More life insurance companies are offering life insurance products with no physical exam required and less medical questions on your application. These “Possible No Exam” or “No Exam” products are picking up popularity in this busy world.
Some plans will ask if you use tobacco, or a have a long-term illness. Other plans may need to know what your driving record is. But no physical exam, not even a urine test, is required. This can mean for quicker turnaround time for coverage to begin.
These plans are not guaranteed life insurance coverage plans, and are not to be confused with guaranteed acceptance products. This is why it is important to contact an agent to find the best company that fits your needs.
Although no physical exam, may sound too good to be true, they are a bit more expensive than plans which require an exam before underwriting. This is because the insurance company does not know what kind of risk they may be taking on you.
Also, plan coverage limits may be smaller, or perhaps this type of plan is not something you may qualify for at all.
A simplified issue plan will want to know about your health history by asking medical questions. These plans are also fully underwritten, if not more stringently underwritten than plans requiring a physical exam.
This is why it is important to contact an agent to find the best company that fits your profile. Because of their knowledge, many questions can be addressed that can identify the best policy for you and your family.