With the number of people who believe they don’t have enough life insurance coverage doubling since 2021, it’s become increasingly important to educate yourself about the coverage options available to you. Every September, Life Insurance Awareness Month helps people learn about the benefits of life insurance, making it a great time to explore different policy types like no medical exam life insurance. In this article, we’ll walk you through the details of this type of coverage so you can understand if it makes sense for you.
What is no medical exam life insurance?
When applying for traditional life insurance, you typically undergo a medical exam. The results then help determine your rates during the underwriting process. You can skip this step of the process with no medical exam life insurance, also known as instant life insurance, and secure a policy without undergoing a medical exam. The result is a much quicker application process that still offers significant coverage.
This policy option makes the most sense for people under age 60 who are in overall good health and who need a high coverage amount. The process is quick and convenient when you shop for instant life insurance with SelectQuote, and you can qualify for up to $5 million in coverage while still getting competitive premium rates.
Other Types of Life Insurance that Don’t Require a Medical Exam
If instant life insurance isn’t the right fit for your needs, there are still other types of life insurance that don’t require a medical exam. These include:
Simplified issue: Simplified issue coverage is a type of final expense insurance where you answer a health questionnaire as an alternative to a medical exam. People between the ages of 45-85 can qualify for up to $100,000 in coverage.
Guaranteed issue: If you’re between the ages of 45-85, you can’t be rejected for guaranteed issue life insurance. Not only do you not have to take a medical exam for this policy type, but you also don’t have to answer any health qualification questions. Keep in mind that coverage amounts will be lower, typically up to $25,000.
Accelerated underwriting: While you’ll still have to answer questions about your current health status and medical history, you can avoid a medical exam and get coverage quickly with accelerated underwriting. People under 60 who are in good health and who have not previously had a life insurance application rejected may qualify for up to $1 million in coverage.
Who can benefit from no medical exam life insurance?
Certain types of no medical exam life insurance, like guaranteed issue, make the most sense for people who are concerned that their medical history may affect their premiums or eligibility for traditional life insurance, such as someone with a chronic condition like asthma, especially if that condition is not very well controlled.
Your current life stage also makes a difference in which type of no medical exam life insurance might work best for you. For example, millennials may be busy raising young children or growing their career, and therefore could prefer the convenience and affordability of instant life insurance over the traditional application process.
If you’re looking to save time, skip the paperwork, and still get quality coverage, a no medical exam life insurance policy may work well for you. SelectQuote can walk you through all the options available to you for instant life insurance to ensure you choose a policy that makes the most sense for your needs.
Ready to purchase no medical exam life insurance this Life Insurance Awareness Month? SelectQuote can help.
Life Insurance Awareness Month is the perfect time to shop for no medical exam life insurance. Don’t wait until you're knee-deep in back-to-school activities or in the middle of the busy holiday season—contact SelectQuote today. Our proprietary technology makes shopping for no exam life insurance fast and uncomplicated. We’ll streamline your application to quickly get you the coverage you need.
