How No Medical Exam Life Insurance Works

You may have watched a television commercial, read it online, or received offers in the mail for no exam life insurance. If no exam life insurance has piqued your interest recently and you'd like to learn more about how it works, here are some of the basics.

A simplified underwriting process

Just as then name implies, no exam life insurance won't require you to complete a medical exam. It also doesn't require lab work or a lengthy application process. Instead, no exam life insurance will allow you to apply for coverage by answering just a few basic health questions. If your answers fit the underwriting guidelines of the insurance company to which you are applying for coverage, you may be offered a policy.

A quick to apply, quick to issue policy

Today, you can generally apply for no exam life insurance in a variety of ways, making them a quick policy to apply for, as well as a quick policy to issue. Whether you complete an application online, over the phone, or by mail, no exam life insurance application can typically only take a few minutes to complete. In many instances, you might have an answer as to whether or not you've been approved in as little as 24-hours or in just a few days.

Getting coverage that meets your needs and price point

Depending on the company, you could be offered an application for no exam life insurance in the form of term, universal life, or whole life insurance. Be sure you understand what type of policy you are applying for so you get the policy type that's best suited to your needs.

You'll also want to check on the amount of life insurance you can buy because no exam life insurance policies often have a set limit on how much insurance you can purchase. So if you find yourself needing more coverage, you might need to apply for additional life insurance elsewhere. Finally, it's worth mentioning that no exam life insurance is typically more expensive than policies that are fully underwritten by requiring a medical exam.

While no exam life insurance can be a quick and convenient way to get a life insurance policy, it isn't for everyone. Be sure to explore all of your options before making a decision. For more information on how different life insurance policies work, visit the Protective Life Learning Center.