Most life insurance policies require a medical exam as part of their risk assessment of you as a potential policyholder. However, there are non-medical policies, which do not require an exam and might not even ask health questions of you. While that is certainly less invasive and time consuming, there are plenty of things to consider in regards to a non-medical life insurance policy.
Pro: Might avoid a negative ruling based on poor health
The medical exam can make or break a life insurance application. Any number of medical conditions can warrant an unfavorable judgment leading to higher premiums or even outright rejection. Avoiding this scenario is a leading reason for using a non-medical life insurance policy.
A poor result on a medical exam doesn’t just affect your current insurance application. The results are available for future applications as well, so they can still affect even most no-medical applications in the future.
Con: Non-medical policies are more expensive
While health problems may raise your premium, a non-medical policy will certainly be more expensive than the standard premium of a policy with a medical exam.
Con: “No exam” doesn’t mean no health questions
Most non-medical policies still require you to fill out a health questionnaire in which you will need to acknowledge known medical conditions. Only guaranteed acceptance non-medical policies avoid this altogether, and they are expensive. So, while a non-medical policy avoids the company finding out you have high cholesterol, they will still know if you have had a heart attack.
Pro: Quicker Process Time
There’s no denying that non-medical life insurance policies can be processed more quickly. A standard policy traditionally takes four to six weeks, while a non-medical one can be complete in a couple weeks, and a guaranteed acceptance policy can be completed in less than two days.
However, with the advent of online applications, standard policies are being processed increasingly quickly, narrowing the time gap between standard and non-medical policies.
Pro: Avoids the Doctor
Some people really do not like doctor visits. The medical exam will definitely include both a urine sample and a blood draw, which some people have aversions to. In addition, for best results, there are changes to diet and lifestyle you should do at least a couple days before the exam.
However, purchasing life insurance is a major decision, so you should weigh the benefits against the inconvenience.