By David J. Livingston
With the boom in the insurance market there has been a cutthroat competition between the insurance companies and in todays time getting insured has become much easier. The term policy is the perfect example which provides sufficient death benefit and a financial support to the beneficiaries in case of the death of the policy holder within the tenure of the policy but gives no provision of cash value. Now comes the question that is term insurance flexible enough to fit into the bill of every insurance buyer? Definitely it is not and some rules prevent many to buy these policies. Here comes the life insurance no exam policies in the picture because it is the best thing that all those who are not fulfilling the eligibility criteria can opt for.
When it comes to factors associated to the above mentioned option of insurance then it is not one but there are many factors. In order to enjoy these services and buy life insurance no exam policies the people fulfilling the eligibility criteria should be through with the terms and conditions of this special category of insurance. To top it up the underwriting process of the policy is designed to be very simple and that makes it more flexible for the insurer to get insured without any complications. Because one is not subjected to a medical examination in this case one can skip the medical information bureau (MIB) record as well.
All that you need to do is answer just few simple questions and you can avail life insurance no exam policy. The absence of medical exam simplifies the process and makes it less time consuming and the applications are forwarded without any hassle. One the insurance application for life insurance no exam policy is received by the insurance company it is sent to the MIB, this is a mandatory thing that is to be done because this is how the insurance company informs MIB that a no medical examination policy is being issued in this case and few health related questions have been asked, after doing so the case gets processed for the process of underwriting. But such facility is not availed on cheap rates like those people going for medical examinations to buy insurance.
The above mentioned facts contribute to the reason why no exam policies remain costlier unlike normal term policies. Such insurance options are also common when the insurance companies approach the corporate houses or organizations to buy these policies in bulk and take an initiative to sell term policies. This case is common in the employer group life insurance options. The main motive of employer’s group life insurance plan is to create awareness about insurance among the workers. They are advised and compulsorily told to buy insurance as a matter of policy.
The insurance companies take conscious efforts to skip medical examinations and offer life insurance no exam option to the policy seeker just with the intention of making policy buying more easy and affordable. This also gives you a provision to pay the premiums in bulk and this is the reason that despite the rates of such policies goes higher but still people prefer to buy them and in most of the cases there are some discount options tagged along with the policy. Policies sold in employer group plan are deliberately made easy so that it is considered even more suitable. Just think about it, getting insured can be so easy with the facilities like no medical examination, receiving the insurance documents in just a couple of weeks and easy underwriting process.
In the case of these polices the individuals know the fact that they are enjoying the conveniences as they have not been involved in unnecessary paper work which has saved their time on the whole, they have not been asked to undergo medical examinations, etc, so when it comes to convenience individuals hardly bother about costs involved in it. But the life insurance no exam policy bought under group insurance has a negative aspect as well the policy expires automatically if the employment has been terminated or the policyholder has left the organization. But the policyholder is subjected to a sufficient life coverage amount if the policyholder has been associated with the organization that has arranged for the life insurance no exam policy for him.
It is true that even the life insurance no exam policies have some demerits, but the reason why people prefer it is because they run out of time and cant personally visit medical examiner for health checkup to buy a policy and get insured. In the hectic professional schedule one finds it difficult to take out some time. This is the reason why they are also ready to shell out some extra amount for this facility, because in this hectic scenario when you are presented a policy without medical examination then it is obvious that nobody would want to deny it. What adds on to the advantages of this policy is the simplified underwriting process which has made policy buying very easy for the buyer and one can get insured without undergoing intensive medical examination.
For all those people who are suffering from some illness and have been rejected by the insurance company, life insurance no exam is the right thing for you, so not be dishearten because even you are eligible for life coverage. At times the insurance companies may deny insurance to some people who are suffering from critical illness but still all these people can avail the benefit of life coverage by opting for life insurance no exam policies. Nevertheless, applicants still need to be in good health to get a no exam life insurance policy. These policies have their own set of rules and regulations based upon which they function, the application is accepted only in those cases when health of policy buyer has not deteriorated and only these people can avail the policy and the benefits of the policy.
About the Author: Article by David Livingston of
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