LIFE INSURANCE NO MEDICAL EXAM

  • Many life insurance policies require a medical exam before the insurance plan is approved, but if you don’t want to go through the hassle of the exam then you might choose a no medical exam life insurance plan.
  • If you are interested in a term life insurance policy that doesn’t require a medical exam, then it is essential that you are in good health.
  • Even if you have health problems such as mild asthma, controlled cholesterol, controlled high blood pressure, controlled diabetes, or other small health problems, you might be able to get life insurance coverage without the exam.
  • But, if you have moderate health issues, then it is likely that you will need to go through the process of having the traditional medical exam before you can qualify for the plan.

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NO MEDICAL EXAM LIFE INSURANCE POLICY: WHAT IS CHECKED DURING THE APPROVAL?

  • When you are applying for this type of life insurance, there are several things that will be checked:
  • Medical Information Bureau (MIB): This secure database is industry-wide, and it provides information to North American health and life insurance companies about an individual’s health.
  • The data is gathered from previous insurance applications as well as underwriting investigations.
  • Motor Vehicle Report: The insurance companies look for information about excessive moving violations, suspended drivers licenses, reckless driving tickets, and DUIs.
  • Pharmacy Report: The insurance company has access to view a database that contains a list of your prescription medications.
  • This information is reviewed and considered in their decision when they are approving your application.

TIPS FOR BUYING NO MEDICAL EXAM LIFE INSURANCE

  • When you are shopping for affordable life insurance, you will see that no medical exam insurance is more expensive than the insurance plans that require an exam. You are paying for the convenience of skipping the medical exam, but you might consider other insurance options if you want to save money.
  • If you are in fairly good health, then you can definitely save money by having the exam and qualifying for a different type of insurance. But, there are certain situations where the no exam insurance might make sense:
  • You are in immediate need of medical insurance, and don’t have the time that is needed to wait 6 weeks for the underwriting to be completed. This situation often applies to people who need fast medical attention, need a policy before they leave on vacation, or they are trying to get an SBA loan.
  • If you haven’t been to the doctor in more than 2 years, then a no exam insurance plan might be a good option to consider. You don’t know what is going to show up on the lab work, and these medical concerns might prevent you from obtaining the coverage that you want.
  • You don’t like getting your blood drawn. If you are scared of needles, then it might be worth paying extra to skip the exam.
  • If you are looking for a good life insurance plan with no medical exam, then we invite you to contact us today to learn more about the options that are available. We are always available to answer your questions and help with anything that you need: 800-316-2089

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