Looking for life insurance without a medical exam?
In general, traditional life insurance policies such as Term Life Insurance and Whole Life Insurance will require a medical exam, also known as medically underwritten policies. However, there is a life insurance policy option that does not require a medical exam, Guaranteed Issue Whole Life Insurance. However, before deciding on a policy, it’s important to compare medical vs no medical exam life insurance and determine which type of life insurance is best for your individual needs. To learn more about the benefits of life insurance with and without a medical exam, read on.
Life Insurance Policies Without a Medical Exam
Half of consumers said they would prefer to buy a life insurance policy priced without a medical exam, according to the 2021 Insurance Barometer Study by Life Happens , a nonprofit organization that focuses on life insurance and other products, and LIMRA, a life insurance management and research organization. 1
Currently, AIG Direct offers one policy option for those who do not want to undergo a medical exam but still want the protection offered by a life insurance policy: Guaranteed Issue Whole Life Insurance.
With Guaranteed Issue Whole Life Insurance, you can get coverage without undergoing a medical exam or answering health questions. It's no secret that funerals are expensive. In 2021, the median cost of a funeral with a viewing and burial in the U.S. was $7,848, according to the National Funeral Directors Association. 5 Guaranteed Issue Whole Life Insurance can help your loved ones for funeral expenses so that they don't have to shoulder the burden alone. You get to choose the coverage amount — from $5,000 to $25,000* — that works best for your family. Best of all, so long as you're between ages 50 to 80, you can't be turned down for any health reason. Your rates are also locked in for life, so they won't increase as you age or as your health status changes. Coverage is subject to receipt of payment and verification of identity as required by law and is effective upon receipt of policy.
Guaranteed Issue Whole Life Insurance also includes living benefits at no extra cost, meaning you can receive benefits if you are diagnosed with debilitating illness. To learn more about living benefits, click here.
Insurance with a Medical Exam vs. Life Insurance without a Medical Exam
While there are options for life insurance without a mandatory medical exam, you should explore your options and decide whether undergoing the exam might benefit you in the long run.
Life Insurance with no medical exam has a tendency to be more expensive than medically underwritten policies. That's because, generally speaking, the carriers average out everyone's risk and charge accordingly. Similarly, many life insurance carriers that do not require a medical exam will still inquire about your medical history and lifestyle. Based on your answers, they might set the premium rates higher or lower. Companies that issue policies without asking any questions about medical history tend to charge higher premiums and set lower coverage amounts, since the risk is higher.
If an applicant is in good health and not of an advanced age, submitting to a medical exam should not be a major concern and could result in lower premiums for the applicant. When an applicant proves to be in good overall health, the risk to the insurance company that the applicant will die prematurely is much lower, and the company is more likely to offer a policy at a favorable rate.
The medical exam may also be more convenient than you think. The exam typically takes 30 minutes or less, and you can schedule it to take place at your home or place of work. That means, for only 30 minutes of your time, you could potentially save money on your insurance premiums. To learn more about what to expect in a life insurance medical exam, click here.
- Affordable rates
- Flexible term lengths
- Provides death benefit
Coverage
$250,000
Female, Age 50
$25/month
for a 10-year term
Male, Age 50
$29/month
for a 10-year term
- Senior Life Insurance (Ages 50-80)
- Guaranteed acceptance
- Living benefits
Coverage
$5,000
Female, Age 50
$21/month
Male, Age 50
$29/month
To learn more about medically underwritten policies or find out if you qualify for no-medical exam life insurance, call 800-294-4544.
* The total amount of all AGL Guaranteed Issue Whole Life Insurance policies on any person cannot exceed $25,000 in the aggregate. Must be between the ages of 50 and 80 to apply. Coverage is subject to receipt of payment and verification of identity as required by law and is effective upon receipt of policy. Policies issued by AGL in all states except NY, and ME Policy #: 15532, ICC15-15532, 15532-5, 15532-10 and Rider numbers ICC15-15200 and ICC15-15201. AGL is not licensed to do business in New York. In PA this product is offered through online sales only.
1. https://www.lifehappens.org
2. https://www.limra.com
3. https://www.lifehappens.org
4. https://www.cdc.gov
5. http://www.nfda.org