If you are in the process of purchasing life insurance, it is important to understand the difference between physical life insurance applications and life insurance applications that do not require physical examinations.
It may be tempting to apply for insurance that does not require a physical exam. While it is tempting, it is not the best choice for everyone in need of coverage. Because coverage limits differ between each type of policy, you should take time to research how much coverage you can qualify for when choosing not to complete an exam. Read on and find out which application is right for you when you are shopping for cover. Read also: How to Find Affordable Life Insurance Quotes?
Understanding No Physical Life Insurance
You should never compromise the quality of your coverage because you did not make an informed decision. With so many different plans available on the market today, consumers can find a number of different plans that advertise the need for no physical life insurance exam. But what is the difference between a standard life insurance plan and a plan that does not require a medical examination?
One of the primary differences is that no physical life insurance is designed for people who need their insurance fast. When no exam is required, the insurer can approve an application faster because they are not required to wait for test results. While these policies can be approved faster, they are sure to cost you more money. Whenever a company takes on more risk, they will charge higher premiums. This means that you should expect to pay higher rates when you choose to skip the step of completing a medical exam.
Are No Physical Life Insurers Concerned With Your Health?
You might be wondering how a life insurer can promise to pay your beneficiaries $100,000 when they know nothing about your health. Just because you do not complete a physical exam does not mean you do not have to answer medical questions.
These questions are part of the application and they must be answered. If you believed that policies with a no physical life insurance exam are the best choice when you have pre-existing conditions, think again. Most insurers will order your medical records. If the underwriters find that you did not disclose a medical condition, your application can be denied. You may also risk the chance of not having a claim covered if you were to pass away.
Who Should Apply for Physical Life Insurance?
Now that you understand how policies work that do not require physicals, you need to know more about the policies that do. When you apply for a policy with a high death benefit, you are sure to have to go through a physical exam. Most permanent life insurance policies will require a physical exam. If you over the age of 40, you will be asked to complete a physical. The older you are, the more likely you are to be asked to complete a physical. With this being said, anyone who has a little time should apply for a regular insurance policy. Not only will you save money, you reduce the risk of the insurance company questioning your answers to the health-related questions on your application. Read also: Don’t Apply for Life Insurance Quotes for Over 80 Until You Read This.
