Life insurance without taking a physical exam
Conventional life insurances usually compel you to undergo physical exam before actually insuring you, but there are policies, that will insure you without taking the exam. These policies are generally confined to cover lower amounts, and they are completely supported by an entire medical survey. There is also a background check, which could involve a record of all off your medication prescriptions authorized over the last decade, the DMV and the MIB report.
Finding a low-cost life insurance is normally a long-lasting, infuriating procedure of gathering every possible information there is about you; the insurance companies look into your medical files, examine the family tree, find out as much as they can about your lifestyle (past and present) and get to your every personal detail available. But probably the most irritating point in this whole process is the actual physical exam. When you get to your personal doctor for your previously scheduled appointment, you will spend approximately one hour looking into your medical history and checking the files of you last appointments, conditions and medication prescribed (if there were any). After talking to your doctor, you will have to give a blood and urine sample, that will be sent for testing. In some companies they also require a saliva and stool sample or an even more extensive examination (radiology test, EKG, x-ray); it all depends on the policy of the insurer.
After the exam in finalized and when the necessary results are in, they have to be sent to your insurance company. Based on those readings, the company will decide, if they will provide you with the insurance plan you signed up for. The waiting period can seem longer than it actually is, and everything is altogether frustrating. In case there is even the smallest problem with your results, the insurance company can deny you their provision of insurance.
Do you want to avoid all the commotion around the physical exam? There is always the option of a no medical exam policy.
What is the most substantial reason to pursue the No Medical Insurance?
Insurance companies usually have a waiting period for getting you the policy. After reviewing the results of your physical exam, it takes up to two months to receive your policy. Some people simply don’t feel comfortable with the length of that waiting period, while others may need an imminent execution for a numerous of different reasons. For instance, opening up a business requires an insurance policy, so the employees are protected, along with the business itself. Maybe you are just trying to get a quick loan because you found your dream car and the loan needs to be insured right away. For reasons like these, people cannot afford to wait two months for the insurance policy to pull through. To keep some lives from derailing, it is important to acquire the life insurance instantaneously.
But not only people with a necessity to be instantly insured benefit from bypassing the medical exam. There are individuals, who utterly dislike doctor’s appointments. Fear of needles, the uncomfortable feeling of being disrobed, the stressful waiting for the aftermath of the exam, the wondering whether the results will be adequate or if the insurance company is going to turn you down.
Now you can avoid all of this unnecessary tension with a simple online questionnaire, and you can obtain the life insurance plan as fast as within 48 hours with some companies.
What do you need to be aware of when getting a No Medical Exam Life Insurance
If you decide to obtain an insurance policy that does not require a medical exam, there is one thing you must understand; this is not a way to conceal your health related problems (if there are any). People tend to assume, that the insurer will not find out about any accidents they may have been involved in or any deficiencies they may have because of it.
The moment something questionable comes to light during the first overlooking of your information, a more meticulous investigation will take place.
As mentioned earlier, there is more than one way to find out whether you are telling the truth about your situation or if there is something you are desperately trying to hide.
- The Medical Information Bureau report (the MIB)
The MIB is a membership corporation, that contains all of our medical information in order to reduce any kind of insurance fraud. When you submit your online application for an insurance policy, the insurance company has the right to request for the information that already exists in the system. The MIB provides the necessary data, and the insurance agent can easily see if the information match.
- The Department of Motor Vehicles (the DMV)
Your driving record, when clean, can be a big help when getting an insurance policy. Having a few speeding tickets can compromise that. The insurance company can make a decision based on the information gathered from the DMV; your chances of getting the insurance policy are slim, if you are categorized at high risk for a driving accident.
- Medical and Pharmacy reports
Evading the physical exam does not mean your medical records cannot be tracked down. The insurance agent can easily find out about your medical history.
Are the prices within your budget?
Nowadays so many companies have the option of No Medical Exam life insurance, that the costs of getting one are lower than ever. With so many competitive options all you need to do is a quick research on what company offers a package that suits you the most.
But have you ever stopped to ask yourself, what exactly does a no medical exam mean for the underwriter? You see, the insurance company takes into consideration all of your medical history and your family’s records as well. Based on all of that information, the insurance policies differ in price. Every carrier has a limited budget to cover the risk. A healthy, fit person, with no history of any illness in the family, mental illness included, is at lower risk for the company and can easily get a guaranteed long-term policy, for a maximum of 40$ per month (the price still depends on the company chosen).
What people tend to forget, is that that the price will surely go up for someone who, for example, smokes passionately or has a long line of heart disease in the family. Your family’s medical records could rise the monthly installment payment. So before you sign your name on any application, find out as much as you can about different insurance companies and their offers. Search until you obtain a proposal affordable for you.
The waiting period for getting the policy
We live in a modern age, where almost anything can be done with the help of our computers and smartphones. You can effortlessly use electronic and voice signatures for confirmation, and the policy could be provided on the same day. Even if the insurer needs to review your policy, it could take up to maximum ten days for it to be issued, which is still a lot faster than the standard option. So, if your record is clean, and your information does not pull an alarm in the system, simply follow the steps and wait for confirmation.
If any irregularities show up or a chance of high risk is detected, the request may take longer to be approved. What makes an application uncertain can be a bank statement of unstable income, a long record of prescription medications and even taking a lot of trips to exotic places. In cases like these the insurer may take more time reviewing your information. But applying for the traditional life insurance would also last for a quite long period of time, just sitting and waiting for the medical results to be examined. In the end, the No Medical Life Insurance saves you a trip to the doctor’s office and gets rid of the suspense, when you do not know whether you are in perfect shape or something showed up in those tests.
How to apply for a No Medical Life Insurance plan and what to expect in the process
Now that you have weighed all the reasons to support or oppose the No Medical Life Insurance plan, you are ready to register online. This process is easy, considering you do not have to undergo a medical exam plus the waiting period for the results. Just read the following references and applying should be a breeze.
- There is a simple questionnaire you’ll want to fill out to get an estimate number on your coverage. The questions here mostly cover different types of insurance packages that vary in price. You select the type that would be the most suitable for you; choose the frequency of paying your premium, and how much coverage would you actually like.
A few other questions will cross your path here, but only questions that ask about your gender, height, weight, age and whether or not you are an ongoing consumer of tobacco products. As soon as you are done with the questionnaire, the estimate number will show. Now you can decide if you want to go through with the process, or turn back.
- It is time to look through the insurance companies that suit your profile, based on the information you filled in earlier in the process. This website can assist you with the underwriting. It can help you with the names of the companies and their market. You can even read reviews from other individuals, that had the same dilemma you have right now. But you have to do the research on you own, and do not make any sudden decisions. Learn about the companies and what they offer. Take into consideration your income, think about how much you can afford to pay every month, and then start sorting out the health classes that are acceptable for you. Choose wisely, because this is a policy that will protect your family and loved ones in case of an unfortunate event. If you find anything that seems unclear to you, any kind of questions you feel you need to ask, don’t be shy and contact us. Our agents are available and ready to put a light on every foggy question you may have; they can help you with your decision.
- Now that you have chosen a company, you need to complete the Health Questionnaire. The questions here are standard and what is important here, is for you to answer every question honestly. Do not try to conceal any kind of health related problems, like a recent injury. Also, don’t try to hide if you ever had any kind of problems with insurance companies (declined life insurance policy, insurance fraud). As it was stated earlier, the information will show up in a MIB scan. Although there are special cases, in situations where you have been declined for life insurance in the past, you are likely to get declined on your No Medical Life Insurance application again.
Here are a few references you can expect on the survey:
- Your occupation and other personal information
- History of illnesses in your family (stroke, cancer)
- Your own medical history. Maybe, even though your family members didn’t experience any medical emergencies, it’s you who underwent an extensive surgery and/or has a condition that requires prescription medication.
- Consumption of alcohol and other substances, that could be harmful (that includes tobacco products).
And remember, no matter what, if you wish for a positive feedback, always answer sincerely.
- The final step is to submit your application.
Take a few extra minutes to review the survey. Make sure all the questions are answered, double-check the details on your information and when you are done, simply click ‘’submit’’ on your application. A licensed Lifeworks insurance agent will confirm your given information and within only a few minutes contact will be made. The calls and messages are not automatic. You should also know, that the information you provide are guaranteed to stay within the walls of the company you are signing the contract with.
The new chapter
I hope this article highlighting reasons to support and pursue a No Medical Life Insurance plan enlightened you. This plan not only keeps you within your budget, but the whole application process is easily approached and it will provide you with the best insurance package. To make the long story short; if you don’t have any concealed medical distresses and you plan to answer the questionnaire sincerely, the No Medical Exam Life Insurance plan is likely ideal for you.