Surprisingly, the answer to that question is yes, though it depends on your particular situation. Term life insurance usually requires a complete medical examination to qualify for, but no exam term is the exception.You can get an affordable policy from the comfort of your home. No visits from a paramed or an insurance agent.
So how does term life insurance with no exam work?
It works the same way that regular term insurance does, except for how you qualify. It is temporary life insurance coverage that will last anywhere from one year to 40 years, depending on the term that you choose. Your premium is level for your term, and at the end of your term you can choose to renew at the current rate, or let your policy expire. You may also be able to convert your term policy to permanent whole life insurance if there is a conversion privilege in your policy. There is no argument that term insurance is the most basic and the most affordable kind of life insurance that you can buy.
How do I qualify for term life insurance without an exam?
Even though you don't have to get a physical, there are still several ways for an insurance company to learn about your health. The first bit of information that will be used is the application itself. You will have to disclose your height and weight, smoking status, as well as answer some medical questions about yourself and your family members (this is because illnesses and diseases are often genetic). Some companies will even require a telephone interview to record your answer to these questions. Once your application is submitted, an underwriter will request a medical history and prescription history report about you. The information on these reports can be compared to your answers on the application. Finally, some companies might request a motor vehicle report to see if you have any speeding tickets or DUIs. With all of this information, an underwriter will be able to determine whether you qualify for a policy, and at what rate.
If I have health problems, can I qualify for a no exam policy?
Not usually. A no exam term insurance policy is better suited for those who are healthy. Some minor health problems such as high blood pressure or cholesterol, controlled by less than 2 medications, are okay. Major health problems like diabetes, heart disease, or a history of stroke or cancer will be turned down.
Why are no exam policies more expensive?
Since the carrier is not completely checking your health through a medical exam, they are taking on a greater risk by offering you life insurance. They charge a higher rate in order to offset that risk.
So how does term life insurance with no exam work?
It works the same way that regular term insurance does, except for how you qualify. It is temporary life insurance coverage that will last anywhere from one year to 40 years, depending on the term that you choose. Your premium is level for your term, and at the end of your term you can choose to renew at the current rate, or let your policy expire. You may also be able to convert your term policy to permanent whole life insurance if there is a conversion privilege in your policy. There is no argument that term insurance is the most basic and the most affordable kind of life insurance that you can buy.
How do I qualify for term life insurance without an exam?
Even though you don't have to get a physical, there are still several ways for an insurance company to learn about your health. The first bit of information that will be used is the application itself. You will have to disclose your height and weight, smoking status, as well as answer some medical questions about yourself and your family members (this is because illnesses and diseases are often genetic). Some companies will even require a telephone interview to record your answer to these questions. Once your application is submitted, an underwriter will request a medical history and prescription history report about you. The information on these reports can be compared to your answers on the application. Finally, some companies might request a motor vehicle report to see if you have any speeding tickets or DUIs. With all of this information, an underwriter will be able to determine whether you qualify for a policy, and at what rate.
If I have health problems, can I qualify for a no exam policy?
Not usually. A no exam term insurance policy is better suited for those who are healthy. Some minor health problems such as high blood pressure or cholesterol, controlled by less than 2 medications, are okay. Major health problems like diabetes, heart disease, or a history of stroke or cancer will be turned down.
Why are no exam policies more expensive?
Since the carrier is not completely checking your health through a medical exam, they are taking on a greater risk by offering you life insurance. They charge a higher rate in order to offset that risk.
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