Have you delayed the purchase of life insurance, even though you know that your family needs this important coverage? Many people just do not want to go through the trouble of getting a medical exam, and some people just do not want their privacy invaded by having to report test results to a life insurance company. However, the business of covering lives is very competitive. People are very busy. Modern insurance companies have come out with policies that can be quoted, applied for, and even purchased without ever seeing a medical examiner or insurance agent!

We have seen term life insurance policies, from top rated companies, that offer face values up to $400, 000 without a medical exam. Rather then using a physical exam, they use your answers on your application to qualify you for insurance. However, you still need to tell the truth. If you do pass away, and the insurance company finds out that it was from some issue you did not disclose on your application, they may refuse to pay benefits under some situations. Also, an insurance company may pull your Medical Information Bureau (MIB) records. If they spot a difference between the MIB report and the answers you gave in your application, they could deny coverage. Then, when you try to apply for another policy, you would have to answer yes if they ask you if you have been denied coverage before.

If you want a very large life insurance policy, you may want to go through the trouble of having a medical exam. The lower risk rate categories are usually reserved for people who disclose more information, and this would usually include the results from a urine or blood test, and having a third party weigh and measure you. Most of the time the insurer will pay for a para medical exam, and the examiner will schedule an appointment at your home or place of business. So the process of fulfilling underwriting requirements is made as convenient as possible because, of course, the insurer does want your business.

However, if you only need a smaller face value the premium difference will be small. And the difference between having the coverage when you need it, or not having a life insurance policy if a tragedy should happen, would be much more costly then a few dollars a month.