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No Medical Exam Life Insurance

Caduceus with First-aid KitMany companies offer a no medical exam life insurance policy.  However, this convenience comes with a cost.  First, there are limitations on the death benefit.  Most carriers’ maximum will fall between a range of $100,000 and $300,000.  Second, the no medical exam life insurance policy will carry an increased premium.  Finally, these policies do not have an automatic renewal option, which may prove problematic if a serious health issue has occurred in the interim.

 

Will I automatically qualify for life insurance with no medical exam?

 

No, even though no medical exam is preformed there are a few health questions to be answered and the applicants medical records will be ordered for review.  There are a few carriers that offer Guaranteed Life insurance policies, but the death benefit can be lowered to as little as $1,000 based on a medical record review.

 

Should I purchase Life insurance with no Medical Exam?

 

Most medical exams can be scheduled for your home, office, or at an independent facility to allow for as much convenience as possible.  So unless you know of health issues that will require higher premium on a traditionally underwritten policy or just do not care about additional premium and lack of renewability a no medical exam life insurance policy doesn’t make much sense.

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