If you are over 50 and looking for life insurance, but want to avoid a medical exam, there are some options available to you. No medical exam life insurance policies allow you to apply for coverage quickly and without any hassle. These policies are generally more expensive than traditional life insurance policies that require a medical exam. However, they can be a good option if you have a riskier occupation, are a smoker, or have a pre-existing health condition.
No Medical Exam Life Insurance Options
The following table lists the types of life insurance policies that do not require a medical exam:
| Type of Policy | Description |
|---|---|
| Guaranteed Issue | A type of policy that is guaranteed to be issued to anyone who applies, regardless of their health status. These policies typically have lower coverage amounts and higher premiums. |
| Simplified Issue | A type of policy that requires you to answer a few basic health questions, but does not require a medical exam. These policies have higher coverage amounts and lower premiums than guaranteed issue policies. |
| Short-term Life Insurance | A type of policy that allows you to get coverage quickly and without a medical exam. These policies are designed for younger applicants starting out with life insurance or those with a temporary need for coverage. |
Considerations When Choosing No Medical Exam Life Insurance
Choosing a policy that does not require a medical exam may significantly increase your premium and limit your coverage. It’s difficult for an insurance company to fully evaluate your lifestyle and health without health-related information. The higher risk they take on by offering insurance without the insight of a health exam is offset by a higher premium. If you have a medical condition that you manage well, you may still qualify for a typical life insurance policy with a more affordable premium than the no-exam options. Shop around by getting life insurance quotes before deciding to get life insurance with no medical exam.
Life insurance without a medical exam is a hassle-free way to get coverage quickly. There’s no waiting period, the application is easy to fill out, and it may be easier to qualify for. It could provide you with an option for getting coverage that you otherwise wouldn’t be able to obtain because you have pre-existing health conditions or work in a risky occupation. However, it’s essential to weigh the benefits against the higher premiums and lower coverage amounts that come with these policies.
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Article Sources
- Northwestern University. 7 Best Life Insurance Companies For People Over 50
- helpadvisor. Life Insurance Without A Medical Exam
- Purdue University. Best No-Exam Life Insurance Companies Of 2023
- LifeInsure. Best Life Insurance Over 50
- USAA. Life Insurance For People Over 50