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No Physical Term Life Insurance is offered to applicants between age 18 and age 65, that is if you qualify.
You will be required to give the carrier answers to medical questions.
You may jump at the idea simply because you have no time to go and have a thorough medical done and you are aware that you need additional life insurance.
Let us examine how you qualify, let us look at the buying process for life insurance with no medical exam required.
The life insurance companies that offer coverage in this way are very thorough.
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- How To Qualify
Every life insurance company sets standards that must be met in order to qualify for a life insurance policy whether it is a no physical life insurance policy or a policy for which you need a medical.
In recent years life insurance companies have extended the requirements which would qualify the applicant for a life insurance policy.
All that is required is that you answer a few questions about your medical history, your occupation and any avocation in which you may participate.
It may seem that the life insurance company is issuing a policy based on your word. This is true for the people who answer the questions accurately.
There are those who may think that they can exclude pertinent medical information and have a policy issued. This is not likely to happen.
The life insurance company investigates each case. Usually they can get all the information they need from the Medical Information Bureau, fondly referred to as the M.I.B.
This organization gathers information on people, with their permission, which is used in the future to help insurance companies decide on the types of risk that they should take on.
The M.I.B is used whether you apply for a no physical term life insurance policy or one that is large enough to require a physical.
The key, therefore, to qualifying for a no physical term life insurance policy is the truthfulness of the applicant. There are some cases that may be borderline but the underwriters will lean in your favor if you are truthful.
If you attempt to pull the wool over their eyes they will decline the policy without hesitation. Also, keep in mind that every policy has a contestable period.
This is usually about 2 years. If, within the 2 year period, the life insurance company discovers something that would cause them to have declined the policy initially they may withdraw it.
- Types Of Policies And Amounts Issued
If you are between age 20 and age 60 and in fairly good health you are likely to qualify for a no physical term life insurance policy. The companies that do this type of business will issue up to $400,000 of life insurance.
Some companies go as high as $1,000,000 for younger applicants, some limit the coverage to $350,000. The types of policies issued are usually the 10 year term, the 15 year term, the 20 year term and the 30 year term life insurance policies.
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