Life insurance companies assess risk when determining policy premiums, and a medical examination can help them evaluate your health status and potential risks associated with insuring you.
Here are some common scenarios where a physical may or may not be required:
Term life insurance:
For smaller coverage amounts, some insurers offer "no-medical-exam" or "simplified-issue" policies. These may not require a physical but usually come with higher premiums due to the reduced underwriting process. However, for larger coverage amounts, a medical exam is often necessary to get the best rates.
Whole life insurance and other permanent policies:
Policies with higher coverage amounts typically require a medical exam as part of the underwriting process. The insurer will likely request information about your medical history and may conduct a medical exam that includes blood work, urine analysis, and possibly other tests.
Age and coverage amount: Younger applicants and those seeking lower coverage amounts may be eligible for policies without a physical exam.
Existing health conditions: If you have pre-existing health conditions or a history of medical issues, the insurance company may require a medical exam to assess the risk associated with insuring you.
Instant-issue life insurance: Some companies offer life insurance policies that can be purchased online without a medical exam. These policies generally have lower coverage amounts and may be more expensive.
It's essential to be honest and provide accurate information about your health during the application process. Failing to disclose relevant health information could lead to a denied claim in the future.
To determine whether you need a physical for life insurance and to understand the specific requirements of different insurance providers, it's best to speak with a licensed life insurance agent or broker who can assist you in finding the right policy for your needs. They can guide you through the application process and help you compare options from multiple insurers.
Learn more about if you need a physical exam for life insurance.