Can you really get term life insurance no physical exam? Yes you
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.
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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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