Life Insurance Without A Medical

Life insurance is one of the most important financial products for a family, and applying for a policy is generally a simple process.

Premiums are based on several factors, including your age, overall health, and lifestyle. Some insurers require you to undergo a medical, too. But you’ll only be asked for a medical exam if your application raises particular concerns about your health.

Here’s more about what you need to know.

Do you often need a medical for life insurance?

Usually, no, you don’t. Most life insurance providers offer cover without a medical, particularly if you’re relatively young and healthy, which will be clear from your application form. In general, this form will be provide enough information for an insurer to decide whether to offer cover – and how much you’ll pay for it.

It’s also the case that medicals can be expensive. So, before asking for you to undergo an official health check, an insurer may ask if it can write to your doctor to get a clear picture of your medical history.

However, these days, it’s common to be offered life insurance without a medical, once you’ve completed the insurer’s questionnaire.

Do you have to answer questions about your medical history?

Even if you’re not asked for a medical, you’ll usually be asked a series of general questions about your overall health when taking out life insurance. There are policies (see below) where you don’t have to answer any health-related questions, but they tend to be more expensive.

You should answer questions honestly, as any details that turn out to be false could invalidate a future claim. If you’re a smoker, for example, and claim not to be, it’s likely that your policy will be invalidated. So, you loved ones won’t receive a penny on your death, which defeats the point of taking out a policy.

What’s the point of a medical?

By getting you to have a medical examination the insurer can get a more detailed and accurate picture of your state of health and your lifestyle. This way it can offer you a more accurately priced premium.

It also means peace of mind that the insurer has all the information required to offer you cover at the right price.

Who needs a medical check to get life insurance? 

Often, applicants are asked to undergo a medical because they have a pre-existing condition. It means the insurer wants to get more detailed information about your state of health to have a better understanding of any potential risks that could affect the price of your cover.

Other reasons you might be asked to have a medical include:

• A history of particular, hereditary illnesses in the family
• Lifestyle factors, such as smoking or heavy drinking, mean the insurer needs more information about your overall health
• You have lived overseas for a number of years
• You’ve been turned down for life insurance in the past.

When will you be asked for a medical?

The older you get, and the more health issues you face, the more likely it is that insurers will request a medical as part of your application process.

You may be asked for one if your details suggest any health issues. Your age, sex, height and weight will be used as a basic measure to determine things such as your Body Mass Index (BMI), and whether you’ve overweight.

Similarly, if you’ve disclosed you’re a heavy smoker or drinker, this might prompt an insurer to ask for a health check up. You may also be asked to undergo a medical if you’ve any serious pre-existing health issues, or a family history of a hereditary illness, for example.

Generally, the greater the changes of you dying during the policy term, or the higher your risk to an insurer, the more likely it is that you’ll be asked for a medical. That’s because there’s more chance of the insurer facing a claim, and having to make a pay-out during your policy’s term.  

If you’re asked to undergo a medical, however, this shouldn’t necessarily be a concern. It doesn’t mean you’ll be refused cover. The insurer may simply be seeking a clearer picture of your overall health from a medical professional before deciding on how much you’ll pay per month for the policy.

What about life insurance without a medical?

You can take out life cover without a medical, or even having to complete a questionnaire on your health history. These are known as ‘guaranteed acceptance’ policies.

These are typically more expensive but, as their name suggests, you can be certain you’ll be offered a policy, whatever your medical history or lifestyle. However, the insurer will have to assume a higher level of risk in covering you, as they haven’t done a personal assessment. So, that’s why theses policies tend not to be the cheapest on the market.

As a general rule, the fewer the questions you’re asked on applying for life insurance, the more likely there are to be exclusions, too. So check the small print to ensure you’re happy with the policy terms before signing up.

What about over-50s life insurance?

You can take out life insurance when you’re aged over 50 to run for the rest of your life. These policies are ‘whole-of-life’ insurance, rather than term insurance running for a specific time period. And, acceptance is guaranteed, too, so you can be sure you’ll be covered, whatever your medical history.

Taking out a policy when you’re older could provide a cash sum for your loved ones to use, say, for funeral costs, pay outstanding debts, or as a financial gift after you’re gone. The policy will promise to pay out a fixed lump sum to your loved ones when you die, provided you keep up monthly payments.

Remember, it’s never too late to financially protect your family. Life insurance gets more expensive as you get older, but you can still get cover if you need it, and even without a medical.

Bear in mind that you’re likely to pay more for whole-of life insurance than for a life insurance policy that runs over a fixed term. That’s because at some stage the insurer will be paying out on your death. Given there are no medical questions asked with these plans too, they can be expensive. There’s a chance you could even pay more in premium than the amount of pay out if you live long enough.