Historically, most insurers have required a physical to determine things like whether an applicant has a health condition or is a smoker. Insurance companies use the information from these medical exams to determine an applicant’s annual premium; if someone has a chronic health condition or classifies as a smoker, they’ve historically been considered “higher risk” and therefore merit higher premiums. To put it plainly, premiums are based on a person’s likelihood of dying, so the medical exam has long been used as a standardized measure of assessing that likelihood and putting a price tag on it.
Companies like Ethos are moving away from this outdated standard and offering customers an alternative: no medical exam life insurance. Coverage is usually offered when applicants answer just a few health questions, and in some cases, coverage is offered without answering any medical questions.
No medical exam life insurance is just as it sounds—the ability to provide life insurance coverage to people without requiring a physical to assess their health; instead relying on health related questions in the application, third party data sources, and our proprietary technology. This means that anyone who has ever grappled with a chronic condition and worried about how their health status will impact their ability to qualify for or purchase life insurance can rest assured that there are options out there that make it possible to get life insurance coverage. Anyone who simply can’t make time for the hassle of scheduling and commuting to a doctor’s office (not to mention sitting for an indeterminate length of time in the waiting room) can also feel secure knowing they can still obtain a life insurance policy that fits their needs.
Because of companies like Ethos, no medical exam life insurance is becoming a more common reality that makes sense for the busy life of the modern consumer.
You’d probably be hard pressed to find many people who are excited at the prospect of scheduling (and in many cases, paying for) a detailed medical exam. And you’d have a tougher time finding anyone delighted to go through that inconvenience knowing the results from the exam could affect their ability to receive or afford a life insurance plan.
With no medical exam life insurance, applicants can expect:
If you’re perfectly healthy and don’t mind the inconvenience and time associated with taking a medical exam, you’re more likely to receive a lower monthly premium. A no medical exam product is best suited for those who prefer to skip the exam, or who may have underlying health issues that could impact their ability to get fully underwritten life insurance.
Ethos is proud to offer a variety of products ranging from fully underwritten policies (meaning an application with detailed medical questions will be required), to no underwriting (meaning your medical history and status won’t be a factor in determining your rate). We work with applicants to determine the product that best meets their needs and budget, and based on the initial information we receive, we can guide applicants to the right solution. Our application is simple, straightforward, and makes it possible to receive an instant decision, so you can know your options up front.
In short, it’s easier than ever to get life insurance without needing a medical exam. At Ethos, our mission is to help customers get the coverage they need, while creating the most customer-friendly experience in the industry. By bypassing the need for a medical exam for all applicants, we’re doing just that. To take a closer look at your coverage options with Ethos, visit our site.