Can you really get "term no physical" exam? Yes you can. The interesting thing is that most companies are jumping on the bandwagon. No physical has always been available to younger people. The older you get the smaller the amount available. What has happened is that one company made $ 150,000 of available online. It did very well initially. The actuaries from other companies went to work. They wanted to find out how far they could push the envelope. How much could they fairly safely offer online and at what ages.
Another carrier came up with policies which offered $ 250,000 coverage. Soon a few others joined the fray. It seems to be quite a profitable undertaking as the number of offers increase consistently. This, of course, is good for the consumer.
One guy came up with the idea that you can get $ 500,000 no medical online. This may be so, but I question whether this is so. I do because what he is doing is suggesting that a person can buy $ 250,000 from one company and the immediate go and get another $ 250,000 from another carrier. The problem about that is that when you buy a policy medical information about you is put into the Medical Information Bureau's Database. If you apply to one company and they find that you just purchased no medical exam term from another company they are kindly to ask for a complete medical examination.
Incidentally, when you apply for your policy you give the carrier permission to get relevant information on you. You, in fact, permit them to get an Inspection Report.
Why do companies offer and ask for no medical exam? It is simply very profitable, if the applicant is in fairly good health. Just think, they eliminate the fee they would need to pay the doctor, paramedic or nurse to check out applicants. In addition they are protected by the "incontestability" clause which states that if the applicant fails to disclose information that would prevent them from issuing the policy they can withdraw it within a specific period of time, usually one or two years.
The no physical term policies issued are usually level term policies. 10 year term, 15 year term, 20 year term and 30 year term are quite popular. The premiums never increase and the face amounts of the policies never decrease. These are the term policies most selected when the applicable needs a medical as well. The ages at which these policies are issued are usually between age 18 and age 60. The ages and type may vary a bit depending on which company you are looking at.
So "term no physical" is a good idea for all parties concerned, as long as the applicant is honest.