No Health Exam Life Insurance

There is no shortage of life insurance options… this is a certainty. It is now possible to obtain term life insurance in fairly large face amounts without a health—or paramedical—exam. Some companies allow up to $250,000 in coverage with not much more than a paper or on-line application. Underwriting takes place real time and consists of answers to health questions, an automated Medical Information Bureau check, and sometimes a driving record report.

So what’s the story with No Health Exam Life Insurance?

What a lot of consumers don’t seem to know is that no health exam life insurance has been available for years—just not in the term life insurance flavor. It’s common to find whole life insurance plans offered on a simplified issue basis. Simplified Issue whole life insurance does not generally require a health exam—just some answers to health questions. Underwriting can get a bit more involved if answers to health questions indicate there’s a problem. But if a person is in reasonable health, simplified issue whole life is a great option for those not looking for more than $50,000 in coverage. Some companies we’re aware of offering simplified issue, no health exam life insurance include:

Transamerica Occidental Life Insurance Company—Final Expense Plan;
Assurity Life Insurance Company—Lifescape Simplified Issue Whole Life;
Midland National Life Insurance Company—Whole Life Insurance

Who offers No Health Exam Life Insurance in a Term Life Insurance version?

Term life insurance with no health exam is fairly common now… and heavily marketed. It’s an ideal product for life insurance agents to sell since there is no paperwork or long delays when it comes to receiving commission. You’ll find the most ubiquitous company on the market when it comes to non-medical term life insurance to be RBC Liberty Life Insurance Company. They offer coverage in amounts ranging from $25,000 to $150,000. Term lengths are 10, 15, and 20 years. So it’s a little limited in terms of how much you can buy and how long you can have it. This plan is also not convertible to anything permanent. So when the term is up… it’s simply up. You’re underwritten as a standard smoker or a standard non-smoker and if approved, your coverage will sail into force, usually within minutes. The latest entry to the no health exam life insurance market, when it comes to term life, is HSBC. They’re an A+ rated company and offer coverage much the same way RBC Liberty Life offers it. They also do not appear to have a clear option when it comes to conversion and you’re also issued, upon approval, at either standard smoker or standard non-smoker. The biggest advantage is that their coverage can be purchased in amounts up to $250,000 and in term lengths of up to 30 years.

So whatever your choice—no health exam term life insurance or no exam whole life insurance be aware that convenience comes at a price. Without medical underwriting, expect higher premiums. With non-medical term life insurance expect higher premiums, limited face amounts and term lengths, and limited options when it comes to future insurability. But we’re not knocking it… We recognize it has a place and can suit a select few consumers just right. While it can be more expensive—this doesn’t mean it can’t be affordable. Ultimately, only you can decide if it’s the right way to go to provide the protection you need for your family.

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