What is medical underwriting?
Medical underwriting is a standard process that life insurance companies use to determine your health status and find out if you have any pre-existing conditions.
A medical exam is just one part of the process. Insurers will also ask you to complete a health questionnaire and submit medical records.
They use this information to determine how much coverage you can get. That’s why in general, the younger and healthier you are, the less life insurance will cost.
The no-exam difference
All life insurance policies generally work the same way: Once you’re approved, you pay a regular, usually monthly fee (aka premium) for coverage. If you die while covered, your beneficiaries receive the value of your policy.
The only difference with no-exam life insurance is that, well, you don’t go through the physical exam.
Sounds simple, right? But that difference carries advantages and disadvantages.