No physical term life insurance

No physical term life insurance is a great way for people looking for term insurance policy without having to worry about medical examinations and premium being high due to their health conditions. But the question arises that how easy is it to get such a policy which does not require any medical examination, no doctor check up, no blood test, no urine test etc? It all looks to rosy to be true. Isn't it?

But the reality is that you can easily buy this kind of policy now. It is much easier than before to buy such a policy since these are available over the internet also. You just have to answer a few questions about yourself and your health history and current conditions and there you go. You get instant approval. It can't get simpler than that. Buying a policy over the internet is very convenient for the buyer since he doesn't have to go out searching for a policy, meeting with insurance agents who are trying to sell them all sorts of policies. The buyers prefer this policy over other policies because they are not so sure about their health condition. They are worried that something or other will come up in their medical reports which will increase the premium amount or worse it can lead to denial of he policy. For some people this is just a matter of saving some time. They are really too busy to go out and shop for insurance.

But, the buyer need to know a few things before applying for no physical term life insurance policy. Term insurance policy with no medical exam means that there will be no medical checkup required, but this doesn't mean that you can take the approval for granted. Behind the scenes the insurance companies do their due diligence. There is something called MIB (Medical Information Board) which the insurance companies can access. Whenever you apply for such a policy, you basically authorize the insurance company to lookup your data in MIB. This medical information board has been setup to share the information of insured people. Therefore as soon as you apply for term insurance policy with no physical, the insurance company will look up your data in this database. If they find that you have an existing policy in good standing, your application will be instantly approved. In case there is something which alarms them about your health condition, it will be difficult for you to get the approval. Even if you get the approval on your application, the premium set for you may be relatively higher.

Another thing you need to be aware of is that there is something known as contestable period. This period is usually anywhere between one to two years. During this period, the insurance company reserves the right to modify or cancel the policy if they find that the information provided by you during application as not correct or incomplete. This is also known as incontestability clause.

Therefore it becomes a win in situation for both the buyer and seller of the insurance policy. Buyer is happy since he can get a policy while sitting at home without any hassles of medical check up. And the insurance company is happy since they can save time, effort and money on getting the medical check up done for the applicant. So No physical term life insurance provides both the parties a great setup where both the parties are on winning side.

Related hubs on life insurance:

• Over 50 life insurance
• Senior term life insurance
• Burial expense insurance
  
• Term vs permanent life insurance
• No physical term life insurance