Do you get worried when you think about medical exams for life insurance? Don’t want to get up close and personal with an unknown doctor – then deal with needles, to boot? Or do you just not have enough time in the day to juggle one more thing?
You wouldn’t be the first person to put off buying life insurance for any of these reasons. With the advent of online insurance agencies, applying for coverage is easier than ever, but medical exams can still be a stumbling block.
Regardless of why you want to skip that extra doctor’s visit, you have life insurance options that don’t depend on an exam.
Do insurance companies offer life insurance without a degree?
Yes, you can get coverage without a medical exam, although you may end up paying higher premiums or settling for less coverage. Insurance companies don̵7;t include the test to make your application process more complicated, after all. They do this to assess how risky you will be to insure.
The exam may feel redundant when you already have to answer health questions for your insurance application. But let’s be honest. How many of us make that appointment for our recommended annual physical or get routine blood work and tests done? Certainly not all of us.
You can answer all the questions about your medical history honestly and still not know if you have more minor risk indicators like high blood pressure. Health screenings help insurance companies identify these unknown risks, so they know how much of a death benefit to offer you and where to set your premiums.
Without the exam, you are riskier to insure, but insurance companies can still use advanced algorithms to analyze your health information and offer you appropriate coverage. And some policies with lower benefits do not have a medical examination as standard.
What type of life insurance is offered without a degree?
You have several options for life insurance without a medical exam, depending on your age, medical history, lifestyle and employment status.
Term life insurance
Life insurance is an affordable way to provide for your loved ones after you are gone. You will pay much lower premiums for the same death benefit with term life than you would with term life or permanent life insurance, with the caveat that your insurer will only pay out if you die within your term limit.
And thanks to advances in the underwriting process, some applicants may be able to skip the medical exam altogether and still receive medically guaranteed life insurance from Haven Life. If that includes you, you can secure insurance with a death benefit ranging from $250,000 up to several million – all without having to go through the extra doctor’s visit.
Simplified question term life insurance
Simplified issue life insurance is a type of term life insurance that lives up to its name. To apply, you fill out a few questions about your health and then the insurer uses Accelerated Insurance to determine if you qualify for insurance. It’s that simple, no medical examination is required. As with all life insurance, your insurer paying your death benefit will depend on you answering all of these health questions honestly.
A simplified life insurance policy will usually cost more than a traditional one because the insurer knows less about you. They take on more risk by insuring you, so you pay higher premiums for the same coverage. Available death benefits are also typically lower, and some simplified life policies limit terms to 20 years or less.
Haven Life offers just such a policy, called Haven Simple. There are some limitations — insurance is only available for up to 20 years; coverage is limited to $1,000,000; and applicants must be between 20 and 55 years old; Haven Simple is not offered in some states. And again, you must be truthful in your application, otherwise you risk the policy not being issued (or even non-payment of the death benefit).
Learn more about Haven Simple and get a free quote online today.
Guaranteed to issue life insurance
When you apply for this type of life insurance, you are guaranteed coverage, regardless of age or medical history. However, since anyone can be approved, even without a medical exam, you will also face some significant limitations on your coverage.
Guaranteed issue life insurance typically limits death benefits to $50,000 or less, and you’ll pay higher premiums to secure that amount. They are not practical policies if you are younger, especially if you have dependents, as this is probably not enough cover to provide for your family after you are gone.
They are considered final spending policies for this reason. The death benefit will not replace your lost income, but it will help pay for funeral expenses and other costs associated with your death.
If you are a senior looking for life insurance without a medical exam, guaranteed life insurance may be a good fit. Just keep in mind that these policies also include a “graded death benefit”, which means your benefit will only be paid out after a certain number of years have passed, usually two or three. If you die before then, your beneficiary will only receive the premiums you paid plus interest.
Group life insurance
Companies and organizations can offer group life insurance coverage to their members or employees. You do not need to have a medical exam to qualify. You just need to be a qualified group member.
Everyone covered by the policy will pay the same low premium, making them an excellent and affordable option for older people or those with pre-existing conditions.
They have two major drawbacks: Your coverage only lasts as long as you remain with the company or organization that owns the policy, so if you leave, you lose your death benefit.
And usually they don’t offer enough coverage to fully provide for your loved ones if you die. Group life benefit amounts can be higher than the guaranteed term of issue, but they are usually much less than what you would get through medically guaranteed life or even simplified life.
So while these policies provide good temporary coverage for some, if you’re young and in good health, you may want to seek out other types of life insurance with higher benefits while you can still lock in low premiums. (That’s because most life insurance policies, like those offered by Haven Life, offer level term premiums, so called because they stay the same throughout your policy term.)
How do you decide if non-medical exam life insurance is right for you?
As you can see, non-degree life insurance comes with some trade-offs. You should weigh the pros and cons of these policies before deciding which is the best no medical degree life insurance policy for you.
You get some significant benefits when you choose a no-exam policy. The application process is easy, you don’t have to wait to find out if you’re approved, and they can be a great option for people with no prior conditions.
There is no waiting period: You may wait several weeks to find out if you are eligible for a medically guaranteed policy that requires an exam. With a no-exam policy, on the other hand, you may hear back from the insurer within days or even 24 hours. So if you want or need coverage quickly, no-degree life insurance is the way to go.
(That said, some policies, including Haven Life policies, also offer temporary coverage to life insurance applicants while you complete a medical exam, which lasts until you receive full coverage, decide to cancel your application, or your application is rejected. word, you will to wait, but you’ll still be covered.)
It’s easy to apply for: With no-exam policies, you can usually apply online, from the comfort of your home, and you only need to answer a few questions about your medical history and lifestyle. And some types of life insurance, like guaranteed issue, even let you skip the questions in exchange for a limited death benefit amount.
(Again, it’s worth noting that Haven Life life insurance applicants also have a quick online application — you can apply for coverage over lunch.)
As with everything, no-degree life insurance also has its downsides. Policies tend to cost more and have higher premiums, and your coverage may be limited.
It may cost more: Insurers must do a cost-benefit analysis when approving someone for insurance. With enough information, they can offer you a death benefit and set your premiums with confidence. But when there is no medical exam, your insurer takes the risk of some unknown variables, and they will pass the potential cost of that risk onto you upfront.
Life insurance companies balance the risk of non-degree policies in part by raising your premiums. Guaranteed problem life policies tend to have particularly high premiums because anyone can be approved, regardless of age or health.
You may get less coverage: Most non-degree policies come with reduced death benefits due to the increased risk that the insurer takes on.
There may also be age restrictions — simplified insurance may not be available to people over 55; the high premiums on guaranteed issue life insurance probably don’t make sense if you’re younger.
And again, with group life insurance, you can also lose coverage if you leave the company or organization that owns the policy.
Pay more, get less? Nobody wants to do that, be it life insurance or anything else.
What you should know about Haven Term and Haven Simple
Thanks to Haven Life’s innovative InstantTerm process, some Haven Term applicants can receive near-instant approval, even without undergoing a medical exam. (Just keep in mind that the issuance of the policy or the payment of benefits may depend on your truthfulness during the application.) Start by getting a free quote online.
But those who don’t qualify and don’t want to undergo a life insurance medical exam, can explore coverage through Haven Simple, a simplified question, no medical exam required for life insurance. It’s a strong play, although your premiums may be slightly less affordable, and coverage is capped at a still-generous $1 million or less. (Again, truthfulness is key.)
Whatever you choose, having life insurance in place is an important step in ensuring that your loved ones are protected financially should something happen to you. Medical exam or not, that peace of mind is always worth it.