There are four primary types of no exam life insurance products. These policies do not require you to get blood or urine testing before being approved for your policy. If you have medical issues that you think might cause your premiums to go up or that could lead to a decline from a traditional insurance carrier, a no exam policy might be the best fit for you.
A guaranteed issue policy does not have an exam or require you to answer any medical questions. This means that it is offered to you despite any medical issues, so as long as you meet the age requirements, you can receive a policy. This is a great policy for someone who might have been declined by a traditional life insurance carrier. Its best to leave this type of policy as a last resort. They often have capped coverage amounts at $10,000 and a 2 year waiting period for a life insurance death benefit payout.
This is the type of policy most people reference when they talk about no exam life insurance. It does have underwriting and you must be healthy to qualify. While it is easier to qualify for this than a traditional policy, you’re not promised approval the way you might be with guaranteed issue. If you want a simplified application and approval process, however, this is the right way to go for you.
Simplified issue is the best choice for you if you want to speed up the process of underwriting. When compared with other no exam life insurance policies, though, this one is the most difficult to get because it does require that you are generally in good health. Underwriting might take several days while the company reviews your medical history and determines if you are in good health. These policies are usually capped for a maximum face amount, so you might not be able to get the full coverage you were hoping for and might otherwise get with a traditional policy, but you also get to attain life insurance without the medical exam.
Graded Death Benefit
This policy offers only graded protection. This means that if you were to pass away in the early ownership years of the policy, the full death benefit would not be paid. Instead, the death benefit gradually increases over time. This is a good option for you if other carriers are classifying you as high risk but not quite a decline. If you can answer some simple health questions then you will be easily approved for a graded policy.
Level Final Expense
Simply put, this policy helps cover the most basic of funeral expenses. It’s a burial policy where you will pay a set premium for as long as you live to help cover final expenses. This is a good way to prevent your family from trying to deal with the cost of burying you. Usually, these policies have a less rigid health questionnaire, but as mentioned above, you also do not need an exam.
Make sure to work with an independent agent who can analyze your needs and determine which no exam policy is best for your specific situation. Often times you can still qualify for traditional coverage if your agents knows which company is willing to insure your risk. Always opt to work with an agent who isn’t tied to any one company.