Do I need a medical exam for term life insurance?
One of the biggest differences between different term life insurance products is whether or not they require a medical exam in order to qualify for them. There are some important differences between policies that require a medical exam and also others with a different offer, guaranteed term life insurance, no health questions. Each of these products has its benefits and disadvantages, and understanding these will help you choose the best term life product for your situation.
Why Some Policies Require a Medical Exam
The reason why some term life insurance products requires a medical exam is so that they can get specific information about your health to get the most accurate assessment of what their risks will be. This allows the company to offer you a lower rate on your term life insurance than if you had applied for term life insurance with no medical exam.
No Health Check Term Life Insurance
Other policies offer term life insurance with no health questions. These products use statistical averages to determine what your risk is to the company and give you a rate accordingly. As a result you may get a higher rate than you otherwise would with a medical exam because the company is assuming that there’s a risk you have certain conditions that a medical exam would eliminate.
Based on this information you should decide if you are statistically in worse health that the average individual. If you think you are in better health than most people, than you might prefer to get a term life insurance policy with a medical exam to get better rates. However if you have some health problems, you may get better rates from term life insurance without a medical exam. Each individual has their own situation and so there’s no one size for all solution, so make the best choice for your circumstances when shopping for term life insurance
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