Types of 'No Medical Exam' Life Insurance Coverages

​Shopping for life insurance amidst the pandemic can be tricky and inconvenient as it lessens in-person consultation with your insurance agent. Moreover, there were a lot of changes in policy applications, like medical examination requirements.

Medical exams are necessary for the insurers to rate your insurance costs depending on the severity of your overall health condition. However, if you are in good health, finding medical exams inconvenient, here are the types of life insurance coverages that do not require medical examinations.

What does ‘No Medical Exam’ Life Insurance Mean?
No medical life insurance simply means that you can skip physical exams like getting your height, blood pressure, blood, and urine check, as well as other medical tests like an electrocardiogram. These processes are necessary to help your insurer decide whether you qualify for coverage and how your premium rate will cost.

However, your insurer might ask for health records and use the data from your medical records in processing your insurance application. Prices for life insurance policies that do not require medical exams depend on a person’s wellness (healthy) and age (younger preferably).

Types of Life Insurance with No Medical Exam
Although you can get life insurance without physical exams, the cost of skipping is may not always outweigh the benefits, depending on your condition. Check out these life insurance types with no medical exam to help you decide.

Instant-Approval Term Life Insurance
If you have no history of terminal disease and have a healthy body, instant-approval life insurance has the quickest application process than other life insurance plans. This life insurance follows the accelerated underwriting approach that uses sophisticated algorithms to determine whether you qualify for the coverage and your insurance rate. 

Guaranteed Issue Life Insurance
Also known as guaranteed acceptance, this life insurance is a small policy marketed to middle-aged and older people for their final expenses like funeral costs. It is also applicable for people with poor health conditions that can disqualify them from getting life insurance with full medical underwriting.

Simplified Issue Life Insurance
Although this life insurance does not require a medical exam, insurers might ask you to answer a short health questionnaire. It will usually include questions about your medical history, height, weight, recent hospitalizations, and chemical uses like alcohol, tobacco, or drugs. However, note that this policy’s approval is not guaranteed, depending on the conditions of your chosen insurer’s requirements.

Conclusion
Life insurance is essential for you to save on medical costs in case of an emergency. Although you might have inevitable reasons for skipping medical exams, you still need to reconsider what type of life insurance plan suits you the most to avoid unnecessary additional fees.

At Insurance Marketplace, Inc., we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays, and we're here to help you out. Learn more about our products and services by calling our agency at (541) 779-0177. You can also request a free quote by CLICKING HERE.