YOU ASK:

What life insurance companies don't require a physical exam?

WE ANSWER:

Most life insurance companies offer no-medical life insurance products as part of their portfolio. These no-medical policies usually involve small policy amounts, as well as a simplified application process. Usually, you only need to answer some health questions and the policy will be issued to you. The coverage of the policy will depend on the underwriting policies of the company that sold the product. Mainly, the pricing is based on age and gender, more than anything else.

Of course, since the tendency is that those who are usually not qualified for underwritten products are the ones that tend to buy this kind of insurance, the premiums are more expensive when you compare it with products where the applicant undergoes a medical exam. Also, there may be restrictions or a waiting period, where the insurance company will only pay for claims if it falls after the waiting period (usually two years in most companies).

No-medical life insurance policies are a good way to supplement your existing life insurance coverage. It will also suit those who would rather not undergo a medical exam because they are too busy or are more advanced in age. However, if you are relatively young and are in good health, it will be more cost effective to buy an underwritten policy that requires a physical exam. Also, if you have a serious medical condition (such as cancer, heart disease or AIDS), you may also be denied coverage.

If you are on the lookout for a no-medical policy, be sure to:

Compare premium rates for different life insurance providers.
Look at the benefits being offered, aside from the death benefit.
Look at the exclusions as well.
Check the standing of the insurance company, as well as the requirements covering eligibility and coverage.

The advantage of this kind of policy is that it is generally convenient to buy this policy. You can even buy this online. All you have to do is to fill out the form, enter your payment or credit card details and voila! You already have a life insurance policy.

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