The facts about a no medical exam life insurance policy. What is a no medical exam life insurance policy?
The answer to this is in the name. It is a life insurance policy where the recipient does not need to take a medical examination by a clinic or doctor who is certified by the insurer. This type of policy is ideal for two groups of people: those who have been refused coverage and those who do not want the hassle of taking a medical examination.
The company will ask about previous health and if any claims on an individual’s health policy have been made. Family background will be checked and a questionnaire needs to be filled out. But there is no medical exam and most people will be accepted.It is a life insurance policy that will accept almost any applicant. There is no medical exam to take which means that the strict criteria that is used on a conventional policy is not applied.
With most normal policies an applicant will go through a lengthy process of filling out forms, completing family history checks, and of course submitting full examination records. Once the applicant’s state of health has been determined then a policy is either issued or in some cases declined.
A no medical exam life insurance is really designed for those who do not meet the criteria of the standard coverage. Although the premiums will be higher and the lump sum pay out lower they will be entitled to a level of coverage. Each individual will need to fill out the relevant paper work and give any details of underlying conditions so that a policy can be issued.
What is the benefit to the no medical exam insurer?
Firstly it means that they can now offer policies to those who they have previously turned down. But one of the biggest benefits to the insurer is it costs less to provide the coverage. There is no need for expensive medical exams and checks to be done. The system is more streamlined and this cost saving is passed onto the customer. It is starting to gain popularity with those who are young and healthy as they do not have to go through the process of having a medical check-up.
To sum up it makes sense for an insurance company to provide no medical exam coverage as it greatly benefits them and also their customers. This type of policy is starting to gain popularity and the amount of companies offering it is set to grow year to year. Contact US