No physical life insurance is becoming more and more popular because many people don't want to go through the hassle of a life insurance medical examination. Sometimes an applicant just doeesn't want anything to do with needles, and others have a busy lifestyle and want to get a policy fast. The good news is that you can still get life insurance coverage without a physical examination. This type of coverage is fast, easy, and a great alternative to traditionally underwritten life insurance coverage, which can take anywhere from 4 to 6 weeks to get a policy in hand.
What Is A No Physical Life Insurance Policy?
Insurance companies want to make sure you are healthy before they issue you a life insurance policy. In most cases, the company will require an applicant to go through a medical exam to check height, weight, blood pressure, cholesterol, and other health measurements. For people who are generally healthy, they can bypass this medical exam and simply answer a few questions on a life insurance application about their health history. This is what a no physical exam life insurance policy is - coverage without the exam!
How Do I Qualify for a No Physical Life Insurance Policy?
To qualify for a no physical life insurance policy, the insurance company will go through a few steps to determine your eligibility. On the actual application, they will ask you about medications you currently take, current and past diagnosed problems, your family's health history, your height and weight, any hazardous sports or activities you might participate in. Most companies want to know about your driving history too.
Even though there is no medical exam, your application still goes through underwriting because companies know that not everyone will be truthful on their application. The answers you gave on your application will be checked to make sure they match information that is available through prescription databases, the Medical Information Bureau, and your driving record. Some companies even require a telephone interview to record your answers to the health questions. This is left on record in case it needs to be referenced in the future.
Why Are the Rates Higher for No Physical Life Insurance?
The rates on life insurance with no physical examination are a little bit higher than a fully underwritten policy. This is because companies take on a higher risk by insuring you without getting a complete health evaluation. Because of this higher risk, they charge more. The higher rate may be worth it to you if you value the convenience and you really want to avoid the hassle of a physical exam.
If you think this type of coverage is right for you, then the first step is to shop around. This is very important because rates can vary by as much as 70% from one company to another.
What Is A No Physical Life Insurance Policy?
Insurance companies want to make sure you are healthy before they issue you a life insurance policy. In most cases, the company will require an applicant to go through a medical exam to check height, weight, blood pressure, cholesterol, and other health measurements. For people who are generally healthy, they can bypass this medical exam and simply answer a few questions on a life insurance application about their health history. This is what a no physical exam life insurance policy is - coverage without the exam!
How Do I Qualify for a No Physical Life Insurance Policy?
To qualify for a no physical life insurance policy, the insurance company will go through a few steps to determine your eligibility. On the actual application, they will ask you about medications you currently take, current and past diagnosed problems, your family's health history, your height and weight, any hazardous sports or activities you might participate in. Most companies want to know about your driving history too.
Even though there is no medical exam, your application still goes through underwriting because companies know that not everyone will be truthful on their application. The answers you gave on your application will be checked to make sure they match information that is available through prescription databases, the Medical Information Bureau, and your driving record. Some companies even require a telephone interview to record your answers to the health questions. This is left on record in case it needs to be referenced in the future.
Why Are the Rates Higher for No Physical Life Insurance?
The rates on life insurance with no physical examination are a little bit higher than a fully underwritten policy. This is because companies take on a higher risk by insuring you without getting a complete health evaluation. Because of this higher risk, they charge more. The higher rate may be worth it to you if you value the convenience and you really want to avoid the hassle of a physical exam.
If you think this type of coverage is right for you, then the first step is to shop around. This is very important because rates can vary by as much as 70% from one company to another.
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