What Research About Businesses Can Teach You

Buy Life Insurance Without Medical Exam

There’s actually a big difference between term life insurance and whole life insurance wherein the former, it is a kind of policy that doesn’t require any medical exams and has a 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 numerous people assume that these polices aren’t requiring paramedic examinations are bought as in the same manner that you just buy an off-shelf product form retail stores, it is important to have a thorough understanding that insurance companies will run a series of double checks referred to as underwriting process before they issue a policy.

Say for example that you are planning to get term life insurance, following are some cases that will be reviewed:

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. Depending on the company selected, there is going to be requirements that should be meet to acquire eligibility. 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 – the insurance carriers will be performing review to the applicant’s prescription history to be certain that there aren’t any prescriptions that had been prescribed which are usually reserved to those who have medical conditions that’ll make the applicant ineligible for coverage when applying for a life insurance policy.

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. It is essential that the life insurance provider to do their part in safeguarding the rates of those who’ve qualified for coverage and guarantee that only appropriate clients will receive coverage from their policies despite the fact that some customers see this review as being counterproductive and intrusive.

These 3 are just some of the basic tests that life insurance companies will perform on their applicants however, expect more tests to be done if you want to get the best life insurance.