What Kind Of No Exam Life Insurance Should You Buy?

no exam life insurance

There are several types of no exam life insurance — how can you know which one is right for you?


There are many reasons why people choose no exam life insurance over traditional life insurance. Life insurance that offers coverage with no health questions asked is sometimes the only kind of life insurance that people with chronic illnesses or certain conditions can get. Additionally, no medical exam life insurance is a great option for people who suffer from trypanophobia (fear of needles) or don’t have hours to waste as a doctor’s office. And finally, it’s also a good option for anyone who needs life insurance quickly, whether it’s because they’re getting divorced or need a business loan. With no exam life insurance, approval is granted in a matter of days, not weeks or months like traditional life insurance. 

If one of the above descriptions sounds like you, no exam life insurance is a good way to get the coverage you need. However, there are several different types of no exam insurance policies, which can leave you wondering, which kind is right for me? 

The 4 Types Of No Exam Life Insurance 

According to Sproutt, there are 4 main types of no exam life insurance: Simplified Issue, Guaranteed Issue, Graded Death Benefit, and Final Expense. Read on to find out what each type offers and whether it’s right for you. 

Simplified Issue 

This is a type of term life insurance, and it offers the most coverage when compared to the other kinds of no exam types — up to $500K or $1M, depending on the insurance company. Simplified Issue (SI) requires applicants to answer some questions and may even request health records. What it doesn’t require is a medical exam, making it ideal for someone who is scared of needles or doesn’t like doctors. It’s also suitable for people who are in relatively good health and need significant coverage. 

Guaranteed Issue 

This is a type of whole no exam life insurance that anyone can be approved for, hence the word “guaranteed” in its name. Due to the fact that anyone can be approved, the amount of coverage doesn’t go up as high as SI. In fact, Guaranteed Issue (GI) typically only goes up to $25K. This can be a good option for people who are turned down by traditional life insurance policies but still want to leave their loved ones a lump sum of money in the event that they die. Because GI doesn’t ask for any health information from applicants, this is usually the most expensive type of policy. 

Graded Death Benefit 

A type of GI, Graded Death Benefit does come with some health questions, but more significantly, it comes with a graded death benefit payout. This usually means that if the policyholder dies within the first two years of purchase, only a portion, or graded amount, of the death benefit is paid out. If the policyholder dies after several years, the entire amount is paid. The benefit of this is that it’s less expensive than straight-up GI and the coverage can go up to $50,000. 

Final Expense 

This is another type of whole no exam life insurance, but it is specifically for people who don’t want loved ones to be burdened with the cost of their funeral and burial expenses. This life insurance comes with no term, no graded payout, and premiums are relatively low. 

When It Comes To Life Insurance, Getting Help Can Get You What You Want 

To determine the type of no exam life insurance you need, consider your specific needs and what options are available. Don’t be afraid to shop around to get the best quote. Sproutt can help you with that — as an insurance aggregator, it finds the best quotes from multiple companies so that you don’t have to do any of the legwork. 

While there are many different types of life insurance, the bottom line is that they can provide financial support for your loved ones in the event of a tragedy. How much financial support is up to you to decide. Some people use the death benefit from life insurance to temporarily cover living expenses, mortgage payments, tuition payments, or to pay off loans. Every person and every family has their own story. Take some time to understand your story, then don’t be afraid to seek help in getting the policy that’s best-suited for you.