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How To Get Life Insurance Without A Medical Exam

Sep 2nd 2015 at 11:01 AM

If you are searching to get life insurance without having a physical exam it can mean several things.  You need insurance quickly, you do not like doctor examinations or you have a pre-existing health condition that limits you from applying for a traditional policy.  These policies are ideal for those who have been previously denied life insurance due to conditions such as diabetes, sleep apnea or high blood pressure. No medical exam life insurance companies make it possible for you to obtain coverage when other insurers have declined your application. The good news is you can get insurance without a physical exam and still save money.

While buying life insurance without having a medical examination is very convenient, it’s more expensive.  This is because when the insurance company doesn’t have much information about your health condition, they take on greater risks to cover you and those risks mean charging higher premiums.

In many cases, no exam life insurance can cost you up to three times as much as a policy that requires a health exam. Fortunately, there are a few strategies you can use to get the coverage you need without paying exorbitant prices.

A benefit of purchasing life insurance with no medical exam is that you can keep your medical information private. Many go this route because they prefer their private information is being viewed by insurance companies that are looking at the bottom line rather than providing peace of mind to the insured.

Once you contact a life insurance agency that sells the type of policy you are looking for they may require you to fill out an application over the phone and ask you to come into their office to sign it or send it via digital signature or fax.

Assuming you are in good health, the easiest way 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 policy gets approved and the traditional policy is going to be much cheaper. Bear in mind that you can’t do this indiscriminately.  The insurance companies know when you apply and cancel life insurance.  If you do this too many times it is likely that no insurance company is going to want to insure you.  However in a pinch this is a great strategy to get sufficient coverage in place while you wait for the other carriers to do their underwriting.

When approved, many life insurance without medical exam companies will draft your first premium and make it effective as soon as it is approved.

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