Life Insurance Basics
What is a no-exam life insurance policy?
A no-exam life insurance policy does not require a medical exam for approval. There are two types: simplified issue (answers to health questions required) and guaranteed issue (no health questions — anyone can qualify). No-exam policies typically have lower coverage limits and higher premiums than fully underwritten policies.
Key Points
- No-exam policy: no medical exam required
- Simplified issue: answer health questions, no exam
- Guaranteed issue: no health questions — anyone can qualify
- No-exam policies: lower coverage limits and higher premiums
- Best for: people who cannot qualify for traditional coverage or need coverage quickly