No exam disability insurance guide

Several types of disability insurance allow applicants to skip the medical exam. But not everyone qualifies for a "fast-pass" in 2019.
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If you are considering disability insurance, taking a medical exam to prove that you are insurable doesn't sound like much fun. Luckily, some insurance companies offer no exam disability insurance which allows eligible applicants to skip the medical exam.

In this article, we will cover:

Read on to learn more!

What is no exam disability insurance?

No exam disability insurance is a type of disability insurance that allows applicants to skip a traditional medical exam. While most insurance companies require a medical exam before issuing disability insurance coverage, no exam disability insurance is a faster and easier way to get a policy.

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Types of no exam disability insurance

Although no exam disability insurance seems pretty straightforward, there are actually several different types of disability insurance policies that don't require a medical exam. These include:

  • Traditional no exam disability insurance
  • Simplified issue disability insurance
  • Guaranteed standard issue disability insurance
  • Employer-sponsored (group) disability insurance

Traditional No-Exam Disability Insurance

Almost all long term disability insurance carriers have a special program that allows applicants to skip the standard medical exam during underwriting. These special programs are often restricted to certain occupations, benefit amounts and age limits.

For example, an insurance company may only allow an applicant to apply for a monthly benefit amount up to $5,000 without a medical exam. For older applicants, that benefit amount may be reduced.

A traditional no exam disability insurance policy can be a good option for applicants that aren't looking for high monthly benefit amounts.

Simplified Issue Disability Insurance

Simplified issue disability insurance is another form of income protection that does not require applicants to complete a paramedical exam.

Because of this, simplified issue disability insurance is ideal for individuals with:

  • Pre-existing conditions.
  • High-risk job occupations.

Like most individual disability insurance policies, simplified issue coverage offers a variety of benefits periods (2, 5 and 10 years) and waiting periods (30 to 180 days).

Although simplified coverage is by no means the most complete coverage option, it can certainly be worthwhile under the right circumstances.

Guaranteed Standard Issue Disability Insurance

So far, we’ve discussed two different types of no exam disability insurance for individuals. But there are also group options available that do not require a paramedical exam.

For example, take guaranteed standard issue (GSI) disability insurance. It’s a type of no exam disability insurance for employers who have five or more employees with pre-existing conditions that exclude them from traditional underwriting.

GSI plans typically allow employers to capitalize on major group discounts, making it an affordable option for everyone who participates.

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Pros and cons of no exam disability insurance

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Pros

  • Quick underwriting
  • No medical exam
  • No blood draws

Cons:

  • Shorter benefits periods
  • Limited benefits

At the end of the day, some disability insurance coverage is better than no disability insurance coverage.