Most life insurance carriers require a full physical exam when you are purchasing life insurance. This typically involves a nurse or paramed coming to your home or office with bag in hand. They’ll put out a scale and check your weight then they measure your height. You’ll be handed a cup and instructed to go in the bathroom for a urine specimen. You’ll also be required to give some blood, which will be used to test for nicotine, HIV, and cholesterol levels. On top of that, you’ll probably have to go through a lengthy review of your health history. Sound like a lot? Well, it’s not really a big deal, but some people find the life insurance physical to be more of a nuisance than anything. I’ve also had some clients who simply refuse because they don’t like needles. The good news is that carriers now offer life insurance coverage with no medical checkup.
To qualify for life insurance with no medical checkup, you have to be in pretty good health. So if you have any history of diabetes, heart problems, cancer, or stroke, you’ll automatically be denied. I’ve seen people get approved with some mild high blood pressure or cholesterol issues, though the carriers typically require that you are only taking one prescription for control. Although there is no physical exam, carriers will do their due diligence by verifying your health history with information reported to the Medical Information Bureau as well as prescription databases. If those records match the answers you give on your application, you are usually approved.
Life insurance policies with no medical exam cost more than traditional life insurance policies because the carriers are taking more risk by not completely checking your health. For example, a healthy 42 year old female will pay $67 per month for $100,000 worth of term life insurance coverage for 20 years. This policy does not require a medical checkup. If she decides to go through with the exam, and she’s approved at preferred rates, she’ll only pay $56. There is a bit of savings there. It’s up to you to decide whether or not the savings is enough for you.
All in all, if you want to add a little bit of life insurance to your current coverage and you don’t want to go through with a physical exam, then a life insurance policy with no medical checkup is not a bad idea. If you want to buy a lot of life insurance, the extra cost might not be worth it.
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