Simplified issue life insurance is a streamlined approach to underwriting. The personal information gathered can include prescription drug histories, motor vehicle records, criminal records and “risk scores” created by third-party services.Īccelerated underwriting policies offer the convenience of no exam and can be priced as competitively as a policy that requires an exam. Accelerated Underwriting Life InsuranceĪccelerated underwriting is a process where the life insurance company gathers information about you electronically and then algorithms quickly assess what your life insurance quote should be. Some types of life insurance underwriting are faster because they use less information about the applicant or they collect information electronically from third-party sources. Underwriting is the process an insurance company uses to review applications and decide whether to approve them, and at what rate for the buyer. Unless your policy is portable, you will lose coverage if you leave your job. ![]() It is a contract where an employer owns a life insurance policy provides coverage to its employees, usually at no cost to the employee for a basic coverage amount. Group life insurance requires no medical exam. Universal life is a type of permanent insurance with flexible premiums and flexible death benefits. Universal life insurance is sometimes offered with a no-exam option. Whole life insurance is one of the more expensive types of life insurance, and policies offered without medical exams will generally be even pricier.įor example, guaranteed issue life insurance policies are whole life insurance policies without a medical exam, and you can’t be turned down. Policies build cash value at a fixed rate and offer level premiums and a fixed death benefit. Whole life insurance is a type of permanent life insurance. Some insurers offer whole life insurance without medical exams. After the level term ends, you can typically renew yearly at a much higher rate. Choices of term period lengths generally range from 5 to 30 years. Term life insurance policies have a level term period during which rates stay the same. Some term life policies are no-exam policies. So if you apply for no-exam life insurance, be prepared for the possibility that the company may end up wanting more details and an exam. ![]() Instead, they might offer to do a more traditional underwriting process with a life insurance medical exam. If your health or age disqualify you from a no-exam policy, that doesn’t necessarily mean the company will turn you away. No-exam life insurance, such as the policies we have rated above, are best suited for life insurance buyers who are in excellent health and who are younger (typically 50s and under). Depending on your age and health, you may be required to do some additional testing, such as an electrocardiogram (EKG). You will likely be asked to provide blood and urine specimens for testing. ![]() The typical medical exam required by life insurance policies includes a series of questions related to your health and medical history, followed by a paramedical professional recording information like your blood pressure, weight and height. No-exam life insurance is exactly what it sounds like: Life insurance that does not require a life insurance medical exam. Transamerica (Trendsetter Living Benefits policy) Median time for no-exam application approvalĬompare quotes from participating carriers via
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