Sometimes life insurance is, indeed, sold under the promise that no physical exam will be required to be eligible for the coverage. This does not mean that you do not need to fully release any medical information they may ask for; if you do not, they have the right to cancel your policy.
There is a catch to this type of insurance, often offered through magazines and newspapers. It is also made available to certain professional or fraternal associations and the members of those associations. It is often a limit coverage that may only be available in small sums. Usually, this type of insurance is only used in addition to other coverage. There are several reasons for this: the small amount of coverage and the high cost premiums.
These types of policies are subject to the “contestable period”, just like any other type of insurance policy. This is a period of time, usually a year or two, and during this period, the insurance company can modify the policy. They can also cancel the policy if it is discovered that relevant medical information or problems were not revealed fully or at all.
Because the rates are high and the coverage is low, this type of insurance is usually used in addition to other insurances rather than as basic coverage life insurance.