What Kind of No-Exam Life Insurance Is Right for Me?

When people talk about “no-exam life insurance,” there are several types of policies that could fit under that umbrella. Some of the main ones include:

1. Term life insurance with accelerated underwriting

2. Simplified issue life insurance

3. Guaranteed issue life insurance

Each of those types of insurance are actually quite distinct. So if you are interested in pursuing life insurance that doesn’t make you stand on a scale or get your blood drawn, how do you know which type is right for you?

This will vary from person to person, but here are a few example scenarios.

Want the Best Possible Price? 

A medically underwritten policy is probably your best bet, especially if you're young and healthy. In some cases you may not be able to skip the medical exam, but if you apply with a company that offers accelerated underwriting, you may be able to have the best of both worlds (a solid price plus skipping the exam).

Here’s how to think about the cost of no-exam life insurance.

Want to Be 100% Certain You Won't Have to Take an Exam? 

In that case, you might opt for a simplified issue policy. These will cost more than traditional life insurance policies, but there won't be an exam, period.

Want Coverage Right Now, Without Even a Chance of Waiting? 

In many cases, accelerated underwriting means that you can be approved and receive an offer for coverage right away for medically underwritten insurance. Still, in other cases your application might make its way through the underwriting team for assessment. If you want coverage right this instant and don't want to risk the wait, you might consider guaranteed issue insurance.

Want Coverage Even Though Your Health Isn't Good? 

Depending on your condition, you might choose between simplified issue and guaranteed issue life insurance if you have major medical conditions that would otherwise stand in the way of your securing coverage.

Want a High Coverage Amount? 

Medically underwritten life insurance may offer higher coverage limits than simplified or guaranteed issue. If you want an especially high amount (for example, over $1.5 million), you may not have an option to skip the health exam.

At the end of the day, which type of no-exam life insurance is right for you will depend on factors like your health, lifestyle, priorities, coverage needs and more. If you don’t know where to begin, get back to the basics with how life insurance works and the ways a person might use an life insurance benefit.

Fabric exists to help young families master their money. Our articles abide by strict editorial standards.

Fabric by Gerber Life exists to help young families master their money. Our articles abide by strict editorial standards.

Information provided is general and educational in nature and is not intended to be, and should not be construed as, financial, legal, or tax advice. Laws of a specific state or laws relevant to a particular situation may affect the applicability, accuracy, or completeness of this information. Federal and state laws and regulations are complex and are subject to change. We make no warranties with regard to the information or results obtained by its use, and disclaim any liability arising out of your use of, or reliance on, the information.

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