What are the pros and cons of no-medical-exam life insurance?

The main advantages are speed and convenience: no-exam policies skip the physical and bloodwork and can be issued within days, sometimes minutes. The tradeoffs are limited coverage amounts and higher premiums than fully underwritten policies, and guaranteed issue policies often carry graded death benefits in the first two to three years. A denied no-exam application can also make later traditional underwriting harder, because insurers can see prior rejections.