Looking for life insurance without a medical exam?
In general, traditional affordable life insurance policies such as Term Life Insurance and Whole Life Insurance will require a medical exam. They are called medically underwritten policies. Traditional Life insurance policies that do not require a medical exam are typically more expensive, and the coverage amounts might not be as high as the medically underwritten policies.
Half of consumers said they would be more likely to buy a life insurance policy if it was priced without a medical exam, according to the 2018 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
by Life Happens & LIMRA
Here are some common reasons, as well as options for no-medical exam life insurance
1. You're concerned about getting approved
Many types of life insurance policies, such as term or whole life insurance, require a medical exam in order to gain approval for coverage. Life insurance providers use the results of your medical exam to determine if you have any health concerns that could negatively impact your life expectancy.
A health condition, while not an automatic disqualifier, can sometimes make it difficult to get approved for certain types of life insurance that require a medical exam. Or, it can cause your payment to be so high that you're sure the price includes a brand new car (it doesn't).
With a no-medical exam life insurance policy, you don't have to answer a bunch of health questions to affirm what you already know. If you meet the requirements, 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 if your health status changes.
2. You hate skipping breakfast
Convenience is another reason why no-medical exam life insurance is so popular. Most medical exams suggest that you fast, which means no morning bagel or French vanilla latte for you until after the exam. Otherwise, your blood sugar levels could be impacted, which are measured to test for pre-diabetes or diabetes. Missing a meal can also affect your cholesterol levels, among other things.
In addition to measuring your blood sugar levels and cholesterol, a typical medical exam might also include:
- Measuring your height and weight
- Taking your blood pressure
- Checking your pulse / heart rate
- Submitting a urine sample
You'll also likely be asked a series of questions about your medical history, as well as that of our family members.
No-Medical exam life insurance allows you to skip the inconvenience — not your favorite meal of the day.
3. Your coverage through work isn't enough.
For the first time in history, more Americans have life insurance through work than through an individual plan (108 million people vs. 102 million people), according to a 2016 LIMRA study.2 However, the coverage offered by your employer may not be enough.
Companies typically offer a coverage amount (the amount your loved ones would receive if you passed away) that's one to three times3 the amount of your salary. So, if you make $50,000, your coverage amount might fall between $50,000 and $150,000.
In the event of your passing, that money would likely first be used to help cover immediate expenses, such as outstanding medical bills and funeral costs. After that, the remainder might be used to help pay for ongoing bills including groceries, car payments, or mortgage payments, for example.
When all is said and done, your loved ones could easily have used up the money in a matter of a few years, which is problematic if you have a child or retired spouse that was dependent on your income for the long term.
Additionally, if your company opts to drop the group plan or you change jobs, your life insurance coverage might be gone, too.
A no-medical exam life insurance policy can help to supplement the coverage you receive from work — and offer greater permanency. So even as you age, your health status changes or you switch jobs, your coverage remains the same.
Types of no-medical exam Policies
There are currently two options for those who want coverage through AIG Direct without a medical exam: Accidental Death and Dismemberment Insurance (AD&D Insurance) and Guaranteed Issue Whole Life Insurance.
Accidental Death Insurance
Guaranteed Issue Whole Life
Accidental Death and Dismemberment (AD&D) Insurance
Unintentional injury is the No. 4 cause of death,4 according to the Centers for Disease Control and Prevention. While you can't predict accidents, you can plan for them. That's why we offer Accidental Death and Dismemberment (AD&D) Insurance, which can help to protect you and your family should you get seriously injured or killed in an accident.
Some people who want life insurance coverage but do not want to take a medical exam may find a solution with an Accidental Death Insurance or accidental death and dismemberment (AD&D) policy. These types of policies aren't life traditional life insurance policies, they are a different type of product that may pay benefits if you die as the result of a covered accident. They also may pay benefits if you become seriously injured in a covered accident. For example, if you lost a limb or your eyesight, or became paralyzed.
Although it's not a life insurance policy, AD&D Insurance can offer some degree of coverage for people who might otherwise go without, due to health issues. As long as you meet the age requirements — you're guaranteed approval for AD&D Insurance, regardless of your health. Additionally, AD&D Insurance is typically more affordable than term or whole life insurance and approvals are faster.
Guaranteed Issue Whole Life Insurance
It's no secret that funerals are expensive. In 2017, the median cost of a funeral with a viewing and burial in the U.S. was $7,360, according to the National Funeral Directors Association.5 With Guaranteed Issue Whole Life Insurance, you can help your loved ones foot the bill 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 85, 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.
If you've been putting off life insurance due to the medical exam, you could be missing out for all the wrong reasons. To find out if you qualify for no-medical exam life insurance, call 800-294-4544. You might find the coverage you need, without spending the better part of your day at the doctor's office.
* The total amount of all American General Life Insurance Company Guaranteed Issue Whole Life Insurance policies on any person cannot exceed $25,000 in the aggregate. Policies issued by AGL in all states except NY, Policy #: 15532, ICC15-15532. AGL is not licensed to do business in New York.