Get A Life Insurance Even Without Medical Exam
Term life insurance and whole life insurance are very different policies as in the former, it is a type of policy that isn’t requiring any kind of medical exams to the applicant and at the same time, has guaranteed acceptance while in the latter, it needs the person to answer some medical questions before securing an eligibility. Even though there might not be no paramedic or physical examination needed in order to secure a term policy, still there is going to be underwriting process that should take place after applying coverage for most carrier.
Although there are a lot of people are assuming that these policies are not requiring paramedic examinations are bought as in the same manner that you’d buy an off-shelf product from retail stores, it is essential to have an understanding that insurance companies are going to run a series of double checks that are referred to as underwriting process before issuing the policy.
There are several cases that will be reviewed when planning to get a term life insurance.
Number 1. Driving record verification – with majority of the insurance providers, the application process includes consent to review the driving record activity of the interested client. There will be requirements to be met in order to acquire eligibility depending on the selected company. In most instances, there has 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 – while in the process of applying for a life insurance policy, insurance providers will review the prescription history of the applicant to be certain that there are no prescriptions that had been prescribed which are usually reserved to people who have medical conditions that’ll make the applicant ineligible for coverage.
Number 3. M.I.B check – this is basically a reference to Medical Information Bureau that is reviewing the history of the applicant. They’re checking for any recently applied coverage or outstanding coverage. Despite the fact that some customers might see this review as being counterproductive and intrusive, it’s crucial that the life insurance provider do their part in protecting the rates of those who have qualified for coverage and guarantee that only the appropriate clients will receive 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.