Types Of No Exam Life Insurance

Do you need a life insurance but you dread applying for coverage because you don't want to do the medical exam? Do you have fear of needles or do you need the coverage issued in days rather than wait for it weeks or even months to get the policy approved? Well, you're not alone. Hi, my name is Zheneta Getchev and I'm the founder of One Stop Life Insurance. We've noticed this growing trend amongst our clients and we've decided to put together this guide showing you what are the different options you have, the different types of coverage, answer some of the most common questions we've encountered when it comes to no medical exam life insurance policies. Starting with what is no medical exam life insurance policy? Well, no medical exam life insurance policy, it's a type of policy where the company will not require a doctor's visit in order to approve your application. Based on the type of policy you're applying for, you would still need to answer medical questions. Some companies would still require to see a view a list of your prescription medication. Others may request a copy of your doctor's records, but you will not have to see a nurse or get your blood drawn in order to have the policy approved. This speeds up the process tremendously and allows you to have the coverage processed sometimes in hours rather than wait for it weeks or even months. So, there are several types of life insurance policies with no medical exam starting with accelerated underwriting. Now, accelerated underwriting type of policies are not true, no medical exam. However, we find they do have their place in the market share and we wanted to touch briefly on them. Those types of policies are typically fully underwritten and if the company feel that they don't need additional requirements, they can accelerate your application right through and you can have that policy approved rather quickly and not see a nurse. Now, this is done by the discretion of the company, so not every case it's being accelerated. If it does, you get a pretty good discount as you can qualify for the preferred health rating. The second type of policy that it's no medical exam and this one is truly no medical exam, it's called simplified underwriting. With simplified underwriting, what you need to do is simply complete the application with us over the phone and electronically sign it. From that moment on, the company does their third-party verification data where they would pull your motor vehicle report, they will pull your prescription check and any other verifications they need and they will either approve or deny your application. Those policies are issued very quickly. In some instances, we have instant decision while in other cases, we have to wait 24 to 48 hours to have the policy approved. Those are great options for people who are in a hurry, possibly secure an SPA loan. The second or the third type of no medical exam policies are traditional no medical exam. In these instances, you would again not be required to see a nurse. However, the company may request your medical records. Now, while this is a step that doesn't involve you, the company takes care of that. It adds up additional time to the underwriting process. In some instances, it may take weeks before your doctor sends the medical records and therefore, your application is stuck in underwriting. With that being said, you might be able to get a better rate in comparison to simplified issue and if you are not in a hurry, this makes it an attractive option for many of our clients. Now, the other options we want to cover are not traditional life insurance policies starting with accidental death and dismemberment. If you are not able to qualify for any other insurance or you just want to make sure that you have something in place in case you die because of an accident, this is going to be a great option for you. It's very easy underwriting. Basically, there is almost no underwriting. The biggest objective that the company has is to make sure that you're not replacing an existing policy with an accidental policy only. They are very competitive when it comes to prices and obviously, the biggest drawback is that this option would not cover in case you die from natural causes or complications from illness. And the last category of no medical exam policies is final expense or guaranteed issue policies. Those are typically a lower face amount policies anywhere from $5,000 to $25,000, possibly even $30,000, $40,000 depending on the company. There's no exam. In some instances, you do have to answer medical questions while in others like the guaranteed issues, you won't. Again, the biggest objective is just to make sure that you're not replacing an existing policy with this one. So, another common concern we get from our clients is are these products legit? How is a company able to approve you without processing a medical exam? Well, they are legit. Medical exam policies are offered by A-rated or B-plus rated companies while most of the companies we represent are A-rated or better. And companies do have access to a lot of reports and third-party verification data that they are able to collect in order to ensure that you are insurable. As I mentioned, that is your motor vehicle report, prescription history report, MIB, medical informational bureau report, and some other reports that they are running. Are no medical exam policies more expensive in comparison to exam policies? Well, the answer really depends. With a fully underwritten medical policy, you might be able to get additional health classifications such as super preferred, preferred, or standard plus. Whereas with some of the no medical exam policies, it's either approved, denied, or standard or non-standard. You may not be able to get that extra credit for super healthy. Other than that, they're very competitively priced and many of our clients see the advantage of getting the policy issued easier worth the extra dollar or two. Here's some of the most common questions we want you to keep in mind when applying for no medical exam policy, starting with the coverage limit. Companies will approve policies up to a certain limit. And based on the company, that limit varies. It could be anywhere from $300,000 all the way up to $500,000. Some companies may even consider a million without having to do a medical exam. Another nice advantage of the no medical exam policies is that some companies do offer living benefits. Simply put, living benefits allows you to use your life insurance policy while you're still alive should you ever be diagnosed with any common conditions such as heart attack, stroke, invasive cancer, terminal illness, and et cetera. Not every company offers living benefits, but many of them do. If you're not sure, feel free to give us a call or just ask us and we would advise you which ones do. You also have the option to self-complete the application. It doesn't get any easier than that. You don't even have to do the application over the phone. You can be at home and just filling it out on your computer or even smartphone. So this is another added convenience feature that some of the no exam companies do offer on the market. We hope you find this video helpful. If you have any questions on no medical exam life insurance policies, feel free to reach out to us. You can send us an email, you can request an instant quote on the form, or you can just give us a call. Hope you have a great rest of your day.