What Is No Physical Exam Life Insurance?

Life insurance is a very necessary part of your life whether you want to consider it or not. No matter who you are, where you are, or what you’re going through life insurance must be part of your plan. You may be dreading the medical exams that follow, but luckily for you, some insurance companies leave that part out altogether.

No physical exam life insurance can be a godsend for anyone that isn’t comfortable or can’t be bothered with the medical exams, but as with everything, it comes with pros and cons.

What is no physical exam life insurance?
No physical exam life insurance is a type of policy that does not require the applicant to complete a physical exam to be able to have their application approved. This type of insurance does, however, have pros and cons. For example:

Pros:
? No physical exam
? Easier application
? No more fear

Cons:
? You must complete a questionnaire, if you are caught lying and you pass, your death
benefit will likely be held from the beneficiaries you’ve chosen.
? Confusion
? Opportunities to lie

So, while no physical exam life insurance can be great, the cons can fairly heavily outweigh the pros. Usually, people choose this type of insurance so that they can avoid the fear of visiting a doctor, the fear of being rejected because of pre-existing medical conditions, and also the embarrassment some feel while getting a physical exam.

How does no physical exam life insurance work?
Basically, no physical exam life insurance is much the same as normal life insurance; aside from the exam. You will pay a monthly fee in exchange for coverage once you are approved; it is fairly simple. Then, when you die, your beneficiary will receive your death benefit.

The only obvious difference is that there is no exam, however, you may not realize but this is actually a huge difference. It really comes down to the insurance company to decide whether your application should be approved or not. However, with no physical exam life insurance, that can become difficult.

They will have to be extremely picky and go over your application a plethora of times to make sure that your application is legitimate and that it qualifies for this type of insurance. Without an exam, they don’t know for sure that you are healthy if you do not disclose your medical conditions which leads them into uncertain territory.

This means that they have to charge more premiums to cover themselves. When it comes down to it, no physical exam insurance may be easier, but it is far more costly. Sometimes up to double what you’d pay for regular insurance.

The different types of no exam life insurance

If you thought the confusion was over, it’s not. There are lots of different types of no physical exam life insurance. For example:

? Guaranteed issue life insurance: Typically seen as a last resort because of how risky it is, Guaranteed Issue Life Insurance is very expensive because of the fact that the insurance company doesn’t see your medical records at all.
? Group life insurance: In some instances, your employer will provide some form of small life insurance policy for you. Because of the fact that you don’t have to undergo an exam, it is considered a no physical exam insurance policy. Your employer will usually cover all or most of the premiums.
? Simplified issue life insurance: You may not have to take an exam, but you will have to undergo fairly intense questioning about your medical health. Usually the questions will relate to your medical history, recent hospital visits, your height and weight, and any use of drugs or alcohol. They may also search for other data.

Don’t wait for something to happen, act now and cover yourself and your loved ones.