Buy Life Insurance Without Medical Exam
There’s a huge difference between term life insurance and whole life insurance in which the former does not require any kind of medical exams and has a guaranteed acceptance while in the latter, it requires the applicant to pass some medical exams and questions before securing an eligibility. Despite the fact that there might not be no paramedic or even physical examination needed to secure a term life policy, still there’ll be underwriting process that has to take place after applying coverage for most carriers.
There are countless of people who actually assume that these said policies aren’t calling for paramedic examinations are bought as in the same manner that you purchase off-shelf product from a retail store, it is vital to have an understanding that insurance companies will be performing a series of double checks that are also known as underwriting process before issuing the policy.
When planning to get a term life insurance, some of the cases that’ll be reviewed are:
Number 1. Driving record verification – with most of the insurance companies, the process of application will include a consent to review the driving record activity of the interested client. Depending on the selected company, there’ll be requirements to be met in order to acquire eligibility. Well more often than not, these are going to be no DUI cases within the past 7 years, no other major violations committed for the past 5 years, no driver’s license suspension in the last 5 years and no more than 2 standard moving violations.
Number 2. Prescription history check – the insurance carriers will be performing review to the applicant’s prescription history to be certain that there aren’t any prescriptions that had been prescribed which are usually reserved to those who have medical conditions that’ll make the applicant ineligible for coverage when applying for a life insurance policy.
Number 3. M.I.B check – this is basically a reference to Medical Information Bureau that is reviewing the history of the applicant. Actually, they check for any recently applied coverage or outstanding coverage. Even though some customers may see this review as being counterproductive and intrusive, it is essential that the life insurance provider perform their part in protecting the rates of those who’ve qualified for coverage and ensured that only the appropriate clients can get coverage from their policies.
The aforementioned points are only some of the basic tests that a number of life insurance companies are going to do on their applicants on the other hand, it will be advisable to expect more tests to be carried out if you like to have the best life insurance.