What Type of Life Insurance Does Not Require a Medical Exam in CA?
Most life insurance companies offering coverage in California will require a medical exam to determine the type of coverage you require and the premiums to be charged. It is an essential process for the insurance company to determine a client’s risk level. However, some life insurance policies in California require no medical exam, although you may have to answer some questions concerning your health. Such no exam life insurance policies are typically aimed to serve the needs of seniors, who otherwise may be disqualified from standard life insurance coverage.
Select life insurance companies in California offer guaranteed acceptance life insurance (also known as “life insurance with no health questions”). Such policies typically limit the death benefit payout during the first 2 years of coverage. If the insured dies during this 2 year period, the beneficiaries usually receive the premiums paid plus the additional interest (typically up to 10%). The full face value of the policy starts after this trial phase is over.
FACT: In 2022 there were nearly 6 million Californians aged 65 or older, with this number expected to grow as the state’s population continues to age.
The cost of life insurance policies that do not require a medical exam will differ depending on the type of policy you choose and the benefits available to you as part of the policy. You can get a no exam term life insurance (without any cash value component) or a no exam whole life insurance with cash value components. If you are a company or business owner, you can also get a keyman life insurance no medical exam, which can provide protection to key persons in your business without requiring a medical exam.
Senior Life Insurance in California - Basics
- No exam whole life
- No exam term life
- No exam final expense
Senior life insurance policies could be found under both the term life insurance and permanent (cash value) life insurance policies. Because you do not have to carry out a proper medical exam, these types of insurance tend to cost more than those requiring a medical exam. The types of California life insurance policies with No Medical Exam are:
- Accelerated underwriting: This life policy does not require any medical exams and uses algorithms and artificial intelligence to determine your eligibility
- Guaranteed issue life insurance: You qualify for guaranteed issue life insurance coverage based on your age. You will not be required to take a medical exam or fill out any questionnaires and will usually be eligible if you are 50 and over. Some insurance companies make this insurance type available throughout your lifetime, while others will have specific age limits
- Simplified issue life insurance policy: This policy only requires that you complete a questionnaire on your lifestyle and health. Questions will be on health conditions, income, family background, and other similar questions
Both guaranteed issue and simplified issue are the types of final expense life insurance with no exam.
Life insurance companies for seniors: In order to find low cost no medical exam life insurance - always check three or more competitive offers before committing to the coverage. Discuss no medical exam life insurance quotes and any other life insurance questions you may have with licensed California life insurance agents.
