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Getting a No Medical Exam Life Insurance
By Billy | July 21, 2010
Did you know that there is a life insurance that requires no medical exam? Every insurance company requires physical exam as part of their underwriting process when you decided to purchase a term life policy. This is a basic rule to ensure your health status before the company can price your policy consistent with your life expectancy. The insurance companies want to make sure that they remain in business by qualifying those who can get an insurance policy and being healthy is one of those.
But because of the demands of our changing times, term life insurance companies are now offering policies that do not require any medical examination. In a no exam term life insurance, you need not experience the inconvenience of scheduling physical exams since all you have to do is to answer health-related questions.~You do not have to go through the inconvenience of scheduling physical exams in no exam term life insurance since you will only be provided with a set of questions asking about your health.} Gone are the days when you would set up an appointment with a medical examiner or nurse to have some blood samples extracted. No exam life insurance is designed to give life insurance coverage to those who do not want to go through the tedious process of medical and physical exams. Make sure, though, that you provide honest answers to the medical questions of the insurance company. For instance, if you stated that you do not smoke, which is untrue, you take the risk of a possible insurance benefit challenge in case of a claim in the future.
The most common insurance policies that do not require medical exams are the term insurance policies. They may carry terms of 10, 15, 20, or 30 years, may be renewable, and can be purchased for as low as $20,000 to as much as $500,000. This early, you should know that no exam life insurance is more expensive that standard polices because the insurance company takes the risk of insuring you by just relying on your statement that you are indeed in good health condition.
Generally, applicants of this type of policy are the young and healthy individuals who barely have time to breathe because of their busy schedules. If you are over 50 and with a serious health condition, it is still possible to take out a no physical policy but this can be very costly. In fact, anybody can buy a no physical exam term insurance policy but they have to be aware of the terms and conditions governing this type of insurance.
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