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.
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.