No-Exam Life Insurance

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Life insurance companies sometimes offer policies without a life insurance medical exam. These no-exam life insurance policies don’t require an exam but you may be asked to answer health-related questions.

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Types of life insurance policies include:

• Accelerated underwriting: Life insurance companies primarily use information from third-party sources and algorithms to set your rate. The insurance company will review your prescription drug history, criminal record and driving record to gauge your risk. With that information, the insurance company will set your life insurance rates.

• Guaranteed issue life insurance: There’s no medical exam, no health questions asked and you can’t be turned down.

• Simplified issue life insurance: There’s no medical exam, but you likely have to answer a handful of health questions.

 

Guaranteed issue and simplified issue policies can cost much more than policies that are fully underwritten, but they’re a way to get life insurance quickly and may be the only option for older people and those with health issues.