Should you buy life insurance without a medical exam? If you watch any TV or surf the internet, as most of us do, you are bound to find a lot of large insurers who advertise that their own application process does not require a physical. This has to appeal to many people because it seems simple and non-invasive. However, are these offers the right choice for you?

Advantages of No Physical Life Insurance

The application process will usually be very simple and quick. You may have to answer some health questions, though some of the newer policies do not require a lot of time to fill out. You may choose to visit with an agent, but these days, you can find many companies who will allow you to fax, email, or fill out an online application. You can even get your quotes online too. This should save you a lot of time. In addition, it should protect your privacy.

You do not need to set aside time to go to a doctor's office, or to meet with a paramedic in your home. For today's busy families, this can be a very important advantage. Even though insurers usually pay for the exam, it can take up a lot of time. And most of us know that our time equals money.

Applications may also be processed very quickly because the insurer does not have to wait for a medical office to send in test results. In fact, some online insurers are advertising that applications can be processed in days or hours.

Insurers save some money with an application process like this too, and as you know, insurance rates have actually dropped in the last decade. Now, this is not the only reason that premiums have gone down, but it is one factor. If processing applications is cheaper for insurers, they can pass some savings to consumers.

Disadvantages of No Medical Exam LIfe Insurance Policies

Some very healthy people may be able to get lower rates by going through the whole application process. The very best premium ratings are often reserved for fully underwritten policies. Full underwriting means going through the whole process which can include a physical and detailed application process.

Is this a big factor? Well, for smaller policies and younger people, it probably won't matter very much. And these younger people, in great shape, would be the most likely to qualify for the cheapest rate classes.

For a very large life insurance policy that is written upon a middle aged person, the premium difference could be considerable. However, you need to consider if you could qualify for the most restrictive rate band anyway. Most of us cannot. In general, these classes are reserved for nonsmokers with a very good weight to height ratio, few health risk factors, and no evidence of preexisting conditions. The cholesterol or blood pressure issues we tend to develop as we age, will not preclude us from getting a policy, but it will probably keep many of us out of the best rate classes.

Really, the best thing to do would be to compare quotes that the major insurers offer you. If you decide that the premium difference is worth the effort, and believe you can qualify for a cheaper rate class, it is worth it to go through the full application process. However, if the rates will be almost the same, it may be a big relief to skip the physical!

Let us help you find and compare no medical life insurance with our fast, safe, and free quote forms!

Older people will be interested in no medical life insurance for seniors.

Article Source: http://EzineArticles.com/?expert=Marilyn_Katz
http://EzineArticles.com/?No-Medical-Exam-Life-Insurance-Pros-and-Cons&id=2811036