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What is non medical life insurance? Non Medical life insurance means that there is no need to have a physical exam as a prerequisite for being approved for your life insurance coverage. There are still certain application requirements in order to be approved but a physical exam is not required. There are two categories of non medical life insurance. The first non medical life insurance is designed for people who are in average to excellent health but want the convenience of having no exam to complete. Many of us are so busy in our day to day lives that we simply do not have the time to schedule an exam with the nurse. Also, if you want a quick approval for your life insurance, eliminating the medical exam requirement will take weeks, and sometimes months, off of waiting to hear that you have been approved! With the traditional life insurance that requires a medical exam time is spent waiting for the blood and urine samples to be sent to the laboratory, the lab must process the samples and then send the results to the insurance company for review. Also, if you are not a fan of needles a non medical life insurance policy is the way to go! Often you can qualify for several hundred thousand dollars of life insurance this way. The other non medical life insurance is for applicants who are not in excellent to average health. No medical exam is required and the application usually consists of only a few health questions. So long as these questions can be answered properly the application is generally approved. Sometimes the death benefit is limited in the first several policy years to a refund of the premiums, plus interest, if the insured passes away too soon. Other times the death benefit is always the full amount. Make sure you always ask which kind of benefit your policy gives you and your heirs. These policies usually have a benefit amount of $100,000 or less. What are the advantages of Non Medical Life Insurance? This is easy to answer! When you eliminate the medical exam for life insurance you instantly lower your risk of being declined for your life insurance policy. Even if you go to the doctor regularly and think you are in great health, there is always a chance that something will show up in your blood work or urinalysis that can affect you being approved for your life insurance coverage. Or, if your laboratory results are okay, but not perfect the rate you are approved at will probably increase and you will have to pay more for the same amount of coverage. Finding out that your HDL (good) cholesterol level is too low or that you have elevated liver enzymes or there is protein in your urine is okay if your personal doctor is telling you, but you don’t want your life insurance company to be the one making that discovery --especially considering that these are the rates you will pay to own your life insurance for the next 10, 20 or even 30 years! You want to protect your family but you don’t want to pay more than necessary. Get your instant quote for No Exam Life Insurance right now! If there isn’t a medical exam, will the insurance company know if I “stretch the truth” on my answers? Always, always, always answer each question truthfully! Oh, you want a better answer? Even though there is no medical exam to qualify, the life insurance company has various ways to check up on your answers. The most common check is done with the MIB, Medical Information Bureau. From the MIB Website “MIB Group, Inc. ("MIB") is a membership corporation (sometimes described as an "industry trade association") owned by approximately 470 member insurance companies. Once known as the "Medical Information Bureau," MIB has been in continuous operation for over 105 years pursuing its primary mission of detecting and deterring fraud that may occur in the course of obtaining life, health, disability income, critical illness, and long-term care insurance.” Basically, it is a group of life and health insurance companies that share information with each other by maintaining a confidential database. For example, let’s say that in January you went to the emergency room with chest pains and had a stress test, EKG and various other services. Everything turned out to be normal (just a bad case of indigestion). Later that year you decide to apply for non medical life insurance and indicate on your application that you have not had any emergency room visits in the past 5 years. When your application is cross-checked in the MIB they are going to find evidence from your health insurance company that there was emergency room/heart related treatment in your history and your application for life insurance will probably be declined. Other resources that are used by the no exam life insurance companies to detect discrepancies between your application and reality is a prescription drug check. Many common medications and diagnosis are acceptable by the life insurance companies, they just want you to be upfront about it. If they find something in your “background check” not disclosed on your application the underwriter is going to wonder what else you have omitted and whether or not you really are a good risk to insure. Why am I being asked for my Driver’s License number? A Motor Vehicle Report (MVR) is often requested as well. Making sure that you have a valid driver’s license without numerous speeding tickets or a DUI on your record again helps the life insurance company weed out high-risk applicants which keeps the cost of life insurance down for everyone. How can I know if I have a good chance of being approved for life insurance with no medical exam? Nonmedtermlife.com has trained agents on staff who are experts with the underwriting requirements for all of our non-medical life insurance policies. Knowing which medical diagnosis are usually acceptable and which ones are not can save you time. For example, most non medical life insurance plans will accept an applicant who is successfully treating a common health condition such as high blood pressure or mild depression, but would not accept an applicant with a diagnosis of diabetes. If you take more than two medications to control one health condition you will likely have a better opportunity for approval by going through a life insurance company with the normal life insurance underwriting requirements or by applying for a non medical life insurance plan designed for those not in average to excellent health. Nonmedtermlife.com works with more than one non medical life insurance provider so if you aren’t a perfect fit with one company you might be just fine at another! I applied for life insurance with traditional life insurance carrier, but was declined. Will I be approved for non medical life insurance? Again, there are two types of non medical life insurance, there are policies designed for those in average to excellent health and also for applicants not in excellent to average health. If you have been declined in the past for life insurance, nonmedtermlife.com will probably be able to help you get approved for a policy without an invasive physical exam. What if I don’t want term life insurance? I want my policy to stay in force for the rest of my life! Many people choose to protect their families and loved ones by owning term life insurance because it is the least expensive type of life insurance available. However, many of our clients do want to own permanent life insurance coverage that will stay in force for their entire life. This permanent coverage is available too, but unfortunately doesn’t have instant online quoting capabilities. Please contact us for a quote. Our phone is toll-free 866.515.1152 or email us at info@crosslandfinancial.com . I am taking out a loan and my lender says to get life insurance for collateral in case I pass away before I pay it back. Life insurance as collateral for a loan is very common. The problem is that traditional life insurance underwriting can take four to six weeks and you need your loan to close now! No exam life insurance to your rescue. Nonmedtermlife.com can have you approved for life insurance in less than one week and will work with your loan officer to provide all the necessary documentation and collateral assignment forms that are needed to get your loan funded fast and keep your small business or personal loan on track. |
Crossland Financial & Insurance Solutions | 318 Indian Trace #405| Weston, FL 33326 | 1.866.515.1152 |
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Solicitations for Life Insurance are made by Crossland Financial & Insurance Solutions or its principal agent, Bonnie A. Wheat or her designee. Crossland Financial & Insurance Solutions California License number is 0G61078. Bonnie Wheat is licensed in 18 states, including her resident state of California. Bonnie Wheat's California license number is 0G37365, Minnesota number 40140824, and Texas number 15440440. Insurance is only offered in states where licensed and appointed. Click here
for list of a licensed states. |