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Should You Get Guaranteed Life Insurance With No Medical Exam?

Life insurance—you put it on your to-do list back when corona was just a beachside beverage. And you still haven’t gotten it done. Well, here’s some good news: There’s one less hurdle between you and getting covered.

Due to changes in society and conditions related to COVID-19, some insurance companies are no longer requiring you to get a medical exam. If you’re under 60 and the policy is less than $750,000, guaranteed life insurance policies are a great way to get the coverage you need. It’s one less hoop to jump through on the way to peace and security for your loved ones. If those pesky medical exams ever stood in your way, now you can advance directly to go and collect $200 (okay, maybe not but you get the point).

Here’s what you need to know about what’s new in the always-exciting life insurance industry.

Guaranteed No Medical vs. Possible No Medical Life Insurance

Before looking at how much coverage you can get, along with the cost, we have to see the differences between guaranteed no medical and possible no medical plans.

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Guaranteed no medical policies don’t require a medical exam. It’s guaranteed because companies like SBLI will approve you without a medical check or lab reports as long as you fit into certain categories. These policies are great for people who want to get their policy started as soon as possible. (Approval can take days instead of 4–6 weeks.) It’s also good if you’re uncomfortable with doctors, needles, etc.

Possible no medical policies are when you possibly may need an exam or lab work depending on how you answer their medical questionnaire. Companies like Lincoln and Protective offer these options.

You’ll still need to answer questions about your medical history and disclose conditions you have. If the insurance company finds you’ve hidden something on your application that you end up dying from, your death benefit will most likely be withheld from your beneficiaries. And . . . that’s the whole reason you're getting the insurance in the first place, right? 

By the way, make sure to get term life vs. a whole life policy. Whole life is a major rip-off that you should stay away from.

How Much Coverage Can You Get and What’s the Cost?

Depending on if you go with guaranteed life insurance or possible no medical, you can now get covered from between $750,000 to $1 million—if you fall within certain age brackets (generally under 60 years old). We recommend getting 10–12 times your annual salary in term life insurance. So if you make over $75,000 per year, you may need to use a company that still requires an exam.

As far as cost, coverage for life insurance with no medical exam used to be higher than traditional policies. No more! Due to changes in the industry, the price of no medical exam policies is now about the same as medically underwritten policies.

The exact monthly payment you’ll get will vary depending on your age, medical history and income. Once you fill out your application, the insurance company feeds all your information into their little magical medical math machine. This determines not only your insurability, but also how much they’ll charge you for your policy.

Should I Get No Medical Exam Life Insurance?

The short answer? Yes. If you meet the insurance companies’ criteria, no medical exam policies are great. They’ll save you time and hassle since you won’t have to wait the typical 4–6 weeks before you’re approved. And the cost is affordable. It’s a win-win-win.

Getting life insurance just got easier. You now have one less excuse to go ahead and get your family set for life if something ever happened to you. For a small amount of money per month you can get coverage that will give you peace of mind knowing your family’s protected. Get your term life policy started today.

Ramsey Solutions

About the author

Ramsey Solutions

Ramsey Solutions has been committed to helping people regain control of their money, build wealth, grow their leadership skills, and enhance their lives through personal development since 1992. Millions of people have used our financial advice through 22 books (including 12 national bestsellers) published by Ramsey Press, as well as two syndicated radio shows and 10 podcasts, which have over 17 million weekly listeners.

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