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When you buy life insurance, you may have to consent to a medical exam. That's because it helps the insurer assess your level of risk and price the policy to suit.
However, no medical life insurance lets you skip that step so you can get coverage without seeing a doctor. It's aimed at people who are in good health, so you'll have to meet some minimum requirements before you're eligible, but no medical life insurance is a hassle-free option for many Aussies.
Get a quote for no medical life insurance
Not all insurers offer no-medical life insurance, so we've made it easier for you by showing which ones will offer cover without the need for a medical. Look for the brands with crosses under "medically underwritten" and start comparing. Also, pay attention to the benefits provided as no medical policies may exclude certain benefits like TPD and Trauma cover.
What's in this guide?
- Get a quote for no medical life insurance
- What is no medical life insurance?
- How does no medical life insurance work?
- Pros and cons of no medical life insurance
- Who should apply for no medical life insurance?
- Can seniors get no medical life insurance?
- Can I get no medical life insurance if I have a pre-existing medical condition?
- Do I have to declare existing medical conditions for no medical life insurance?
- How does medical underwriting affect insurance policies?
- What information will I have to provide if I do take a medical test?
What is no medical life insurance?
Depending on the type of policy you buy, life insurance will provide a financial payment to you or your family if you die, fall critically ill or suffer a serious injury.
It's designed to help replace lost wages while you're unable to work, pay for any medical expenses that might pop up or even make sure your family can maintain their lifestyle without your income.
No medical life insurance is the same. The only difference is that you don't need to visit a doctor before you get a policy. It's less hassle than standard life insurance and can be approved much quicker, but it's not tailored to your specific circumstances so it's better suited to people who lead a healthy lifestyle and have no pre-existing health conditions.
How does no medical life insurance work?
Before you're approved for no medical life insurance, you'll have to fill in a questionnaire about yourself and your overall health. This means you have to disclose some details such as your BMI, whether you smoke and how much alcohol you drink. The insurer will also ask if you have any pre-existing medical conditions and may ask about your family's medical history.
Make sure you're honest in your disclosure. If you give misleading information, the insurance company can't determine the right coverage for you and may even be able to deny a claim further down the line.
Pros and cons of no medical life insurance
No life insurance policy is perfect for everyone and there are benefits and drawbacks to every policy in the market. We've pulled together a list of pros and cons, so you can be confident you're making the right decision for you.
|No need to visit a doctor or have an exam||Maximum coverage amount may be lower|
|Easy application process||A claim may be denied if you don't give accurate information|
|Very quick approval process||Not suitable for smokers or heavy drinkers|
|Good option for healthy people||Not suitable for people with pre-existing medical conditions|
Who should apply for no medical life insurance?
We can't tell you whether you should apply for no medical life insurance, but we can say that no medical life insurance is better suited to the following people:
- Healthy people. No medical life insurance isn't the best option if you have pre-existing medical conditions, smoke or drink heavily. If this is the case, you may want to consider standard life insurance instead.
- Busy people. No medical life insurance has an easy application process, with no need to arrange a medical exam. It's great for people who have little time to spare.
- If you're in a rush. Fully underwritten life insurance can take weeks to be approved, but no medical life insurance can be done in just a matter of days.
Can seniors get no medical life insurance?
Yes, it is possible for seniors to take out life insurance without having to go through medical underwriting. There are a couple of things to be aware of though.
If you're over 65, you're probably going to pay a lot more in premiums due to your age. So if you don't have debts or a lot of financial commitments as you approach your retirement, have a think if life insurance is really worth the ongoing cost of the premiums you'll pay.
The other big consideration is that no medical life insurance can often have a lot more conditions making it harder to make a successful claim. If you're a senior and looking for a more comprehensive form of cover for your life insurance, it could be worth going through medical underwriting just to make sure there aren't any unforeseen issues when it comes time to make a claim.
Can I get no medical life insurance if I have a pre-existing medical condition?
In some cases, you may be able to get no medical life insurance even if you have a pre-existing condition. However, it's likely that this condition will be excluded from the policy. That means if you die as a result of that condition, your family won't receive a benefit.
If you have a pre-existing medical condition, always declare it to the insurer. It's the only way to make sure you have a policy you can trust.
Do I have to declare existing medical conditions for no medical life insurance?
Yes. It's important to be honest and upfront about any medical conditions you may have as well as your lifestyle habits such as smoking and alcohol consumption.
If you're not accurate in your declaration, your insurer may deny a claim when you or your family really need it. It's better to pay a bit more for a policy and be secure in the knowledge it will pay out when it comes to claim time.
How does medical underwriting affect insurance policies?
If you choose to have a medical exam, the insurance company uses the information gathered from the tests to determine your level of risk and the price of your policy.
Insurance underwriters in Australia use a numerical rating system, which adds points for favourable results and deducts points for unfavourable factors. For example, if nicotine shows up in your system, you will lose points as you will be considered a smoker.
What information will I have to provide if I do take a medical test?
Some people choose no medical life insurance because they're nervous around doctors or uncomfortable taking a medical exam. That's completely understandable. Lots of people have never had a medical exam before and are unsure of what they entail.
However, it's good to have a full understanding of what you might have to do before you make your decision. You never know, the medical exam might not seem so bad and you might opt for standard life insurance instead.
Typically, you can expect a medical exam to look at the following:
- Blood pressure
Depending on your age or health, additional tests may be required, including the following:
- Cognitive tests
- Treadmill test
Samples and results will be used to test for a wide variety of conditions, such as the following:
- HIV and AIDS
- Cholesterol and related lipids
- A liver or kidney disorder
- Antibodies that indicate hepatitis
- Prostate cancer
- Immune disorders
- Drugs and medications
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