As agents we are frequently hearing the question ?Is there really a way for my clients to get the life insurance policy they need without the hassle of going through a medical exam?? The answer is yes! Depending on the applicant?s individual situation, a policy that doesn?t require a medical exam for approval yet still offers competitive, guaranteed coverage could be available and in your client?s best interest.
No Medical Exam Life Insurance Policy
Most carriers I work with commonly use some kind of medical exam procedure to judge any conditions or history that might affect my applicant?s rate for insurance or deny him or her coverage altogether. Historically it has been a standard part of the mainstream life insurance process.
More and more however, I?m seeing carriers develop processes to determine the applicant’s insurability without any face-to-face contact with an examiner. This can greatly reduce the time and expense for the carrier and make the process much easier and more pleasant for the applicant.
How is this policy different?
No Medical Exam Policy will be NO DIFFERENT than if my client went through a process requiring an exam, and the cost will be about the same. The client usually will have the option to choose 10, 15, 20 or 30 Term Insurance, or possibly even a Whole or Universal Life designed to last longer.
Until recently, it has been significantly more expensive to purchase the same coverage with ?no exam? or ?non med? policies as ?fully underwritten? policies requiring an exam. Often the cost would be higher by 50, 60, 70 percent or more for the convenience of avoiding the exam process.
However, lately I?m seeing more insurance companies with non med designs offering the exact same guaranteed coverage, and benefits as traditionally underwritten policies at little or no difference in price.
What are the benefits of a No Medical Exam Policy?
A life insurance policy with a medical exam commonly takes four to six weeks or more to get approved and issued through the traditional channels. The biggest benefit to a No Medical Exam process is how much faster I can get a policy issued for my client. Since no face-to-face exam needs to be scheduled and conducted, and no lab results need to be collected and analyzed prior to an underwriting decision being conveyed, I can get my client a non-med policy issued from application to policy delivery in as little as 24-48 hours with some carriers.
The no-exam process should not be confused with guaranteed issue insurance designed to offer coverage based on very little or no medical information. Although my client won?t step on a scale or have any new physical data collected, I will need to be sure the applicant is in good health to qualify and in very good health to qualify for the most preferred rates. If my client has recently had serious medical issues like a stroke, heart attack, or cancer or are significantly overweight, I tend to recommend some sort of medically underwritten, impaired risk or guaranteed issue coverage options.
What?s the Catch to a No Medical Exam Policy?
There really isn?t a catch, no exam is often a way to get easy, affordable insurance.
Some things to keep in mind:
- The maximum amount of coverage I can get per policy is usually around $350-$400 thousand. If my client wants more than that we may need to get policies from more than one company.
- Glitches in data can slow the process in some instances.
- There aren?t as many insurance companies, age ranges, and plans available with No Exam
- Even though my client won?t see an examiner, their health status is important.
More and more I am seeing where the convenience of a No Medical Exam Life Insurance Policy removes the hassle and stress that clients can encounter when purchasing life insurance without foregoing a good rate or policy features.
In order to see if a No Medical Exam Life Insurance Policy is right for your clients, contact SilverSide Insurance Marketing Immediately! Call?480.400.7171 today!