Term Life Insurance With No Medical Check Up
June 11th, 2011 | Author: weissheiss
Life Insurance Without A Medical Exam?
Term life insurance with no medical checkup or, “non-med” life insurance policies are very popular now as insurance companies continue to look for more ways to differentiate themselves in the market. These types of policies don’t require a medical exam, so the policies are issued much quicker than a traditional policy. There is a trade off though. These policies typically come with a higher premium than standard insurance policies. This is mainly because the insurance company is taking a little bit of a risk by issuing a policy without a full medical exam.
Is term life insurance with no medical exam right for you? It might be worth it to pay the higher premium if:
o You do not want to go through with a physical or you are afraid of needles.
o You would like to get coverage quickly, sometimes in as little as 24 hours.
o You choose a return of premium rider, meaning that you’ll get all of your premiums back at the end of the term
What Are the Qualifications?
The insurance application will have a health questionnaire to find out about your health history. These questions determine whether or not you qualify. Each life insurance company has its own underwriting standards, but some examples of the questions that a company might ask on an application are:
o Your height and weight (to determine your body mass index)
o Your health history (do you have a history of cancer, stroke, heart disease, high blood pressure, diabetes, etc.?)
o Your family’s health history (because of the role of genetics)
o Your driving history (have you had any speeding tickets or a DUI?)
o Medications you currently take
Can’t I Just Lie On An Insurance Questionnaire?
The answer to that is an astounding no. Since insurance companies know that not everyone will be truthful, they will verify your answers with information available through various databases. With your permission only, the life insurance company will check your answers against information that is available through the Medical Information Bureau, the Bureau of Motor Vehicles, and prescription databases. If you are generally in good health, then you should get approved for a term life insurance policy with no medical check up very easily. The best way to get a low rate on term life insurance with no medical exam is to do some comparison shopping first. With some basic health and family questions answered you will be well on your way to getting the coverage you are seeking.
Posted in 
Tags: