Is it possible to obtain life insurance without a medical exam? The answer is a resounding yes! As you research the advantages of no medical exam whole life insurance, you will discover that it is truly a very wise decision for both your personal life and for your fiscal security. This is mainly because most medical tests often prevent you from pursuing many forms of life insurance.
Whole life policies are sold primarily based on an individual’s health history. Whole life policies provide permanent protection as well as tax advantages to policyholders. It is very important for prospective policyholders to undergo thorough medical screenings prior to taking out life insurance policies. It is also advisable for people who are sick or have chronic conditions to undergo medical screening and tests before taking out these policies. Whole life policies are usually more expensive than term policies due to the increased longevity of the policy.
It is also a good idea for anyone looking for life insurance coverage to undergo a medical screening and/or examination. This helps determine if an individual has a higher risk of contracting illnesses and diseases, and if he or she would require more extensive coverage. Life insurance companies typically offer different levels of coverage. Some insurance companies will even assess the medical history of an applicant in order to determine the level of coverage that would be best for the individual.
Underwriting Guidelines. Different insurance companies follow different age limits and deductibility requirements for their customers. It is up to the consumer to find out which company will provide him with the best coverage at the lowest cost. Most insurance companies do not inquire about medical history during initial enrollment. Some of them require the individual to undergo medical examinations and screenings in order to determine the insurance holder s medical condition and other risk factors.
Different Companies May Also Apply Different Underwriting Guidelines. One of the most significant differences between these policies is the type of underwriting that each company applies. Some companies may apply the “traditional” guidelines while others may apply the “accelerated underwriting guidelines.” This means that although the premiums may be similar, the types of underwriting that each company applies may be quite different.
One Example is the Medical underwriting guidelines. Some life insurance policies may offer the convenience of having an exam for coverage as one of their many benefits. However, this does not mean that the policies are any less risky than those that do not offer this convenience. In fact, the policies that don’t offer this convenience often offer higher rates than do those that do.
Another example of the type of underwriting process that differs from company to company is the amount of time that is required in order to underwrite a life insurance policy. For example, some insurance companies may take up to 15 minutes to complete the medical underwriting process to other insurance companies may take more than twice that long. Since the medical exam is likely to affect the cost of the policy greatly, it is important that you take the time to find an insurance company that will require a medical exam for coverage.
In addition, some companies may choose to have a paramed exam instead of a medical exam. Although it is not mandatory, having a paramed exam may actually cause your premiums to increase. Due to this reason, many individuals that have undergone paramedics visit find that their new, higher rate will make the policy unaffordable. Therefore, if you find that the medical exam or the paramedic exam is not necessary for your particular type of insurance policy, you can save money by purchasing a policy that does not include these two processes.