How You Can Get Rid Of Medical Exams When Buying Life Insurance?
Term life insurance and whole life insurance are very different policies as in the former, it is a type of policy that isn’t requiring any kind of medical exams to the applicant and at the same time, has guaranteed acceptance while in the latter, it needs the person to answer some medical questions before securing an eligibility. Despite the fact that there might not be no paramedic or even physical examination needed to secure a term life policy, still there’ll be underwriting process that has to take place after applying coverage for most carriers.
Although there are a lot of people are assuming that these policies are not requiring paramedic examinations are bought as in the same manner that you’d buy an off-shelf product from retail stores, it is essential to have an understanding that insurance companies are going to run a series of double checks that are referred to as underwriting process before issuing the policy.
When planning to get a term life insurance, some of the cases that’ll be reviewed are:
Number 1. Driving record verification – with numerous insurance companies, most of them follow the process of getting consent to check their driving record activity of the interested client. There will be requirements to be met in order to acquire eligibility depending on the selected company. More often than not, these would be no DUI cases within the past 7 years, no other major violations committed for the past 5 years, no driver’s license suspension in the last 5 years and no more than 2 standard moving violations.
Number 2. Prescription history check – when you are applying for a life insurance policy, the insurance carriers are going to review the applicant’s prescription history to be sure that there aren’t prescriptions that had been prescribed which are often reserved to those who have medical conditions that’ll make the applicant ineligible for coverage.
Number 3. M.I.B check – as a matter of fact, this is a reference to Medical Information Bureau that reviews the history of the applicant. Actually, they check for any recently applied coverage or outstanding coverage. It is essential that the life insurance provider to do their part in safeguarding the rates of those who’ve qualified for coverage and guarantee that only appropriate clients will receive coverage from their policies despite the fact that some customers see this review as being counterproductive and intrusive.
These are only some of the basic steps that life insurance companies are going to perform on their applicants on the other hand, you may want to expect more tests to be carried out as well if you wish to get the best life insurance.