The initial benefits of "no exam" life insurance are clear.  Not only do you save time by not having to take a physical, but for those that know they are at high risk it may be the only way to obtain reasonable priced life insurance.  In general, no-exam policies are significantly more expensive in comparison to those that are fully underwritten.  The reason, life insurance companies providing fully underwritten policies have a chance to completely evaluate its risk.  On the flip side, no-exam life insurance companies usually have increased premiums because they must cover a greater degree of risk.  By not knowing your current health these companies are required to be prepared for the worst.