Can I get life insurance with no medical exam and no waiting period?

Yes. Accelerated-underwriting and simplified-issue term life policies often pay out from the first day of coverage, with no waiting period. Waiting periods, in the form of graded death benefits of roughly two to three years, are typical of guaranteed issue policies, which ask no health questions at all. Even without an exam, insurers still review health questions and records such as prescription history, and most policies include a two-year contestability period.