When shopping for life insurance, one of the most important decisions you will make is whether or not to get a physical. Some people assume that all life insurance policies require a physical exam, but this is not always the case. This guide will discuss when you do and do not need a physical for life insurance. We will also talk about the benefits and drawbacks of getting physical. So, if you are considering purchasing life insurance, read this post!
Does All Life Insurance Require A Physical Exam?
No, not all life insurance policies require a physical. There are three main types of life insurance: fully underwritten, simplified-issue, and guaranteed-issue life insurance.
The insurer will require a physical exam as part of the underwriting process with fully-underwritten life insurance. The insurer must gather information about your health to determine your risk profile. If you are considered a high-risk applicant, you may be declined for coverage or offered coverage with higher premiums.
Simplified-issue life insurance does not require a physical, but the insurer will still ask questions about your health. The answers to these questions will determine your risk profile and premiums.
Guaranteed-issue life insurance is available to all applicants, regardless of their health. No medical exam is required, and the insurer does not ask health questions. However, this life insurance typically has much higher premiums than the other two.
Now that you know the different types of life insurance let’s talk about when you need a physical.
When Do You Need A Physical For Life Insurance?
As we mentioned, you will need a physical if you apply for fully-underwritten life insurance. This exam is typically conducted by a nurse or doctor who works for a life insurance company. The exam usually takes about 30 minutes and includes a blood and urine test.
You will not need a physical if you are applying for simplified-issue or guaranteed-issue life insurance. However, the insurer may still ask you to complete a health questionnaire. This questionnaire will ask about your medical history, family history, lifestyle, and other risk factors. The answers to these questions will determine your risk profile and premiums.
Now that you know when you need a physical for life insurance let’s talk about the benefits and drawbacks of getting one.
The Benefits Of Getting A Physical For Life Insurance
There are several benefits of getting a physical for life insurance. First, it can help you get a better rate. If you are in good health, the insurer will consider you a lower-risk applicant and offer you lower premiums.
Second, a physical can help you catch health problems early. The blood and urine tests part of the exam can detect severe health conditions, such as diabetes or kidney disease. If these conditions are caught early, they can be treated more effectively.
Finally, a physical can give you peace of mind. If you are healthy, you will know that your life insurance policy will provide for your loved ones during your death.
The Drawbacks Of Getting A Physical For Life Insurance
There are also some drawbacks to getting a physical for life insurance. First, it can be expensive. The life insurance company usually covers the cost of the exam itself. However, you may have to pay for the blood and urine tests. These tests can cost anywhere from $50 to $200.
Second, a physical can be time-consuming. The exam itself only takes about 30 minutes. However, you may have to wait weeks or even months to get an appointment with a doctor or nurse who can administer the exam.
Finally, a physical can be inconvenient. For example, you may have to take time off from work or other obligations to get the exam. You may also have to travel to a location that is not convenient for you.
Next Steps
In conclusion, getting a physical for life insurance is an excellent way to ensure you are eligible for the best rates and coverage. However, it’s essential to remember that this process can have some drawbacks. Please contact us if you have any questions or want more information about getting a physical for life insurance. We would be happy to help!
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