You may be thinking that buying life insurance needs full underwriting where medical tests and paper work is performed to determine the risks and eligibility of an applicant to a particular policy. Although this is true many of the times, it is not the only option. The two underwriting categories are insurance with full exams and insurance with no exams.
Insurance with a full medical exam
With many policies, applicants need to meet certain physical requirements to qualify. Therefore, the insurance company expects the applicant to visit a doctor, schedule their time to take blood samples and disclose health & personal information- all before the policy is issued. When a full exam is required, the process involved in applying for insurance is lengthy. Time is required to review and to approve the policy.
Although the insurance with a medical exam is time-consuming before receiving protection, there are benefits of this policy. First, this type of policy is less expensive when compared to other options. Applicants are expected to disclose information pertaining to their health during the underwriting process.
Therefore, the insurance company is confident in issuing policies at lower rates. Furthermore, healthy applicants have the opportunity of purchasing policies with higher coverage and greater protection at competitive rates.
Insurance without medical exam
Insurance shoppers must understand there are life insurance options that do not require a lot of paperwork, medical exams and lab work. These types of policies engage a simplified underwriting that helps shoppers to be covered easily and fast.
The no-medical exam life insurance allows applicants to secure protection without having to pay a doctor a visit or taking exams. Applicants are expected to provide basic information pertaining to their health by answering few yes or no questions. With this type of insurance, applicants get the opportunity to receive coverage shortly after approval.
There are many benefits of these mentioned policies, including:
· Convenience
Some of the insurance companies allow the insurance shopper to purchase a policy from the safe confines of their homes, without the need of visiting the doctor or taking medical tests.
· It is quick
The fact that you do not need to have exams makes it possible for you to receive cover in a short period. It can take you 24 hours to receive approval.
· Affordable
While the price on insurance varies from company to company, you may be surprised to discover the no-medical exam policy is an affordable option.
· Simple underwriting
If you have concerns about extensive tests and underwriting, you can always consider insurance without examinations.