Medical Exam vs No Medical Exam

When it comes to obtaining life insurance, there are typically two options available: a policy that requires a medical exam or a policy that does not. 

A life insurance policy that requires a medical exam typically offers higher coverage amounts at lower rates, though this is changing with certain carriers.  This is because the insurer has a better understanding of your health risks and can adjust your premiums accordingly. The medical exam typically involves a physical exam, blood work, and other tests to assess your overall health. While this can be time-consuming and invasive, it can result in lower premiums and more comprehensive coverage.

On the other hand, a life insurance policy that does not require a medical exam may be quicker and easier to obtain, but may also have higher rates and lower coverage amounts. These policies are typically marketed as “simplified issue” or “guaranteed issue” policies, and may only require you to answer a few health-related questions or submit a medical questionnaire. While this can be convenient for those who don’t want to undergo a medical exam, it may result in higher premiums due to the increased risk for the insurer.  The use of AI and data is changing this though and no medical coverage may be very similar in price to a policy with a medical exam.  

Ultimately, the decision to choose a policy that requires a medical exam or not will depend on your individual needs and preferences. If you’re willing to undergo a medical exam and are in good health, a policy that requires an exam may be the better option as it can result in lower rates and higher coverage amounts. However, if you have pre-existing health conditions or simply don’t want to undergo a medical exam, a policy that doesn’t require an exam may be the best choice for you.