Life Insurance No Physical Exam
Reader’s Question:
Is it possible to have a life insurance, no physical exam needed? Also, I would like to know how insurance companies will compute my premium.
Alberto
Houston Texas
Some feel nervous or uncomfortable when they are inside a clinic but the can still have avail a policy through a life insurance no physical exam deal. This is a relatively recent addition to the deals which insurance companies offer. The downside of this deal is that it offers a low coverage compared to the amount of premium that you will be paying. Like any other deals, a life insurance no physical exam deal provides you with a period wherein you can still modify the contract. During this period, you may opt to switch to a different type of policy. The extent of the changes allowable, however, varies from one carrier to another.
To be able to acquire a life insurance no physical exam deal, you will have to allow the insurance underwriters to access your previous medical records. You will not be required to go to the hospital yourself as they will be the ones to do all the data retrieval. All you have to do is tell them which hospitals have your medical records. You must tell them which hospitals have you been admitted to and the doctors that you consulted with. Your premium will be based on your risk level.
The basic rule in computing your premium: the higher your risk level is, the greater premium you have to pay. Insurance carriers rate your premium according to several factors. One is you weight. If you are under- or overweight, your premium is expected to be higher. The premium is higher for obese applicants since they are more likely to file claim.
Another factor that companies look into is your smoking habit. You will usually be asked if your smoke or not or if you used to smoke and has recently quit. Statistically, smokers live shorter lives. This factor can have huge impact on the amount of premium that you will be paying.