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Should You Buy Term Life With No Physical Required?

By Marilyn Katz

Republish: EasyPublish™ Published: 07Jul2011 Word count: 552 Viewed: 219 time(s) Get Free Content For Your Site

These days, many people are concerned about their privacy. They do not want strangers knowing lots of personal details about their past history, health, or habits. I can totally understand this attitude in an age where information is so freely used and abused. I know that most of us have to take extra steps to protect our privacy.

In addition, people have become very busy. It can be a very demanding job to manage all of our routine tasks. Some days, it would be tough to fit in one more thing. 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. First, you have to complete an application, then you may have to schedule a medical exam, and then you have to wait for the insurance company to review everything. 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.

For many people, just choosing to get a simple term policy with no physical is a prudent decision. However, this product may not provide the very best solution for everybody who wants to buy a policy.

Insurance companies base their decisions about rates upon the risk of giving out coverage. The more information that underwriters have, the better able they are to judge that risk. If you are very healthy, you may be able to get a very low risk rate. 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 addition, you will still have to answer health questions. You cannot use the lack of a physical exam as a way to hide health issues. Some applications only ask a few health questions, while some applications are very long and detailed. In most cases, the insurance company has the right to verify your answers too. They may check the Medical Information Bureau (MIB). 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.

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