Do You Need To Pass A Physical To Be Granted Life Insurance?
So, do you have to take an exam to be approved for insurance
? To briefly answer this question, the answer is no, you do not have to take an exam to be granted a life insurance policy. As a matter of fact we know of at least one company that does not even ask health questions! So, it appears that anyone can get a life insurance policy without an exam. The next question you should ask, though, is what kind of policy would you get without an exam? Not necessarily a bad one but certainly not the best one! You may even only qualify for a graded life insurance plan (more on graded plans in an another article).So you see, now it seems that the question has been answered! Is that it? Not really. Just as there are great varieties of standard life insurance plans, there also are great varieties of no exam life insurance plans. One no exam company may require that many health questions be answered and also request your medical records. Another company may also ask many health questions but order no medical records. Yet another may have fewer health questions and also order no medical records, and so on...Keep this simple rule in mind, the less you have to do to get approved for life insurance, the higher your rates will most likely be. The type of plan that may be available to you, such as term life or whole life, may also be affected by your willingness to do an exam and the amount of medical information you want to share with them.
In general, we recommend that, if you have health issues and absolutely do not want to do an exam, you select a plan that will at least order your medical records. You are more likely to get an approval and rates should be lower than with a plan that just asks questions or no questions at all. If your health is OK, and you just want a quick, no headache, fast, online life policy, then a fast approval no exam life insurance plan with no medical records ordered may be best. By the way, if you do have some health issues, we do not recommend that you use an online only life insurance plans (online quote and online application). It is much more likely that you will be declined and you may get an negative mark on your MIB records. If you have medical problems, select a plan that allows you to speak to someone before the application is submitted, during the underwriting process and and after you have been approved...or declined. Most online only insurance companies, will not change their mind once underwriting is over and you rarely get to reach an underwriter. We these online only companies, once you are declined, that is it! Online companies are not bad, but everything has its place and everyone has different needs. Choose wisely.
As we have said several time in all of articles, please ask, ask, ask as many questions as you need to. Feel free to ask us questions. Be well!
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