If you are healthy and searching for life insurance, medical exams can lower your rates. However, not everyone is in perfect condition or wants to meet with doctors if they don’t have to. The best option in these cases is to get life insurance without a physical exam.
Although there is no meeting with a doctor in no medical exam life insurance, you may be asked a few basic health questions. In fact issuing these policies has become so common some agencies will not even require that you answer the questions.
A life insurance policy that does not require an exam will definitely cost more. Life insurance agencies want to know as much as possible before insuring someone. The more they know the lower the risk of insuring them.
By refusing the medical exam you are denying the agents information and the risk for insuring you will be higher. The risk will then be shared with the customer through more expensive rates.
Some of the drawbacks of taking out a no exam policy include higher cost and less coverage. How much it will cost depends upon the policy and the carrier. The easiest way to compare rates and to ensure you get the lowest cost for the most coverage is to use an agency. Agencies will save you money and save you time.
How to Get Life Insurance Without A Physical
The first thing to do is choose which policy fits your circumstance best. Policies that do not require a physical exam include Guaranteed issue, Instant issue, and Simplified issue (also called Renewable).
Guaranteed issue life insurance guarantees that you will have coverage. No questions asked. Your policy will be complete quickly and efficiently, however the costs will be noticeably higher than the average policy.
Guarantee issue usually used by people who would have trouble getting life insurance with other policies. The life insurance companies are aware of this added risk so the rates are higher.
Instant Issue Term Life Insurance is mostly used for people who do not have the time to hassle with a medical exam. It is for people who want life insurance fast. Often times companies will allow you to get this policy online after filling out an application. The application will be processed quickly, sometimes within the day.
Simplified or Renewable Term Life Insurance is similar to Instant issue. The difference lies in the ability to renew your contract with your agency without a medical exam however you will have to answer health questions. There will be no medical exams now, or in the future.
If you have any questions feel free to ask below in the comments. After all that’s what this blog is for – to answer your questions.