We’ve partnered with Compare Club to bring you a range of life insurance policies to help you compare them side by side.
A large part of the life insurance process on your insurer’s end is determining your current health situation to see if you’re a suitable candidate to be sold a policy. However, it’s important to know that you won’t always be required to take time out of your day to visit a doctor, as many companies offer life insurance where no medical is required.
You can compare a range of options right here through Savvy. Fill out a quick and simple quote form with us today, and you’ll soon be presented with a range of options to consider which may not require you to have a medical. Start the process through Savvy today.
What is no-medical life insurance and how does it work?
No-medical life insurance is a type of policy which doesn’t require you to undertake a medical examination as a condition of purchasing your plan. However, because life insurance companies want to gain a full picture of your current condition before offering you a policy, you’ll be required to answer a questionnaire that provides details of your current health situation (among other information).
In many cases, once you provide this information, you could be offered a policy soon after your application. This could be because your insurer sees no issues with your profile and feels comfortable offering you a life insurance policy to purchase. You may be able to buy life insurance online, meaning you don't have to leave the comfort of your own home during the process. This is the case when you apply through Savvy.
You can compare a range of life insurance policies through a simple, obligation-free quote process. This will allow you to compare offers from our panel of leading Australian insurers. Once you’ve chosen a policy and spoken to a life insurance expert, you can potentially purchase life insurance with no medical examination required.
What information will I need to provide when buying life insurance with no medical exam?
As mentioned, you’ll need to complete a form to disclose information about your current situation and medical history as part of your no-medical term life insurance application. This will generally cover the following points:
- Your age: people of older age will be at a greater risk of falling ill or passing away than those who are younger, so you’ll have to state how old you are to help your insurer determine your premium cost.
- Your gender: there are different health risks and life factors which affect men and women (for instance, women have a longer life expectancy), so your insurer will need to know your gender.
- Your employment: some jobs are considered to pose a greater risk to your health than others. For example, those who are employed on a construction site have a higher risk of injury or death at work than office workers.
- Your pre-existing health conditions (if any): insurers will ask if you’re currently suffering from any other conditions which may impact the cost of your life insurance policy. This can also extend to any family history of illness, such as heart disease.
- Your smoking status: smoking increases your risk of developing an array of other diseases and conditions, which will increase your premium significantly. As such, you’ll need to disclose whether you smoke before receiving your life insurance offer.
- Your lifestyle: aside from smoking, you’ll generally be asked about other lifestyle factors such as your hobbies (whether they’re considered dangerous or not), how much you drink and whether you take drugs. You may also need to supply your height, weight, blood pressure and BMI in some cases.
It's crucial to provide as much information as possible at this step. Even if you have some habits or conditions which may result in a more expensive premium, it’s always wiser to pay more and be covered, as if you don’t disclose them, your insurer can refuse a claim due to non-disclosure and you may have a situation where you will not have your policy pay out.
When will I be required to take a medical exam to purchase life insurance?
Whether you’re required to undertake a medical exam by your insurer will depend on the answers you provide as part of your initial questionnaire. Some of the situations where you may be asked to complete an examination with a medical professional include the following:
- If you have an existing health condition of concern: not all existing conditions will warrant further examination, but insurers will want to be certain that they have all the information they need about your health before committing to a policy. For example, if you’ve suffered from minor kidney issues in the past, an exam may be required to confirm you aren’t suffering from anything more serious (or may do in the future).
- If your family has a history of serious illnesses: if your family has a history of major illnesses across multiple generations, such as cancer, you’ll generally need to be tested to further assess your risk profile.
- If you request a high level of financial coverage: should you apply for substantial life insurance coverage relative to your age, such as more than $1 million as a senior, your insurer will typically need to double-check your physical fitness and condition before offering a policy.
A medical exam will likely involve the following tests:
- Blood and blood pressure
- Height and weight
- Urine content
- Cognitive abilities (in some cases)
- Physical abilities, such as an electrocardiogram on a treadmill (in some cases)
Types of life insurance
Life cover can pay a nominated beneficiary a lump sum if you’re diagnosed with a terminal illness or pass away. This type of insurance can provide your immediate family or another loved one some financial assistance to cover funerals, medical costs and day-to-day expenses.
If you’re injured or too sick to work for an extended period, income protection insurance is designed to help you focus on your recovery. You can be covered for up to 70% of your usual wage for a chosen period, such as five years or up to age 65, depending on the level of coverage you buy.
This type of insurance is designed to offer cover to those who are permanently disabled by injury or illness and are no longer able to work. You can choose to take out cover for an inability to work in your current job or in any role suited to your qualifications.
Trauma insurance is a type of policy which provides you with a lump sum payment in the event of a critical illness or major accident. The conditions eligible for claims will be outlined in your insurer's PDS, but can include cancer, heart disease, severe head trauma and cardiovascular disorders.
Why compare life insurance through Savvy?
The pros and cons of life insurance with no medical exam
More convenient process
With no requirement for you to take time out of your day to visit a doctor, the process of buying your life insurance policy can potentially be completed online and over the phone.
Quicker policy coverage confirmation
Because no further medical assessment is required, your insurer will be able to arrive at a conclusion on whether to offer you any coverage more quickly.
May not offer as much financial coverage
There may be some situations where an insurer is unwilling to offer you the coverage you’re looking for due to the lack of a doctor’s confirmation regarding your health.
Could be more expensive
Additionally, some insurers may also charge you more for not having undertaken a medical exam, although isn’t often the case.
Common questions about life insurance with no medicals
Helpful life insurance guides
Life insurance by your condition & profile
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Savvy is partnered with Compare Club Australia Pty Ltd (AFS representative number 001279036) of Alternative Media Pty Ltd (AFS License number 486326) to provide readers with a variety of life insurance policies to compare. Savvy earns a commission from Compare Club each time a customer buys a life insurance policy via our website. We don’t arrange for products to be purchased from these brands directly, as all purchases are conducted via Compare Club.
Savvy does not compare all life insurance policies or providers currently operating in the market. Any advice presented above or on other pages is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy.
For any further information on the variety of insurers compared by Compare Club or how their business works, you can read their Financial Services Guide.