What is no medical life insurance?

What is no medical life insurance?  main image

Life insurance providers usually require you to give information about your health and lifestyle, either via a questionnaire or a medical or both, especially if you're older.  However, if you have a medical condition or just don’t want to explain yourself, you could choose no medical life insurance such as over 50s life cover

With no medical life insurance, the insurer doesn’t rely on information about your health to decide whether to accept your application. So, you don't need to answer any health questions, give access to your medical records or take a medical exam.

Guaranteed acceptance life cover with no medical

This simple life cover for over 50s, is also known as guaranteed acceptance life insurance because it does just that. If you’re within the qualifying age range (usually 50-80) you’re guaranteed to be accepted with no questions asked.

Your monthly premium is based on your age and your chosen cash payout and, if you keep paying your monthly premiums, the policy guarantees to pay out when you die, providing your family with a sum of money to use however they want.

In place of underwriting, there is a waiting period at the start of the policy, usually of 1 or 2 years. If you die during this time, the premiums you've paid in will be returned, unless you die as a result of an accident, in which case the full cash sum will be paid out.

Why choose no medical life insurance for over 50s?

No medical over 50 life insurance could be suitable if:

  • You have a limited budget
  • You’ve been turned down for life insurance elsewhere
  • You’re in poor health or have a pre-existing medical condition
  • You’re uncomfortable or unwilling to undergo a medical exam
  • You smoke, vape or use nicotine replacements

How much no medical life insurance can you get without an exam?

The cash payout available on over 50s life insuance is lower than what you could get with underwritten life insurance. There are two main reasons for this:

  1. With no medical exam to determine the state of your health, the provider is taking on more risk.
  2. More risk means rates that are a little higher, so offering a more modest cash sum allows the provider to keep premiums affordable.

Here are some examples based on SunLife over 50 no medical life insurance as at 6th August 2021:

Helen Chris Sandy
Age 55 Age 65 Age 75
Has agina Clinically obese & on a limited budget Doesn't want to share health information
Chosen cover amount £5,024 Chosen monthly premium £10 Chosen cover amount £7
Monthly premium £19 Cover amount £1,857 Monthly premium £661


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What about life insurance for smokers over 50?

Life insurance for smokers over 50 can be costly. With all the associated health risks, smokers usually pay more for life insurance regardless of their age, but when you’re older and smoke heavily or have smoked for many years, your medical history is even more likely to influence the price you pay.

So, if you’re a smoker, have been declined life insurance due to poor health (maybe caused by smoking), or you simply don’t want to go through a health check, no medical life insurance may be worth considering.

Some over 50 life insurance providers don’t even ask if you’re a smoker. Those that do ask, such as SunlifeAviva, Shepherds Friendly and Legal & General, charge smokers a higher premium, but the difference in price is much less than it is with underwritten life insurance.

Here are some examples of how much a 60-year-old smoker would pay for different cover amounts with the SunLife over 50 life insurance:

Cash sum paid out on death Monthly premium
£5,190 £22
£10,619 £45
£15,000 £65

So, is no medical life insurance for the over 50s worth it?

If you’re in your 50s and in great health, the cash payout on an over 50 plan will be far smaller than life insurance based on your health and medical history. That’s why it tends to be used to leave a bit of money to loved ones, pay off outstanding bills or help with funeral costs.

Monthly premiums are also smaller and more affordable, but you must keep paying your premiums until you die or your 90th birthday depending on the plan you choose, which means you may end up paying more in than the cash sum paid out.

For example, if a 50-year-old takes out a plan paying £10 a month for a cash payout of £2,867 and lives long into old age, by the age of 74 they would have paid in as much as the amount to be paid out when they die.

However, if the same 50-year-old dies 5 years after taking out the plan, they would have only paid £600 in premiums, but the same cash sum of £2,867 will be paid out.

That is why this no medical over 50s life insurance is more suited to someone who has a pre-existing medical condition or is generally in poor health. For them, it could make a real difference and provide peace of mind.

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