What is no exam life insurance

no exam life insurance

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What is No Exam Life Insurance?

So what exactly is no exam life insurance?  As you can guess by the "no" in the title, it might be best to describe what it isn't.  Quite simply, no exam life insurance or non med as it is sometimes called takes out the worst part of shopping and applying for life insurance and follows the trends of other types of insurance (think car or health) towards greater ease in applying and securing coverage.    Let's dig a little deeper into no exam life insurance to understand what it is and in what situations it can work well to provide term life insurance.

First of all, what is the "exam" were doing away with.  No exam specifically refers to the paramedical exam that is required for most life insurance policies.  The paramedical exam is essentially a physical with a paramed nurse at your location of choice which requires a full blood panel.  It generally runs from 30 minutes to an hour and the scheduling not to mention crunching the results, generally adds weeks to the process.  Even health insurance has gone away from requiring paramedical exams in most areas.    It's expensive, time-consuming, and generally a hassle to the life insurance applicant.  Why do the carriers require this? 

Life insurance is dealing with fairly large risks in terms of the amount that will be paid out if benefits are triggered.  A policy can run $500K or $1M with standard (with exam) life insurance.  The carriers are going to opt for any amount of information that may affect risk that they can get their hands on.  Enter the paramedical exam!  This actual medical exam (which is what it is) is a bit overkill for lower amounts of coverage and that's where the no exam life insurance is becoming the better approach.  For these lower amounts of coverage, not only does the paramedical exam and underwriting process greatly slow down the time required to get an answer back, let's face it...all kinds of things can come out during the paramedical exam (higher cholesterol, elevated blood pressure, elevated sugar levels, etc) that the applicant has no idea about.  Now, it can be difficult if not impossible to qualify for coverage and if coverage is offered, it will generally be at a much higher rate based on the uncovered health issues. 

No exam life insurance through our online system is entirely online and we generally receive a decision in a matter of minutes.  Yes...minutes.  We can handle amounts up to $350K of coverage which is a big jump over what no exam life quotes used to run for.  The ability to have a decision and policy almost instantaneously is a huge benefit of no exam life insurance.  So what's the downside.

The cost for no exam life insurance will be slightly higher than full underwritten policies with a paramedical exam if a person is in perfect health.  Remember the paramedical exam's ability to uncover all kinds of hidden issues mentioned above...it's real hard these days to get a life insurance policy actually issued at the best quoted rate that we start with in the beginning of the quoting process.  The typical scenario is closer to this.  Applicant applies based on quoted rate.  Underwriting process takes two months and the carrier (if approved) offers rates 50-200% higher.  That's no exaggeration and we've seen it time and again.  It's so hard to have a spotless health record these days especially at the age that most people decide to start shopping for life insurance.  No exam life insurance is priced higher (keep in mind we're dealing with low rates for lower amounts of already cheap term life insurance) but more likely to get issued at that amount.  The best way to find out is to run your rates through our no exam life insurance quoting engine above.     


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