Life Insurance Without Invading Your Privacy

Life Insurance Without Invading Your Privacy

Not so long ago, applying for a sizable term life insurance policy meant the invasion of a physical exam. You might have gotten off with just having a medic collect some body fluids and weigh you, or you might have had to go to the doctor
for a full physical. This took a lot of time because exams had to be scheduled, and then it took even more time because the insurance company had to wait to get the report from an examiner or doctor's office. Sometimes the whole process could take weeks or months.

However, insurers know that their business is very competitive these days, and they also know that a lot of the people they would like as customers are very busy people. Busy people, or just people who want to protect their privacy, may very well choose a policy that does not require a physical if that option is available for them. People today just want to make an application, pay the bill, and have their life insurance in hand. They do not want to go through a complex application, and then have to endure an invasive medical exam.

The internet, with online life insurance offers, has made the market for no med life even larger. For awhile, a person could qualify for a smaller term policy with no physical, and some very small whole life insurance policies were available. But now I have seen offers for policies of up to $400,000 without any sort of physical in some cases. The requirements to issue a policy usually depend upon a couple of things. The age of the applicant makes a difference, and so does the size of the policy.

So a 35 year old should be able to find large amounts of coverage without many requirements, but a 55 year old man may have to accept a smaller amount if they want to skip the exam. Applicants that are past retirement age will certainly need to present some sort of medical proof that they are healthy for a large policy, but smaller policies are still available to people of almost any age or health status. In fact simplified issue and guaranteed issued policies have been designed just for seniors, and they have been designed to be issued without much time or trouble.

Now the applicant will still have to fill out an application. For policies that ask health questions, some insurers may add additional requirements depending upon the answers to those questions. They may ask for a doctor's statement or some sort of para-med exam, depending upon the answers to the questions on the application, but they usually do not.

And do not think that a no medical exam life insurance policy is an excuse to mislead an insurance company about your health status. If a person does not answer the questions to the best of their ability, then the insurance company can deny benefits if they find out. And believe me, even without an exam, insurance companies are very good at finding out things like that when hundreds of thousands of dollars are at stake.