No medical exam life insurance replaces the paramedical exam with a health questionnaire and, sometimes, a database check of your prescription and medical history. Coverage caps are lower than fully underwritten policies, usually $25,000 to $40,000, but most decisions come back in days instead of the 4-6 weeks a full exam can take.
A health questionnaire plus a check of prescription history and the MIB database. Decisions typically return in a few days. Most final expense policies work this way.
No health questions at all. Everyone in the eligible age range qualifies. Premiums run higher and a graded benefit usually applies for the first two years.
Used more on larger term policies: algorithmic review of prescription and medical records can approve healthy applicants without an exam, sometimes same-day.
Skipping the exam almost always means a lower maximum coverage amount and a somewhat higher rate per thousand dollars of coverage than a fully underwritten policy would offer a healthy applicant. For a final expense policy sized at $10,000-$25,000, that tradeoff rarely matters. For a $250,000 term policy meant to replace years of income, a fully underwritten application is usually the cheaper path if you can pass a medical exam.
Guy Jean compares both paths across carriers so you're not paying the no-exam premium for coverage that would qualify for standard rates.
Simplified-issue applications typically return a decision in a few business days. Guaranteed-issue is usually faster since there's no health review at all.
Generally yes, per thousand dollars of coverage, compared to a fully underwritten policy for a healthy applicant. For final expense amounts the difference is usually small; for larger term policies it can be significant, which is why Guy checks both paths.
It varies by carrier, typically $25,000 to $40,000 for simplified issue final expense products. Larger amounts usually require at least a short phone health interview or move toward accelerated or fully underwritten terms.
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