There are big changes progressively taking place in the individual life insurance market. It was only about 10 years ago when all applicants had to undergo a medical exam when applying for a life insurance policy. This meant setting aside 20-30 minutes for a stranger to visit your home or office and take your blood and vitals. Oftentimes it also meant answering highly personal medical questions to this person.
Over time, as tech and data systems advanced, the insurance companies started becoming more savvy with accessing and using that data in their underwriting efforts. They realized that the medical exam doesn’t yield as much actionable data as their access to prescription drug databases, credit checks, and other personal data does. As a result, a few carriers waived the exam requirement for coverage amounts up to $1,000,000.
The COVID-19 pandemic accelerated these changes as people had to social distance and utilize technology more than ever in their everyday lives. This also forced the insurance companies to become more reliant on data. More companies started to waive the exam requirement for coverage amounts up to $1,000,000 with some even waiving it up to $2,000,000. Many people wondered if these new guidelines would remain as the pandemic eased up.
Now about 18 months later from the start of the pandemic, it is safe to say that these guidelines will remain moving forward. In fact, the evidence indicates that these new guidelines will become even more common.
For example, a major life insurance company just announced that applicants up to age 70 can obtain up to $10,000,000 in coverage without a medical exam. Here are the details:
Applicants ages 18-50 can obtain up to $5,000,000 without a medical exam or review of medical records.
Applicants ages 51-60 can obtain up to $3,000,000 without a medical exam or review of medical records.
Applicants up to age 70 can obtain up to $10,000,000 without a medical exam. However, a physical with lab work completed with the applicant’s physician within the past 12 months is required. The insurance company will pay to obtain the results from your physician’s office.
It is important to note that while exam requirements are becoming less common, it doesn’t mean that applications are guaranteed to be approved. The review of various underwriting factors still takes place, and ultimately your rate will depend on those factors. That is why it is important to work with an independent agent who represents multiple carriers and can find you the best offer based on your situation.
If you would like quotes for your no medical exam required life insurance options, contact us today or call 888-934-4637. If you only need up to $1,500,000 in coverage and would prefer to receive a quote and obtain an instant decision without talking to an agent, then I recommend using this 100% Online Life Insurance (No Phone Call or Exam) application.