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Should You Get Life Insurance With No Medical Exam?

Life insurance—you put it on your to-do list back when Corona was just a beachside beverage. And as hectic as life has been since, you still haven’t gotten it done. Well, here’s some good news: Now there’s one less hurdle between you and getting covered.

Due to changes in society and conditions related to COVID-19, some insurance companies have accelerated their plans to offer an exam-free application experience while still offering competitive rates on life insurance. If you’re under 65 and in the market for a policy worth $1 million or less, you may be able to skip the lab work and apply without an exam.

This new flexible option means one less hoop you need to jump through on the way to peace and security for your loved ones. Here’s what you need to know about getting life insurance without a medical exam.

What Is No Medical Exam Life Insurance?

Before looking at how much coverage you can get, along with the cost, we need to see what these policies mean.

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How much life insurance do you need? Find out with our free calculator!

First up, regardless of where you end up on the question of doing a medical screening, make sure to get term life rather than a whole life policy. Whole life is a major rip-off that you should stay away from—it’s way pricier, and it mixes in bad investment products with life insurance coverage, but ends up helping you with neither.

Back to the no medical exam thing. Today, many insurance companies have shifted their requirements to allow people in certain age groups requesting policy values of $1 million or less to skip the exam completely and still get the most competitive term life rate available. These are also known as lab-free options and don’t require a medical exam.

Some companies can approve you without a medical check or lab reports as long as you fit into certain categories—typically we’re talking about healthy people. These policies are great if you want to get your policy started as soon as possible.

But are you guaranteed a no medical exam policy if you fit the right criteria? Not necessarily. Even if you feel really healthy and you’re under 65, you’ll still need to answer questions about your medical history and disclose conditions you have to get a term life policy in place.

Based on your answers, the insurance company may still require lab work or medical records. It’s important to answer these questions honestly and fully, because if the insurance company finds you’ve hidden something on your application and you end up dying, your death benefit will most likely be withheld from your beneficiaries. And . . . that’s the whole reason you're getting the insurance in the first place, right? Not only is honesty the best policy, it will also help you get the right policy for you and your family.

Depending on your answers, you may still need to complete an exam or lab work.

How Much Coverage Can You Get and What’s the Cost?

Without a medical exam, you can now get covered from $750,000 to $1 million—if you fall within certain age brackets (generally under 65 years old) and health parameters. We recommend getting 10–12 times your annual salary in term life insurance. So if you make over $80,000 per year, you may need to use a company that still requires an exam.

As far as cost, coverage for life insurance with no medical exam used to be higher than traditional policies. But that was in the before time! With all the changes in the industry brought on in the COVID-19 era, the price of no medical exam policies is now about the same as medically underwritten policies.

The exact monthly payment you’ll get will vary depending on your age, medical history, income and other factors. Once you fill out your application, the insurance company figures out not only your insurability, but also how much they’ll charge you for your policy.

Should I Get No Medical Exam Life Insurance?

The short answer? Yes. If you meet the insurance companies’ criteria, no medical exam policies are great. They can save you time and the experience of a medical exam. And the cost is affordable. It’s a win-win-win.

Getting life insurance just got easier. You now have one less excuse to go ahead and get your family set for life if something ever happened to you. For a small amount of money per month you can get coverage that will give you peace of mind knowing your family’s protected. We recommend RamseyTrusted provider Zander Insurance. Get your term life policy started today.

Ramsey Solutions

About the author

Ramsey Solutions

Ramsey Solutions has been committed to helping people regain control of their money, build wealth, grow their leadership skills, and enhance their lives through personal development since 1992. Millions of people have used our financial advice through 22 books (including 12 national bestsellers) published by Ramsey Press, as well as two syndicated radio shows and 10 podcasts, which have over 17 million weekly listeners.

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How much life insurance do you need?

Find the best term life policy for you with our free life insurance calculator.
Get Your Numbers