How Does It Work?
The no exam process is, in many ways, similar to the standard life insurance process. You will need to reveal any condition you have on the medical questionnaires.
When you’re approved for coverage, you pay a monthly premium to receive life insurance protection. If you pass away with the policy in effect, your beneficiary gets the coverage amount. This policy is a little quicker to get because there’s no exam process.
What Are the Types of No Exam Life Insurance?
There are three types of no medical exam life insurance:
- Simplified Issue Life Insurance – When you apply for Simplified Issue Life Insurance, insurers will ask you questions about your medical history, but you won’t have to take an exam. If you want to get insurance quickly, this is your best bet.
- Guaranteed Issue Life Insurance – This is a small whole life policy usually for people ages 50-85. If you can’t find other insurance due to a preexisting condition, consider Guaranteed Issue Life Insurance.
- Group Life Insurance – Sometimes an employer will offer a small life insurance policy as an additional work benefit for the employee. Since you don’t have to answer questions or take an exam, it’s considered a no exam policy.