Agent Owner, Gilmore Insurance Services, Marysville, Washington State
It's going to depend on how much you want to pay for the insurance? Depending on the state you can get around 250,000 in coverage without providing blood or urine, but it will cost a great deal and you will still be subject to your medical history in review.
An insurance "physical" in the vast majority of cases is stepping on a scale, having your blood pressure taken, Pluse, answering health questions both current and past. Providing a blood sample and a urine sample and that's about it. 30-45 minutes.
So you can get a fair amount of coverage without meeting wtih an examiner, but you'll pay the highest possible rate to do so. What you have to figure out is avoiding a 45 minute meeting worth years of overpaying for coverage?
Co-Founder, Coastal Financial Partners Group, California
Group term life insurance plans established by businesses as a benefit for its employees can and often do provide life insurance protection to employees based on a multiple of salary. Generally, group term does not involve an exam since it is "guaranteed issue". But remember that the coverage ends when employment ends.
There are a few carriers which will offer more than $250,000 of No Exam life insurance, and the price is not unreasonable compared to the average Standard or Select rate. Where you often really start to recognize the savings from taking the exam is when you qualify for Preferred or better than Preferred rates.
On the flip side, sometimes those with poor health can find a No Exam option that is competitive with the price for a policy requiring an exam. When a case is borderline for being approved at a high rating with a medically underwritten policy, sometimes taking the No Exam policy can save a lot of stress, even if the price is slightly higher.
The largest amount of life insurance you can get in one policy without a physical, that I know of, is $500,000. There are other policies that offer up to $200,000 to $350,000 without a physical. Therefore, by taking several policies a person could get over $1,000,000 in No Exam coverage.
.JPG){kind=avatar}
An insurance "physical" in the vast majority of cases is stepping on a scale, having your blood pressure taken, Pluse, answering health questions both current and past. Providing a blood sample and a urine sample and that's about it. 30-45 minutes.
So you can get a fair amount of coverage without meeting wtih an examiner, but you'll pay the highest possible rate to do so. What you have to figure out is avoiding a 45 minute meeting worth years of overpaying for coverage?
On the flip side, sometimes those with poor health can find a No Exam option that is competitive with the price for a policy requiring an exam. When a case is borderline for being approved at a high rating with a medically underwritten policy, sometimes taking the No Exam policy can save a lot of stress, even if the price is slightly higher.