With many policies, it can be a pain in the butt to get insured. They want to know everything about you. Do you smoke? Do you drink? How much do you weigh? Is there a history of cancer or heart disease in your family? The list goes on and on. Then again, there are some no medical exam life insurance policies that you can get that are pretty easy to sign up for.
Let’s take a quick look at this topic by exploring whether a policy that doesn’t require you to get a physical exists, what a required exam will involve, what happens if you fail an examination, how to find insurance that doesn’t require a trip to the doc, and how to find out if a certain policy requires a physical examination before you try to buy it.
Is There Really A No Medical Examination Insurance Policy?
Good question! Some policies may say “no med. exam”, but what they mean by this may be a lot different than what you and I would expect. I’ll give you an example.
The last policy that I bought was a pretty large term policy and a cancer policy. I was told that I wouldn’t have to get a physical for either of them, but that wasn’t necessarily the whole story. When the agent came he asked me a whole bunch of questions about my health. At the end of the process he took a swab from my mouth. Yep, he swabbed my mouth and placed it in a test tube for further evaluation!
Now you tell me: is taking a DNA sample from my mouth really the same as no physical/examination? I don’t think so. Sure, I didn’t have to go to the doctor for a full checkup, but in my mind this is still a check on my medical condition.
Now if the swab showed some healthcare issues, I’m pretty sure that I would have been denied by the insurance company. What do you think?
What Would A Medical Exam Involve?
If you purchase an insurance policy that requires a medical examination, that means that they will set an appointment for you to visit a doctor/clinic. At the doctor’s office they will likely perform a full physical checkup. During this checkup they will determine your overall health, weight, blood pressure, blood sugar, and much more. They are screening you for illnesses such as diabetes, heart diseases, etc.
The doctor or nurse will also likely draw blood. The blood will be tested to check for major diseases. They can even use it to see if you are using illegal drugs, tobacco, etc. The blood will be taken to a lab for analysis.
What If I Fail An Exam?
If your policy requires you to get a physical, and they detect some health concerns, there are two primary outcomes:
- They flat out deny you. In other words, they will not issue a policy to you. This outcome can also come back to haunt you if you apply for insurance with another company.
- They may also offer you a policy, but it may not be the great deal that you were looking for. Let’s say that they initially offered you a term insurance quote of $100,000 at $20 a month. Now they may offer you that same policy amount, but at perhaps a rate of $100,00 per month. They could also offer you some term insurance, but a much lower amount of it.
How Can I Get Insurance That Requires A Medical Exam?
You want to go to the doctor? Well then, you can get a quote for a really huge amount of life insurance. Call an agent and ask for a million dollar policy. I will bet you that the first thing they are going to do is set up your doctor’s appointment. No company is going to insure anyone for a large amount without knowing your exact medical condition first.
This brings up a good point. If you want a no medical exam life insurance policy, stick with smaller policies. For instance, you can pretty much guarantee that a whole life policy of say $10,000 will not require a trip to the doc.
How Do I Find Out If A Policy Requires An Examination?
The easiest way is to talk to an agent. If you fear that your health may prevent you from being insured, you should just explain this to your agent. Tell him that you don’t want any insurance that requires you to go to a doctor. Of course you don’t want to lie in the application, but just tell him that you don’t want to have a doctor probing you to find something wrong with you!