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What YOU NEED TO KNOW ABOUT LIFE INSURANCE WITHOUT AN EXAM
If you're not a fan of needles or just don't have the time or energy to be bothered with a medical exam you can still get life insurance - often with a decision fairly quickly as well. This is called a no medical exam life insurance policy.
When you apply for life insurance, you go through what is referred to as the underwriting process. This includes a medical exam, an Attending Physician Statement, a background check with the Medical Information Bureau, and a prescription and motor vehicle report check. This is known as fully underwritten life insurance because it goes through the entire underwriting process.
When you apply for life insurance, you go through what is referred to as the underwriting process. This includes a medical exam, an Attending Physician Statement, a background check with the Medical Information Bureau, and a prescription and motor vehicle report check. This is known as fully underwritten life insurance because it goes through the entire underwriting process.
Who Can Benefit from No-Exam Life Policies
No-exam life insurance is typically purchased by a wide variety of clients. The most common include:
- People who are afraid of needles, blood, and medical offices
- Clients who do not have the time to make an appointment
- Those who need life insurance coverage immediately
- People who need to collateralize a small business loan - with no-exam insurance, they can skip the time consuming process of meeting with an examiner.
Additionally, no exam life insurance policies are good for people who only need small amounts of coverage. This is often used as supplemental life insurance for existing policies.
The Advantages May Outweigh Any Disadvantages Depending on Your Situation
The advantages of no-exam life insurance:
- No blood test
- Faster approval times
- Convenience
- Less scrutiny
The disadvantages:
- Lower Coverage amount
- Possible waiting period for full coverage
- Higher cost
- Riskier payout in first two years
Whether or not no-exam life insurance will benefit you is solely up to your situation - we will gladly discuss your options and help you decide what are your best options.
Your Medical History
Insurance Companies Look at Your Medical History & Conduct a Phone Interview Before Approving Your No-Exam Policy.
Since you will not be taking a medical exam, the insurance company needs another way to assess their risk of insuring you. You’ll likely have a phone interview with the insurance company screener following completion of a medical questionnaire.
The company will also typically receive information from, and check your history with:
- Medical Information Bureau (MIB)
- MVR (Motor Vehicle Records)
- Pharmacy Database
When completing your questionnaire, you’ll want to answer questions truthfully, to the best of your knowledge, including whether you’ve previously been turned down (“declined”) when applying for life insurance sd this will normally show up in the MIB check anyway.
If you have been previously declined, there is a high likelihood that you will be declined with your “no exam” application as well. There are exceptions, so be truthful with your agent so they can advise you accordingly to reduce the chance of disappointment.