How Premiums are Determined for No Medical Exam Life Insurance Policies
There are many reasons to look for no medical exam life insurance. You may be too busy to schedule an exam, or it may be that you just don’t want to sit through an exam. The good news is that you can get the insurance you need without going through a lengthy exam. Here is the information you should know about how the insurance company will determine your rates without an exam.
Life Insurance without Physical Exam
Age, Gender, Height, Weight, Tobacco Use
Women typically live longer than men, so they usually get slightly lower rates. Age also plays an important role as the cost of insurance rises as you age. With a direct correlation between obesity and morbidity rates, insurance companies will naturally want to know your height and weight. They will also ask if you are a smoker and how many cigarettes you smoke a day. It’s important that you answer these questions honestly because the insurance company can and will verify information with your doctor.
The more coverage you purchase with no medical exam life insurance, the higher your premiums will be. Life insurance usually comes in blocks of $5,000 to $50,000 (depending on the company and your age), and you will be quoted higher premiums in accordance with the coverage level you choose.
It’s important to remember that insurance companies will look at your medical records even if you choose a life insurance with no medical exam. If you have been diagnosed with cancer, HIV, diabetes or another serious medical condition, you will not be able to hide this information from the insurance company.
Length of Term
Premiums remain stable throughout the term of your policy. Longer terms typically come with lower rates so they are a very attractive option if you are working with a tight budget. The longer terms also provide you with more coverage to give you the peace of mind you need.
If you want the convenience of a no medical exam life insurance policy, then you may be concerned about the cost of the policies. They are actually more affordable than you think. The company will still review your medical records, so it’s in your best interests to tell the truth when filling out your application.
Whether you just want enough insurance coverage to pay for your final burial expenses, or you want a larger policy to take care of your family financially, a no medical exam life insurance policy could be the right choice for you.
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