No Medical Exam Life Insurance Explained
Article by Sylvia Hoffman
Are you in search of a life insurance policy that does not require a medical exam to apply? Are you confused about how no exam policies work? Well, read more to understand this type of coverage and determine if it is suitable for your needs.
The standard life insurance application timeline is typically a 4 to 6 week process in order to obtain coverage. However, things have changed recently. You can now get an affordable insurance policy faster and easier than ever before. There are quite a few highly rated companies that have no physical life insurance policies. With these type of policies, you can get an approval in under 72 hours and some companies even offer instant coverage if you qualify! That means you can apply and print your policy right from home. You wouldn’t have to get a medical exam or even meet with an agent.
Since there is not a medical exam requirement to obtain coverage, companies verify as much about your health as they can in other ways. They ask you about your health and your family health history on the application. They also want to know what your height and weight is to gauge your body mass index. Once your application is submitted and, with your prior approval on the application, insurers will request your medical history and prescription history through various reporting agencies. Some companies also look at your motor vehicle report to see if you have had any DUIs or multiple moving violations.
If you have health problems and you don’t disclose it on the application, insurers can usually find out anyway through the medical report and prescription report. If you have some minor issues like high cholesterol or high blood pressure, then insurers don’t see you as a high risk. Major health issues like heart disease, cancer, or diabetes will definitely be declined. If you have some major health problems then you should take a look at a fully underwritten policy or a guaranteed life insurance policy. you should look into a fully underwritten life insurance policy. This way, the insurer can get a real look at your health picture and offer you the right type of policy for your needs.
Another aspect of no physical life insurance that many aren’t aware of are the limits. The maximum amount of no physical term life insurance that you can get is 0,000. If you need more than that, you should apply for a fully underwritten policy so that your family is properly covered. Another aspect of no physical life insurance to consider are the rates. The rates are higher than traditional policies because insurers view the policy as being more risky when they don’t completely review your health with an exam.
If you think that this is the right type of coverage for your needs then the first thing you should do is shop around and compare rates. Premiums can vary by as much as 70% so it is very important to compare. It could end up saving you hundreds over the life of your policy.
About the Author
Sylvia Hoffman has 7 years in the life insurance industry. She enjoys educating people about life insurance concepts and helping families find affordable policies.