No medical exam life insurance policies are famous for their ease of application process. Most life insurance application processes take weeks or months to finalize. No medical exam policies can take minutes, hours, or days to finalize since an applicant’s information is checked against publicly available information. Or the insurance company can check an applicant’s information against their medical records.
However, the process is not always so easy or expeditious. Not everyone can be approved. Sometimes a medical exam is required. Your occupation and hobbies could be disqualifying factors for approval. Here are some facts that you should know about no medical exam life insurance.
No Medical Exam Insurance Demographic
These policies are designed for demographics of people who can’t be approved for traditional forms of life insurance coverage. They are designed for moderately healthy people up to age 65, or older depending on the company, to obtain accelerated coverage with diminished benefits packages. Anyone of adult age can apply. Still, if you are young and healthy enough to be approved for traditional coverage, a no medical exam policy just won’t compare in terms of potential benefits.
A Medical Exam May Be Required
No medical exam life insurance policies are famous for not requiring a medical exam for approval. Traditional life insurance policies require intense paperwork, interviews, and perhaps more than one medical examination. The insurance company wants to minimize its financial risk in approving an application. Because most applicants who apply for no medical exam life insurance are older and are in moderate health, physical medical exams are not required.
This does not mean that you are approved blindly without any medical-related information. Your application will be crossed checked with publicly available medical information from the DMV, pharmacy records, and participating medical providers. As long as the basic medical questions you answer on the application does not contradict such information, you will be approved.
If you answer the medical part of the application in a way that implies that you have a pre-existing condition or are in worsening health, more information may be requested. You may then be asked to undergo a full medical exam. Your medical and prescription medication history may be examined. You could then be rejected or be presented with higher premium fees.
Approval Is Not Guaranteed
The large demographic pool of applicants who apply for no medical exam insurance usually have no problem being approved. However, that is because they fall within a series of risk-assessment guidelines that the insurance company abides by for every application. Applicants in moderate health, who are not too old, and who have publicly verifiable medical information available are usually approved.
If you have a preexisting medical condition, are employed in a dangerous occupation, or engage in dangerous lifestyle activities, or hobbies then you will assuredly be rejected. Applicants with cancer, HIV, heart disease, kidney disease, and a range of other serious medical problems will not qualify. If you are a police officer, military officer, stunt person, or employed in a safety-adverse job, then you will not qualify.
If you are a skydiver, non-commercial aircraft pilot, deep-sea scuba diving enthusiast, fire-breather, or engage in any dangerous hobby, then you won’t qualify. Approving such applicants goes against the risk-aversion practices of insurance companies. They usually approve applicants based on actuarial statistics that benefit their own bottom line.
Know The Facts
No medical exam life insurance is convenient. Almost who apply are approved, but not everyone gets approved. It’s best to check the reviews of companies like Trustage life insurance. Make sure that you read the policy guidelines for any such coverage when you apply.