September 23, 2022
  • September 23, 2022

Best life insurance without medical exam in 2022

By on August 1, 2022 0

The cost of a policy without medical examination varies according to:

  • The insurer
  • Applicant’s age
  • The amount of the death benefit

Due to the additional risk taken by an insurance company in writing a policy without examination, premiums are always more expensive than they would be for a policy of the same size but medically underwritten. Again, how much more depends on the type of policy.

For a $500,000 no-exam policy with a 20-year term, the typical cost for a 35-year-old male non-smoker ranges from $21 to $60 per month. The same policy with a medical exam and medical underwriting will likely cost $21 per month.

Warning word: Insurance companies advertise their lowest possible premiums. The example above represents an “ideal” candidate. In other words, few will be entitled to the lowest fares. When it comes to no-exam policies, it’s best to look at the higher rates on the scale to get an idea of ​​the cost of coverage.

Some insurance companies only offer term life insurance policies, while others will only underwrite a no-exam policy if it is a permanent whole life policy. Learning the difference between term life insurance and whole life insurance can help a policy hunter make a better decision.

For a relatively healthy person, giving an insurance company access to medical records and undergoing a life insurance medical exam can lead to cheaper and sometimes even cheap life insurance options. Yet, when someone needs insurance coverage but has a medical condition that would make it difficult to pass a medical exam, a no-exam policy offers an alternative that can give them peace of mind.

Here are the rates for four different people with Haven Life, each in excellent health and looking for a 15-year policy with a death benefit of $500,000 (the maximum allowed by a Haven policy with no exam).