Yes, there are a few options for getting life insurance without a medical exam. Some of these options include guaranteed issue life insurance, term life insurance plans that come with no medical exam, or using an alternate form of insurance such as final expense insurance or mortgage protection insurance to provide for your loved ones instead.
Some people can also get group life insurance through work, which can be a good option if you are able to do that. If not, here are a few other ways to get the plan you want for your family.
Life insurance with no medical exam is frequently requested by people over 70 years of age and people with pre-existing conditions. However, in some cases people over 70 in good health can actually benefit from a medical exam, to prove they are still healthy.
People with pre-existing conditions with controlled symptoms may also benefit from a medical exam. For example, someone with type 2 diabetes whose blood sugar is under control can actually get a better life insurance rate by proving his or her blood sugar is controlled. Using the medical exam blood test to support evidence of a healthy lifestyle can convince some carriers to lower their rates.
For people who don’t qualify for term plans due to age or pre-existing conditions that can’t be controlled, there are still some options available.
Guaranteed issue life insurance is a type of whole life insurance with a guaranteed payout. This means once it’s purchased—and if the monthly premiums are kept up with—there is a guaranteed lump sum payout to beneficiaries upon one’s death. Guaranteed issue payments tend to be smaller amounts than other types of whole life insurance and are often used to help with costs associated with end of life such as health care, palliative care, or funeral costs.
In some cases they are sold as funeral insurance, burial insurance, or final expenses insurance plans. These can all have slightly different definitions but some of them are types of guaranteed issue life insurance.
Term life plans with no medical exam tend to offer options for rapid approval. They often have a process for automatic or accelerated underwriting, and allow you to qualify for a plan with very little wait. These types of plans tend to have much higher premiums, but they can be good options for people with a pre-existing condition that leads them to believe they need an insurance plan for their loved ones in the near future.
For rapid term life insurance plans with no medical exam, companies generally will look for information about you through databases, however. Speaking with an insurance agent to determine whether you would be a good candidate for this type of plan is a good way to make sure you’re getting the most affordable option for your family.
For people who can’t qualify for life insurance plans, there are still other ways to create tax-exempt payouts to your loved ones upon your passing. Some options include long-term care insurance plans that cover care like nursing homes, final expenses insurance for a lump sum of money to go to your family to help with death expenses, or mortgage protection insurance for assisting with property costs.
Speaking to an insurance agent can help you figure which of these options are available to you and which would be the most cost-effective. There are many alternate options out there, so you don’t have to give up the search for protection for your loved ones even if you can’t qualify for life insurance.
Disclaimer: Products may not be available in all states and product features may vary by state. Insurance death proceeds are generally received income tax-free under IRS Section 101(a) provided the benefit is paid to the beneficiary in a lump sum. Health IQ licensed insurance agents not authorized to give legal, tax or accounting advice. For advice concerning your individual circumstances, consult a professional attorney, tax advisor or accountant.