Do You Need to Pass a Physical to Get Life Insurance?
Posted on Sat, Apr 07, 2012
When you think of buying life insurance, an image might pop into your mind of an inevitable visit to the doctor for a required physical exam. For some people, that’s not a worry. But for many others, the physical examination is a part of the insurance buying process they absolutely want to avoid. Fortunately for those looking to skip the medical exam, there are no exam life insurance policies on the market that individuals can easily apply for online.
Benefits of No Exam Life Insurance
The reasons people want to buy no exam life insurance vary, but the most common are:
- Simply to avoid the doctor’s office. Some people just don’t like the experience of undergoing a physical examination. Whether it’s the exam itself or a phobia of needles, the thought of a medical exam can make some individuals uncomfortable or anxious. Others may not specifically dislike doctor visits, but are turned off by the hassle.
- To keep medical information private. Some applicants prefer to keep their medical records private. If this sounds like you, no exam life insurance is a viable alternative.
- To get a policy into place sooner. No exam life insurance speeds up the process of buying life insurance. By avoiding a traditional medically underwritten policy, you can by pass the medical exam, and avoid waiting around for your test results and carrier decision. Medically underwritten policies usually take four to six weeks to go through the decision process. No exam life insurance on the other hand can be issued in as little as 24 hours. Once individuals realize how critical life insurance is to their family’s future, many realize they aren’t interested in waiting around to buy it.
Types of No Exam Policies
You have several options if you’re interested in no exam life insurance.
Simplified Life Insurance- This policy asks for your medical history but does not require a medical exam. Insurers do take into consideration your life expectancy, based upon your reported medical history, when calculating rates.
Graded Benefit Life Insurance- Since benefits are "graded", full benefits are generally not available until you have paid premiums for a year or two.
Guaranteed Issue Life Insurance or Guaranteed Acceptance Life Insurance- These policies are what their names suggest. Virtually no one is turned down. These policies generally have higher premiums and lower coverage amounts because no medical information is required.
What About the Cost?
No exam life insurance often costs a bit more than policies that require a medical exam, but by going through a life insurance brokerage you can compare quotes on policies from top rated carriers to see where you can get the best value. Once you find the deal you’re looking for, you can decide if no exam life insurance is right for you.
For more information on no exam term life insurance browse our related blog articles or visit Efinancial.com.
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