Should You Buy Term Life With No Physical Required?

Are you worried about your own personal privacy? Even the most ordinary people probably have a few things that they would not want spread around. It seems like it is much harder to protect our privacy these days because information can get spread around so quickly.

In addition, people have become very busy. It can be a very demanding job to manage all of our routine tasks. Most of us have are schedules tightly booked, and it is very inconvenient to disrupt that schedule. That is why many people seek convenience.

Perhaps these are two reasons why lots of consumers are interested in getting term life with no medical exam! The products offer convenience because an applicant does not have to set an appointment for a physical. They also offer to protect some information from the life insurance companies because they do not have to submit to blood or urine tests.

By skipping the exam, you may find policies that can get issued in a day or two, instead of having to wait for weeks.

Consider how full underwriting works. You will still have to answer health questions. Then you will probably have to set an appointment with a physical examiner. And finally, you will have to wait for underwriters to look at your information so they can decide how much your policy will cost. This can take a few weeks.

Many of the newer policies, that do not require exams, can be issued the next business day. A lot of the work is done on the computer, and you may not even have to visit an insurance agent. You can answer questions on the phone or over the Internet. This does make the whole process a lot faster and more convenient.

This may be the right choice for you. However, this product may not provide the very best solution for everybody who wants to buy a policy.

When you apply for a policy, the company will consider how risky you are to cover. That is how they base their decision about how much they should charge you. The more information that underwriters have, the better able they are to judge that risk. Healthy people can qualify for really cheap rates because they are not considered risky. But when you take a policy without a physical, you may get lumped into an average or standard rate class. So if you choose to skip the physical, you risk spending more money in some cases.

In any case, you will need to answer some health questions on an application for life insurance. You cannot use the lack of a physical exam as a way to hide health issues. You may find simplified applications that only ask a handful of questions. However, some are quite long and detailed. The application may be checked against other sources. Life insurance companies will probably also consult the MIB (Medical Information Bureau). They may even ask for a statement from your presonal doctor. In this case, you will not gain much if you skip the exam!

What should you do? In my opinion, you should compare rates and policies for a variety of different types of policies. That way, you will be assured of getting the best insurance quote from a variety of top companies.