Life cover with no medical exam
When you want to take out life insurance, many insurers will want to know about your current health, before they agree to insure you.
Many providers do this via a medical exam, which will check things like blood pressure, weight, BMI, medical history and general fitness.
However, there are some policies which do not require a medical at all, which can be beneficial if you do have existing medical conditions, or if you just wish to avoid the hassle of going for an exam.
Which life insurance policies do not require a medical?
The decision about whether a medical is required or not will depend on your individual circumstances and the information you provide to the insurer.
When you apply to take out life insurance, you will be asked a series of questions about your health, lifestyle and medical history, which will determine whether the insurer requires a medical to be completed.
Key points regarding medicals:
- In the majority of cases, if the applicant is under 50, no medical is required
- Most over 50s plans guarantee acceptance with no medical, (although these can be more expensive)
- If you are in good health and have no complicated medical history, you will probably not need a medical.
When are medicals needed?
If your medical history is complicated, you have a pre-existing condition, have suffered cancer or heart attack, or are a smoker, you may be asked to go for a medical assessment.
Alternatively, an insurer may ask for permission to contact your doctor to obtain medical records, which is often enough for them to start your policy without an assessment.
The cost of life insurance with and without a medical
As a general rule, the healthier you are, the lower your insurance premiums. Insurers look at a wide range of factors in order to calculate the cost of your policy, which include things like:
- Your age
- Whether you smoke
- Your weight/BMI
- Family medical history
- Your occupation/hobbies
- Previous medical conditions
- Your alcohol intake
If you are in good health, then taking out insurance without a medical should not be any more expensive than one which asks you to take an exam.
However, if your medical history is complicated, you have a pre-existing condition or live an unhealthy lifestyle, you will be seen as a higher risk to the insurer.
This may mean that your premiums skyrocket, and in this situation, it may be beneficial to undertake a medical in order to reassure your insurer of your current health.
For those over 50, there are a number of specific policies which guarantee acceptance with no medical, up to the age of 80+. These policies are often very expensive, as insurers bump up the premiums to make up for the increased risk.
If you are over 50 and in excellent health, you could potentially secure a lower insurance premium by going with an insurer who does check your health more thoroughly.