Getting No-Physical Term Life Insurance
It should be noted, initially, that most life insurance policies that do not require you to get an exam are through online insurance agencies. Since their main business is to hand out insurance over the Internet, they are foregoing the usual physical check-up that many brick-and-mortar insurance agencies still require you to do. In order to keep up with burgeoning Internet insurance industry, many land-based agencies are turning toward handing out policies that do not require a physical exam as well.
Most of your life insurance policies that have no physical exam associated with them are going to be term policies, which means that they are only valid for a particular amount of time before the policy has to renewed and the insurance agents have to update their files with your new medical history. It would be very damaging to an insurance company to offer whole life insurance with no physical exam required due to the versatility in which it would allow the policy holder to live their lives. If you are attempting to acquire a no physical term life insurance policy, you want to make sure that the plan you are getting has some sort of renewal stipulation tied into the policy. This allows the policy to be renewed after the end of the original term, which means that you are able to stay insured throughout the process. However, it is important to note that your rates might increase as a result of declining health or other health matter that you find yourself involved with.
The people who are most likely to get term life insurance without having to take a physical exam would be young people who are in good health. Younger people do not pose the risk to life insurance companies that people over, say, 60 years old do. While the insurance company may ask for some kind of sample to make sure that you are clean of drugs and tobacco, they are going to be much more willing to work with you if you are of a younger age and are relatively healthy. The one misnomer about no exam policies is that the premiums will more than likely be higher due to no physical exam being present. Due to the fact that insurance companies are not able to physically check on your health conditions, there is more risk involved in the entire process, which leads to the higher premiums.
The nicest aspect of not having to get a physical exam for your life insurance is the fact that there will little to no delay in receiving your policy. Term life insurance policies that require an exam usually have waiting periods spliced in between your exam at the doctor’s office and when you actually get your policy. When you are automatically approved, be it online or through a land-based insurance company, your policy begins much sooner.
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