Monday, February 13, 2012

Do I Have to Have a Medical Exam to Get Life Insurance? by Wendy Moyer

If you would like to get life insurance but don't want to be bothered with having a medical exam in order to qualify for coverage then I've got some very good news for you. Provided that you don't have a serious pre-existing medical condition it is possible for you to get a life insurance policy without ever having to see a doctor.

How Much Coverage Can You Get?

Nowadays there are quite a few life insurance companies that offer insurance policies that do not require medical exams. However, the amount of coverage will not be as high as what you could get if you opted to apply for a policy that requires a medical exam.

Most of the no-medical-exam policies that are offered are term life insurance policies whose terms could be ten, fifteen, twenty, or thirty years. The good news is that many of them will come with a renewable option. Keep in mind, though, that if you renew your policy years from now your premiums will increase.

Coverage on these policies generally will range from $20,000 all the way up to half a million dollars.

If you want to get a no medical exam policy because you just don't want to take the time to go to the doctor you must be aware that this type of insurance policy would cost you more than a policy with equivalent coverage that did require a medical exam.

On the other hand, if you don't want an exam because of some past or present medical condition, then the news is not as good. Even though an exam isn't necessary you will be required to fill out paperwork that documents your medical history as well as your current health situation. In other words, you won't be able to avoid disclosing information about your health.

And you really must be honest. That's because if you don't divulge any of your prior or existing medical issues and you end up dying because of complications from a previously existing condition, then your beneficiaries may not receive the benefits you want to provide. The insurance company won't be required to fulfill the terms of your policy.

These policies also require that you provide the company with information about your lifestyle. They'll ask you about any past accidents or injuries, what prescription drugs you're taking, whether or not you smoke and if you have any chronic conditions, in addition to the standard questions about your height, weight, and age.

They also want to know if you are part of a group insurance plan or if you have any other life insurance policy.

In addition, a lot of insurance companies have a probation period built into this type of insurance contract. If they discover that you did not disclose information about certain medical conditions during this period, which usually lasts for several years, they will be permitted to cancel your policy.

If you're still interested in buying an insurance policy that does not require a medical exam then it's very easy to find and sign up for one of these policies on the Internet.