Should You Buy No Medical Exam Term Life Insurance?

Buy Life Insurance with No Physical?

The thought of getting a cheap term life insurance policy without having to submit to a life insurance physical is attractive to some folks. These days, a lot of people would rather protect their privacy. Others are attracted to the thought of getting covered without jumping through a lot of hoops. Finally, some people hope to cover up a medical condition, but that is the WRONG reason to apply for no medical exam term life insurance.

For one thing, insurers that offer policies without requiring an exam will check several sources to verify answers on a health application. These may include the Medical Information Bureau, credit bureaus, state DPS offices, etc. Many of these companies will request a doctor's statement if something on the application does not match up with answers on the application. Also, lying on a life insurance application is illegal and a bad idea.

Who Should Consider Term Life with No Medical Exam? 

People who are average might find that the convenience of getting a quick application done online or over the phone is worth it. These companies do tend to charge a bit more for skipping the physical, so very healthy people might find that rates are cheaper if they just take the quick physical. A few dollars can add up over the years that an average person might pay premiums.  People who have some type of pre-existing medical condition might find that they have a better chance to get a policy issued if they can make their case to an underwriter.

Can Older People Still Buy Life Insurance?

How Old Is Too Old To Purchase Life Insurance? 

Most of us had life insurance at some point in our lives. However, we might have let it drop for a number of reasons that could include a job change, financial problems, or may just letting a term policy expires. Now, during midlife, you might wonder if you can still find life insurance over 50. It is actually quite possible to purchase coverage in your 50's, 60's, and maybe even your 70's!

You might even find that life insurance is cheaper than you expected. This is for a couple of reasons.

• Internet quotes have forced insurers to be more competitive and 
  more transparent about their pricing. 
• Life expectancy has increased over the last decade, and this had also reduced risks and premiums.

What Kind Of Life Insurance Can You Find Over Fifty? 

A fifty year old can probably choose between very reasonably priced term policies and somewhat more expensive permanent policies.  It would be reasonable to assume, in fact, that a relatively healthy person in their fifties can find fairly cheap term life. If you want to hold onto your options, consider purchasing a 20 year term policy with an option to convert it to whole or universal life later without having to go back through health underwriting.

There are even major insurers who will sell term life to people in sixties and seventies. These are more likely to be 15 to 20 year term life insurance policies though. Once you hit 80 to 85, it might not be easy to find anything affordable though.

How Much Coverage Do You Need? 

If you are interested in looking for a policy, you might start out by analyzing your needs. Frugal Pig has a handy online life insurance needs calculator you can use for free.

What If You Do Get Declined For Life Insurance? 

There is some kind of coverage for almost everybody. The question you need to ask yourself if it is is worth it.  This article has some sage advice about avoiding declines, and also what to do if you are declined for life insurance.