No Exam Life Insurance
Wholesale Insurance offers multiple options for no exam life insurance. We work with many insurance companies to make sure we have options for all types of individuals.
The best, fastest, and most accurate way to determine which policy is best for your situation is to speak with an Advisor. Call 1-800-823-4852. We keep all information completely confidential.
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What is no-exam life insurance?
Ordinarily, before a whole, universal, or term life insurance application is approved, an applicant undergoes a medical examination to prove his or her insurability. There are several types of life insurance with no medical exam, however:
- Simplified issue life insurance entails no medical exam but still requires the applicant to verbally provide some medical information during the application process.
- Guaranteed issue life insurance (or "guaranteed acceptance life insurance") entails no health questions and no medical exam. You cannot be turned down!
- Graded benefit life insurance entails no health questions and no medical exam. Its purchase and payment are more complicated than those of guaranteed issue life insurance, however. Its use is primarily for the late-middle-aged and beyond.
Why buy no-exam life insurance?
One reason for purchasing no-exam life insurance is the speed of the application process. Usually, 4–6 weeks elapse between the application for a life insurance policy and the time it is issued. By eliminating or shortening the underwriting process, no-exam life insurance makes it possible to issue a policy within a matter of days.
Another purpose of no-exam life insurance, however, is to enable applicants who would otherwise be uninsurable to obtain coverage. Because of health complications or a combination of health issues and advanced age, an individual may be denied coverage for ordinary life insurance, but that individual can still obtain coverage through no-exam life insurance.
Customers of no-exam life insurance are often those preparing for a foreseeable end, who intend to use their death benefit to cover funeral expenses.
No-exam life insurance is also a good choice for those who find themselves uncomfortable around doctors and needles.
Why is no-exam life insurance more expensive?
The price one pays for life insurance is based on his or her life expectancy: those with a good prognosis pay lower life insurance rates. Usually, an insurer surmises a given applicant's life expectancy based on his or her medical examination, but in the case of nonmedical issue life insurance, this is not possible.
Without an up-to-date medical evaluation, your insurer has at best only a scant idea of your life expectancy, and that imposes a substantial risk on the company. The insurer is obliged to charge more for coverage in order to manage this risk.
