No Medical Exam Life Insurance
Life insurance companies base your rates on several factors including length of term, coverage level and your health. No medical exam life insurance is offered as a convenience for those people who don’t have the time or inclination to sit through an exam, also for certain individuals with medical conditions that may be uninsurable through traditional policies. However, there are many misconceptions regarding these policies. Before you decide if these plans are right for you, it’s important to understand some basic facts about them.
There are a few key differences between no medical exam life insurance and traditional policies (exam required and cover all causes of death). If you choose a policy that does not require an exam, there are coverage limits of $1,000,000 for term and universal life insurance and $100,000 for a whole life policy. However, you can get up to 30-times your income level if you choose a traditional policy. In addition, traditional policies offer many types like guaranteed universal life, indexed universal life, universal life with long-term care riders, whole life insurance with high face amounts, and many other options.
The Benefits of No Medical Exam Life Insurance Policies
Many consumers are surprised to learn that no medical exam life insurance coverage is available. A benefit of getting a no medical exam policy is that you will pay rates close to a traditional policy with minimal effort required. Life Insurance companies make their decisions based on your medical records and a telephone interview. If you meet the requirements of the no medical exam policy, you can be approved for term life insurance in as little as 48 hours.
There are other no medical exam policies that are called Graded Death Benefit. Graded Death Benefit policies have both term and whole life versions. Each Graded Death Benefit policy does not require a medical exam, and is perfect for individuals that may have certain medical conditions or have been declined life insurance in the past.
Technology is a marvelous thing, and technology is what makes it easy for insurance companies to offer no medical exam life insurance policies. You will provide basic information on the application, and you will also give the insurer permission to review your medical history. They will take the time to verify your medical information to confirm that the information you provided is accurate and thorough.
No medical exam life insurance policies are convenient for consumers, and they also help the companies save money. With technology available to check medical records, there is no reason for insurers to pay for a private nurse to come to perform a health exam on certain policies. As with all policies, the rates do increase with age, so it’s important to make the investment as soon as possible.
It’s also important to remember that you will have to submit to a medical exam if you want life insurance with a face amount of $1,000,001 or higher, or would like enhanced features that guaranteed universal life, indexed universal life, whole life insurance and other policy types provide.
How to Qualify for Term or Whole Life Insurance Without a Medical Exam
Think of “No-Medical-Exam” Life Insurance like an umbrella. Under that umbrella, you have four types of Life Insurance: Guaranteed Issue Life Insurance, Graded Death Benefit Life Insurance, Simplified Issue life insurance and Final Expense Life Insurance (which we’ve already explained above).
Here are the details about each of the other three “No Medical Exam” policy types:
Guaranteed Issue Life Insurance never asks you health questions. If you fit within the age guidelines, everyone qualifies.. but there can be a waiting period for full coverage of benefits.
Graded Death Benefit Life Insurance has the same characteristics as “Guaranteed Issue” life insurance, except it does ask some medical questions. It is typically less expensive than Guaranteed Issue.
Simplified Issue Term Life Insurance is coverage for a specific number of years, without requiring any medical examination. However they typically always check the three legal reporting services about your history: Medical Insurance Bureau (MIB), Pharmacy and Motor Vehicle. Coverage is immediate if you qualify, and the maximum amount available is $1,000,000.
Final Expense Life Insurance, as discussed above, is usually smaller coverage using a Whole Life Insurance Policy (from $5,000 up to $25,000 are the most typical amounts).
You have to qualify by answering health questions to get immediate coverage.
For the lowest cost term life insurance policies with no medical exam required you have to be healthy.
Docktor’s Insurance can obtain coverage for several medical conditions where you are closely monitored by your medical doctor, and are considered to have chronic diseases “Under Control” with medications. There are several life insurance companies offering No Medical Exam policies that address these conditions:
- Controlled diabetics,
- Controlled high blood pressure,
- Controlled cholesterol,
- Mild asthma
- And several other minor but chronic health issues.
However, those with moderate health issues may still qualify when reviewed by Docktor’s Insurance, on a case by case basis. Your privacy is protected during all communications with us.
We have been able to secure coverage for those with : COPD, epilepsy, multiple sclerosis with No Medical Exam policies, but there are other factors at play such as how long ago you were diagnosed and how severe that condition is today.
All telephone discussions are CONFIDENTIAL.
If you need to provide term life insurance for your business employees, or for an SBA bank loan requirement, Docktor’s Insurance has special policies for you. Especially If You’ve been declared “Uninsurable” by others.
Most agencies don’t know about these products so if this is your situation,
Give Docktors’s Insurance a Call NOW:
CALL US AT (888) 773-1181 x1
For small Whole Life policies with no medical exam, it’s a little different. You can have some moderate health issues and still qualify for these no medical exam whole life insurance policies. We are happy to help you to compare these policies for your loved ones, family and friends as well.
What No Medical Exam Life Insurance Companies ALWAYS Check
Besides the questions listed on each company’s application, they will qualify you based on the reported results of contacting these three organizations about your history. Docktors’s Insurance wants you to know that we’ve uncovered clerical errors within a few of these reports; they were promptly corrected leading our satisfied customers to get full and suitable life insurance coverage.
Just like working patiently to correct clerical errors within each of the three credit reporting agencies (who are not contacted by life insurance companies, by the way), it sometimes takes a business (like us and your bank) representing your personal interests to get errors corrected promptly. Likewise, we’ve been informed by our clients of cases of identity theft – and thankfully, we were able to help them get that corrected swiftly.
These three reporting agencies are known as the 3 Validation Bureaus.
- MIB — (Medical Information Bureau) operates a secure, privacy protected, industry-wide database where USA based life and health insurance companies share information significant to each individual’s health or longevity taken from prior applications for insurance and those requisite underwriting investigations.
- Motor Vehicle Report – You state’s DMV is checked for DUIs, reckless driving tickets, suspended licenses and excessive moving violations.
- Pharmacy Report – This is the central database that lists all your prescription medication history.
We recently resolved a situation where our client was taking a diuretic to assist with weight loss, but because she has been using that Rx for over two years, it was falsely assumed by the Underwriter to be related to Chronic Heart Failure (CHF). A letter from her current prescribing physician quickly clarified that misinformation, which got her approved for full coverage – at age 75.
All life insurance companies use outside professionally-managed resources to help them decide whether to approve your application. Primarily they validate the honest answers you provided to Docktor’s Insurance during completion of your telephone or written application.