The Many Options of No Medical Exam Life Insurance. What Is Best?
When no exam life insurance started to be offered, it seems that all that was available was fast online response companies. You got approved or declined on the spot. Insurance companies used simple cross reference methods to weed out individuals. Now, much more is available. Is it better? Not necessarily.
If one needs a no medical exam life insurance, many choices abound. You can go to online only companies, or a combination of online and offline, or completely offline for application and quotes. Some offer a fast answer (15 minutes), slow answer (weeks), no medical records ordered, medical records ordered…and so on.
What is best? That all depends upon your needs and your ability to qualify for what is available. In other words, if you are in a hurry, you may be tempted to apply online and try to get a fast same day answer. You could also get a fast decline answer. That does not mean that applying to online only companies is a bad idea. After all, if one company declined you for no exam life insurance, it does not mean that the next also will. Each company has its on approval scale and what may be a red flag for one may mean nothing to another. Also, we have not seen that applying to multiple companies is necessarily a bad idea (as long as you note it in the application for each company). By the way, just because a company offers an online application, it does not mean that you will get a fast answer. We know of at least one company that, if they do not like your public records (MIB, Pharmacy report…) they will ask you to forward to them your medical records. Most people do not seem to want to bother and it can take weeks to get the records and have them reviewed by an underwriter. Also, be aware that, just because a company gave you low rate quotes, does not necessarily mean that you will get those rates. We have often seen that, as you answer medical questions, rates are adjusted per your answers and your public records. A great rate can easily double. The company we have seen gives you the final rate before you do click on the apply button.
How about companies that do not offer online applications or even online quotes? Actually, there is not much of a difference. Most companies utilize the same system of public records check when you apply for no exam life insurance. We know of one company, that does not offer online applications, orders no medical records, but tends to approve more cases and do so quickly. Why? We think it is because, in this case, an agent is involved in the process. It is possible that, when it comes to no exam life insurance, if an agent is involved in the process, the risk is lowered to the insurance company. So, even if you are in a hurry or you don’t like to deal with agents, you may be better off speaking to someone and get better rates than forgo the slight inconvenience. I say slight because, speaking to an agent does not have to be a bad, drawn out experience. If you know what you want, then the agent just becomes an application taker and the whole process should take about 20 minutes.
For people who are over 65, online quotes and applications may not be available at all (yet!). In that case, you will most likely need to deal with an agent at least by e-mail. A quote will most likely be e-mailed to you and if you want to apply, an application for no exam life insurance can often be e-mailed or faxed to you. In turn, you may need to print the application and fax, e-mail or mail it back. Having to follow this more traditional process to apply for no exam exam life insurance does not necessarily mean great delays. A no exam life insurance application can still be approved in 24 hours from the time it is received. Some companies who do not offer online quotes and application may also be able to e-mail you your final approved policy. Make sure to ask.
With some processes that do not allow for online quotes and application, it is very possible that medical records will be ordered. We have not found that companies who order medical records have a better or higher approval rate than the ones that do not. Actually, we recommend that, when applying for no exam life insurance, you avoid these companies. Ordering medical records just creates huge delays and often even leads to worse results. If you are thinking of using a company that does order medical records, then you might as well just go for the traditional exam required life insurance.
We hope this brief guide will help you make better decisions when selecting a no medical exam life insurance company. As we say in al of our articles, ask, ask and ask more questions. Be well!
About the Author
Philippe Deray – About the Author:
Philippe Deray is President and CEO of MCD Financial Services and MCD Life. Our web site address is http://www.mcdlife.com
Company Profile
MCD Life is a successful, dynamic company built on the principal of serving our customers FIRST! Our primary mission is to bring peace of mind to our clients by offering innovative, value-added products and information that place emphasis on short and long term benefits, benefits backed by selected companies with high quality assets and written guarantees.
Our Focus is No Exam Life Insurance for All Ages
With many years of experience in the insurance business, we have developed proprietary methods to help individuals get the no exam life insurance plan they need at affordable rates. We offer term insurance, whole life and universal life insurance. We will make this process as simple as possible and get you an answer as fast as possible.
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