I just applied for a life insurance policy. I did not apply for a large amount of coverage and I am only 26 years old.
My broker informed me that I would just need to complete a phone interview for the underwriting process. I completed the phone interview last week and I truthfully answered no to most of the questions as I have never had any diseases, surgeries, infections, etc.
I am worried that since I answered no to most of the questions that they might make me undergo a medical. I was just wondering has anyone been in the situation where a life insurance company said they would just need to complete a phone interview and they ended up having to take a full medical as well? Is that situation very rare?
For a small amount of life insurance, it won't be cost effective for the insurance company to do a full medical exam. That being said, the answers to all of your questions could be used to deny a claim if you lied, but only in the first two years of being insured by the life insurance policy.
Even if they do a medical, if you didn't lie, you shouldn't be worried, they probably just wanted to ask you a few more questions. However, there are insurance companies that offer term life insurance no exam required if you would prefer not having to go through a medical examination.