Life Insurance, No Physical Required:- There are a number of reasons that people tend to worry about a required medical exam to qualify for life insurance. The need for life insurance is obvious for most people, but those with certain medical ailments are particularly sensitive to the need to protect their loved ones when they pass. For this reason, it is important that they can find life insurance, no physical required.
To Purchase Life Insurance, No Physical Required
This type of insurance is called a number of different names, depending on the type and company providing the insurance. Most insurance companies that offer life insurance with no physical required call the insurance guaranteed life insurance. The insurance is guaranteed regardless of the medical condition of the insured individual.
For apparent reasons, this form of insurance has some very appealing attributes for hard to insure people. If you have ever been told by an insurance company that you are simply uninsurable, you know how difficult news like that is to stomach. It can be overwhelming wondering if you will have a way to protect your family after you pass away.
The way that life insurance with no physical exam works is that the individuals will generally pay a slightly higher premium rate for insurance. While this is not always the case, in order for the insurance company to justify the sale of the insurance product, they must first have a way to make up the difference.
The other way in which they offer life insurance without a medical exam is by lowering the maximum death benefit they are willing to pay. The death benefit on these term policies will generally be considerably less than traditional life insurance. This tends to be more of an inconvenience more than anything else though. By simply purchasing multiple policies on your life, you are able to boost the overall death benefit to a level that you are comfortable.
The other thing to consider is that these policies are seldom if not ever whole life policies. You will find term life insurance with no physical a majority of the time. Because the insurance company considers you simply too high risk to insure normally, they will only offer this type of specialized life through a term contract.
As with any other insurance product, not all policies are created equal. Particularly if you are looking for life insurance where no physical exam is needed, you will want to shop around for a policy that fits your specific needs. Insurance rates vary from company to company and from policy to policy. You may find vastly different rates between insurance products.
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