Is Life Insurance With No Medical Exam Right For Seniors?

Many life insurance policies require you to take a medical exam. During this exam, the examiner asks questions, takes vitals, and may take blood or other samples. The insurer uses the results alongside other information to calculate your premiums.

But as LIMRA points out, some seniors may find the exam inconvenient or invasive. Plus, they take a lot of time. As a result, many may consider pursuing a no-exam life policy instead, since these offer coverage much more quickly and conveniently. This article will dive into a few factors to consider when deciding whether you should get life insurance without a medical exam.

Decide How Quickly You Need Coverage

The medical exam is the most time-intensive part of the life insurance application process. You must budget time for the exam itself, but it adds weeks to the underwriting process for the insurer. Therefore, you should consider how quickly you need coverage.

If you’re not in a rush, you may want to get a traditional life insurance policy. However, if you need coverage quickly, a no-exam policy might be right for you. These days, insurers can get you a policy within a few days, and sometimes within 24 hours.

Figure Out Whether The Exam Interrupts Your Schedule

Medical exams can take time in your schedule. You have to set aside time to take the exam, and if it’s not done at home, you must travel to the examiner’s facility. Seniors who have a busy lifestyle might not have time to take the exam. Consider a no-exam policy if you want coverage with minimal interruption to your daily life.

Decide How Comfortable You Are With Medical Exams

The medical exam requires you to disclose private medical information to the examiner. Similarly, you might find some procedures, such as taking blood samples, invasive. Lastly, you may not like strangers, even medical examiners, coming into your home.

In any of these cases, you might not like anyone but your doctor knowing your information and engaging in more invasive procedures. Luckily, a no-exam policy lets you skip all of this. Consider a life insurance policy with no medical exam if you don’t want to give your medical information to the insurer.

Consider How Much You Want To Pay In Premiums

Policies that let you skip the medical exam may charge more in premiums than their exam-based counterparts because the insurer can’t use as much medical information to calculate premiums.

For example, whole-life insurance with no medical exam may cost more than traditional whole life insurance. However, you could get a small whole life policy, like guaranteed issue life insurance. This offers guaranteed approval, lifelong coverage, and cheaper premiums, but a smaller death benefit.

Alternatively, you could get term life insurance with no medical exam. Coverage will expire at the end of the term, but premiums are much lower for the same amount of coverage as a whole life insurance policy with no medical exam.

Seniors should consider their coverage needs for loved ones like children and grandchildren along with their budget to decide which policy is right for them.

The Bottom Line

If you have a busy schedule, dislike medical exams, and need coverage quickly, a no-exam policy might be a great choice. On the other hand, if you don’t mind taking a medical exam or waiting a few weeks for your policy, then you may decide on a traditional policy. In either case, evaluate your life insurance needs to pick the right policy type, then shop for multiple quotes to get the best rates on that policy.

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