Non Medical Life Insurance
Non medical life insurance, sometimes referred to as no exam life insurance or no physical life insurance, is a relatively new to the insurance marketplace. It offers some advantages to young, healthy individuals who need life insurance, but do not want the inconvenience of scheduling a medical examination. For individuals under 35, who are in good health, this type of life insurance may have advantages over traditional term life.
Different Types of Non Medical Life Insurance
There are non medical life insurance policies available for seniors, those in high risk professions, chronic illnesses (terminally-ill) or preexisting conditions. As a rule these, non medical exam policies are not as cheap when compared to term life insurance. Non medical policies which target healthy young consumers usually have lower rates than other no exam policies since the risk of death in this group is fairly low.
Life insurance rates are always based on risk factors for individuals, and non medical life insurance is just simply riskier because the life insurance company does not conduct a medical exam to collect in depth information, thus, they risk insuring the unknown. Due to increased risk, life insurance quotes for non medical life insurance tend to be more expensive than other types of life insurance.
Completing An Application
Most life insurance applications for non medical life insurance will contain questions regarding the applicant’s general physical condition and their family medical history, but no actual physical examination. The company may also request a medical report from an individual’s primary care physician.
If the insurer feels an applicant is at risk of developing a serious medical condition or illness, they may have to request a physical examination including blood work. These examinations can uncover serious illnesses of which the applicant was unaware.
Material Misrepresentations or Fraud
Failure to disclose information on family medical history that could affect the insurance company’s decision to issue a policy constitutes a material misrepresentation. A material misrepresentation can be a lie or an accidental or deliberate omission.
If the insurer finds a material misrepresentation in the application, they may not issue a policy, terminate an existing policy or deny payment of a claim in the future. The insured person or their heirs are entitled to refund of premiums paid into the policy if the policy is terminated or benefits are denied.
The Selection Process
Life insurance companies select applicants based on their risk of death within the policy term. Since people under the age of 35, in good physical health usually present a very low risk, this group enjoys the cheapest, most affordable premiums and are the most likely to be issued a non medical life insurance policy without problems or complications.
Most non medical life insurance is term life insurance which is issued for a preset term, usually between 5 and 30 years. Whole life insurance or universal life insurance is permanent and usually requires a physical exam.
Lifestyle Choices and Eligibility
Other reasons a young, healthy individual may be denied non medical life insurance include lifestyle choices like smoking, obesity, or heavy drinking. The health risks for people who are obese or those who smoke are much higher than those in the same age group who are non-smokers of average weight. Healthy choices like regular exercise and a good diet can improve the chances of acceptance for no medical exam life insurance and may also result in lower life insurance rates.
Life Insurance Quotes
Non medical life insurance is a convenient alternative to traditional term life insurance. These policies reduce the costs of insurers by eliminating payments for medical exams and simplifying the underwriting process. No exam life insurance also simplifies the application process for the majority of individuals seeking life insurance.
Free online quote comparisons for non medical life insurance are available through TheLifeInsuranceQuote.com. Just enter your zip code to begin getting life insurance quotes and comparing policies, coverage, costs, and companies. A free, instant life insurance quote will help you find the best life insurance policy for your needs, while finding you the most affordable rates in the industry.
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