Accelerated Underwriting No Exam Life Insurance: All Your Questions Answered

Rohan Mathew

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Find Out if You Can Qualify for Accelerated Underwriting No Exam Life Insurance

Meta description: Thinking about applying for accelerated underwriting no exam life insurance, but not sure it’s for you? Find out all you need to know about it here. 

Accelerated underwriting no exam life insurance, also known as express underwriting, allows you to get fully underwritten life insurance without the hassle of a medical exam. These policies offer up to $1 million in coverage without a medical exam. 

If you have a fear of needles, feel uncomfortable around doctors, or simply don’t have the time, accelerated underwriting can be the life insurance answer you’ve been looking for. The best part? These policies are competitively priced. Get a free quote here.

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What is Accelerated Underwriting?

Accelerated underwriting no exam life insurance isn’t a separate category of insurance, it’s just a faster process for issuing traditional policies. If you apply, you get to skip the medical exam and don’t need to give blood and urine samples. You also don’t need to get a written statement from your physician. Eliminating these steps speeds up, or accelerates, the underwriting process. 

Other Types of No Exam Life Insurance

Accelerated underwriting should not be confused with guaranteed issue life insurance, a type of policy that also allows applicants to skip the medical exam. Guaranteed issue has higher premiums, offers limited coverage, and often comes with a waiting period of two years. While all these restrictions sound off-putting, people choose guaranteed issue because acceptance is guaranteed, regardless of their health situation.

Many people confuse accelerated underwriting with another type of no exam life insurance: simplified issue. Simplified issue allows applicants to skip the medical exam, but the insurance company collects information about them in other ways. However, because the application is only partially underwritten, prices can be higher. 

How Much Coverage Can You Get with Accelerated Underwriting?

Policies that offer the option of accelerated underwriting have a minimum death benefit of $50,000 or $100,000. The maximum death benefit is usually $1 million, but the exact amount depends on the insurer and on the age of the person who’s applying. 

Advantage of Accelerated Underwriting

In addition to offering greater coverage than other types of no exam life insurance, accelerated underwriting is a type of policy that’s fully underwritten. This means that you can expect premiums that are the same as any other policies. These policies can also come with riders that other no exam policies don’t offer.

Additionally, there’s the speed factor. Whereas traditional underwriting takes between 4-8 weeks, accelerated underwriting takes anywhere between a few minutes to 48 hours. 

How to Qualify for Accelerated Underwriting

The catch with accelerated underwriting is that not everyone can qualify for it. The ideal candidate is someone who is relatively young, in good health, and not seeking coverage below or above the limits. Smokers, for example, may have a hard time qualifying. Insurers also consider non-health-related factors like driving records, credit history, and dangerous hobbies/jobs. 

If you fit the insurer’s criteria as someone who poses very little risk of dying early, you can be approved for accelerated underwriting. If you don’t or something isn’t clear to the insurer, they will ask you to undergo a medical exam. At that point, you can choose to comply or decline. If you decline, you can apply for a different type of no exam life insurance. 

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How Do Insurers Assess if You’re Low-Risk?

Insurers don’t need a medical exam to do a basic assessment of whether you are low-risk. When you apply for accelerated underwriting, insurers immediately gather relevant data from the MIB (which has previous insurance applications, credit bureaus, motor vehicle departments, and pharmacy records. When you apply for this type of insurance, you must first give permission for the insurer to gather this information.

Will You Pay More for Accelerated Underwriting?

If you qualify for accelerated underwriting, you’re not likely to pay more than someone who goes through the lengthy full underwriting process. Simplified issue and guaranteed issue, on the other hand, almost always come with higher premiums because the insurer has less information about you. 

The Bottom Line

Accelerated underwriting no exam life insurance is a great option for anyone who is scared of doctors or needles, who needs life insurance quickly, or who can’t take time off for a medical exam. The advantage of this type of policy is that you can get fairly high coverage but your monthly premiums won’t be through the roof. The only disadvantage is that you might not qualify for accelerated underwriting, which means that you may end up needing to undergo a medical exam. 

If skipping the medical exam is important to you, you should apply for accelerated underwriting. If you’re denied, you can always apply for simplified issue or guaranteed issue. But it’s worthwhile to try for accelerated underwriting first since that’s the most competitively-priced no exam life insurance.