After you submit your application, the underwriting engine at the insurance companies will determine if you qualify for no medical exam. The way it works is that you still apply for term life insurance policy online as usual. As a result, more and more companies offer term life insurance without medical exam. As insurance companies, especially insuretech startups like Haven Life, Fabric, Bestow, or Ladder, are trying to make it as easy as possible for consumers to buy term life insurance policies, they are trying to streamline the buying process, getting rid of unnecessary steps whenever possible. The last thing that still makes it hard for consumers to buy it with one click as we are buying grocery online nowadays is medical exam. Term life insurance has become more and more popular thanks to its simple nature and affordable premium. However, if you are interested in universal life insurance, either guaranteed universal life, indexed universal life, or variable universal life, there is no “no medical exam” option, you have to take medical exam to get universal life insurance policy.
You can find both term life and whole life policies without medical exam. If you don’t want to mess around with getting a medical exam and having tests done to get approval for life insurance, you can find alternative policies on the market. However, it might not be possible for all cases and all life insurance policies. Removing medical exam requirement will enable more people to buy life insurance. This requirement has been one of the main reasons why not everyone who should have life insurance doesn’t have life insurance (expensive premium is another main reason). Medical exam is a requirement as part of the buying process of life insurance. Who Should Consider No Medical Exam Life Insurance?.What To Be Aware of With No Medical Exam Life Insurance.
Term Life Insurance Without Medical Exam.What is No Medical Exam Life Insurance?.Do you want to get life insurance, but would rather avoid the extra time and effort involved in the underwriting process? You may want to consider a life insurance policy without medical exam.