How You Can Get Rid Of Medical Exams When Buying Life Insurance?
There’s actually a big difference between term life insurance and whole life insurance wherein the former, it is a kind of policy that doesn’t require any medical exams and has a guaranteed acceptance while in the latter, it needs the person to answer some medical questions before securing an eligibility. While it is true that there may be no paramedic or physical examination needed to be able to secure a term policy, still there will be some underwriting process that will take place after applying coverage for a number of carrier.
There are countless of people who actually assume that these said policies aren’t calling for paramedic examinations are bought as in the same manner that you purchase off-shelf product from a retail store, it is vital to have an understanding that insurance companies will be performing a series of double checks that are also known as underwriting process before issuing the policy.
Say for example that you are planning to get term life insurance, following are some cases that will be reviewed:
Number 1. Driving record verification – with most of the insurance companies, the process of application will include a consent to review the driving record activity of the interested client. There will be requirements to be met in order to acquire eligibility depending on the selected company. In most instances, there has to 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 – truth is, M.I.B stands for Medical Information Bureau that will review the history of the applicant. They’re checking for any recently applied coverage or outstanding coverage. Despite the fact that some customers might see this review as being counterproductive and intrusive, it’s crucial that the life insurance provider do their part in protecting the rates of those who have qualified for coverage and guarantee that only the appropriate clients will receive coverage from their policies.
These 3 are just some of the basic tests that life insurance companies will perform on their applicants however, expect more tests to be done if you want to get the best life insurance.