Life insurance without a medical
Many people assume that when you attempt to take out a life insurance policy you will automatically be required to undergo a medical. However this is not always the case, it depends upon your own personal situation and upon your insurer. There are varying circumstances under which you may well be subject to a medical examination before you take out a life insurance policy.
In This Guide:
- Will I need a medical before I get life insurance?
- What determines the cost of life insurance?
- How can I lower the cost of my life insurance policy?
Will I need a medical before I get life insurance?
Applying for life insurance is a process that will require quite a lot of information. Your insurer will want to know about your lifestyle and your general health before they agree to insure you and before they give you a comprehensive life insurance quote. That being said, not all insurers will ask everyone to undergo a full medical before they agree to cover them. There are a few questions that every insurer will ask you such as whether you are a smoker or how much alcohol you drink. Only some people will be required to go for a full medical examination when applying for life insurance.
Most insurers will ask you for permission to speak with your doctor so that they can get a broad overview of your medical history. This is normally the most information that your insurance company will require from you but if you have a more complicated medical background, then you may be required to undergo a more detailed medical examination. This medical examination will be carried out by a qualified doctor and insurance companies will normally try and arrange it at a location near to you.
What determines the cost of life insurance?
There are many factors that influence the amount that you will be quoted for life insurance. Some of the things that you will be asked to specify are your age, height, sex, weight and also the amount that you normally smoke and drink. Insurers are also likely to ask you for information regarding your family's medical history, along with your job and any existing medication that you are taking.
The reason that they ask these questions is because life insurance works in roughly the same way as any other form of insurance. Just as with car insurance, your insurer will want to determine how much of a high risk candidate you are to insure. If an insurance company think that they are quite likely to have to pay out on your policy, then they will charge you a higher premium than those that they consider a small risk.
How can I lower the cost of my life insurance policy?
The easiest way to lower the cost of your life insurance plan is to lead a healthier lifestyle. The more things that you can do to prove to your insurer that you are improving your general health, the cheaper your policy will be. If you smoke regularly, your insurer will certainly charge you a much higher rate for your insurance policy. Quitting smoking is one of the quickest and most effective ways to lower the cost of your life insurance plan.
Another factor that effects the amount that you will pay for your life insurance is your weight. If you have a healthy BMI and are not considered obese or underweight, then you will be charged considerably less money for your life insurance. Conversely, if you have an unhealthy bodyweight, you will be charged a lot more on your premiums.
One of the best ways to avoid overpaying on your life insurance is to make sure that you choose the best plan available. As with any purchase it is important to shop around before you decide upon which deal you sign up to. The quickest and easiest way to choose between life insurance policies is by running a price comparison. Here on our website we offer a free and impartial life insurance comparison service. In just a few seconds we'll show you a range of offers that are on the market right now, all tailored to suit your own specific requirements.