Yes. Many policies skip the exam and use health questions instead, and some ask no health questions at all. These often cost more or offer less coverage than policies with an exam.
Simplified issue policies ask a short list of health questions. Some approve you in minutes.
Guaranteed issue policies ask no health questions. They are usually small whole life policies for ages 50 to 85.
Some term policies also skip the exam for many buyers. Coverage can go high, but some people may still be asked to take an exam.
Life insurance from work is often guaranteed issue too. You usually get basic coverage with no exam.
No exam does not mean no checking. Insurers can look at prescription records, driving records and a shared industry database called MIB.
- Simplified issue: a few health questions
- Guaranteed issue: no health questions
- No exam term for many healthy buyers
- Group life through work
More questions
Is no exam insurance more expensive?
Often, yes. It may have higher rates and lower coverage limits.
Is there a catch with guaranteed issue?
Usually a waiting period. If you die of natural causes early on, your family may only get back the premiums you paid.
Should I lie on health questions to get approved?
No. Lying on an application is fraud. It can lead to a denied claim.
Words to know
- Guaranteed issue
- A policy for people with health issues who may not qualify for other coverage. Very few people are turned down.
- Simplified issue
- A policy with a short application and limited health information. It usually costs less than guaranteed issue, but more than fully underwritten coverage.
- Whole life
- Permanent insurance that lasts your whole life as long as you pay. Premiums, death benefit, and cash value are guaranteed.
