefit that offers limited coverage in the first 2-3 years, then full coverage after that
Companies that excel in the “no-exam” life insurance market include, but are not limited to, the following:
- American-Amicable Life Insurance of Texas
- Assurity Life
- Fidelity Life
- MetLife (age-limited)
- United of Omaha
- United Home Life
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