Term Life Insurance No Physical
Many people don’t realize that they can get term life insurance without having to take a physical exam. This is a perfect option for people who need life insurance in addition to what they may already have through their employers. Policies like this make it possible for people considering term life insurance coverage to attain the policy without spending the time and money required for a full physical.
Term life insurance without a physical exam is usually only offered to those people between the ages of 18 and 65. Whole life insurance with no physical is often available to people older than 65. But term life insurance without the requirement of a physical allows term coverage purchasers to have a premium that is not reliant on their health status.
In order to qualify for any insurance policy, whether it be a no physical policy or not, you must meet the qualifications of the particular insurer. Most companies will have you answer certain questions about your medical history, what type of work you do, and hobbies that may put you at risk. It is important to be truthful when answering these questions, especially concerning your medical history. The company you apply to for coverage will probably check into the information that you provide. They will generally check your answers against data from the Medical Information Bureau (MIB). Privacy laws protect your personal medical records, but the MIB may have information related to your health that was gained via your financial record and employment files.
No physical term life insurance policies have what is known as a “contestable period”, which is generally about 2 years. This means that if the insurance provider discovers something within that 2 years that you withheld from your original application that may have made them decline your coverage, they can cancel your policy.
If you qualify for the no physical term life policy, you can choose between 10, 15, 20, and 30-year terms. Most companies will issue a policy that is worth up to $500,000.
No physical term life insurance can also be purchased for a child on the day of its birth. These policies usually cover the child until the twenty-first birthday. At that point, the child can choose to continue the coverage.
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