Insurance With No Physical

To take out a traditional life insurance policy, you often need to undergo some sort of physical medical exam. Fortunately, there is a way around this hassle.

Medical exams take up your precious time, and also delay the approval of your insurance policy. Depending on your age and the type of policy you want, you may meet with a nurse, have a full physical with a doctor or go through several types of tests, involving lab results.

There are policies that don’t require any sort of medical exam. These are great options if you are in a hurry to get insured. They also work well if your records show you are in good health, but are worried a medical exam might uncover some sort of problem.

To avoid paying large premiums for this coverage, you must answer questionnaires. Obviously you must be truthful, or risk not getting benefits when you need them. 

We have put together a list of the best no-physical life insurance companies on the market today. Disclosure: I work with all these companies.

By using one of these options, you’ll be able to get the coverage you need without the stress of a medical exam.

National Life offers an insurance program called 1ClickCoverage. This is the fastest way to get an insurance policy. To apply, all you need to do is complete a quick online application; you don’t need to speak to a representative.

The application asks a few questions about your medical history. Once you’ve submitted your application, you get a decision on average within three minutes.

Through this program, you can apply for a policy limit up to $350,000. These policies also offer a discount if you are in very good health. You do need to be in decent health to qualify for these policies, though. If you have some health problems on your medical history, you could get rejected.

Most insurance companies don’t offer many policy options for no-physical life insurance. They have to keep things simple to keep costs low. With a carrier called Assurity, you have more of a chance to customize your life insurance. First of all, this program has a wide range of policy sizes. You can get a policy as small as $50,000 up to one as large as $350,000.

In addition, this program has many different health ratings for applicants. Healthy applicants get a discount while sicker ones can still get coverage, albeit at a higher price. This means your policy price better matches your current health. Lastly, you can add on several insurance riders to these policies, like an extra spousal policy or disability income protection. You won’t find these riders on any other no-physical-life-insurance policies.

Meanwhile, Fidelity offers a few no-physical policies. It’s most interesting offering is the Hybrid Insurance Program. To start your application for this program, you answer a few quick health questions for an answer. If you qualify, you’ll receive one third of your policy as traditional insurance and the rest as accident-only insurance – which as the name implies pays out a death benefit solely for accidental deaths. It covers a car crash but not a stroke.

If you want your entire policy to be regular life insurance, you have up to six months to go through a regular application, including a medical exam. If you pass, all your coverage is regular insurance. If you don’t, you still are able to keep your hybrid policy.

This piece originally appeared on Good Financial Sense.

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Jeff Rose, CFP, is the founder of Alliance Wealth Management in Carbondale, Ill., and also is the founder of the website Good Financial Cents and Life Insurance by Jeff.


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