Is No Medical Exam Life More Expensive?
Most of us can think of a dozen reasons to buy life insurance. Reasons will be different for different people and families, but we all want to be sure our families are financially secure if we pass away.
However, a lot of people do not purchase a life policy. They just do not get around to it because they thiink it is too complicated to understand, would take too much time to compare, or would be very costly. These may have been valid excuses a few years ago. These days, you can find a vareity of policies on the market.You can shop, quote, and even apply for a policy on the Internet too.
Does making time or giving up your privacy worry you? You can find many policies from top companies which do not require an exam for most applicants. This saves most people time and cash. Instead of having a physical exam, an applicant can just answer health questions on an applications. Sometimes, the insurer may ask for a doctor’s statement or check the answers against the MIB (Medical Information Bureau). But these steps will not use up any more of the applicant’s time or cost the applicant any money.
Should you buy a no medical exam policy? There is not one right answer for everybody. If you are very healthy, you may get a better rate if you take the exam. Insurers usually only give their very best rates to applicants who go through fulll underwriting. If you are frugal, and believe you would qualify for the best rates, you may save money by taking the time and trouble to get a physical. It is usually very convenient and free. The insurance company will send a medical examiner to your home.
The majority of applicants do not get the best rates. These people will probably get about the same rates if they submit to a physical or not. If you weight a little more than the charts say you should weigh, or if you have been treated for some health issues, you may only get the standard rate. In this case, you can probably skip the exam without worrying about being overcharged.
If you want to save money on a life insurance policy, you would probably do better by just shopping around between different life insurance companies. With online quote forms, you can enter your basic information one time, and then sit back while multiple companies compete for your business! Insurers do have their own way of determining rates, and they have different plans and policies. If you use an oline form to narrow down your search, you can still call an agent to get questions answered before you actually buy one policy or another. This process usually only takes a few minutes. You can protect your privacy and avoid the hassle of setting up appointments with several agents or company representatives. Even if you do decide to speak with an agent, you can probably do it on the phone without having to visit an office.
A few applicants will get a cheaper rate if they take choose to take a physical. Others will not find that it saves them most, and they will avoid some inconvenience by using a company that does not require it. It pays to shop around.
Learn more about no medical life pros and cons. By making the right decision, you can save time and money! Also learn what your life insurance costs will be!