Guaranteed Acceptance Life Insurance [No Waiting Period & Medical Exam]

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  • Post last modified:January 3, 2021

If you are worried that you can’t qualify for life insurance then guaranteed acceptance life insurance with no waiting period is the one you should look for. It doesn’t require any medical exam and anyone at least 40 years old can qualify for it.


The truth is that your life insurance depends on a few factors. The older you get the harder it gets to find affordable life insurance. However, there are still a lot of options that you can take advantage of if you are a senior.

In this article, we will discuss the guaranteed acceptance policy, waiting period, and how to get it.

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What is Guaranteed Acceptance and How It Works?

what is guaranteed acceptance life insuranceThe main characteristic of this policy is no medical exam. It could be a term or whole life insurance.

As we told before, anyone of at least 40 years can avail it. But, we suggest it for seniors over 85 to someone 90+ because younger people have a better chance to get other less-costly plans.

The insurance company doesn’t need to know much about your medical condition. Therefore, it may be more expensive than a normal one.

To get the policy, all you have to do is apply and pay the premiums on time.

What is the Waiting Period?

A waiting or qualifying period is something that most of the insurers include in their policy. Within this period of time, the insurer will analyze and investigate your profile and keep your death benefit on hold.

You can’t claim the death benefits when you are in the waiting period. As soon as the time passes, the policy kicks in and you become eligible for the full benefit.

An insurer implies this rule to avoid loss. For life insurance, the time is 2 years or more. Generally, serious health issues are seen within a short period of time. So, if you can pass these first 2 years, then you are less risky to the company.

But, what if someone dies within this period?

The death benefit is not given but there is an interest added to the premium already paid. The interest rate depends on the insurer. Most of the time, it is the same as the bank.

The good news is, you can skip this waiting period.

Does There Exist Any No Waiting Period Life Insurance?

Yes, such policies exist!

There are companies that are ready to give the full benefits of life insurance to their customers after the payment of the first installment is made.

It means when you pay the first premium, you become eligible for the full death benefit of the policy.

No doubt this is a great benefit for the people who do not want to go for medical examination or want to avoid the waiting period. But, such policies come with expensive tags.

As a customer, you need to pay extra money to buy this policy as compared to the other traditional policies.

Who Needs Life Insurance Without Medical & Waiting Period?

Many segments of people buy these policies for different reasons, some of them are:

People with Critical Illness

Life Insurance No Medical Exam No Waiting Period

These policies are often bought by people who suffer from critical illness. It makes them concerned about the financial instability of their family. Better late than never, they are ready to buy this policy for the betterment of their loved ones.

They look for policy options with full coverage benefits on paying 1 or 2 installments only. The high amount of uncertainty of life due to illness is the main cause of buying these policies by the people.

Seniors with Bad Health

There are elderly people who seek insurance policies to meet their burial expenses. Due to their age and health conditions, they easily get unsure about the expectancy of their own life. They buy such policies to ensure that their loved ones do not feel the burden of their final expenses.

In some cases, the pending last medical bills and debts of the deceased can also be paid through such policies.

Anyone Suffering from Chronic Illness

Then there is a segment of people who suffer from chronic illness. Chronic illness is not always life-threatening but it cannot be treated. It goes on with the patient as it comes through their genes. Generally, in such cases, the medical examination is done to estimate the danger associated with such illness.

When the medical reports illustrate this illness as a health problem of the client, the companies ask them to pay an extra amount for buying the regular insurance policies. The customer feels that as such they are paying the extra cost then why not buy a policy without a medical examination. Such policies help them to save on the waiting period too.

So, without a doubt, the policy with no medical checkup and no waiting period becomes their priority.

Who Thinks Medical Test is a Hassle

Other than this there are people who do not want to go through the hassle of medical examination. They look for easier policy options in a quick time. Life insurance without medical examination becomes their ultimate choice. Sometimes people do not want to disclose their medical condition to their family, friends or business allies.

Their concern for the financial future of their family makes them purchase life insurance with no medical no waiting period. This ensures that their survivors get a comfortable life even when they depart from the world.

There are several reasons that people have started showing significant interest in buying such policies. Their rising demands and queries have been the reason that the insurance companies have introduced such plans for their customers.

What are the Limitations?

what are limitationsThere are two major drawbacks of the policies that do not include a medical examination and waiting time.

Extra Cost

The customers need to pay extra to buy these policies and the cost difference is quite huge in some cases. For example, if you are paying ‘x’ amount for purchasing a normal insurance policy, you may have to pay ‘x’+ 0.5x’ i.e. 1.5x for purchasing the policy without medical examination and having no waiting period.

The difference in the cost is varied as per the age group of the buyers and it often ranges somewhere between 40-50% of the original price which is a huge sum for an individual.

Limited Coverage

The amount that can be availed or insured is less and limited. For example, if you want to ensure your family with a sum of $50,000 via life insurance, a policy without medical check-up and the waiting period will not allow you to provide the coverage for this whole amount. You have a limit on the amount to be paid on the maturity of the policy.

Eligibility and Procedure to Apply

procedure eligibility and stepsEligibility

Everyone above 40 years is eligible for these policies as there is no condition for medical exam and age.


The process of availing these policies are very simple. You need to start by filling up the application form (if you have already finalized the company from where you want to buy the policy.

If not, then you need to do the market research and decide. There is more information on this topic later in this post).

In some cases, the customers can book their policy by online application or phone booking method too. You need to give accurate details of your residence, nominee, bank accounts, etc.

The terms of premium payments and other details can be discussed at any stage. It is advised that the customer should be completely aware of the terms and conditions of the policy well before they buy it.

Generally, there is no exam and waiting period policies are approved instantly as there are no further investigations needed to be done. The companies also want to close their targets and further simplify the process of buying such policies for their customers.

As the first step, fill up the online quote forms of the various insurance companies which offer such policies and submit them. You will get complete policy instructions on your email.

How to Find the Best Company?

The internet is the best source for all sorts of information pertaining to insurance. Especially when the client wants to buy a particular type of policy, it is suggested that they should look for the information related to such policies, read their terms and conditions in detail and find out the reviews of the existing customers.

These days various companies and websites offer a comparative analysis of the policies from different companies. Such analysis can be really helpful for the customer to know the pros and cons of all possible options from different insurance companies.

Key Elements

Only Choose the Amount You Can Pay

First of all, look at the affordability of the policy. If it is too expensive and affecting your budget significantly, then one can discuss the terms with the insurance providing companies or simply consider the competitor’s policy with similar benefits.

Try to Get Additional Benefits

At times the no medical exam policies have a minimal waiting period too. Although this waiting period may not varies up to months or years still the amount of time should be ascertained by the customer before buying.

Trust only the well-recognized brands when you are playing with life’s most important savings for your loved ones. The trusted companies are never at the risk of going berserk and their strong financial roots help them stay firmly in the field. You can check the company’s financial and customer service background at their help desk or online forums.

Any Alternative?

Yes, there is an alternative to this policy and you already know about it. Guess what?

Traditional life insurance that needs a medical exam. You may wonder why we are suggesting this. The only reason is the cost. You are going to pay a lot more if you choose a guaranteed policy.

Most of the people make this mistake, without doing proper searching they buy this expensive policy. You may have bad health but still may have the opportunity to get a cheap policy.

Always search for other options before you choose guaranteed acceptance life insurance with no waiting period.