Jeff is a well-known speaker and expert in life insurance and financial planning. He has been featured and quoted in Nerdwallet, Bloomberg, Forbes, U.S. News & Money, USA Today, and other leading finance websites. He is a licensed life insurance agent and has helped over 3000 people secure life insurance. He is licensed in all 50 states & DC. Jeff has spoken at top insurance conferen...

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Benjamin Carr was a licensed insurance agent in Georgia and has two years' experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.

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Reviewed by Benji Carr
Former Licensed Life Insurance Agent Benji Carr

UPDATED: Oct 14, 2020

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When purchasing life insurance, you need to understand how long of a process it can be. It isn’t as fast as you might think.

The average policy takes approximately 6 weeks to receive approval.

These policies require a medical exam and your past medical records may need to be ordered as well from your doctor.

This lengthy process is a major factor in why people opt for no medical exam life insurance plans.

This post will provide the “No Exam Life Insurance Pros and Cons” so you can make an informed decision on your life insurance needs.

Advantages of No Medical Exam Life Insurance

young man contemplating getting no exam life insuranceTime is just one advantage of a no medical exam policy.

Since life insurance isn’t like buying a phone, TV, or other items.

It’s a unique purchase which provides several reasons why you may want to opt for the no exam life insurance option.

Get Life Insurance Coverage Even If You Have Health Issues

When you have had a serious preexisting condition, it can limit the affordable companies that are available.

It can be quite costly if you apply to the wrong company. This is the primary reason why many want to select a life insurance policy that doesn’t require an exam.

With that said, you still have to complete an application that has health related questions.

You must answer these questions honestly and accurately in order to maintain and qualify for coverage.

You can be denied if you lie on the application or the company can deny a future claim by your life insurance beneficiary.

The Speed of No Exam Life Insurance

Many people do not have the luxury of time when trying to get life insurance.

Some need coverage quickly due to personal reasons or business requirements.

Some of the no exam life insurance companies can approve your policy in less than 48 hours. Some are even instant.

This is extremely beneficial for some shoppers.

For example, you will have coverage if something happens unexpectedly.

T his life insurance coverage provides your loved ones with a safety net if something were to happen to you.

It is so important that you have coverage and protection just in case the worst were to occur.

Some require life insurance coverage quickly because they will be going on a vacation.

If you are going overseas or feel uneasy before leaving on a trip, this is a quick way to get insured.

Collateral for business loans is often needed quickly. A fully underwritten policy that requires a medical exam will most likely take too long.

If a business deal is looming, a no exam option can help you secure your approval for your business loan.

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Disadvantages of No Medical Exam Life Insurance

No exam life insurance isn’t as popular as your traditional term life insurance policy that requires a medical exam.

Let’s find out the disadvantages and why it might not be the best option for you.

No Exam Life Insurance Costs More

When you buy a traditional term life insurance policy (or a whole life insurance policy), you will need to undergo a medical exam.

This medical exam is similar to a yearly checkup with your doctor.

When this medical exam is completed, the results will be sent to the life insurance company that you applied with.

Once they complete their analysis of the information, they will decide on your outcome.

Your outcome can go a few different ways. You can be approved as applied. You can be approved other than applied. You can be declined.

The life insurance company’s analysis is solely for the purpose of evaluating how risky you are for them to offer a policy.

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Labeled a “Risk” Will Increase Your Cost

Your risk level is directly related to the cost of your policy, but how much is life insurance going to cost you?

Since a no exam life insurance policy doesn’t provide the life insurance company key information that helps them evaluate their risk, they charge you more for the no exam policy.

It’s more of a risk on their part and you pay for this higher risk.

You’re better off buying a fully underwritten life insurance policy if the cost of life insurance is your number one factor and primary concern for you.

Lower Coverage Amounts

No exam life insurance policies are easy and approved quickly.

However, there are maximums on the benefit coverage amount that you can select.

Life insurance companies don’t offer the same benefit amounts that fully underwritten policies have.

Each company is different, but the total life insurance coverage can vary. You can typically find companies that range in benefit amounts from $100,000 up to $500,000.

If life insurance is linked to your mortgage, the coverage amount might be a bit more.

If you are in need of more life insurance coverage, you can shop for policies from multiple life insurance companies.

You can “stack” policies from multiple insurance providers. The alternative is to apply with a traditional term life insurance policy with a medical exam.

Is No Exam Life Insurance For You?

Life insurance policies with no medical exam are ideal for young adults who do not need much coverage.

The fees for traditional life insurance for young people are very comparable for no medical exam policies, so it can be appealing for them to get a policy as quickly and easily as possible without the hassle of having to take the exam.

Or if you need a policy quickly or are just too busy to do an exam, then no medical life insurance is the way to go. Any other time, we advise getting a traditional term or permanent life insurance policy.

Buying no exam term life insurance policy is ideal for many. They are a great choice for young buyers who will not need a life insurance policy with a huge benefit amount.

It makes a lot of sense for young people to purchase their policy quickly and easily without an exam.

One reason is that the fees for a traditional life insurance policy with a medical exam are pretty much the same as the no exam life policy.

If you are an extremely busy person and do not have the luxury of time – a no exam policy may be the best option to secure coverage. It is the way to go when time isn’t on your side.

For a good percentage of our clients, a fear of needles is a huge factor. Some people just can’t stand the idea of getting blood drawn and want any other option that will eliminate needles.

If you don’t fall into any of these categories, then a traditional life insurance policy would be advisable.