I feel compelled to write this article on no medical exam life insurance as there is so much misinformation published on the Internet. There are implications that this idea is new. Some people believe that the insurance companies ask no questions about your health when you apply. Nothing could be further from the truth. I should say nothing could be further from the truth if this is full insurance from the outset.
What a few companies do is to issue a policy with a death benefit that increases for a period of time, 5 or 10 years, then you have the full coverage. This type of policy is not usually worth it as you will end up paying for a good portion of the death benefit in premiums by the time you have full coverage. As a result there is very little need to get detailed health information.
The real no medical exam life insurance has been around ever since the idea of life insurance came into being. This is regular life insurance and it doesn’t cost any more than a policy that requires a medical examination.
When most people enter the insurance business they are usually quite young. These people have young friends as well. They start off selling their friends or friends of their friends. These policies are usually issued on a non medical basis unless they are very large policies. This has always been the case. Why do the carriers do this? They issue these policies to young people as they are usually in good health. They also save money as they have no need to pay a doctor, nurse or paramedic to do a medical check.
These people just need to answer a few health questions as the insurer wants to know about family health history as well as the present health condition of the applicant. They do confirm that the answers are correct though. There are limits to the amount of life coverage the companies are willing to issue. These limits vary by age. The older you are the more likely you may be required to do a medical.
Technology has advanced to a level today that it doesn’t take long before most of a persons medical history can be obtained. In some cases as little as fifteen minutes. As a result of this no medical exam life insurance has really come into it’s own. The life insurance companies can now issue larger policies to older people. Most carriers will issue policies up to age 65 within certain limits.
People are living longer because medical science is now moving ahead in leaps and bound. Early diagnosis of what used to be terminal ailments brings about longer life if treated. As the carriers are very aware of this they are issuing larger no medical exam life insurance policies at older ages.
Life insurance companies like to issue non medical policies simply because it costs less to issue them and, as I explained above, they are not exposing themselves to any more risk than they always have. The fact is they know more about applicants today than they used to.
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