Looking for life insurance that isn’t based on your medical history? In this guide we explain your options.
The vast majority of insurers have a lengthy medical based questionnaire that makes up a huge chunk of the application process. For anyone with pre-existing medical conditions, premium quotes can quite quickly sky rocket. But, no-medical life insurance does exist.
If you’re looking for a life insurance policy that has no medical hoops to jump through, you’re in luck. In this guide we’ll explain how no-medical life insurance works and who might be eligible for this type of policy. Scroll on to learn more.
Can you get life insurance with no medical?
In short, yes and no. While no medical life insurance does exist, eligibility will depend on a number of factors. These include your overall health, lifestyle and your family’s medical history.
If you’re relatively young and generally in good health, you can often qualify for life insurance without having to have a medical examination. However for anyone older and who’s health isn’t at its best, an insurance provider is likely to request you undergo a medical with your GP prior to approving your application.
That said, anyone over 50 looking for a no-medical policy should look at over 50s life insurance. They usually come with no medical questions too. Win-win.
What is no medical life insurance?
When we think about no-medical life insurance, typically an over 50s policy comes to mind.
Over 50s life insurance is a good idea for anyone that wants to leave their loved ones an inheritance and ensure their burial costs are covered. If you’re in poor health, an over 50s policy could be ideal. This type of life insurance policy generally involves no medical-based questions. Which means that you’re likely to pay less into the policy than your survivors will get out at the end.
Anyone in their 50s can get access to specialist over 50s policies.
No-medical life insurance is also available in other circumstances. For example, if your age and your health is on your side and you have no family history of medical conditions, you quite often won’t need to undergo a medical exam to be approved for life insurance.
To understand this a little better, let’s look at the different scenarios where a medical would be required.
When is a medical needed for life insurance?
There are a number of reasons why a life insurance provider might ask you to undergo a medical exam before accepting your policy application.
If one or more of the following applies to your personal circumstance, you may be required to have a medical:
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Pre-existing medical conditions. Anyone with pre-existing medical conditions is likely to have to have a medical exam with their GP to check their overall health before their life insurance application is approved.
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Your family’s medical history flags up hereditary illnesses. If you have a history of illnesses in your family, you may be asked to attend a medical examination. Hereditary illnesses that could trigger this include Alzheimer’s disease, arthritis, cancer, dementia, diabetes, heart disease, high blood pressure and multiple sclerosis.
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You’ve lived overseas. If you’ve lived in another country for extended periods of time, a medical may also be required. This would be to check that you haven’t contracted any unusual disease or illness during your time overseas.
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You’ve been rejected for life insurance in the past. If you’ve ever been turned down for life insurance in the past, an insurer will want to know why before approving your application. A medical can help to rule out any health factors that may have caused the previous rejection.
Over 50s life insurance with no medical
Over 50s life insurance generally has no medical questions involved at all. One of the reasons that this type of cover is so popular is that you’re guaranteed to be accepted. And this is without a medical examination or even having to answer any health-related questions.
So, whatever your current health status may be, you’ll be able to take out a life insurance policy that delivers a lump sum for your loved ones when you die.
How much life insurance can I get without a medical exam?
As with all types of life insurance, the amount paid out is negotiated during the application process. The amount your no-medical life insurance policy will pay out in the event of your death is agreed by both yourself and your insurance provider.
As you’d expect, the more you want the policy to pay out, the more you’ll have to pay for the monthly premiums.
With over 50s cover, the amount a policy will pay out tends to be significantly less than other types of insurance. No-medical over 50s life insurance will usually pay out a lump sum of anywhere from £1,000 up to £25,000. In some circumstances, you’ll be able to negotiate a larger pay out. But, you can expect a larger monthly premium as a result.
What factors affect the price of a no-medical life insurance policy?
The cost of your life insurance premium is generally dictated by your personal circumstances. This, as well as the level of cover required and the length of time you wish the policy to last. There are a number of factors that will impact the price of your no-medical life insurance policy. These include:
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Usually, the older you are the more expensive a no-medical life insurance policy is likely to be. That’s generally the case with all types of life insurance.
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Overall health. Your medical history also significantly impacts your no-medical life insurance policy fees. If you’ve already been diagnosed with an underlying health issue, a policy is likely to be much pricier if available at all.
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Smoking status. If you smoke, are an ex-smoker or use nicotine replacement products, life insurance is always going to be more expensive.
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Height and weight. Insurers use your height and weight to calculate your BMI. If you are considered overweight, your premium prices are always going to be higher than those with a healthy weight at the time the policy is taken out.
Other things that impact the cost of a no-medical life insurance policy include the length of the policy and the level of cover. The longer you want a policy to last the more expensive the premium will be. The level of cover required impacts it similarly. So, the more you want the policy to pay out, the more it will cost. Consider how much you want and need the policy to pay out.
Why secure no-medical life insurance with Life Expert
At Life Expert, we provide free quotes from our panel of insurers. We’ll also help you to conduct a full comparison between the best life insurance options to suit your needs. All of our quotes are completely personalised. Plus, our experts are always on hand to help guide you through the entire purchasing process.
