If you have shopped around for life insurance, you might have found many companies require you to answer health questions and undergo a health exam before you can secure coverage.
Even though you might realize it’s important to purchase a universal, whole or term life insurance policy, the idea of taking a medical exam could cause you to put off buying necessary coverage. Luckily, it’s possible to find a policy without having to take an exam. In fact, you can start shopping right now with our online tool to find quotes for various levels of coverage from providers that do not require an exam.
What is No Medical Exam Life Insurance?
Life insurance providers like to know about your health so they can determine your risk of dying during the coverage period. If you submit to one of these exams and are found to be healthy, you won’t be considered a high risk and usually can enjoy lower rates.
However, many adults and seniors don’t want to take one of these exams, and life insurance providers still want their business. Therefore, these companies have developed policies that still offer life insurance coverage but require a much more simplified and streamlined application process. If you’re looking for a no-physical-required option that still will cover your mortgage and final expenses when you die, one of these policies is sure to be your best choice.
Why Might You Choose No Exam Life Insurance?
These are a few reasons why you might opt for one of these policies:
- You are busy and simply don’t have time to submit to a health exam.
- You don’t like going to the doctor.
- You are afraid of needles or just don’t like having your blood drawn.
- You want coverage right away.
- You aren’t sure if the results of your medical exam will be satisfying to a life insurance provider.
Regardless of your reasons, you should know these policies have a lot of perks. There is no blood work, no check up and no long application process. Instead, you can get started with coverage today without having to leave your home to go to the doctor.
How Much Does No Exam Life Insurance Cost?
Because the life insurance provider isn’t sure of your risk, you can expect to pay a little more for one of these policies. However, the rates still can be quite affordable. These are some of the monthly payments we found for a 33-year-old, non-smoking male who didn’t want to submit to a health exam:
- $250,000 Coverage: $49.40 per month
- $350,000 Coverage: $67.02 per month
- $500,000 Coverage: Not Available
For comparison, these are the monthly payments he would be charged if he were willing to take a health exam:
- $250,000 Coverage: $17.50 per month
- $350,000 Coverage: $22.40 per month
- $500,000 Coverage: $28.79 per month
Our Favorite No Exam Providers
A lot of life insurance providers out there offer coverage to those who don’t want to submit to health exams for one reason or another. We do have a few favorites, which are all top providers in the industry:
- Mutual of Omaha
- Nation Life Group
- American National
If you enter your info into our instant tool now, you can compare 10 year, 20 year, 30 year and other term, whole and universal life insurance premiums and coverage from the comfort of your own home. Plus, you’ll feel good in knowing you are only seeing options from some of the top providers in the business, such as the ones listed above.
How to Find Cheap Coverage
If you’re on a budget but still don’t want to undergo an exam, try these tips for securing the lowest price:
- Opt for term coverage, since it’s often cheaper than other types.
- Choose a lower coverage amount.
- Opt for a shorter term period.
- Compare options for various providers before making your decision; you might be surprised by how much prices can vary between various insurers.
Luckily, shopping for coverage you can afford without the need for an exam is a breeze. Just use our online quote tool, and you’ll be on the way to securing coverage in no time.