If you are interested in getting life insurance without having a physical exam it means one of three things. You want the insurance really fast, you can’t stand doctor examinations or you have a health condition that keeps you from applying for a more traditional policy. Either way, I have some very good news for you. You can get insurance without a physical exam and still save money – a lot of money sometimes.
The Problem with No Exam Life Insurance
While buying life insurance without having a medical examination is more convenient, it’s more expensive. That’s because when the insurance company doesn’t know much about your health condition, they take on greater risks. They cover those risks by charging higher premiums.
In many cases, no exam life insurance can cost you 3 times as much as a policy that does require a health exam. Fortunately, there are a few tactics you can use to get the coverage you need without paying these exorbitant prices.
Getting Life Insurance without a Medical Exam
There are two ways people buy life insurance without taking a physical exam. The first way is to buy a Simplified Issue policy and the second way is to buy a Guaranteed Issue policy. If you buy either one of these you won’t take a medical exam and you won’t have your blood or urine examined. All you have to do is answer a few medical questions. If you pass those questions you’ll be able to get the insurance without taking any physical exam. The companies will verify that your answers are accurate and then you’ll be insured. Pretty simple.
How to Get No Exam Insurance and Not Pay Through The Nose
Assuming you are in good health but need to buy insurance fast, the easiest thing to do is to apply for both a traditional and a Simplified Issue policy. You can get the simplified issue policy fast and then cancel it once the traditional (and cheaper) policy gets approved. Keep in mind that you can’t do this indiscriminately. The insurance companies know when you apply and cancel life insurance. Do this enough times and nobody is going to want to insure you. But in a pinch this is a great tactic to get some coverage in place while you wait for the other carriers to do their underwriting.
My Favorite Way to Get Fast Coverage for 80% Less Than Simplified Issue Policies
If you are in good health, are willing to have a quick and painless exam but need the coverage fast, here’s a great idea. Apply for a traditional policy and obtain “temporary insurance”. If you apply for insurance and have a good clean bill of health, you can get almost immediate coverage if you do a quick Para-med exam (we can arrange to make this happen the same day in some cases) and submit the application with the first month’s premium.
Keep in mind that different carriers have different stipulations for temporary insurance. They have benefit limits that you can’t exceed and again, you have to answer all the questions and have the Para-med exam completed. If you comply with these rules, you’ll be insured during the time the company continues to do the underwriting. This is far cheaper than using a “simplified issue” policy and it can be just as effective. By far, this is my preferred approach for my clients. You just have to make sure to match the right client with the right company.
If you need life insurance and don’t want to take an exam, have no time or have a medical condition you think may exclude you from obtaining life insurance, please give me a call. I’ve been helping people get the right term life insurance for over 30 years. I’m pretty sure I can help you get the right coverage for a lot less money. What have you got to lose by giving it a try?
Neal here. If you have specific questions on life insurance or face hurdles getting coverage - email me please. As an alternative, we could jump on the phone (818-889-6700) for a few minutes. Either way, I'm happy to do my best to point you in the right direction.