Life Insurance Physicals Or Not?
One major concern that a lot of US consumers have is about privacy. You may not have any big secrets to hide, but most ordinary people like to keep some issues to themselves. These may be concerns over health, habits, and history. These things are probably no great secret or big deal to other people, but it is hard to know how knowledge about certain things could affect you in the future.
These worries can even stop some people from wanting to purchase life insurance. However, there are many new products on the market that offer to sell you term life insurance with no medical exam. This means that you can skip the physical exam!
Yes, you will probably still have to answer some health questions. But you may even be able to do that online or over the phone. This can save you even more time because you do not have to schedule an appointment at your home, office, or an agent’s office!
Of course, these policies may not be the best choice for everybody.
- Many companies limit the face value you can buy without a physical. You can probably get $100,000 death benefit, but you probably cannot get a $10 million dollar one.
- If you are young and pretty healthy, you may get better rates if you just take the exam! Most of the time, insurers will lump most applicants for no physical life into a medium risk category. If you can qualify for a low risk category, you may get much better prices. If you think you are very healthy, have good health habits, and no alarming family history, you can probably get very cheap life insurance by going through full underwriting.
- You still have to answer the health questions honestly in order to comply with insurance regulations. Insurers still have ways to verify some of your answers by checking the MIB (Medical Information Bureau) or asking your doctor for a statement. They do not always do this, but they might. Even if they do not catch you now, they may catch you later when your life insurance is going to be paid out.
In my opinion, if you are probably a standard risk and want convenience, these policies are a good deal. They are not the right choice for every person though.
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