Can I Get a Cheap Term Life Insurance Policy without a Medical Exam and How?

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Are you in urgent need of life insurance, or do you have a pre-existing medical condition that disqualifies you from getting traditional life insurance? This article discusses how you can get a cheap term life insurance policy without a medical exam.  

Most life insurance policies require you to take a medical exam to enable the insurer to assess your risk of… you know, dying. From your medical report, insurers can determine your life expectancy. This enables them to determine the premium and coverage to offer you for life insurance. However, if you’re high risk (you work in a very hazardous job or have multiple pre-existing medical conditions), some insurers may reject your application.

Everyone deserves life insurance, at least for the peace of mind it offers, knowing that your family would be okay should anything happen to you. That’s why some insurers have taken the risk of issuing life insurance policies that do not require a medical exam, one of which is no-exam term life insurance.

So, if you’re looking for a cheap term life insurance policy, read on to discover the possibility and how to get it.    

Can You Get Term Life Insurance with No Medical?

Yes, you can get a term life insurance policy without a medical exam. However, most policies that do not require a medical exam often have higher premiums and limited coverage amounts.

The reason isn’t farfetched. Insurers require you to take medical exams to enable them to assess their risk exposure when offering you coverage. Without a medical exam, insurers will not be aware of your risk profile, which could significantly affect them. This risk uncertainty prompts insurers to charge higher premiums and offer policy applicants lower coverage amounts. 

However, term life insurance without a medical exam differs from other forms of life insurance that don’t require a medical examination. Term life insurance without a medical checkup is easily accessible, making it the best policy for those who need instant coverage. It also comes with other essential benefits.

Benefits of Getting Term Life Insurance without a Medical Exam

Here are the benefits of getting term life insurance without a medical exam:

Quick Approval Process

Since no medical examination hassles are involved, term life insurance policies without a medical exam often get approved within a few hours or, at the latest, five business days. This makes them ideal if you want instant life insurance.  

No Needles, Blood Tests, or Urine Samples

Many people do not have the time for medical exams due to their busy work schedules, and some do not like being pierced with needles. If you’re one of them, purchasing term life insurance without a medical exam lets you skip that process.

No Need to Disclose Pre-existing Medical Condition

Term life insurance without a medical check doesn’t require you to disclose your pre-existing health conditions. Therefore, if you’re worried that you will not qualify for a traditional term life insurance policy due to your health conditions, getting no medical exam term life insurance is your best option.

However, the insurer might seek your age and lifestyle information before issuing you a premium.

Drawbacks of Getting Term Life Insurance without a Medical Exam

Term life insurance without a medical exam has disadvantages you must consider before buying the policy.

Higher Premiums

No-medical exam term life insurance policies generally cost more than traditional ones. Since insurers do not require medical reports to issue these policies, they factor in the possible risks into the premiums, which makes them higher than the premiums you’d pay in a traditional term life insurance policy.

Lower Coverage Amount

According to AAA Life Insurance Company, traditional term life insurance coverage ranges from $50,000 to $5,000,000. But that’s not the case with a no-exam term life insurance. Most insurance companies cap their no-medical exam term life insurance coverage at $500,000.

Limited Options

Your options for getting life insurance will be limited, as some insurers do not offer term life insurance with no medical.

Can I Get a Cheap Term Life Insurance Policy without a Medical Exam

How to Get Cheap Term Life Insurance with No Medical

Term life insurance with no medical is generally more expensive than traditional term life insurance. However, some no-medical term life insurance policies are cheaper than others. Here’s how to get affordable term life insurance:

Shop Around

It is normal to have different insurance companies offering similar policies at different prices. Therefore, shop around and compare prices from different insurers to get cheap term life insurance without a medical exam.

Choose a Shorter Term

The agreed duration of the term life insurance policy determines how much you will pay in premiums. The longer the period, the more expensive the insurance policy will be. So, if you’re searching for a cheap term life insurance policy without a medical exam, consider getting a shorter one.

Group Life Insurance Policy

Many employers offer group life insurance policies to their employees. And since most employers require you to conduct a medical exam while hiring you, there may not be a need for another medical exam to issue you these policies. Furthermore, since the policies are purchased as group insurance, the insurance company significantly subsidizes the cost.

Frequently Asked Questions on Life Insurance Policy

Who Has the Largest Amount of Life Insurance without a Medical Exam?

According to US News & World Report, Bestow Life Insurance Company offers the largest no-medical examination life insurance with a maximum coverage of $1,500,000.

What is the Least Expensive Type of Term Life Insurance?

The least expensive type of term life insurance is the level term insurance policy. This type of policy comes with a fixed premium and death benefits for a specified term. Other types of term life insurance, like the decreasing and increasing term insurance, come with flexible premiums and death benefits that increase or decrease according to factors such as inflation, income, age, etc.

What Kind of Deaths Are Not Covered in Term Insurance?

Here are the kinds of deaths that are not covered by term life insurance:

Suicide: If the insured dies by suicide within one to two years after purchasing the policy, the insurance company may withhold the death benefit.

Death due to alcohol or drug abuse: The insurer may withhold the claim if the policyholder dies due to alcohol or drug abuse.

Death due to a pre-existing medical condition: Most insurers will investigate the death of a policyholder to ascertain if they died due to a pre-existing medical condition. If the medical condition wasn’t disclosed during the medical examination for the term life insurance, the insurer might deny paying the death benefits.

Death from participation in dangerous activities: Deaths from partaking in hazardous activities are not covered by term life insurance. This is because these activities typically put the policyholder’s life in danger.

How to Get Life Insurance Money Without Dying?

Generally, you can get life insurance money without dying by surrendering the policy, taking out a loan against the cash value, or selling the policy to a third party.

Editorial Team
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