What is no medical life insurance?
When arranging life insurance, insurers generally require you to provide information regarding your medical wellbeing, either via a medical questionnaire or medical exam.
This helps them to determine the likelihood of a claim being made so that they can accurately price your monthly premiums.
However, for those who suffer from a pre-existing medical condition or are wanting to bypass supplying medical information, there’s the option for obtaining life insurance with no medical.
This can be in the form of no medical questions or no medical exam.
Read on to learn how you can secure life insurance no medical…
Life insurance with no medical questions
It’s possible to obtain life insurance with no medical questions.
Some forms of life assurance offer guaranteed acceptance, such as over 50 plans.
This means that they’ll not take into account any information regarding your health to determine whether or not they’ll provide cover.
As a result, you’re not required to answer any medical questions, provide access to your medical records or partake in a medical exam.
Life insurance with no medical exam
It’s very common for people to secure life insurance without the need to undergo a medical exam.
Whilst it’s possible an insurer can request you have a medical if high-risk factors are identified during the application, often the information gathered during the medical questionnaire will suffice.
In the instance of a high-risk factor being identified, an insurer may request access to your medical records to obtain further information.
If the information acquired from your records is sufficient, the need for a physical medical exam may also be mitigated.
In summary, if you’re fit and healthy, with no history of medical problems, it’s unlikely you’ll require a medical.
Alternatively, you can be certain to bypass a medical with guaranteed life insurance.
Over 50 life insurance (no medical)
Many applicants aged 50 – 85 choose over 50 life insurance, (sometimes referred to as an over 50 plan).
A major advantage of over 50 life insurance is that they don’t require a medical exam or ask any health questions.
Therefore, if you’re older and/or in poor health, a guaranteed over 50 plan could be a good option.
A key feature of over 50 life insurance worth highlighting is the waiting period.
This defines a period of time at the start of a policy, usually 2 years, in which a claim can’t be made if you die of natural causes.
(Although beneficiaries usually receive back the premiums which you have been paid during this period).
However, if you’re in your 50s or 60s and in good health, whole of life insurance may be a better option, potentially allowing you to secure more cover for a similar premium.
Whole of life insurance with no medical exam
Although rare, some providers offer guaranteed acceptance on whole of life insurance without the need to provide any medical information either via a questionnaire or physical exam.
These policies offer guaranteed acceptance for UK residents aged between 18-70.
When arranging this type of life insurance cover, it’s important to consider your likely life expectancy.
For those who are younger and in good health, it’s possible to pay more into the policy than the overall sum assured.
In this instance, you’re more likely to benefit from providing some medical information to benefit from lower monthly premiums.
Arranging a whole of life insurance policy as standard also doesn’t necessarily mean you’ll be required to undergo a medical exam.
Most insurers require you to provide information regarding your wellbeing through the means of a questionnaire, but will not necessarily require an exam unless any high-risk elements are identified.
Is a medical test required for term insurance?
Yes. It’s not possible to obtain term-based life insurance (decreasing or level) without providing any information on your medical wellbeing.
This is because insurers use this information to determine the likelihood of a claim being made on the policy.
However, it’s not always necessary to undergo a physical medical exam.
In most instances, providing information regarding your wellbeing via medical questions during the application is sufficient for insurers to determine the level of risk you pose.
No medical exam term life insurance
No medical exam term life insurance is most likely to occur if during your medical questionnaire no high-risk factors are identified.
- You have a healthy BMI
- Don’t smoke
- Don’t drink alcohol excessively
- Have no family history of serious illness
- Have no pre-existing medical conditions.
Even if you do fall under any of the above, you may still not be required to undergo a physical exam to obtain term life insurance if the information you’ve provided is considered to be detailed enough for the insurer to assess your level of risk.
It may also be possible for the insurer to obtain any further information they require regarding your health by accessing your medical records (with your permission) to avoid you having to undergo an exam.
Why do insurers request a medical?
Your monthly premiums are calculated by your insurer after looking at many factors, including your current health, smoking status and medical history.
The purpose of a medical is for the insurer to acquire a more detailed picture of your health.
This enables them to more accurately determine what your monthly premium should be.
Alternatively, an insurer may ask for permission to contact your doctor to obtain medical records.
Often, this provides sufficient reassurance for the insurer to approve your policy.
When are medicals needed?
It’s important to understand that each insurer has their own unique criteria to establish whether a medical is required.
However, as a general rule, you may require a medical exam if:
- You’ve disclosed pre-existing medical issues during your application
- You’ve been refused life insurance in the past
- You’re wanting to be covered for a large sum assured
- Your family has a history of suffering serious hereditary diseases
- You’ve lived abroad for an extended period of time.
What is the medical exam for life insurance?
During a medical exam for life insurance, a number of elements will be assessed to conclude the status of your overall health.
Such as your:
- Blood pressure
- Fitness (on occasions).
This will test for any abnormal/high-risk readings which would prevent an insurer from providing you with life cover or require them to inflate the cost of your premiums.
How much is a life insurance medical exam?
If your life insurance provider requires you to undergo a medical, they’ll cover the full cost of the examination.
Between the application and medical exam results, most insurers will provide you with accidental life insurance cover.
This means that if you were to pass away during this period as a result of an accident, your loved ones will receive a pay out.
How long does a life insurance medical exam take?
A life insurance medical exam isn’t a long endeavour and usually lasts approximately 20 minutes.
It’s carried out at a location convenient to you and is conducted by a GP or nurse which is accepted by the life insurance.
Can life insurers access your medical records?
Occasionally, following medical questions during the application, further information will be required.
As opposed to getting you to undergo a medical, insurers may request to access your medical records to obtain the information required.
In order to access your medical records, the insurer must obtain your permission.
Failure to grant this permission could result in your application being denied.
Following the start of your policy, insurers can access your medical records upon your death or under suspicion of fraud. This is as a result of the terms and conditions you’ll have signed with your policy.
This will allow them to ensure all aspects of your application were truthful and if required, a claim is valid.
Level of cover
In some instances when a large sum assured is required, an insurer will insist you undergo a medical exam before they accept your application.
The large sum assured significantly increases their risk, therefore, all measures are taken to mitigate this risk by charging an appropriate premium.
Therefore, depending on your cover amount, your likelihood of having to undergo a medical to obtain life insurance may be increased.
When medical information is required it can be tempting to withhold or distort information regarding your health if it’s less than favourable.
However, as mentioned, if an insurer believes the information you’ve disclosed is untrue or they query information upon your death, a claim could be deemed invalid if you’re found to have been dishonest.
This could be uncovered either via your autopsy or reviewing your medical records.
To prevent your loved ones being denied a claim and your investment being wasted, it’s essential you disclose all information regarding your health.
Reassured’s impaired risk team
However, there are still options besides opting for a no medical alternative.
It may be possible that even in a poorer state of health, providing details of your condition could still be a more cost-effective solution than selecting an option where your risk is unknown to the insurer.
At Reassured our dedicated impaired risk team have helped secure cover for more than 45% of those who have been declined cover elsewhere.
They have the skills to put you in touch with the insurers most likely to accept sufferers of your condition and at the lowest cost.
How we can help save you time and money
Regardless of whether you opt for life insurance with or without disclosing medical information, the cost can vary significantly between insurers.
As a result, it’s essential to compare multiple quotes to ensure you secure the best possible deal.
Our award-winning brokerage can carry out all the hard on your behalf, comparing a wide range of insurers, saving you time and money.
And the best bit is our broker service is completely free to use.