illustration of a doctor holding a stethoscope
Insurance 101

Term life insurance, no medical exam—what’s not to love?

Insurance 101

Term life insurance, no medical exam—what’s not to love?

Digital underwriting is powering new ways to get coverage.

Many factors come into play when deciding what life insurance policy to buy. You want to make sure that whatever policy you choose will be able to protect your family and any assets you leave behind. But many traditional companies have drawn-out processes that include trips to the doctor to determine if you even get coverage. Luckily, many companies offer term life insurance, no medical exam required. That means the application process is online and you never have to see the inside of a doctor’s office. How can that be? Let’s find out.

  1. What is no exam life insurance?
  2. Types of no exam life insurance
  3. Power of digital underwriting for life insurance
  4. No exam life insurance application
  5. Online life insurance, no medical exam, lots of perks

What exactly is no exam life insurance?

A no exam life insurance policy is just that—it’s a policy that doesn’t require a physical medical exam or trip to a doctor to get. That’s pretty neat, right? Well, it depends on the type of coverage and your needs. Some no exam life insurance policies are more expensive, since the company is taking on a greater risk to get you coverage. But considering people pay way more to have food delivered to their doorstep, the convenience factor isn’t something to scoff at.

Types of no exam life insurance

Guaranteed acceptance life insurance

Also known as Guaranteed life insurance, this policy-type is very convenient for people who usually can’t get coverage somewhere else. However, coverage amounts are very low, usually between $10,000 and $25,000. 

Group life insurance

This policy-type is usually offered as part of an employer’s benefits package. Coverage is more or less guaranteed but much like guaranteed acceptance life insurance, the coverage amounts are very low, ranging from $25,000 to multiple of your annual salary.

Term life insurance

Aw yeah, baby. Term life insurance is a policy-type that has you covered for a specific amount of time, aka a term. If you die during the term period, your beneficiaries get a death benefit, also known as a payout. Many term life companies, such as Wyshbox, don’t require medical exams to apply.

Power of digital underwriting for life insurance

So how do insurance companies know how much to charge you? Well, they do it through a process known as insurance underwriting. It’s basically the company calculating your risk and how much it might take to insure you. Some companies use medical exams, such as physicals, as part of the whole underwriting process. 

Other companies in the digital age have done away with needing a medical exam during the underwriting process. But they’ll still need that medical information. So instead, during the application process for online life insurance, you’ll need to answer a health questionnaire. So what does no exam life insurance questionnaire look like?

No exam life insurance application

If an insurance company doesn’t need you to visit the doctor, how do they get your medical information? Digital underwriting makes use of access to the medical information that’s public to calculate your risk. They take that information and compare it to the info you provide during your application.

When you apply, you may be asked about things like:

  • Age
  • Personal and family medical history
  • Mental health
  • Lifestyle & hobbies
  • Driving history
  • Criminal record (if you have one)

All of this information together lets the insurance company calculate your risk and your class rating. These inform how much your monthly costs could be. If you’re denied coverage, it’s not the end of the world. See you can change your habits and reapply, though the time window depends on the individual company. 

Potential Underwriting requirements

Online life insurance, no medical exam, lots of perks

Getting online life insurance has never been more convenient or more powerful. Companies, such as Wyshbox, put well-developed insurance tech (aka insurtech) to use to get policyholders coverage at affordable rates. If you’re in the market for budget-friendly rates and flexible coverage options, apply for a term life insurance policy with Wyshbox. Explore our flexible coverage amounts that grow with you and your needs. And did we mention that there’s no medical exam required?

The opinions we expressed in this post are for general informational purposes only and are not intended to provide specific advice or recommendations.
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