Term insurance without medical exam is the easiest routeDon’t want to wait to get insurance until you’ve had a medical exam? Just don’t feel like having a paramedic exam with blood drawn? No problem. You can get term life insurance without medical exam requirements.

How Does a Non Medical Life Insurance Company Evaluate the Risk?

You might wonder- how can I get life insurance without a medical exam? How can a life insurance carrier adequately evaluate the risk of insuring you if they don’t know all about your health? Each carrier has a number of qualifying health questions on their non-medical term applications and the insurance company does a little investigation.  They will check the Medical Information Bureau (MIB) and usually a prescription database at the minimum.

The carriers then have enough health information to determine if you are eligible based on their underwriting guidelines.  Your premium is likely to be higher for no-exam term life, as they are generally more expensive than their fully underwritten competition.  Of course, the difference is the ease and speed of getting the non-medical life insurance.  If your health is poor, you’re not going to qualify and this won’t be an option for you.

Despite the higher cost, no-exam term life insurance is the right product for many people.

Faster, Easier Approval

Even if you buy traditional term life insurance online, the underwriting process—which includes the medical exam—can takes weeks, or sometimes months, to complete depending on what information the underwriter wants to see. When you buy term life insurance with no medical exam, approval can occur almost immediately.

If you’ve made the decision that protecting your loved ones with term life insurance is critical, you may not want to wait to get it into effect. You may not have the time or desire for the medical exam.  Once you’ve made the decision to buy life insurance, it can be very upsetting to be without it, even for a short time.

Without question, no-exam term life insurance is the most-convenient way to buy term coverage.

Avoiding Unknown Medical Personnel

Being examined by a doctor is a very personal thing. You become comfortable with your doctors and they earn your trust. But with medical exams for life insurance, you’re usually required to be examined by an independent examiner chosen by the insurance carrier.

Although there is no disrobing in a paramedical exam, you may not be comfortable being probed and poked by a strange person. Or you may be extremely uncomfortable about having your blood drawn.  If that’s the case, then no-exam term life policies are a good option for you.

Keeping Your Health to Yourself

Some people are intensely private. They don’t like the idea of an insurance carrier knowing all about their health. If you think your health information should only be between you and your doctor, a term life policy with no medical exam spares you from having to share your personal information.

The Bottom Line

Buying term life insurance that doesn’t require a medical exam is more expensive than insurance with an exam, but for many people, the benefits of no-exam insurance make the extra cost well worth it. Talk to your independent life insurance agent to see if this is the right product for your insurance needs.

Photo Credit: Evan Williams