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What Is No Medical Exam Life Insurance?
Do you have health problems and want to get life insurance? You could face significantly increased premiums, or even rejection. Or do you just not want to deal with the lengthy process of a medical exam? With no medical exam life insurance you can skip the paperwork and exams and obtain a small amount of life insurance even if you have some health problems.
With tradition life insurance policies, you might soon find the invasive information gathering process aggravating when companies want to find out everything they can about you: personal details, habits, family history, and health. This tiresome task of finding the best term life insurance plan can be a huge time commitment and become stressful.
Then, there’s the medical exam. Who likes going to the doctor unless they absolutely have to? You have to set up the appointment, possibly taking time off of work, and go through your medical history and current health. Then also, everyone’s favorite, have your blood drawn. And, maybe even saliva and urine samples. To further check your health, some companies actually require an EKG. After all of that, you have to wait on pins and needles for the results to find out if anything even in the slightest showed up that could cause issues with getting the best life insurance plan you want.
Finally, the insurance company gets the results, your material is reviewed by an underwriter, and about six to eight weeks after the initial contact with an agent you eventually received your policy. And then, what if you are rejected?
Want all of this to be fast and to speed up the process, skip the bruise from the needle, eliminate the worries, and just get a policy?
Then we recommend considering a no medical exam life insurance policy.
Unlike traditional life insurance policies, no medical exam policies are just that: no requirement is there for you to take a medical exam. They do however; provide the same guaranteed coverage as those that do require a medical exam. Keep in mind though that no medical or simplified issue policies are usually limited to lower coverage amounts. No scheduling in a half-hour appointment, getting poked and prodded, stressing out about whether our medical health is sufficient to get us a good rate or if there’s anything lurking in our tests that we didn’t know about, not waiting for six to eight weeks, and dealing with the physical exam altogether is very appealing to many of us. Just one online survey and you’re done! You could have an approved life insurance plan in as little time as a day!
What A No Exam Life Insurance Plan Won’t Do For You
We are going to be honest here, and should give you the lowdown. You aren’t going to be able to hide your less-than-ideal health, and will be investigated by an underwriter if anything shady comes up. What’s less-than-ideal? Here’s a few rate raising factors; a history of bad health, smoking cigarettes, drinking more than the recommended amount, history of mental illness, pharmacy reports showing any bad habits or bad health. All of these are things that could make it a more expensive. How could they even find anything out, you ask? Well, there are a few ways an underwriter might find out if your records don’t match what you say:
- Motor Vehicle Records – Ever had a ticket? Or is your record squeaky clean? You might be labeled high risk if you have had a ticket or an accident. A perfect driving record can make getting a life insurance policy a whole lot easier, as it shows safety comes first with you.
- Pharmacy Reports – An insurance agent can and will track down you medical history though an Rx report. So even if you have opted out to avoid the medical exam, you can’t hide things that might be red flags to your health.
- The MIB Report – Once you submit your online application, your answers will be cross-checked with the Medical Information Bureau. Who are they? They are an organization that collaborates to share information on client details, such as previous applications for life insurance, health concerns, and dangerous activity.
How Much Does A No Exam Life Insurance Plan Cost?
Will rates be high and cost you an arm and a leg? Or will it be cheap? Thankfully, buying a plan might be more reasonably priced than you think. Through the years these plans have become more and more affordable. Why? They’ve become more popular, there are more life insurance companies are interested in making these plans available, and so there are more competitive options and pricing. It didn’t always used to be that way though, as insurance companies that would allow you to apply without a physical were not easy to find.
It makes sense for you to consider a no exam life insurance plan, but what about from an insurer’s point of view? It’s somewhat dicey to issue you a policy without conducting a medical exam, as it means you are higher risk. To balance out the risk companies are limiting the amount of coverage available with these no exam policies. For instance, some companies are beginning to have a maximum coverage amount of $1,000,000, but the usual is a maximum coverage amount of $500,000. Depending on the information you enter and the insurance company you chooses, the cost you will pay for no medical exam life insurance will vary, however.
How do you find the right company and policy for you? We’re here to help you filter through the best insurance companies out there, but first simply use our online comparison engine. This will give you a good idea of what you can expect to pay before actually applying and giving anyone your name.
How Long Does it Take to Get a Policy For A No Exam Life Insurance Plan?
It could be direct and you could be issued the same day you apply! Depending on the insurance company, but usually, no medical exam insurance policies use electronic or voice signatures. So you just need to follow the steps and wait to be confirmed. While the traditional policies can take up to six to eight weeks, even if your policy needs to reviewed by an underwriter, it still would only be possibly 10 days and could be as short as a two days.
There are some warning signs, which can make the process take longer and prevent your application from being approved right away. These red flags could be things like a long list of prescription medication, a criminal conviction, a current bankruptcy, or a recent trip to a not-quite-safe part of the world. These will cause an underwriter to be more thorough reviewing your information and that will cause a longer wait time in the results.
What to Expect When Applying
Applying online for life insurance and skipping the physical exam is a fairly simple process really. Here are a few of the things you can expect while filling out the application:
- There are just a few questions to answer about yourself to receive an instant quote. Your current use of tobacco or nicotine products. The type of coverage and how much coverage you want, and how often you would like to pay your premium. Your age, height, weight, and gender. Quotes will come in immediately, and then you can decide whether you want to continue.
- Then start looking through the insurance companies that you are interested in. We recommend taking a little time and doing some investigating of your own into which company is right for you comparing your options and coverage plans. When you compare options and learn more, look through our website for some insight as well, and don’t hesitate to ask our agents any questions you might have. We can help you find the best offer available to you.
- Next, you’ll complete the Health Questionnaire. When filling this out it’s best to answer all the questions truthfully, period. Your information shows up in a Medical Information Bureau (MIB) check. Also, your approval could be declined if you have been previously turned down for another life insurance policy.
- After that, you can click submit on your application after you have had a chance to review your application. A licensed Insurance agent will verify your medical history and be in touch with you shortly, and you can buy the best insurance plan just right for you. Also know that we are protective about your information will not be shared with anyone and is safe with us.
- Finally, you can rest easy that you have an official life insurance plan with a top rated company.