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. 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.
There are several cases that will be reviewed when planning to get a term life insurance.
Number 1. Driving record verification – with majority of the insurance providers, the application process includes consent to review the driving record activity of the interested client. Depending on the selected company, there’ll be requirements to be met in order to acquire eligibility. 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 – the insurance carriers will be performing review to the applicant’s prescription history to be certain that there aren’t any prescriptions that had been prescribed which are usually reserved to those who have medical conditions that’ll make the applicant ineligible for coverage when applying for a life insurance policy.
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. They’re checking for any recently applied coverage or outstanding coverage. Even though some customers may see this review as being counterproductive and intrusive, it is essential that the life insurance provider perform their part in protecting the rates of those who’ve qualified for coverage and ensured that only the appropriate clients can get 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.
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