Is No Medical Exam Term Life Insurance A Good Buy?

No Medical Exam Term Life Insurance has become a popular search these days. As the internet makes life insurance more competitive, companies are developing policies that appeal to more people. The appeal of a life insurance policy without a physical is that it is more convenient, and possibly protects privacy better.

However, understand that no life insurance company is in business to lose money! Just because they offer no physical life term life insurance does not mean that they want to cover people who are unlikely to survive the length of their policy contract! They will still require an application with health questions, and they will also probably check the Medical Information Bureau for large health claims made in the last 7 years.

Also, keep in mind that rates may be slightly more expensive, especially for older applicants, then if a life insurance company offers a policy with full underwriting. This is because the insurance company accepts a higher risk, and risk must get paid for! For younger people with a clean health history, this increased rate may be trivial, but it could be substantial for a middle aged man.

So before you purchase any long term contract life a term life insurance policy, please shop around! Make sure that the convenience you get buy applying online for life insurance is worth the premium! If the difference is a couple of dollars, then it may not matter. However, if you can save $30 - $50 dollars a month, think how much money that is when you spread it over 20 or 30 years!

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