No medical life insurance has been around for a long time, it was initially offered to younger applicants. Actual experience of life insurance companies showed that people were less likely to die when they were young in age. It is a proven fact that young people experience less terminal illnesses than people of older ages.
It has been proven that in the great majority of cases doing a physical exam at these younger ages for life insurance is a complete waste of time. It is cost effective for the life insurance companies to offer the coverage on a non medical basis, the agent asks the questions.
People are living longer today, good physical health is maintained at older ages because of advances in medicine. People spend more time keeping their bodies physically fit through better eating habits and exercise. This directly reflects in the percentage of claims at any given age, thus no medical life insurance at older ages.
More life insurance companies offer no medical life insurance, within limits, at older ages today than they ever did. Buying your policy is much easier in today’s world.
Another thing the carriers find helpful is the advancement in technology. Reports that would take weeks are now obtained in a matter of seconds. When a non medical life insurance policy is applied for the medical questions need to be answered before submission, within seconds the life insurance company requests and receives a report from the Medical Information Bureau on the applicant.
This report will show any available information on illnesses experienced by the applicant. In addition the carriers request a Pharmacy Report which details prescriptions filled by the applicant. The underwriters match up the prescriptions with the M.I.B report, a decision is easily arrived at with this information.
If you are between age 18 and age 65 you can get life insurance without having to go through a physical exam. Some carriers limit the amount available to $250,000 others to $400,000 or even $500,000. They are very efficient at what they do. If you are in fairly good health you can qualify for no medical life insurance. You get approved in minutes with some carriers, others may take a few days.