If you are one of those people who do not want to undergo a medical checkup or lack the time and patience to get medical tests, there are insurance products tailored with you in mind.
Furthermore, if you have a pre-existing medical condition that a medical exam is likely to show, endangering your chances for approval, a life insurance with no medical exam is recommended.
This type of plan is different from the traditional (medically underwritten) insurance product. It provides the perfect solution for those who need insurance but do not want to undergo a medical test. The difference between the traditional policy and the insurance with no medical exam include:
· Health questions
The traditional policy requires honest and accurate answers to medical questions, in addition to a medical test. On the other hand, the insurance with no medical exam may or may not require answers to medical questions.
Some insurance companies choose to avoid medical questions, but instead confine their questions to the age, gender, weight, height, state of residence, smoking/drinking habits, occupation and hobbies.
Therefore, those who have pre-existing conditions and those who are healthy stand a high chance of being qualified for coverage.
· Process of approval
The approval process for the traditional policy often takes several weeks. The medical tests often take 30 minutes, while the results take 6 days. The results are then delivered 7 days later to the insurance company, which often takes a day or two to evaluate the results before giving an approval.
On the other hand, when you do not have to take an exam you get a quick approval process. Some insurance carriers give their approval the same day, some taking several minutes to communicate their approval.
Therefore, if you are in need of insurance right away, waiting for several weeks may not be the way to go.
In view of the fact that insurance companies offering a no medical exam policy do not require you to pass any requirements, they face a higher risk. As a result, the policies are more expensive, when compared with the traditional policy.
The traditional policies need clean record which allows them to determine the health status of the applicant and his/her life expectancy. The provider uses the medical results to determine how risky the applicant is, in order to adjust the premiums accordingly.
However, if you shop around you can find friendly policies, offered by leading insurance carriers, which have been priced competitively.
· Guaranteed approval
It is not uncommon to be denied the medically underwritten insurance product, if the service provider considers you risky. On the other hand, the no medical exam policy comes with a guaranteed approval. Therefore, it is recommended for people who cannot otherwise be qualified for the traditional policy