by Insurance Maze » Sat Mar 01, 2008 05:38 pm
Someone placed an article on this subject in the "Advertise" section of the forum, but I think this subject is much more important.
How can an insurance company issue a $250,000 life insurance policy on your life if they know exactly nothing about the current condition of your health? What exactly are the terms and conditions of these life insurance policies?
Sure they may check the Medical Information Bureau (MIB), but what if you were diagnosed with cancer yesterday?
Don't you think that these web sites that advertise "No life insurance-medical exam" are attracting people with health problems who are trying to put one over on the insurance company?
A traditional life insurance exam is not really an exam at all. A para-med asks you a lot of health questions, obtains a mouth swab, and possibly a urine specimen, that's it. I really don't see the big deal.
Just how secure are these "No Medical" life insurance policies?
Are they actually underwritten at the death of the insured?
How can an insurance company issue a $250,000 life insurance policy on your life if they know exactly nothing about the current condition of your health? What exactly are the terms and conditions of these life insurance policies?
Sure they may check the Medical Information Bureau (MIB), but what if you were diagnosed with cancer yesterday?
Don't you think that these web sites that advertise "No life insurance-medical exam" are attracting people with health problems who are trying to put one over on the insurance company?
A traditional life insurance exam is not really an exam at all. A para-med asks you a lot of health questions, obtains a mouth swab, and possibly a urine specimen, that's it. I really don't see the big deal.
Just how secure are these "No Medical" life insurance policies?
Are they actually underwritten at the death of the insured?
Posted: Tue Aug 05, 2008 05:06 am Post Subject:
Probably some people have valid reasons not to go for medical examinations when applying for insurance.
I always believe going for medical examination is one of the most important things we should do twice a year. I wonder if anyone out there would disagree with me that medical examination is important.
Many of us just take lame excuses for not going for a health check quoting reasons such as no time, too afraid to know the findings of the health check etc.
When applying for insurance, you have another good reason to go for health check. Besides, some insurance companies are willing to bear the examination fees.
Essentially there are only two possible outcomes at the end of a health check, i.e. you are still in perfect good health or your health is in questionable conditions.
If you remain in good health, very likely the insurance companies will accept your application at standard rate. If you health condition is not favorable, you need insuance more than other people do, you only hope your insurance application does not come too late and the insurance company would still accept your application.
Posted: Wed Aug 06, 2008 03:27 am Post Subject:
This is an interesting topic. I worked at two "captive agency" (career) life insurers before becoming independent. Both had Guaranteed to issue products available for sale. There were a few (less than ten) medical questions to answer and qualify.
I remember training sessions where the concerns raised in this thread were raised to the trainers (sales managers and product specialists). After being pressed by concerned agents we were told that it was possible that some underwriting could be done at death. We were also told that we could not give ANY advice on how to answer the questions (which were open to some interpretation). For example - what is a heart condition? What is a lung condition? Have you ever had ....?
Anyone buying these products are well advised to read the terms and conditions carefully, and ask their Doctor to help them fill out the form.
The easiest way to buy may be the most costly in the long run.
Just my 2 cents
Posted: Tue Nov 10, 2009 07:16 pm Post Subject: No Exam Life Insurance
Already been there..done that. They will make you authorize a query to the MIB, which is a clearinghouse of medical info. If you were ever denied inurance or have one little tiny issue on a blood test, it will show up.
You will be denied. Dont get suckered into no exam policies. Just a waste of time.
Posted: Fri Feb 22, 2013 10:09 am Post Subject: life insurance no medical
Really no medical life insurance is the best way to get affordable insurance protection. This plan will help us to get insurance protection quickly and peoples who have some health related issues they all people find this very comfortable.
Posted: Thu Mar 14, 2013 09:57 am Post Subject:
Currently lots of life insurance policy available online and no one online policy required any health certificate.
Posted: Thu Mar 14, 2013 12:37 pm Post Subject:
no one online policy required any health certificate.
Are you sure?
Posted: Fri Mar 15, 2013 01:34 pm Post Subject:
No exam life insurance is not the same as guaranteed issue life insurance.
It is a terrible choice for most people. If one has serious health issues, they most likely will still get turned down. If they don't have serious health issues, individually underwritten policies are much cheaper.
In general, these policies only make sense for a person who is unwilling to get examined for one reason or another. Often these policies are used by people who are planning on not being honest on the application. For this reason, the assumption is that the person buying the coverage is not healthy. Therefore, the price is much higher.
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