Owner/Insurance Broker, KM Health Insurance Services, Hazel Crest, Illinois
Great question, Normally the premium is a little more because there is no Medical Exam. However, you will more than likely have health questions on the application. Typically these types of plans are issued a lot quicker than other plans if they are approved, sometimes in as little as a couple days as opposed to a policy that requires a health exam which can take several weeks for an answer.
Agent Owner, Gilmore Insurance Services, Marysville, Washington State
How does no medical exam life insurance work? Basically they look at your health history through sources like the MIB (Medical Information Bureau) where your medical records are wharehoused. What you'll find if you compare fully underwritten insurance with no medical exam insurance is the price for no medical exam coverage will be higher.
It is up to the individual to decide if they want the underwriting discount that a medical exam can provide.
To purchase a No Exam life insurance policy, you first must fill out the application. This can be done by paper or done together with your agent on the phone. If the latter, you will get a link by email that allows you to sign the application digitally.
No Exam life insurance policies usually ask you for payment information on the application. That way they can draft the first premium from your checking account or credit card immediately upon approval, which allows the policy to go into effect much faster.
Some No Exam life insurance policies do not look at medical records, and those policies can go into effect in hours. Some No Exam companies reserve the right to look at medical records. If they do order records, the process will take longer, but still not usually as long as a policy requiring an exam.
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It is up to the individual to decide if they want the underwriting discount that a medical exam can provide.
No Exam life insurance policies usually ask you for payment information on the application. That way they can draft the first premium from your checking account or credit card immediately upon approval, which allows the policy to go into effect much faster.
Some No Exam life insurance policies do not look at medical records, and those policies can go into effect in hours. Some No Exam companies reserve the right to look at medical records. If they do order records, the process will take longer, but still not usually as long as a policy requiring an exam.