Can I Get Life Insurance With No Medical Exam and No Waiting Period?

Juliet D'cruz

Updated on:

Many people want to seek life insurance to provide peace of mind and financial assistance to their loved ones. In most cases, those seeking a life insurance policy want to get in place as quickly as possible to set things in order. Unfortunately, many life insurance companies require a waiting period before benefits will begin. Depending on the type of insurance you seek, you might encounter a soft waiting period where the insurance company can investigate or challenge claims during the first two years of the policy. With a guaranteed life insurance policy, you may have to wait two to three years before benefits begin.

About 54 percent of Americans have life insurance policies that vary by type, requirements, and coverages. If you are looking for life insurance without a waiting period or medical exam, some options are available. Just as with all other types of insurance, the insurer will weigh the risks of extending coverage to you depending on your situation. For example, when someone seeks auto insurance, the underwriter will examine their driving record, location, and age to determine the likelihood of an accident claim. If the person is considered a higher risk driver, they will pay higher premiums. The insurance company will look at things like your age, health issues, medical history, and lifestyle choices with life insurance. These factors will be considered when determining rates and coverage options.

Typically, the healthier and younger a person is, they are more likely to receive lower life insurance premiums. Waiting periods and medical exams are ways that insurance companies try to mitigate some of their risks. For some people seeking life insurance, however, waiting periods and medical exams aren’t an option. In these cases, life insurance with no medical exam, no waiting period is available, however, it might come with higher premiums and exclusions.

Waiting Periods and Medical Exams

With some research, you can find insurers that offer no waiting periods. Policies without a waiting period will offer immediate access to benefits as soon as premium payments begin. As a result, however, the insurer will assume higher risks and may pass that on to you through higher premiums. Individuals with conditions like AIDS, recent heart conditions, kidney dialysis, or a recent stroke will typically not qualify for insurance without a waiting period. People with these conditions can still qualify for life insurance, however, they will usually be required to have a waiting period.

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Similar to waiting periods, life insurance companies also use medical exams to lower their risks. Those who are in good health are considered lower risk and receive the best rates. There are several policies options available, however, without a medical exam requirement. In some cases, you can find both term life insurance and whole life policy options without a medical exam. In many instances, however, guaranteed life insurance is the best option for no medical exam coverage as long you meet the other requirements.

Comparison Shopping

If you determine that you need life insurance, the best option for finding a good policy is to comparison shop. Online comparison tools allow you to provide some basic information and will then shop you around to various insurers. In a short period, you will receive a list of quotes and potential plans for considerations. Comparison shopping will allow you to browse rates, coverage options, waiting periods, and medical exam requirements from various insurance companies. This will let you find the best policy for your needs.

Life insurance provides a death benefit to your dependants, and loved ones should happen to you. Death benefits can be used to cover final expenses, pay off debts or provide financial assistance to your family. For many, life insurance is an essential piece of the family financial plan. With some time and research, you can find various plans that offer no waiting period or medical exam for your situation. You can visit to know how benefits are coordinated when you have Medicare 

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