Can you really get term life insurance no physical exam? Yes you
can!
The interesting thing is that most life insurance companies are
jumping on the bandwagon.
No physical life insurance has always been
available to younger people.
The older you get the smaller the amount
available.
Get Up To $1,000,000 No Physical Life Insurance - Quality Carrier
What has happened is that one company made $150,000 of life
insurance available online.
It did very well initially. The actuaries
from other companies went to work. They wanted to find out how far they
could push the envelop. How much life insurance could they fairly safely
offer online and at what ages.
Another carrier came up with policies which offered $250,000 coverage.
Soon a few others joined the fray. It seems to be quite a profitable
undertaking as the number of offers increase constantly. This, of
course, is good for the consumer.
One guy came up with the idea that you can get $500,000 no
medical life insurance online. This may be so, but I question whether
this is so. I do because what he is doing is suggesting that a person
can buy $250,000 from one company and the immediately go and get another
$250,000 from another carrier.
The problem about that is that when you
buy a life insurance policy medical information about you is put into
the Medical Information Bureau's Database. If you apply to one company
and they find that you just purchased no medical exam term life
insurance from another company they are likely to ask for a complete
medical examination.
Incidentally, when you apply for your policy you give the carrier permission to get relevant information on you. You, in fact, permit them to get an Inspection Report.
Why do life insurance companies offer life insurance and ask for
no medical exam? It is simply very profitable, if the applicant is in
fairly good health. Just think, they eliminate the fee they would need
to pay the doctor, paramedic or nurse to check out applicants.
In
addition they are protected by the "incontestability" clause which
states that if the applicant fails to disclose information that would
prevent them from issuing the policy they can withdraw it within a
specific period of time, usually one or two years.
The no physical term life insurance policies issued are usually
level term policies. 10 year term, 15 year term, 20 year term and 30
year term are quite popular. The premiums never increase and the face
amounts of the policies never decrease.
These are the term policies most
selected when the applicant needs a medical as well. The ages at which
these policies are issued are usually between age 18 and age 60. The
ages and type may vary a bit depending on which life insurance company
you are looking at.
So "term life insurance no physical" is a good idea for all parties concerned, as long as the applicant is honest.
Subsequent to the publishing of this article some of the life insurance companies decided to offer up to $500,000 term life insurance no physical required online. One carrier even offers up to $1,000,000 if you are age 60 and below and in excellent health.
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