Traditionally, insurance medical exams take your blood pressure, blood or urine samples, height, weight and other data from a physical exam to assess your health. This information allows insurers to determine the amount for the premium cost on a policy.
Insurers typically look for elevated cholesterol, high blood pressure, hyperglycemia, HIV or AIDS, recent hospitalizations, nicotine use and recreational drug use as warning signs for poor health. A healthier person is less of a risk to insure, which is why the healthier the insurance company perceives you to be, the less you will pay in premiums.
The good news is that you can still get life insurance coverage without a medical exam. For seniors, life insurance with no medical exam may seem like the best option to get coverage regardless of any factors related to health or age.
In the past several years, the demand for life insurance policies with no medical exam has grown immensely. Because getting no medical exam life insurance is a contactless process, this option became more popular during the COVID-19 pandemic as a way to get insurance while social distancing. The quick turnaround time also allows you to buy coverage in just a few minutes rather than the weeks or months it could take for other insurance.
Types of No Medical Exam Life Insurance
Simplified life insurance. This is just another term for insurance that requires no physical exam or lab tests. With simplified issue life insurance, participants answer a questionnaire about their health.
Be sure not to lie on your questionnaire, as insurers have ways of checking your honesty about your health, such as comparing your answers with prescription databases, physician statements and the Medical Information Bureau. Getting caught in a lie can result in your coverage being canceled or suspended.
If you need insurance as soon as possible or don’t want to undergo a medical exam, simplified life insurance can get you the coverage you need the same day.
Guaranteed issue life insurance. A type of whole life insurance, guaranteed issue life insurance, sometimes called guaranteed acceptance life insurance, ensures that you cannot be rejected despite any health conditions you may have. Guaranteed issue life insurance is typically available to those between ages 50 and 80, but it can vary based on provider.
The drawbacks are that premiums tend to be higher, the death benefit may be smaller, and there’s often a waiting period. If you die during the two or three-year waiting period, your beneficiaries will not receive the full payout.
Group life insurance. With an employer-sponsored life insurance policy, you won’t need to undergo a medical exam or interview. However, when you retire or leave the job, you’ll lose your coverage, too.
Term life insurance. Unlike whole life insurance, term life insurance provides coverage for a predetermined length of time for a fixed rate. If you want to choose how long your coverage will last, term life insurance offers options that don’t require a medical exam.
Senior Life Insurance Plans
Americo Senior Life can help you determine what type of coverage best suits your needs and fits in your budget. Looking for a life insurance policy without a medical exam? We have options for affordable life insurance for seniors. Get your free online quote today or contact an Americo agent with any additional questions you may have.