Life insurance with no medical exam can offer an appealing alternative to traditional life insurance for applicants who want to get coverage quickly and with minimal inconvenience. However, potential policyholders should be informed about this type of insurance policy so they can shop smart and find coverage that fits their needs. This article will discuss five facts people should keep in mind when considering life insurance with no medical exam.

1. There are several policy types available

Several no-exam policy types exist for various needs:

Simplified issue life insurance

The simplified issue life insurance application asks some health-related questions, but there is no physical exam, and has competitive rates. As a small whole life insurance policy, coverage is lifelong, and it comes with a cash value growth component that grows tax-deferred at a fixed interest rate.

Once the cash value grows large enough, policyholders can borrow from it at a typically low interest and favorable terms or withdraw from it. They also receive the cash value minus surrender charges if they surrender the policy.

Guaranteed issue life insurance

Guaranteed issue life insurance has a quicker application process and typically does not require a medical exam. Like simplified issue life insurance, guaranteed issue policies last for the policyholder’s lifetime and have a cash value growth component.

Final expense insurance

Final expense insurance is designed to help policyholders cover funeral costs, medical bills, and other end-of-life expenses. The policy typically doesn’t require a medical exam and offers a quicker approval process and lifelong coverage. Final expense life policies also contain a cash value component the policyholder can borrow or withdraw from if it grows large enough.

2. People can benefit from skipping the medical exam

Some people who need to get life insurance coverage may find medical exams inconvenient or even invasive. The applicant must travel to the facility or have the examiner visit their home. The tests themselves may feel invasive as well. These applicants can opt for a no-exam policy to get coverage without the obstacles of getting a traditional life insurance policy.

Furthermore, people with certain medical conditions may opt for life insurance with no medical exam so that their condition won't affect their chances of approval. For example, no-exam policies can often be good life insurance for cancer patients.  

3. The application process may be faster

The medical exam is often the longest part of the life insurance application process. Not only must the applicant schedule and take the exam, but they must wait for the results to process. The application process for life insurance with no medical exam can be much more straightforward. Policyholders may be able to obtain coverage if applicable in a shorter amount of time, depending on the policy and insurer.

4. No-exam life insurance may have a waiting period

Some no-exam policies, like guaranteed issue life insurance, have a one to two-year waiting period. Coverage is not active during this period. If the policyholder passes away during the waiting period, the beneficiaries may only receive a refund of premiums paid.

5. The insurance company may still consider the applicant's health and lifestyle

All life insurance applications still ask some basic health and lifestyle questions on the application, such as the applicant’s job, hobbies, and tobacco use. There is no exam to worry about, but keep in mind that these answers can impact the policyholder’s premiums.

The bottom line

Not all life insurance policies require a medical exam. Many no-exam policies exist, such as simplified issue, guaranteed issue, and final expense insurance. These allow people to skip the exam if they find it inconvenient or invasive. Plus, these policies offer easier application processes. However, they may still consider health and lifestyle factors to some degree and require waiting periods before coverage becomes active.

Ultimately, applicants who prefer no-exam policies should shop for multiple quotes. That way, they can compare no-exam policies to find the best coverage for their budgets.

Coverage underwritten by American Family Life Assurance Company of Columbus. In New York, coverage is underwritten by American Family Life Assurance Company of New York. 68000: In Arkansas, Idaho, Oklahoma, & Virginia, Policies: ICC1368100, ICC1368200, ICC1368300, ICC1368400. In Delaware, Policies A68100-A68400. In New York, NY68100-NY68400. In Virginia, Policies ICC0965JTO & ICC0965JWO. 65000: In VA, Policies ICC0965JTO & ICC0965JWO. B61000: In AR, ID, OK, & VA Policies: ICC18B61JWO & ICC18B61JTO. In DE, Policies B61JWO, B61JTO. B6000:  In AR, ID, OK, PA, TX, & VA, Policies: ICC18B60C10, ICC18B60100, ICC18B60200, ICC18B60300, & ICC18B60400. Q6000 Whole: In AR, DE & OR, Policy Q60100M. In ID Policy Q60100MID. In OK, Policy Q60100MOK. Q6000 Term: In DE, Policies Q60200M. In AR, ID, OK, Policies ICC18Q60200M, ICC18Q60300C, ICC18Q60400C.

Coverage is underwritten by Tier One Insurance Company.

Final Expense: Arkansas, Delaware, Idaho, Oklahoma, Oregon, Pennsylvania, Texas, & Virginia, Policies ICC21-AFLLBL21 and ICC21-AFLRPL21; and Riders ICC21-AFLABR22, ICC21-AFLADB22, and ICC21-AFLCDR22. Aflac Final Expense policies are not available in New York.

Aflac Final Expense insurance coverage is underwritten by Tier One Insurance Company, a subsidiary of Aflac Incorporated and is administered by Aetna Life Insurance Company. Tier One Insurance Company is part of the Aflac family of insurers. In California, Tier One Insurance Company does business as Tier One Life Insurance Company (Tier One NAIC 92908).

This is a brief product overview only. Coverage may not be available in all states including but not limited to DE, ID, NJ, NH, NM, NY, or VA. Benefits/premium rates may vary based on plan selected. Optional riders are available at an additional cost. The policy has limitations and exclusions that may affect benefits payable. Refer to the policy for complete details, limitations, and exclusions. For costs and complete details of the coverage, please contact your local Aflac agent.

The content herein is provided for general informational purposes and is not provided as tax, legal, health or financial advice for any person or for any specific situation. Employers, employees and other individuals should contact their own advisers about their situations. Receipt of accelerated death benefits may affect eligibility for public assistance programs. Benefits may also be taxable and are not expected to receive the same favorable tax treatment as other types of accelerated death benefits that may be available. 

Aflac WWHQ | Tier One Insurance Company | 1932 Wynnton Road | Columbus, GA 31999

Aflac New York | 22 Corporate Woods Boulevard, Suite 2 | Albany, NY 12211

Z2400372                                                                                                        Exp. 5/25