No Exam Life Insurance for People in Their 40s

If you’re between the ages of 40 and 50 and haven’t yet purchased life insurance, you may have been told that it’s too late. That isn’t correct by a long shot. Some people nearing 50 may not need life insurance, but others do, and it’s not too late. Life insurance purchased at these ages can be purchased to pay off debt, help out loved ones, or plan for the future. If you’re in your 40s and need life insurance, no exam life insurance is a good option.

No exam life insurance is a type of policy that allows you to get life insurance without undergoing a medical exam. For people in their 40s who may have medical complications, skipping the medical exam means having the chance to qualify for Coverage despite these complications. 

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While there are traditional life insurance policies that offer coverage for all ages, those with medium to severe medical complications may find themselves denied. However, there are several types of no exam policies that will grant Coverage despite health complications. 

No Exam Options for People in Their 40s

There are three no exam life insurance options for people in their 40s:

  • Guaranteed issue
  • Simplified issue
  • Group

Below we’ll discuss what each type offers and what you can expect to pay. You can also get a free quote here

Guaranteed Issue

Guaranteed issue life insurance has an age limit of 80 or 85, depending on the carrier. That means that you’re ahead of the game if you buy it when you’re in your 40s. However, this specific type of life insurance is made for people who have very serious medical conditions and wouldn’t be able to get any other type of life insurance. 

As the name implies, approval is guaranteed. Therefore, you don’t have to answer any medical questions on the application. Just apply and get approved instantly. Of course, the policy will only remain valid if you pay the monthly premiums. Which brings us to the question of cost. Guaranteed issue is the most expensive type of no exam life insurance since approval is guaranteed, and the insurer has no way to assess its risk. Additionally, Coverage is limited to $25,000. 

Guaranteed issue policies usually come with a two-year waiting period. This means that if you die within two years of buying the policy, your beneficiaries won’t get the death benefit. All they’ll get is a refund of the premiums you paid, plus interest. The waiting period is another way insurance companies cover themselves against taking on too much risk.

If you’re in your 40s, you should only consider this type of life insurance if you have a very serious illness. Otherwise, you should look for less expensive policies with better conditions. 

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Simplified Issue

A simplified issue is a much better option than a guaranteed issue for people in their 40s, who usually don’t have such severe medical conditions. The application for a simplified issue includes some health questions. In some cases, the insurance company will collect your prescription and driving records to get a better idea about you. 

Simplified issue policies aren’t fully underwritten, but they are partially underwritten. This enables underwriters to more accurately assess the risk you pose to the life insurance company. While that may sound bad, it’s actually that assessment that allows them to offer you better prices. In fact, people in their 40s who are in relatively good medical condition can often find very competitive rates for simplified issue policies. 

Another benefit is that Coverage goes up to $500,000, and in some cases, even $1 million.

Group Life Insurance

Your employer usually offers group life insurance, and you can get Coverage without a medical exam. You may already have this kind of life insurance since the monthly premiums are usually footed by the employer, which means there’s no reason not to get it! However, this type of no exam insurance usually offers Coverage that equals your yearly salary. One year’s salary is most likely not enough to help your loved ones avoid financial ruin in the event you die early. That’s why most insurance experts recommend getting another policy in addition to your group policy.

Medical Issues Shouldn’t Prevent Coverage

Even if you have medical issues in your 40s, there’s no reason you shouldn’t be able to qualify for life insurance. Now is the best time to do it, since as you get older, the more likely your medical issues will get worse. Then it will become really difficult to get. At this stage, as long as you don’t have any major medical issues, a simplified issue is your best option for no exam life insurance.