Today we are diving into what you need to know about this life insurance option.
First, it’s important to know that term life insurance with no medical exam is a bit more involved than it sounds.
You won’t have to take a medical exam, true, but there are several other important factors related to your health and lifestyle that insurance underwriters will take into account when evaluating your application.
Sound confusing? Don’t worry! We’ve got you covered (pun intended) with these 9 things you need to know about accelerated underwriting, which will help you choose between no medical exam and traditional term life insurance policies.
1. A term life insurance policy with no medical exam will likely be more expensive than a traditional term life insurance policy that requires an exam.
Since the life insurance company won’t have the latest information on your health from a new medical exam, they will have to rely on existing medical records and national averages to determine your risk class (or to estimate your mortality risk).A life insurance medical exam helps keep insurance costs low for the population as a whole. If you opt out of this exam, life insurance companies account for this unknown risk by increasing your premiums. They also need to consider that you health may have changed for the worse since your last medical exam on record.
We’d definitely recommend going the route of getting an exam if you are healthier than an average person in your age group, your health has gotten better since your last exam (for example, if you quit smoking), or your family has a medical history but none of the problems have affected you.
2. Your medical history will still matter.
When you run life insurance quotes, you only need to provide the most basic health information. However, even during the accelerated underwriting process, underwriters will still need some medical information to determine your risk class.Having a history of serious illnesses, for example, or being from a family with a history of inherited diseases will impact the rates that you receive. Don’t let this discourage you. You’ll see many options when you run term life insurance quotes. Quotacy works with multiple top-rated life insurance companies and we’re experts at helping families obtain life insurance even if you have unique challenges.
3. Your job, smoking status, driving record, and hobbies will impact your premiums.
Exam or no exam, your term life insurance application will include your age and lifestyle. Underwriters will have to thoroughly evaluate your hobbies, job, and other risk factors.If you have a dangerous job or a death-defying hobby like scaling ice-covered cliffs, your life insurance quotes will most likely be much higher than if you stuck to playing UNO.
4. Accelerated underwriting is usually faster.
After you run life insurance quotes and apply, the process for getting approved for a traditional term life insurance plan may take 4-6 weeks.With accelerated underwriting, it is possible to complete the application process and be approved within just a week. That said, for some life insurance companies, you may not find out if you qualify for accelerated underwriting after you submit your application.
That means the application process may end up taking more time if you don’t qualify right away.
5. Term life insurance that doesn’t require a medical exam usually provides less coverage than a term life insurance policy with an exam.
Many insurance companies place a cap on how high the face value (or coverage amount) of your plan can be. The most common face amount maximum is $500,000. This restriction is based on the insurance company’s need to limit their financial risk due to applicants not completing a health exam during the underwriting process.While that may be an option for some, it may not be enough to cover, for example, a mortgage, household debt, and income replacement for a family of four.
6. Your age and gender are always taken into account.
This is another element of getting term life insurance with no exam that mirrors getting term life coverage with an exam.Women get less expensive life insurance quotes (except in Montana, where gender cannot be used to determine life insurance premium rates) because they tend to have a longer lifespan (sorry fellas).
Your age, of course, has a lot to do with longevity, so insurance companies weigh this heavily in determining your premiums. Don’t let this put you off, however, older applicants can—and do—still find affordable life insurance quotes with us.
7. There are usually recommended height and weight guidelines for approval.
Despite the fact that you won’t take a medical exam, there are parameters that give you an edge when applying for term life insurance with no exam.If you fall outside the range listed below, it may be beneficial to have an exam done. They are quick, non-evasive, and can give your future life insurance company a more holistic view of your height and weight profile.
| Height | Weight (lbs) |
| 4’8” | 82-138 |
| 4’9” | 85-143 |
| 4’10” | 88-148 |
| 4’11” | 91-153 |
| 5’0” | 94-158 |
| 5’1” | 98-164 |
| 5’2” | 101-169 |
| 5’3” | 104-175 |
| 5’4” | 108-180 |
| 5’5” | 111-186 |
| 5’6” | 114-192 |
| 5’7” | 118-198 |
| 5’8” | 122-203 |
| 5’9” | 125-209 |
| 5’10” | 129-216 |
| 5’11” | 133-222 |
| 6’0” | 136-228 |
| 6’1” | 140-235 |
| 6’2” | 144-241 |
| 6’3” | 148-248 |
| 6’4” | 152-254 |
| 6’5” | 155-261 |
| 6’6” | 159-267 |
| 6’7” | 163-274 |
| 6’8” | 168-281 |
| 6’9” | 172-288 |
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