The term no physical life insurance can refer to policies taken out for different reasons. For instance you can take out a life policy for a specific period, say 5-10 years, which is called a term life policy, while your children are young, and you mostly you won't need to take a physical to get it. However someone who's 50-80 may want to take out a whole life policy which doesn't have a physical exam as a requirement. Do you require either of these types of no physical life policies?

Normally term life policies and whole life policies have different requirements regarding a physical examination prior to taking out the policy. If you buy a term life insurance policy you will most likely only need to answer a health questionnaire. If you buy a whole life policy you will most likely have to undergo a full physical exam.

No Physical whole life insurance has restricted benefits

However insurers are the kings and queens of finding a way to offer insurance to someone who wants to buy it. So naturally a solution has been found for people who want to buy whole life no physical life policy. The solution is a special type of policy called 'modified whole life insurance'.

A modified whole life policy, which doesn't require a physical, is whole life insurance with at least two specific changes to how it operates compared to a regular policy. The first of these is your heirs will not receive the full death benefit if you die in the first 2 years of the policy. The second is that while the policy will pay out in full if you die accidentally, your beneficiaries will receive reduced benefits if you die as a result of a health condition you have.

Whether you have to take a physical to get a whole life policy may depend on the size of the benefit to be paid. If a policy is under $100,000 and you are young it is unlikely you will have to have one. However if you are over 40 and want a policy with a higher benefit, normally a health exam would be mandatory. You can still get a no physical whole life insurance policy with restricted benefits. But if you are willing to have a physical you will get cheaper rates for that policy.

The higher cost of premiums is the catch with no physical life insurance

The premiums you pay for a whole life policy with no physical exam will be quite a bit dearer than for a regular whole life policy. And premiums for men taking out such a policy will be dearer still. As good business people insurers calculate premiums based on the type of risk they are insuring against and men are at a higher risk of dying early than women.

It is certainly possible to take out a no physical whole life policy if you are over 50 and with a serious health condition. Often people in this situation want to do this in order to cover the cost of their burial expenses. Such a policy can definitely be bought but it will be costly.

A term life policy which can be taken out at any time without a physical can still be bought even if you are 70. However the premiums you pay will be significantly higher. If you take out a policy for $100,000 at 25 you will pay approximately $25 monthly. If you take that same policy out at 65 you will pay approximately $116 monthly. So you can buy a no physical life policy at any age but the qualification will always be that it will be dearer than other types of policies. Getting a quote from a good insurance company who can provide you with plenty of detail about the ins and outs is the only way to decide whether this type of policy is for you.