3 types of no-exam life insurance: Which is best for you?

Term life insurance, simplified issue life insurance, and guaranteed issue life insurance are the three most common types of no-exam life insurance.

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Rachael BrennanSenior Editor & Licensed Auto Insurance ExpertRachael Brennan is a senior editor and a licensed auto insurance expert at Policygenius. Her work has also been featured in MoneyGeek, Clearsurance, Adweek, Boston Globe, The Ladders, and AutoInsurance.com.

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Jennifer GimbelJennifer GimbelSenior Managing Editor & Home Insurance ExpertJennifer Gimbel is a senior managing editor at Policygenius, where she oversees all of our insurance coverage. Previously, she was the managing editor at Finder.com and a content strategist at Babble.com.

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There are three main types of life insurance policies that don’t require you to take a medical exam: traditional term life and two different types of permanent life insurance — simplified issue and guaranteed issue life insurance. In some cases, you can get other types of permanent life insurance, like guaranteed universal life, without an exam, too. It ultimately depends on the insurer.

Compare rates for no-medical-exam life insurance

Term life insurance

Term life insurance is usually the cheapest way to provide your family a financial safety net if you were to pass away unexpectedly, but it only lasts for a set period of time — often 10 to 30 years.

It can take up to six weeks to get approved for term life if you have to take a medical exam. But with some no-exam term options, like instant issue or accelerated underwriting life insurance, your application can get approved in a matter of days — or in some cases even during the initial phone interview. And the good news is that no-exam term life policies are just as affordable as term life policies with the medical exam.

Just keep in mind that depending on your age and health profile, some insurers might still ask you to take the medical exam even if you initially applied for a no-exam term policy.

Learn more >> How does term life insurance work?

Simplified issue life insurance

Simplified issue life insurance is a type of coverage that requires fewer health qualifications for approval. The term “simplified issue” can refer to some term life policies, but most commonly it refers to simplified issue whole life insurance, which doesn’t expire and usually offers a small payout — up to $40,000 — to cover final expenses. It’s commonly reserved for people aged 45 and above who may not qualify for traditional life insurance due to health reasons.

While you don’t have to take a medical exam, you do need to answer a few questions related to your health. Certain conditions, like some types of cancer or a terminal illness, might disqualify you for this type of policy. Getting approved can take up to two weeks.

Learn more >> How does simplified issue whole life insurance work?

Guaranteed issue life insurance

Guaranteed issue life insurance is another type of policy that offers permanent coverage — usually up to $25,000 — to cover final expenses. You don’t have to take a medical exam or answer any questions about your health as part of the application, and you can get approved in up to three days. Acceptance is near-guaranteed — you just have to be of sound mind to complete the application, so people with conditions such as dementia may not qualify.

If you have a pre-existing condition that would disqualify you for other types of policies, guaranteed issue life insurance can offer a solution.

Learn more >> How does guaranteed issue life insurance work?

Have questions? Policygenius is here to help!

If you have questions about buying a no-medical-exam life insurance policy, you can call 1-800-608-2192 to be connected to an insurance expert at Policygenius to help you through the process.

Compare rates for no-medical-exam life insurance

No-exam life insurance riders 

The rate for your no-exam life insurance policy will vary based on a number of factors, including any type of rider that is added to your coverage. Here are just a few of the riders you may be able to add to your policy:

Accidental death benefit rider

Sometimes referred to as a double indemnity rider, this coverage adds an additional payout to the beneficiaries if an insured dies in an accident. But each company has their own definition of what constitutes an accident, so make sure you review the coverage carefully before adding it to your policy.

Accelerated death benefit rider

This coverage allows you to access some or all of your life insurance payout prior to death. The accelerated death benefit is only available in certain circumstances, such as a terminal illness diagnosis or hospice care, but it allows you to use your life insurance payment to help pay for your end of life care.

Learn more >> How does the accelerated death benefit rider work?

Waiver of premium rider

This coverage allows you to waive payment of premium if you become totally disabled before a certain age, typically before age 60 or 65. This allows you to maintain your life insurance coverage if you are unable to pay the premiums due to a disability. Keep in mind that this rider will have specific definitions for total disability, so read the fine print carefully before adding the coverage to your policy.

Learn more >> How does the waiver of premium rider work?

Comparing no-exam life insurance policies

Policy type

Waiting period

Coverage limit

Coverage length

Age availability

No-exam term life

Around 1 week, but depends on the company

$1 million to $3 million

10 years to 30 years, 40 years with some companies

18 to 60, depends on the company

Accelerated underwriting term life

1 to 3 days

$1 million to $3 million

10 years to 30 years

18 to 60, depends on the company

Instant term life

0 to 3 days

$1 million to $3 million

10 years to 30 years

18 to 60, depends on the company

Guaranteed universal life

Varies by applicant

$500,000 to $1 million

Permanent

18 to60, depends on the company

Simplified issue

3 to 5 days

$40,000

Permanent

45 to 85, depends on the company

Guaranteed issue

1 to 3 days

$25,000

Permanent

45 to 85, depends on the company

Collapse table

Compare rates for no-medical-exam life insurance

Author

Rachael Brennan is a senior editor and a licensed auto insurance expert at Policygenius. Her work has also been featured in MoneyGeek, Clearsurance, Adweek, Boston Globe, The Ladders, and AutoInsurance.com.

Editor

Jennifer Gimbel is a senior managing editor at Policygenius, where she oversees all of our insurance coverage. Previously, she was the managing editor at Finder.com and a content strategist at Babble.com.

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