Jeffrey Manola is an experienced life insurance agent and the founder of Top Quote Life Insurance. His mission when he created Top Quote Life Insurance was to provide online consumers searching for life insurance with the absolute best quotes for term life insurance, permanent life insurance, no medical exam life insurance, and burial insurance. Not only does he strive to provide you with the ...

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insur...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years

UPDATED: Nov 4, 2020

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While searching for life insurance coverage options you may come across many different types of term life insurance options.

Two popular options are term life insurance or no medical exam term life insurance. You may have asked yourself, “Does no medical exam life insurance really exist?” The answer is yes!

No medical term life insurance does exist and is becoming a very popular option for life insurance coverage. No medical term life insurance could very well be of interest to you, depending on your individual situation and coverage needs.

Majority of life insurance companies will require an applicant to take a medical exam provided by the life insurance company to determine your level of risk.

Your level of risk will then determine the premium that you would need to pay for the coverage. Many people want to know which is a better choice, term life insurance or no medical exam term life insurance?

Looking to compare life insurance policies? We can help. Enter your ZIP code to get free quotes from multiple insurers.

How Are They Alike?

While there are some differences between term life insurance and no exam coverage, they are both very similar. Term and no medical term can both have fixed premium periods of 10, 15, 20, 25 or 30 years.

As long as the term policies are active, both will pay the beneficiary should the insured pass away. Just like a regular term policy, a no medical term policy will also have a 2 year contestability period should the insured pass within the first 2 years of the policy being issued.

The 2 year contestability period allows the life insurance company to investigate should they believe fraud has been committed at the purchase of the life insurance policy. No medical term policy will lapse just like a regular term policy would do if premium payments are not made.

Most life insurance companies will have a 30 day grace period if you are late on making your premium payment, so make sure you pay within those 30 days to avoid any reinstatement process.

Having to go through reinstatement could require new underwriting leading to a possibility of decline if your health has changed since the purchase of the policy. Reinstatement is not guaranteed to reactivate your policy.

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How are They Different?

Regular term policies are able to offer large coverage amounts when taking a medical exam. Generally, no medical term policy has limits to the amount of coverage an insured can obtain.

Some no medical exam term life insurance companies offer coverage amounts up to $500,000 without having to take a medical exam. The downside is that if your life insurance needs require more than $500,000 in coverage you will need to consider a term policy that requires you to take a medical exam.

Or, you will need to apply with multiple companies that offer a no medical exam option. This can become a bit more costly than if you were to apply with one company for the exact amount of coverage you need with a medical exam.

The Biggest Difference…Price

Probably the biggest difference between term life insurance and no medical term is the price. When considering a term policy you will be required to take an exam.

The medical exam allows the life insurance company to collect your medical history to assess your risk to the company. If you have a low risk, the life insurance company is able to offer you a better price for your coverage.

Some no medical term policies will automatically offer you a standard risk classification for the no medical coverage.  The difference in premium between taking a medical exam and not taking an exam could be significant.

**Update** 

Since this original posting of this article, many life insurance companies that offer no exam coverage now offer it at preferred rates as long as you can qualify for the risk classification.

The Benefits of No Medical Exam Life Insurance

No medical term life insurance policies definitely have their benefits. Generally, no medical policies are issued a lot quicker than a regular term policy.

Paperwork is often less than that of a regular term policy. Coverage amounts are relatively high with some no medical exam term life insurance companies offering up to $500,000 without having to take an exam.

If you have a fear of needles and giving blood then a no medical policy is the ideal policy for you. Without having to meet with an examiner to provide blood and urine it will cut down on the time it would take the insurance company to receive and review lab results.

The biggest benefit of a no medical exam policy is the fact that you are not being underwritten based on labs that you would need to provide for a regular term policy.

In some cases, an individual that knowingly has elevated labs may find that no medical policy could be more beneficial for them. Depending on the individual, elevated labs can lead to a higher risk class or possibly a decline when having to provide labs.

In this case, purchasing a no medical term policy would have been ideal.

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Medical Exam or No Medical Exam

Here at Top Quote Life Insurance, we can help. We can assist in your choice of term life insurance or no medical exam term life insurance. Please contact us if you have any questions about term life insurance or no medical exam term life insurance coverage options.

Looking to compare life insurance policies? We can help. Enter your ZIP code to get free quotes from multiple insurers.