How to Get “No Medical Exam Life Insurance”
filed in Insurance Advice on Aug.09, 2010
Hi Jessica,
On the surface it would seem that a life insurance company should require you to get a physical exam before they offer you coverage. However, with increased competition, mainly due to the Internet, “no medical exam life insurance” is available.
And if you apply for this type of cover you will not have to go to a doctor to get a medical exam.
But you are asking a very valid question. Why would life insurance companies ask you to complete a physical examination as part of the regimen you need to go through if you want to qualify for a term life insurance policy?
When you look at it from the insurance company’s perspective the answer is actually quite obvious. In order for the insurance company to rate you and charge premiums that are in line with your actual health status they will need some sort of verification. And a medical exam will do exactly that.
Because of this, having a medical exam can often save you money for your life insurance policy.
But if you don’t want to go to the doctor but do want a more convenient approach that could cost you a bit more money then you should investigate no medical exam life insurance.
Often, just by answering a few health related questions with a simple “yes” or “no” you will be able to get up to $50,000 in insurance coverage. The entire process can be handled through the mail and not only won’t you have to get a medical exam, you won’t have to fill out any long forms as well.
Getting life insurance without having to take a medical exam is a hassle free way of getting coverage that could pay for your mortgage, your unpaid credit cards, your car loans, and more should you pass away. And filling out simple form eliminates having to go through the drudgery taking hours to fill out a lot of unnecessary paperwork.
This type of policy is usually more expensive because the insurance company assumes additional risk by relying on you to provide information instead of getting documented facts from a medical professional.
It actually makes a lot of sense that they would charge higher premiums for no medical exam life insurance than they would charge if you underwent a complete physical exam. None-the-less, online insurance coverage without the need for a medical is available for rather affordable premiums.
Some companies offer a $1 trial and then adjust their rates based on your age – and then they guarantee those rates for the life of the policy. Other online insurance companies offer rates for as little as $3.49 per month for this kind of insurance.
The amount of no medical life insurance coverage you can purchase varies between $5,000 and $50,000.
Mike
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