One of the most exciting developments in the life insurance industry over the last few years is the creation of medically underwritten policies that don’t require medical exams. After all, if there’s one thing that everyone agrees on it's that life insurance medical exams are something no one wants to deal with! But what does this really mean for your life insurance options?
Understanding no exam life insurance policies
When you searched for a no exam life insurance policy in the past you would have been directed to a simplified or guaranteed policy. These are plans that don’t require a medical for the simple reason they are not medically underwritten life insurance. Although a no exam policy can sound like the perfect option there are a number of disadvantages to choosing these types of plans. For example, a no exam policy may be more expensive because insurers take a greater risk, as they do not have a full picture of your current health status. In addition, you’ll be limited to how much coverage you can get with but death benefits coverage up to $1,000,000 are available.
Removing medical exam requirements to make getting coverage easier
It’s not just life insurance applicants that disliked medical exams; life insurance companies also saw them as barriers to getting potential enrolees through the entire process. Plans that required medical underwriting based on medical exam results were not only slow to process but also unappealing to clients who demand instant results in today’s high-speed world. So how do you eliminate the need for medical exams while still being able to medically underwrite a plan? You use extremely intelligent algorithms to calculate the risks associated with an applicant passing away during the policy coverage period. Advances in technology make it possible to verify an applicant’s current health information, medical history, and driving record in real time that makes accelerated issuance of policies possible. The algorithms analysis of your information provides insurers with an accurate way to calculate the risk of issuing you a policy poses and establish the right premium rate for the policy.
Qualifying for a no medical exam policy
No exam medically underwritten policies aren't available to everyone; in fact, you’ll have to be rated as a lower risk applicant to qualify for these types of plans. So who can qualify for no exam medically underwritten plans? These plans are currently available to people who are younger and healthy with no history of major health issues. If you meet the health and lifestyle requirements needed to underwrite the policy without an exam when you submit a quote request you’ll be able to skip the medical!
To find a no exam life insurance policy use IntelliQuote’s online quoting service to get a quote today!