Colorado No Physical Exam Life Insurance
Reader’s Question:
I’m afraid that life insurance that has no physical exam has its catch. What do I need to know about it before I go and buy my life insurance here in Colorado?
Magen
Denver, CO
Even though there are life insurance providers that give life insurance no physical exam, there are exceptions included in the majority of these plans that you need to know. A lot of life insurance no physical exam plans are identified as “Modified Whole Life Insurance.” These life insurance policies are modified in order that you should meet a particular set of conditions for you to be eligible for a complete payment that will be given your beneficiaries when you pass away. Some of the modifications include:
1. Your beneficiaries will get a reduced benefit or nothing at all, in case you die within the first two years or a particular time frame of the life insurance plan being given out.
2. The majority of life insurance no physical exam policies would provide complete coverage for accidental death from the day that the plan is given out. This means that even if you will not be covered in case of a natural death like heart attack, you will be completely covered on case of an accident. However, just like any other life insurance plans, there are exceptions for recreational activities like scuba diving, bungee jumping, etc.
3. This kind of life insurance policy usually costs high, especially for most men.
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