When you apply for life insurance, your prospective insurer might ask you to submit to a medical exam. This physical might prove beneficial to your qualifications for coverage.
Think twice before looking into life insurance policies that do not require medical exams. For some people, these policies are extremely beneficial. But for others, they don’t represent the best possible benefits. Usually, the healthier you are, the better off you are getting a medical exam.
Why Life Insurers Require Medical Exams
Most life insurance companies require medical exams for customers to qualify for policies. Usually, medical exams are nothing more than a standard physical. They might involve blood tests, urine samples or other pieces of a comprehensive exam.
Life insurers will use the results from your medical exam to help gauge your health. After all, your health does play a large part in your life expectancy. Those in poor health often have a higher risk of dying unexpectedly or leaving excessive settlements. These factors often represent a greater cost risk to the life insurer.
When you submit to an exam, it usually helps your insurer determine how much you will pay for coverage. The healthier you are, the less you will likely have to pay.
Skipping the Medical Exam Might Hurt You
Not all life insurance policies come with medical exams. However, no-exam policies might not benefit the average consumer.
Usually, no-exam policies are term policies, which means they will only last for a number of years. Though this works for some subscribers, it might not benefit others who want whole-life protection. These policies also usually come with limited benefits and at a significantly higher price.
The Benefits of No-Exam Life Insurance
Don't get confused. No-exam life insurance serves a very important purpose in the life insurance world. In some cases, they might be the only way that certain subscribers can qualify for life insurance.
For example, many people with chronic or terminal conditions cannot qualify for life insurance that requires a medical exam. No-exam life insurance might also benefit older Americans who cannot qualify for life insurance because of their existing medical conditions. Non-medical coverage can step in to help these people get the coverage they need.
Everyone deserves the sense of security that comes with life insurance. Therefore, don't underestimate the benefits of no-exam life insurance. However, if you can qualify for coverage by submitting to a medical exam, it is often in your best interest to do so. Talk to your Affordable Insurance Group agent to determine the best coverage for you.