From the category archives:

No Medical Exam

Get Term No Examination Life Insurance Policy

February 7, 2010

Trying to figure out the actual definition of term no examination life insurance policy may end up at something like this: the insurance capable of providing coverage up to a specific time limit at a particular and fixed rate of payment.

After the stipulated coverage time, the policy does not exist and there by the client either has to forego the policy or try to get potential further coverage with different payments and conditions.

Term no examination life insurance policy is the most inexpensive way to obtain a substantial death benefit. It is the original form of no examination life insurance policy which contrasts to that of the permanent no examination life insurance pollicy for example whole life coverage, universal life coverage or variable universal life coverage.

The functioning of this type of insurance is quite a bit similar to that of the most of the other types of the insurance. The claims against what is insured generally get satisfied provided the fact that the premiums are up to date and the contract is functional without being expired.

No exams, no tests, no waiting! Get a no examination life insurance pollicy quote without the hassle! Click Here

Providing an example is the auto insurance where the claims get satisfied against the insured in a situation of an accident, whereas a homeowner policy satisfies the respective home in case of damages or destruction.

The term no examination life insurance policy is so designed that if in any case of the policy holder decides to discontinue the coverage as in cases of the selling of the respective car or home which were insured, the agency is not liable in paying the refunds of the premium any longer.


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Life Insurance that Doesn’t Ask Any Medical Questions?

July 15, 2009

Life insurance with no medical questions at all?

Not exactly, but close. Life insurance carriers are not in the business of just giving away insurance. While you might not find an application without any medical nosiness by the insurer, there are many policies that ask only a few health questions and do not require a medical exam.

No Medical Exam Insurance

These types of policies go through much of the same underwriting process as a traditional life insurance policy, except for one major thing- there is no actual physical exam involved. That means there is no blood drawn, no urinalysis, no height and weight check, and no blood pressure or cholesterol readings. The carrier relies on your answers to a set of health questions as well as information available in public databases to decide whether or not to insure you. The health questions can be as little as 4 to 5 questions or as many as 20 or 30. Some companies will want to know anything and everything about you. For example:

- Your health history
- What prescriptions you take
- Your family’s health history
- Your driving history
- Your occupation and activities you participate in
- Your height and weight

Those are just a few examples of information that a life insurance carrier will gather to get an overall picture of your insurability. The application and underwriting standards will vary from company to company.

Simplified Issue Insurance

This means that there is no exam and usually just a short application with a few health questions, hence the name simplified issue. The carrier will verify your answers with information on the Medical Information Bureau and prescription databases. Many carriers will require a phone interview and record your answers.

Guaranteed Issue Insurance

This type of life insurance policy is exactly what it says- guaranteed issue. The application can be as short as 5 to 7 health questions, and the company really just wants to know of any terminal illnesses, recent diagnosis’, and if you’ve had a recent heart attack. This type of policy is good for someone who has major health issues (though not terminal), or someone who has been denied for life insurance elsewhere. The benefits on a guaranteed issue policy will be graded. That means that the death benefit will not pay out 100% until at least two years into the policy. For example, if you die in year one, the carrier might pay your beneficiaries 25% of the death or sometimes only the premiums paid into the policy. If you die in year two, they might pay 50% or just the premiums paid in. This varies from carrier to carrier so be sure to find out the details of your graded payout.

Overall, a life insurance policy without a medical exam can be a convenient way to obtain life insurance. One thing you should know is that the rates for this type of policy are typically higher than a fully underwritten life insurance policy. The reason for that is because of the risk to the carrier. They are not checking your health out and simply relying on your honesty as well as public information that they can gather.

Related Posts:

  • Age 80 Life Insurance
  • What is Simplified Issue Life Insurance?
  • Do I Need to Take a Medical Exam to Buy a Life Insurance Policy?
  • Life Insurance With No Medical Checkup

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    Do I Need to Take a Medical Exam to Buy a Life Insurance Policy?

    June 8, 2009

    Many life insurance companies require you to take a medical exam to qualify for coverage. It depends on the amount of life insurance you are requesting, your age, and the insurance company. A life insurance medical exam will typically mean you’ll have to give a sample of blood and urine, and an examiner will measure your height, weight, and blood pressure. If you don’t want to go through with an exam, then there are other options. There are some life insurance carriers that offer  instant issue term life insurance with no medical exam required. You answer a few simple questions to get a free quote online. If you like your rates, you can apply online and get approved for your life insurance policy in as little as 15 minutes, if you qualify.

    This no exam life insurance coverage is offered through life insurers that are rated “A” (Excellent) by A.M. Best for financial strength. You can even pay your first premium online with a credit card and get your policy “In Force” today. Every policy comes with a 31 day money back guarantee, no questions asked. It is a great option for people who are afraid of needles or someone who wants coverage quickly without the hassle of a medical exam.

    If you need coverage today, or just don’t want to take a medical exam or blood tests, this is the solution for you. It’s the quickest, easiest term life insurance policy available online.

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    Life Insurance With No Medical Checkup

    June 2, 2009

    Most life insurance carriers require a full physical exam when you are purchasing life insurance. This typically involves a nurse or paramed coming to your home or office with bag in hand. They’ll put out a scale and check your weight then they measure your height. You’ll be handed a cup and instructed to go in the bathroom for a urine specimen. You’ll also be required to give some blood, which will be used to test for nicotine, HIV, and cholesterol levels. On top of that, you’ll probably have to go through a lengthy review of your health history. Sound like a lot? Well, it’s not really a big deal, but some people find the life insurance physical to be more of a nuisance than anything. I’ve also had some clients who simply refuse because they don’t like needles. The good news is that carriers now offer life insurance coverage with no medical checkup.

    To qualify for life insurance with no medical checkup, you have to be in pretty good health. So if you have any history of diabetes, heart problems, cancer, or stroke, you’ll automatically be denied. I’ve seen people get approved with some mild high blood pressure or cholesterol issues, though the carriers typically require that you are only taking one prescription for control. Although there is no physical exam, carriers will do their due diligence by verifying your health history with information reported to the Medical Information Bureau as well as prescription databases. If those records match the answers you give on your application, you are usually approved.

    Life insurance policies with no medical exam cost more than traditional life insurance policies because the carriers are taking more risk by not completely checking your health. For example, a healthy 42 year old female will pay $67 per month for $100,000 worth of term life insurance coverage for 20 years. This policy does not require a medical checkup. If she decides to go through with the exam, and she’s approved at preferred rates, she’ll only pay $56. There is a bit of savings there. It’s up to you to decide whether or not the savings is enough for you.

    All in all, if you want to add a little bit of life insurance to your current coverage and you don’t want to go through with a physical exam, then a life insurance policy with no medical checkup is not a bad idea. If you want to buy a lot of life insurance, the extra cost might not be worth it.

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